Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Small- and Mid-Capitalization Companies Risk. To the extent that securities of a particular type are emphasized (for example foreign stocks, stocks of small- or mid-cap companies, growth or value stocks, or stocks of companies in a particular industry), fund share values may fluctuate more in response to events affecting the market for those types of securities. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry. A variety of factors can negatively affect the price of a particular company’s stock. However, individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. The prices of individual stocks generally do not all move in the same direction at the same time. stock markets may move in the opposite direction from one or more foreign stock markets. Different stock markets may behave differently from each other and U.S. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. Stock markets may experience significant short-term volatility and may fall or rise sharply at times. The value of the Fund’s portfolio may be affected by changes in the stock markets. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. During a general downturn in the financial markets, multiple asset classes may decline in value. The value of the Fund’s investments may go up or down due to general market conditions that are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism or adverse investor sentiment generally. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably.

The principal risks of investing in the Fund are: The risks associated with an investment in the Fund can increase during times of significant market volatility. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Ratings for other share classes may differ due to different performance characteristics.Īs with any mutual fund investment, loss of money is a risk of investing. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower.

The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star.

Past performance does not guarantee future results. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. It may not be copied or distributed and is not warranted to be accurate, complete or timely. The information contained herein is proprietary to Morningstar and/or its content providers. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. Ratings are calculated for funds with at least a three year history. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance.

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