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Total Net Assets

$1.1B
as of 12/31/2020

Inception

July 5, 2016
DHEAX (Class A)
DHEIX (Class I)
DHEYX (Class Y)

Status

Open

Investment Strategy

  • Identify opportunities through a bottom-up approach to active investment management and disciplined risk control.
  • Perform risk/reward analysis to evaluate credit risk, interest rate risk, prepayment risk, and security structure.
  • Invest in securities we believe offer attractive prospects for income and/or capital appreciation relative to the risk borne. May invest in non-benchmark sectors, specifically structured product, to generate additional yield with a strong focus on security selection.

Team

Mark Jackson, CFA

Portfolio Manager

Henry Song, CFA

Portfolio Manager

Douglas Gimple

Senior Portfolio Specialist

Monthly

As of 1/22/2021 Period and Annualized Total Returns as of 12/31/2020 Expense Ratio
NAVYTD Return Since Inception
(7/5/2016)
3-YR 1-YR 3MO. Dec. Total
Returns at NAV (Without Sales Charge)
Class A (DHEAX) 10.16 0.69 3.42 3.39 2.87 2.46 0.79 0.81
Class I (DHEIX) 10.16 0.69 3.72 3.70 3.08 2.53 0.82 0.52
Class Y (DHEYX) 10.18 0.79 3.84 3.84 3.29 2.56 0.83 0.40
Benchmark
Bloomberg Barclays U.S. 1-3 Yr. Gov./Credit Index 2.07 2.98 3.33 0.21 0.09
Returns at POP (With Sales Charge)
Class A (DHEAX) 10.39 -1.55 2.90 2.62 0.58 0.13 -1.47 0.81
Swipe or scroll right for more data

Quarterly

As of 1/22/2021 Period and Annualized Total Returns as of 12/31/2020 Expense Ratio
NAVYTD Return Since Inception
(7/5/2016)
3-YR 1-YR 3MO. Total
Returns at NAV (Without Sales Charge)
Class A (DHEAX) 10.16 0.69 3.42 3.39 2.87 2.46 0.81
Class I (DHEIX) 10.16 0.69 3.72 3.70 3.08 2.53 0.52
Class Y (DHEYX) 10.18 0.79 3.84 3.84 3.29 2.56 0.40
Benchmark
Bloomberg Barclays U.S. 1-3 Yr. Gov./Credit Index 2.07 2.98 3.33 0.21
Returns at POP (With Sales Charge)
Class A (DHEAX) 10.39 -1.55 2.90 2.62 0.58 0.13 0.81
Swipe or scroll right for more data

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, at diamond-hill.com.

Performance returns assume reinvestment of all distributions. Returns for the periods less than one year are not annualized. The total return figures shown "With Sales Charge" reflect the maximum sales charge applicable to each class. These total return figures may reflect the waiver of a portion of a Fund's advisory or administrative fees for certain periods. In such instances, and without such waiver of fees, the total return would have been lower.

The maximum sales charge for A shares of the Short Duration Securitized Bond Fund is 2.25%; I shares and Y shares have no sales charge.

Calendar Year Returns

Year Class I (DHEIX) Bloomberg Barclays U.S. 1-3 Yr. Gov./Credit Index
2020 3.08 3.33
2019 4.85 4.03
2018 3.18 1.60
2017 4.33 0.84

Morningstar Ratings (Class I Shares)

Category

Short-Term Bond

Fee Level

Below Average

Overall Rating

   

The Overall Morningstar RatingTM is based on 514 Short-Term Bond funds derived from a weighted average of the performance figures associated with its 3-year Morningstar Ratings as of 12/31/20.

Statistics

Portfolio Characteristics1 as of December 31, 2020

Management Fee 0.35%
Distribution Frequency Monthly
Portfolio Turnover (12 months trailing) 72%
30 Day SEC Yield
Class A 2.20%
Class I 2.63%
Class Y 2.67%

Portfolio Statistics2 as of December 31, 2020

Short Duration Securitized Bond Fund Bloomberg Barclays U.S. 1-3 Yr. Gov./Credit Index
Number of Holdings 364 1,616
Effective Duration 1.20 1.91
Weighted Average Life 2.30 1.99
Convexity 0.00 0.01
Option-Adjusted Spread 265 10

Since Inception Risk Statistics2,3 as of December 31, 2020 (Class I Shares)

Short Duration Securitized Bond Fund Bloomberg Barclays U.S. 1-3 Yr. Gov./Credit Index
Standard Deviation 4.99% 0.95%
Beta 0.03%
Sharpe Ratio 0.49 0.91
R-Squared 0.00%
Information Ratio 0.29

Portfolio

Portfolio Guidelines

The Fund generally invests at least 80% of its assets in securitized bond investments. The Fund may invest up to 15% of its assets in below-investment grade securities at the time of purchase and will typically maintain an average portfolio duration of one to two, with a maximum of three.

Sector Allocation4 as of December 31, 2020

Short Duration Securitized Bond Fund Bloomberg Barclays U.S. 1-3 Yr. Gov./Credit Index
Asset-Backed Securities 52.3 0.0
Non-Agency RMBS/CMBS 30.5 0.0
Agency RMBS/CMBS 2.1 0.0
Corporate Credit 1.6 23.0
Treasury 0.0 65.6
Non-Corporate Credit (includes covered) 0.0 7.2
Agency 0.0 4.2
Cash & Other 13.5 0.0

Duration Breakdown as of December 31, 2020

Short Duration Securitized Bond Fund Bloomberg Barclays U.S. 1-3 Yr. Gov./Credit Index
Less than one 52.4 1.6
1-3 35.8 98.4
3-5 10.4 0.0
5-7 1.1 0.0
7-10 0.2 0.0
10-20 0.1 0.0
20+ 0.0 0.0

Credit Quality5 as of December 31, 2020

Quality Rating Short Duration Securitized Bond Fund
AAA 24.1
AA 7.4
A 15.0
BBB 28.5
BB 9.7
B 4.3
CCC & Lower 1.1
Not Rated 9.9

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Class A (DHEAX) 0.0190 12/29/20 12/31/20 10.09
Class A (DHEAX) 0.0220 11/25/20 11/30/20 10.03
Class A (DHEAX) 0.0220 10/28/20 10/30/20 9.97
Class A (DHEAX) 0.0220 09/28/20 09/30/20 9.90
Class A (DHEAX) 0.0240 08/27/20 08/31/20 9.82
Class A (DHEAX) 0.0240 07/29/20 07/31/20 9.74
Class A (DHEAX) 0.0240 06/26/20 06/30/20 9.66
Class A (DHEAX) 0.0260 05/27/20 05/29/20 9.29
Class A (DHEAX) 0.0270 04/28/20 04/30/20 9.13
Class A (DHEAX) 0.0310 03/27/20 03/31/20 9.27
Class A (DHEAX) 0.0240 02/26/20 02/28/20 10.18
Class A (DHEAX) 0.0300 01/29/20 01/31/20 10.14
Class I (DHEIX) 0.0220 12/29/20 12/31/20 10.09
Class I (DHEIX) 0.0240 11/25/20 11/30/20 10.03
Class I (DHEIX) 0.0240 10/28/20 10/30/20 9.97
Class I (DHEIX) 0.0250 09/28/20 09/30/20 9.90
Class I (DHEIX) 0.0270 08/27/20 08/31/20 9.82
Class I (DHEIX) 0.0270 07/29/20 07/31/20 9.74
Class I (DHEIX) 0.0270 06/26/20 06/30/20 9.66
Class I (DHEIX) 0.0280 05/27/20 05/29/20 9.29
Class I (DHEIX) 0.0290 04/28/20 04/30/20 9.13
Class I (DHEIX) 0.0340 03/27/20 03/31/20 9.27
Class I (DHEIX) 0.0260 02/26/20 02/28/20 10.19
Class I (DHEIX) 0.0320 01/29/20 01/31/20 10.15
Class Y (DHEYX) 0.0230 12/29/20 12/31/20 10.10
Class Y (DHEYX) 0.0250 11/25/20 11/30/20 10.04
Class Y (DHEYX) 0.0250 10/28/20 10/30/20 9.98
Class Y (DHEYX) 0.0260 09/28/20 09/30/20 9.91
Class Y (DHEYX) 0.0270 08/27/20 08/31/20 9.83
Class Y (DHEYX) 0.0280 07/29/20 07/31/20 9.75
Class Y (DHEYX) 0.0270 06/26/20 06/30/20 9.67
Class Y (DHEYX) 0.0290 05/27/20 05/29/20 9.30
Class Y (DHEYX) 0.0300 04/28/20 04/30/20 9.14
Class Y (DHEYX) 0.0350 03/27/20 03/31/20 9.28
Class Y (DHEYX) 0.0270 02/26/20 02/28/20 10.20
Class Y (DHEYX) 0.0330 01/29/20 01/31/20 10.15
Class A (DHEAX) 0.0290 12/27/19 12/31/19 10.11
Class A (DHEAX) 0.0047 12/11/19 12/13/19 10.13
Class A (DHEAX) 0.0340 11/26/19 11/29/19 10.13
Class A (DHEAX) 0.0340 10/29/19 10/31/19 10.14
Class A (DHEAX) 0.0300 09/26/19 09/30/19 10.15
Class A (DHEAX) 0.0400 08/28/19 08/30/19 10.17
Class A (DHEAX) 0.0380 07/29/19 07/31/19 10.16
Class A (DHEAX) 0.0270 06/26/19 06/28/19 10.18
Class A (DHEAX) 0.0280 05/29/19 05/31/19 10.11
Class A (DHEAX) 0.0280 04/26/19 04/30/19 10.10
Class A (DHEAX) 0.0300 03/27/19 03/29/19 10.10
Class A (DHEAX) 0.0270 02/26/19 02/28/19 10.06
Class A (DHEAX) 0.0300 01/29/19 01/31/19 10.04
Class I (DHEIX) 0.0320 12/27/19 12/31/19 10.12
Class I (DHEIX) 0.0047 12/11/19 12/13/19 10.13
Class I (DHEIX) 0.0360 11/26/19 11/29/19 10.13
Class I (DHEIX) 0.0360 10/29/19 10/31/19 10.14
Class I (DHEIX) 0.0320 09/26/19 09/30/19 10.15
Class I (DHEIX) 0.0420 08/28/19 08/30/19 10.17
Class I (DHEIX) 0.0400 07/29/19 07/31/19 10.16
Class I (DHEIX) 0.0300 06/26/19 06/28/19 10.18
Class I (DHEIX) 0.0310 05/29/19 05/31/19 10.11
Class I (DHEIX) 0.0300 04/26/19 04/30/19 10.10
Class I (DHEIX) 0.0330 03/27/19 03/29/19 10.10
Class I (DHEIX) 0.0300 02/26/19 02/28/19 10.07
Class I (DHEIX) 0.0330 01/29/19 01/31/19 10.05
Class Y (DHEYX) 0.0330 12/27/19 12/31/19 10.12
Class Y (DHEYX) 0.0047 12/11/19 12/13/19 10.14
Class Y (DHEYX) 0.0370 11/26/19 11/29/19 10.14
Class Y (DHEYX) 0.0370 10/29/19 10/31/19 10.15
Class Y (DHEYX) 0.0330 09/26/19 09/30/19 10.16
Class Y (DHEYX) 0.0430 08/28/19 08/30/19 10.18
Class Y (DHEYX) 0.0410 07/29/19 07/31/19 10.17
Class Y (DHEYX) 0.0310 06/26/19 06/28/19 10.19
Class Y (DHEYX) 0.0320 05/29/19 05/31/19 10.12
Class Y (DHEYX) 0.0310 04/26/19 04/30/19 10.11
Class Y (DHEYX) 0.0330 03/27/19 03/29/19 10.11
Class Y (DHEYX) 0.0300 02/26/19 02/28/19 10.07
Class Y (DHEYX) 0.0340 01/29/19 01/31/19 10.05
Class A (DHEAX) 0.0300 12/27/18 12/31/18 10.05
Class A (DHEAX) 0.0055 12/12/18 12/14/18 10.04
Class A (DHEAX) 0.0290 11/28/18 11/30/18 10.04
Class A (DHEAX) 0.0310 10/29/18 10/31/18 10.03
Class A (DHEAX) 0.0270 09/26/18 09/28/18 10.06
Class A (DHEAX) 0.0300 08/29/18 08/31/18 10.07
Class A (DHEAX) 0.0310 07/27/18 07/31/18 10.07
Class A (DHEAX) 0.0250 06/27/18 06/29/18 10.07
Class A (DHEAX) 0.0290 05/29/18 05/31/18 10.09
Class A (DHEAX) 0.0280 04/26/18 04/30/18 10.07
Class A (DHEAX) 0.0280 03/27/18 03/29/18 10.07
Class A (DHEAX) 0.0270 02/26/18 02/28/18 10.07
Class A (DHEAX) 0.0260 01/29/18 01/31/18 10.09
Class I (DHEIX) 0.0320 12/27/18 12/31/18 10.05
Class I (DHEIX) 0.0055 12/12/18 12/14/18 10.05
Class I (DHEIX) 0.0320 11/28/18 11/30/18 10.04
Class I (DHEIX) 0.0340 10/29/18 10/31/18 10.04
Class I (DHEIX) 0.0290 09/26/18 09/28/18 10.06
Class I (DHEIX) 0.0320 08/29/18 08/31/18 10.08
Class I (DHEIX) 0.0330 07/27/18 07/31/18 10.07
Class I (DHEIX) 0.0280 06/27/18 06/29/18 10.07
Class I (DHEIX) 0.0320 05/29/18 05/31/18 10.09
Class I (DHEIX) 0.0300 04/26/18 04/30/18 10.07
Class I (DHEIX) 0.0300 03/27/18 03/29/18 10.08
Class I (DHEIX) 0.0300 02/26/18 02/28/18 10.07
Class I (DHEIX) 0.0280 01/29/18 01/31/18 10.10
Class Y (DHEYX) 0.0330 12/27/18 12/31/18 10.06
Class Y (DHEYX) 0.0055 12/12/18 12/14/18 10.05
Class Y (DHEYX) 0.0330 11/28/18 11/30/18 10.05
Class Y (DHEYX) 0.0350 10/29/18 10/31/18 10.04
Class Y (DHEYX) 0.0290 09/26/18 09/28/18 10.07
Class Y (DHEYX) 0.0330 08/29/18 08/31/18 10.08
Class Y (DHEYX) 0.0340 07/27/18 07/31/18 10.07
Class Y (DHEYX) 0.0290 06/27/18 06/29/18 10.08
Class Y (DHEYX) 0.0330 05/29/18 05/31/18 10.09
Class Y (DHEYX) 0.0310 04/26/18 04/30/18 10.08
Class Y (DHEYX) 0.0310 03/27/18 03/29/18 10.08
Class Y (DHEYX) 0.0300 02/26/18 02/28/18 10.07
Class Y (DHEYX) 0.0290 01/29/18 01/31/18 10.10
Class A (DHEAX) 0.0270 12/27/17 12/29/17 10.10
Class A (DHEAX) 0.0128 12/13/17 12/15/17 10.12
Class A (DHEAX) 0.0270 11/28/17 11/30/17 10.13
Class A (DHEAX) 0.0260 10/27/17 10/31/17 10.14
Class A (DHEAX) 0.0240 09/27/17 09/29/17 10.13
Class A (DHEAX) 0.0280 08/29/17 08/31/17 10.15
Class A (DHEAX) 0.0280 07/27/17 07/31/17 10.13
Class A (DHEAX) 0.0280 06/28/17 06/30/17 10.11
Class A (DHEAX) 0.0270 05/26/17 05/31/17 10.10
Class A (DHEAX) 0.0250 04/26/17 04/28/17 10.08
Class A (DHEAX) 0.0250 03/29/17 03/31/17 10.07
Class A (DHEAX) 0.0240 02/24/17 02/28/17 10.07
Class A (DHEAX) 0.0220 01/27/17 01/31/17 10.04
Class I (DHEIX) 0.0300 12/27/17 12/29/17 10.10
Class I (DHEIX) 0.0128 12/13/17 12/15/17 10.13
Class I (DHEIX) 0.0300 11/28/17 11/30/17 10.13
Class I (DHEIX) 0.0290 10/27/17 10/31/17 10.14
Class I (DHEIX) 0.0260 09/27/17 09/29/17 10.13
Class I (DHEIX) 0.0300 08/29/17 08/31/17 10.15
Class I (DHEIX) 0.0300 07/27/17 07/31/17 10.13
Class I (DHEIX) 0.0290 06/28/17 06/30/17 10.11
Class I (DHEIX) 0.0290 05/26/17 05/31/17 10.10
Class I (DHEIX) 0.0270 04/26/17 04/28/17 10.08
Class I (DHEIX) 0.0270 03/29/17 03/31/17 10.07
Class I (DHEIX) 0.0250 02/24/17 02/28/17 10.07
Class I (DHEIX) 0.0240 01/27/17 01/31/17 10.03
Class Y (DHEYX) 0.0310 12/27/17 12/29/17 10.10
Class Y (DHEYX) 0.0128 12/13/17 12/15/17 10.13
Class Y (DHEYX) 0.0300 11/28/17 11/30/17 10.13
Class Y (DHEYX) 0.0290 10/27/17 10/31/17 10.15
Class Y (DHEYX) 0.0270 09/27/17 09/29/17 10.13
Class Y (DHEYX) 0.0310 08/29/17 08/31/17 10.15
Class Y (DHEYX) 0.0310 07/27/17 07/31/17 10.13
Class Y (DHEYX) 0.0300 06/28/17 06/30/17 10.12
Class Y (DHEYX) 0.0300 05/26/17 05/31/17 10.11
Class Y (DHEYX) 0.0280 04/26/17 04/28/17 10.08
Class Y (DHEYX) 0.0280 03/29/17 03/31/17 10.07
Class Y (DHEYX) 0.0260 02/24/17 02/28/17 10.07
Class Y (DHEYX) 0.0250 01/27/17 01/31/17 10.04
Class A (DHEAX) 0.0230 12/28/16 12/30/16 10.03
Class A (DHEAX) 0.0200 11/28/16 11/30/16 10.05
Class A (DHEAX) 0.0190 10/27/16 10/31/16 10.09
Class A (DHEAX) 0.0140 09/28/16 09/30/16 10.09
Class A (DHEAX) 0.0030 08/29/16 08/31/16 10.06
Class I (DHEIX) 0.0250 12/28/16 12/30/16 10.03
Class I (DHEIX) 0.0230 11/28/16 11/30/16 10.04
Class I (DHEIX) 0.0210 10/27/16 10/31/16 10.08
Class I (DHEIX) 0.0180 09/28/16 09/30/16 10.09
Class I (DHEIX) 0.0090 08/29/16 08/31/16 10.06
Class Y (DHEYX) 0.0260 12/28/16 12/30/16 10.03
Class Y (DHEYX) 0.0230 11/28/16 11/30/16 10.05
Class Y (DHEYX) 0.0220 10/27/16 10/31/16 10.08
Class Y (DHEYX) 0.0180 09/28/16 09/30/16 10.09
Class Y (DHEYX) 0.0100 08/29/16 08/31/16 10.06

Documents

An investor should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus or summary prospectus contain this and other important information about the Fund(s) and are available at diamond-hill.com or by calling 888.226.5595. Please read the prospectus or summary prospectus carefully before investing. The Diamond Hill Funds are distributed by Foreside Financial Services, LLC (Member FINRA). Diamond Hill Capital Management, Inc., a registered investment adviser, serves as investment adviser to the Diamond Hill Funds and is paid a fee for its services. Diamond Hill Funds are not FDIC insured, may lose value, and have no bank guarantee.

As of September 30, 2020, the Short Duration Total Return Fund was renamed the Short Duration Securitized Bond Fund. 

Risk Disclosure:  The Short Duration Securitized Bond Fund, Core Bond Fund, Corporate Credit Fund and High Yield Fund invest in fixed income securities; the value of fixed-income securities varies inversely with interest rates; that is, as interest rates rise, the market value of fixed-income securities will decline. Lower quality debt (ie: “High Yield”) securities involve greater risk of default or price changes due to potential changes in the issuer›s credit quality. The Short Duration Securitized Bond Fund and Core Bond Fund may also invest in asset-backed, mortgage-related, and mortgage-backed securities. The value of investments in mortgage-related and asset-backed securities will be influenced by the factors affecting the housing market and the assets underlying such securities. The securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. They are also subject to prepayment risk, which occurs when mortgage holders refinance or otherwise repay their loans sooner than expected, creating an early return of principal to holders of the loans. 

Fund holdings, sector allocations, and portfolio statistics subject to change without notice.

Analytics provided by The Yield Book® Software.

1 The 30-day SEC Yield represents net investment income earned by the fund over the previous 30-day period, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-day period.

2 Definitions: Effective Duration measures the interest rate risk of the Fund. It is an estimate of the approximate percentage change in the Fund’s net asset value resulting from a one percentage point change in interest rates. Weighted Average Life is the average number of years each dollar of unpaid principal remains outstanding. Convexity is an estimate of the approximate change in the Fund’s effective duration resulting from a one percentage point change in interest rates. Option-Adjusted Spread is the difference between the portfolio yield and the risk-free rate, accounting for embedded options. Source: The Yield Book. Standard Deviation measures the volatility of the Fund’s returns. Sharpe Ratio uses the Fund’s standard deviation and average excess return over the risk-free ratio to determine reward per unit of risk. Beta measures the Fund’s sensitivity to market movements. R-squared represents the percentage of the portfolio’s movements that can be explained by general market movements. Information Ratio uses the Fund’s standard deviation and excess return over a benchmark to determine excess return per unit of risk. Statistics for less than one year are not annualized.

Since inception risk statistics are calculated using monthly returns beginning on the first day of the Fund’s first full month of performance.

3 Cash & Other may include cash and money market funds. RMBS/CMBS stands for Residential Mortgage-Backed Securities/Commercial Mortgage-Backed Securities.

4 Security quality ratings are derived from underlying portfolio securities by using the middle rating of Standard & Poor’s, Moody’s, and Fitch. If only two of Standard & Poor’s, Moody’s, and Fitch rates a security the higher of the two is selected. If only one of Standard & Poor’s, Moody’s, and Fitch rates a security the available rating is used. For securities that are not rated by Standard & Poor’s, Moody’s, or Fitch a rating from a secondary Nationally Recognized Statistical Rating Organization (“NRSRO”) may be used. Ratings by any agency represent an opinion only, not a recommendation to buy or sell. Securities that are not rated by any agencies are reflected as Not Rated “NR”.

The Bloomberg Barclays U.S. 1-3 Yr. Gov./Credit Index is an unmanaged index of investment grade government and corporate bonds with maturities of one to three years.

Index data source: Bloomberg Index Services Limited. See diamond-hill.com/disclosures for a full copy of the disclaimer. These indices do not incur fees and expenses (which would lower the return) and are not available for direct investment.

Morningstar Rating™ is based on 514 Short-Term Bond funds as of 12/31/20. The Fund’s Class I rating was 3 stars among 514 funds for the 3-year period ended 12/31/20.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The Morningstar Broad Fee Level data point compares the fund's prospectus adjusted operating net expense ratio to the prospectus adjusted operating net expense ratio of all the other funds within its Morningstar Category.

© 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.