According to Morningstar, Inc., the average of the most recent total operating expenses (or prospectus net expense ratio) among active U.S. mutual funds, excluding load-waive share classes and active U.S. Exchange Traded Funds (ETFs) are:
|Fund Type||Average Total Operating Expenses|
|US Large-Cap Stock||1.31%||0.47%|
|US Mid-Cap Stock||1.45%||0.56%|
|US Small-Cap Stock||1.53%||0.52%|
Prospectus Net Expense Ratio: The prospectus expense ratio is pulled from the fund's prospectus and shows expenses the fund company anticipates will actually be borne by the fund's shareholders in the upcoming fiscal year less any expense waivers, offsets or reimbursements. In summary, the net prospectus expense ratio is forward looking and the net annual report expense ratio is backward looking.