Name refers to the name of the fund, including the management company.
Morningstar Category is a tool that Morningstar uses to group funds, according to the types of securities in which the funds invest. Looking at funds in the same Morningstar Category is a good foundation upon which to compare funds.
Morningstar Rating shows the weighted average of a fund's performance associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics.
Returns is based on a fund's Morningstar Return (its annualized return in excess to the return of the 90-day U.S. Treasury bill over a three-, five-, or ten-year period). The Morningstar Returns in each category are then scored against each other on a bell curve.
In each Morningstar Category:
top 10% - High
next 22.5% - Above Average
middle 35% - Average
next 22.5% - Below Average
bottom 10% - Low
While past performance is no guarantee of future results, the Morningstar Return shows how the fund has done in the past in comparison to similar funds in its peer group. It does not, however, show the effects of risk. Therefore, the Morningstar Return is most helpful when used in conjunction with the Morningstar Risk Score. For example, an investor could use these two scores when comparing between funds that have the same Morningstar Star Rating and similar Morningstar Risk Adjusted Returns but different levels of risk.
Expenses compares the expense ratio of a fund's share class to the same share classes of other funds within its Morningstar category that invest in similar asset classes and have similar distribution characteristics. Excessive expenses can detract from overall returns and can be a drain on performance. While you should not base any investment decision entirely on expenses or expense ratios, a fund's expense structure may be one factor to consider.
Morningstar Category Risk refers to the risk score that Morningstar assigns to each of its mutual fund categories. These scores range from 1 for those funds with least amount of risk to 10 for those with the greatest amount of risk. Morningstar calculates these scores by comparing the annualized return for each fund category to the return of the 90-day U.S. Treasury bill over a 3-year period. Each category is then ranked according to the degree its returns deviate from this so called "risk-free" rate.
NTF will tell you whether a fund charges a transaction fee.
Performance Tab
Name refers to the name of the fund, including the management company.
Morningstar Category is a tool that Morningstar uses to group funds, according to the types of securities in which the funds invest. Looking at funds in the same Morningstar Category is a good foundation upon which to compare funds.
YTD# (Daily) shows a fund's returns from the first trading day of the year through the most recently ended trading day.
1 Year, 3 Year, and 5 Year show a fund's returns over that specific number of years, through the most recently ended trading day.
10 Year shows a fund's returns over the past 10 years, through the most recently ended trading day.
NAV§, or Net Asset Value, represents the cumulative price of all securities held by the fund, divided by the number of shares the fund has issued.
12-Month High is the fund's highest NAV over the past calendar year.
12-Month Low is the fund's lowest NAV over the past calendar year.
Risk Tab
Name refers to the name of the fund, including the management company.
Morningstar Category is a tool that Morningstar uses to group funds, according to the types of securities in which the funds invest. Looking at funds in the same Morningstar Category is a good foundation upon which to compare funds.
Standard Deviation measures how much a fund's return varies over an extended period of time. A higher standard deviation indicates a wider variation of past returns and thus greater historical volatility. Standard deviation does not indicate how an investment actually performed, but it does indicate the volatility of its returns over time.
3-Year Sharpe Ratio is a measure of adjusted performance over a 3-year period. It is calculated by dividing the fund's excess returns (fund's average monthly returns minus the average monthly return of the Salomon Smith Barney 3-Month T-Bill Index) by the standard deviation of those returns. The higher the ratio, the better the fund's return relative to the level of risk it's assuming.
Beta is a historical measure of a fund's sensitivity to market movements, calculated by comparing a fund's monthly returns, over 36 months, to those of the fund's benchmark. By definition, the Beta of the benchmark is 1.0. A Beta of less than 1.0 indicates that the fund is less sensitive to market movements, while a Beta greater than 1.0 indicates a fund that tends to be more sensitive to market movements.
R2 measures how closely the portfolio's performance matches the performance of its benchmark. R2 is a proportion that ranges between 0.00 and 1.00. An R2 of 1.00 indicates perfect correlation to the benchmark so that all of the portfolio's fluctuations can be explained by performance fluctuations of the benchmark, while an R2 of 0.00 indicates no correlation. Therefore, the lower the R2, the more likely that the fund's performance is affected by factors other than the market as measured by performance of the benchmark.
Management & Fees Tab
Name refers to the name of the fund, including the management company.
Morningstar Category is a tool that Morningstar uses to group funds, according to the types of securities in which the funds invest. Looking at funds in the same Morningstar Category is a good foundation upon which to compare funds.
Inception Date is the date the fund was first opened to investors.
Fund Manager is the name of the person or persons who make a majority of the fund's investment decisions.
Manager Tenure is the number of years the current portfolio manager has served. If a fund has more than one manager, this number will reflect the tenure of the one who has been with the fund the longest.
Assets (Millions) represents the total amount of money that is invested in the fund by all shareholders.
Turnover Rate is a measure of the fund's trading activity calculated by dividing total purchases or sales of portfolio securities (whichever is lower) by the fund's net assets.
Minimum Initial Purchase Indicates the smallest investment amount a fund will accept to establish a new non-retirement account.
Load, marked by Yes or No, indicates whether the fund carries any type of front-end or back-end sales charge.
Expense Ratio (Net)† is the total annual operating expense from the fund's most recent prospectus after any fee waiver and/or expense reimbursements that will reduce any fund operating expenses for no less than one year from the effective date of the fund's registration statement. This number does not include any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees during the one-year period.
Expense Ratio (Gross)‡ for a mutual fund is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percent of the fund's total net assets. Mutual fund data has been drawn from the most recent prospectus.
NTF will tell you whether a fund charges a transaction fee.
Morningstar Rankings Tab
Name refers to the name of the fund, including the management company.
Morningstar Category is a tool that Morningstar uses to group funds, according to the types of securities in which the funds invest. Looking at funds in the same Morningstar Category is a good foundation upon which to compare funds.
3-Year Rank displays how the fund's returns compare to other funds within its Morningstar Category over a 3-year period. This ranking is expressed as a percentile, with lower numbers indicating better performance.
5-Year Rank displays how the fund's returns compare to other funds within its Morningstar Category over a 5-year period (if applicable). This ranking is expressed as a percentile, with lower numbers indicating better performance.
10-Year Rank displays how the fund's returns compare to other funds within its Morningstar Category over a 10-year period (if applicable). This ranking is expressed as a percentile, with lower numbers indicating better performance.
Morningstar Overall Rating shows the weighted average of a fund's performance associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics.
3-Year Rating shows the weighted average of a fund's performance associated with its three-year Morningstar Rating metrics.
5-Year Rating shows the weighted average of a fund's performance associated with its five-year Morningstar Rating metrics.
10-Year Rating shows the weighted average of a fund's performance associated with its ten-year Morningstar Rating metrics.
Income Characteristics Tab
Name refers to the name of the fund, including the management company.
Morningstar Category is a tool that Morningstar uses to group funds, according to the types of securities in which the funds invest. Looking at funds in the same Morningstar Category is a good foundation upon which to compare funds.
Average Maturity is a weighted average of all the maturities of the bonds in a portfolio. In general, funds with longer average maturities are considered more sensitive to changes in interest rates than funds with shorter average maturities.
Average Duration helps measure a bond fund's sensitivity to changes in interest rates. The greater the duration of a bond, the greater its volatility in response to rising or falling rates.
30-Day SEC Yield measures the dividends and interest paid by a bond fund over the most recent 30-day period, after any fund expenses are deducted.
Last Dividend is the ratio of the interest rate paid by a bond fund to its net asset value.
Benchmarks
S&P 500 (U.S. Stock Large Cap) S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Russell 2000 (U.S. Stock Small Cap) The Russell 2000® Index is an unmanaged market capitalization-weighted index of 2,000 small company stocks of U.S. domiciled companies.
MSCI EAFE (Non U.S. Stock) The MSCI Europe, Australasia and Far East Index is an unmanaged market capitalization-weighted index designed to represent the performance of developed stock markets outside the United States and Canada.
Barclays Aggregate (Bonds) The Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index for U.S. dollar denominated investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities with maturities of at least one year.