Total Returns
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NAV: A fund's net asset value (NAV) represents its per-share price. A fund's NAV is derived by dividing the total net assets of the fund, less fees and expenses, by the number of shares outstanding.
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Day Change: The change in the price of the fund during the prior business day.
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Calendar-Year Total Returns: Total returns calculated on a calendar-year basis. Total return includes both income (in the form of dividends or interest payments) and capital gains or losses (the increase or decrease in the value of a security). Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV.
Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. Total returns do account for management, administrative, and 12b-1 fees and other costs automatically deducted from fund assets.
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+/- Index: A benchmark index gives the investor a point of reference for evaluating a fund's performance. In all cases where such comparisons are made, Morningstar uses the S&P 500 as the primary benchmark for stock-oriented funds, and the Lehman Brothers Aggregate Bond index (an overall bond benchmark) as the benchmark index for bond funds. The +/- (Calendar Year) figure indicates the amount by which a fund over- or underperformed its primary index during a given calendar year.
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+/- Category: The Morningstar category gives the investor a point of reference for evaluating a fund's performance. The +/- (Calendar Year) figure indicates the amount by which a fund over- or underperformed its category during a given calendar year.
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% Rank in Category: The fund's total-return percentile rank for the specified calendar year relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category always receives a rank of 1. Percentile ranks within categories are most useful in those categories that have a large number of funds.
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Trailing Total Returns: All references to total return represent a fund's gains over a specified period of time. Total return includes both income (in the form of dividends or interest payments) and capital gains or losses (the increase or decrease in the value of a security). Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV.
Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. (Morningstar Return, Morningstar Risk-Adjusted Ratings, and the load-adjusted returns do incorporate those fees.) Total returns do account for management, administrative and 12b-1 fees and other costs automatically deducted from fund assets.
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+/- S&P 500 or +/- LB Aggregate: A benchmark index gives the investor a point of reference for evaluating a fund's performance. In all cases where such comparisons are made, Morningstar uses the S&P 500 as the primary benchmark for stock-oriented funds, and the Lehman Brothers Aggregate Bond index (an overall bond benchmark) as the benchmark index for bond funds. The +/- (Trailing Time Period) figure indicates the amount by which a fund over or underperformed its primary index during the specified time period.
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% Rank in Category: The fund's total-return percentile rank for the specified time period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category always receives a rank of 1. Percentile ranks within categories are most useful in those categories that have a large number of funds.
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Historical Quarterly Returns: Quarterly returns break out a fund's performance over successive quarters of the calendar year. This can be useful in examining how volatile a fund has been over fairly short time periods.
Note: Adding up a fund's quarterly returns over the course of a year does not necessarily give you a number that equates with the fund's calendar-year return for that year. This is because of the effects of compounding returns over the course of a year.
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Growth of $10,000: The Growth of $10,000 graph shows a fund's performance based on how $10,000 invested in the fund would have grown over time. The returns used in the graph are not load-adjusted. The growth of $10,000 begins at the date of the fund's inception, or the first year listed on the graph, whichever is appropriate.
Located alongside the fund's graph line is a line that represents the growth of $10,000 in either the S&P 500 index (for stock funds and hybrid funds) or the LB Aggregate index (for bond funds). The third line represents the fund's Morningstar category (see definition on Snapshot screen). These lines allow investors to compare the performance of the fund with the performance of a benchmark index and the fund's Morningstar category.
Both lines are plotted on a logarithmic scale, so that identical percentage changes in the value of an investment have the same vertical distance on the graph.
For example, the vertical distance between $10,000 and $20,000 is the same as the distance between $20,000 and $40,000 because both represent a 100% increase in investment value. This provides a more accurate representation of performance than would a simple arithmetic graph. The graphs are scaled so that the full length of the vertical axis represents a tenfold increase in investment value. For securities with returns that have exhibited greater than a tenfold increase over the period shown in the graph, the vertical axis has been compressed accordingly.