Total Number of Stock Holdings

Denotes the total number of equity securities in a fund's portfolio. This number can be quite useful for gaining greater insight into the portfolio's diversification.

Total Number of Bond Holdings

Denotes the total number of fixed-income securities in a fund's portfolio. This number can be quite useful for gaining greater insight into the portfolio's diversification.

Turnover

A measure of efficiency, this figure represents how many dollars in revenue a company can generate with a dollar in assets. It is calculated by dividing total revenues for the time period by total assets for the time period.

Bond Quality

For corporate-bond and municipal-bond funds, the credit analysis depicts the quality of bonds in the fund's portfolio. The analysis reveals the percentage of fixed-income securities that fall within each credit-quality rating as assigned by Standard & Poor's or Moody's. At the top of the ratings are U.S. government bonds. Bonds issued and backed by the federal government are of extremely high quality and thus are considered superior to bonds rated AAA, which is the highest possible rating a corporate issue can receive. Morningstar gives U.S. government bonds a credit rating separate from AAA securities to allow for a more accurate credit analysis of a portfolio's holdings. Bonds with a BBB rating are the lowest bonds that are still considered to be of investment-grade. Bonds that are rated BB or lower (often called junk bonds or high-yield bonds) are considered to be quite speculative. Any bonds that appear in the Not Rated or Not Available category are either not rated by Standard & Poor's or Moody's, or do not have a rating available at this time.

Yield

Yield, expressed as a percentage, represents a fund's income return on capital investment for the past 12 months. This figure refers only to interest distributions from fixed-income securities, dividends from stocks, and realized gains from currency transactions. Monies generated from the sale of securities or from options and futures transactions are considered capital gains, not income. Return of capital is also not considered income NMF—or No Meaningful Figure—appears in this space for those funds that do not properly label their distributions. We list N/A if a fund is less than one year old, in which case we cannot calculate yield.

Morningstar computes yield by dividing the sum of the fund's income distributions for the past 12 months by the previous month's NAV (adjusted upward for any capital gains distributed over the same time period).

Top 5, Top 10 and Top 25 Holdings

The top 5, top 10 and top 25 holdings in the fund's portfolio are ranked by the % net assets.

YTD Return %

The holding's YTD return through the last close.

Net Assets

This figure is recorded in millions of dollars and represents the fund's total asset base, net of fees and expenses.

% Net Assets

Morningstar calculates the percentage of net assets figure by dividing the market value of the security by the fund's total net assets. If a few securities take up a large percentage of the fund's net assets, the fund uses a concentrated portfolio strategy. If the percentage figures are low, then the manager is not willing to bet heavily on any particular security.

% Assets in Top 10 Holdings

The aggregate assets, expressed as a percentage, of the fund's top 10 portfolio holdings. This figure is meant to be a measure of portfolio concentration and risk. Specifically, the higher the percentage, the more concentrated the fund is in a few companies or issues, and the more the fund is susceptible to the market fluctuations in these few holdings.

Portfolio Date (explanation of reporting frequency)

Morningstar makes every effort to gather the most up-to-date portfolio information from a fund. By law, however, funds need only report this information two times during a calendar year and they have two months after the report date to actually release the shareholder report and portfolio. Therefore, it's possible that a fund's portfolio could be up to eight months old at the time of publication. We print the date the portfolio was reported.

Older portfolios should not be disregarded, however. Although the data might not represent the exact current holdings of the fund, it might still provide a good picture of the overall nature of the fund's management style.