An investment in the fund is not a deposit in a bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Morningstar Rating is for this share class only; other classes may have different performance characteristics. Yield and return will vary. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration.
Bond quotes are updated in real-time. While the year overall star rating formula seems to give the most weight to the year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The approach serves not as a formula but as a framework to ensure consistency across Morningstar's global coverage universe. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. The Morningstar Analyst Rating is not a credit or risk rating. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index MCBI , which is currently three years. A "centroid" plot in the middle of the Ownership Zone represents the weighted average of all the fund's holdings. For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style value, blend, or growth. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates as determined by Morningstar's analysis of actual historical default rates. A fund that is concentrated will have a small ownership zone relative to the area of the style box, and broadly diversified fund will have an ownership zone that stretches across many sizes and style. These breakpoints are as follows: The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year if applicable Morningstar Rating metrics. An investment in the fund is not a deposit in a bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. SIX Financial Information a does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and b shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data represents past performance and does not guarantee future results. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. This and other important information is contained in the prospectus which should be read carefully before investing. Morningstar seeks credit rating information from fund companies on a periodic basis e. Morningstar's analysts use this five pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. A Negative rated fund is flawed in at least one if not more pillars and is considered an inferior offering to its peers. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Over a period of time, the shape and location of a fund's ownership zone may vary. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher.
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