Field Definitions

Category:	Specific fund category as designated by Morningstar. See Category Definitions (https://www.aaii.com/funds/categorydefinitions) for explanation of each.
Socially Responsible Fund:	A fund that makes investment decisions based on environmental responsibility, human rights issues, religious views, etc. These funds are managed in accordance with a set of beliefs or policy stances.
Index:	Indicates that the fund is designed to mimic the performance of an index, such as the S&P 500; the amounts invested in each security are proportional to its representation in the index that the fund tracks.
Type of Index Tracked:	The name of the specific index the fund is designed to track. In some cases, an index has been specifically created for the fund to follow and may have different return characteristics than other indexes with similar names.
Inverse Fund:	Indicates that the fund seeks to achieve a return opposite of a major index. Inverse funds use deriviative securities and are most appropriate for speculative day traders.
Leveraged Fund:	Indicates that the fund employs leverage to boost performance. Leveraged funds can be more risky than non-leveraged funds.
Inception Date:	The date when the fund was formed and became available for sale.
Return—1-Mo, 3-Mo and YTD:	For mutual funds: total return, including both income and capital gains. Mutual fund return figures do not take into account front-end and back-end loads, redemption fees, one-time or annual account charges, if any; however, the 12b-1 charge, as part of the expense ratio, is reflected in the return figure. For ETFs: NAV returns are based upon changes to a fund’s net asset value (NAV) and market returns are based upon changes to trading price. ETF return calculations assume the reinvestment of all distributions (on the actual reinvestment date used by the fund) during the period and are net of expenses.
Grade—1-Mo, 3-Mo and YTD:	The A–F grade assigned based on the percentile rank of the return compared to that of all funds in the same category. An A is awarded for returns that are in the top 20% for all funds in the investment category. B indicates above-average rank, C is average rank, D is below-average rank and F is lowest 20% rank.
Return—1-Yr Ann’l, 3-Yr Ann’l, 5-Yr Ann’l and 10-Yr Ann’l:	The compound average annual total return calculated through the month-ending date. For ETFs: NAV returns are based upon changes to a fund’s net asset value (NAV) and market returns are based upon changes to a fund's trading price. ETF return calculations assume the reinvestment of all distributions (on the actual reinvestment date used by the fund) during the period and are net of expenses.
Grade—1-Yr Ann’l, 3-Yr Ann’l, 5-Yr Ann’l and 10-Yr Ann’l:	The A–F grade assigned based on the percentile rank of the return compared to that of all funds in the same category. An A is awarded for returns that are in the top 20% for all funds in the investment category. B indicates above-average rank, C is average rank, D is below-average rank and F is lowest 20% rank.
Return:	The calendar year-end return, including income and capital gains, for each of the last six years.
Tax-Cost Ratio:	Measures how much a fund’s annualized return is reduced by the taxes paid on distributions, assuming the maximum marginal tax rate. A tax-cost ratio of 0.0% indicates that the fund did not pay any taxable income or make capital gains distributions. If a fund had a 3.0% tax-cost ratio, it means that on average each year, investors lost 3.0% of their assets to taxes. The lower the ratio, the more tax-efficient the fund.
Category Risk Index:	The standard deviation of a fund’s return divided by the standard deviation of return for the average fund in the fund’s category. Standard deviation is a measure of return volatility computed using monthly returns for the last three years. The category risk index provides a relative measure of risk by measuring the variation in total return for a fund over the last three years to the typical variation in return for all funds in its category. For example, a risk index of 1.30 for a fund indicates that it is 30% more volatile than the typical fund in its category and should therefore have a higher return than average. A value of 1.00 is the average risk for the category. Values above 1.00 are riskier than average and values below 1.00 are of less risk than average for the category.
Category Risk Index Grade:	The A–F grade assigned based on the percentile rank of the category risk index compared to all funds in the same category. An A is awarded for category risk that is in the bottom 20% for all funds in the investment category. B indicates below-average rank, C is average rank, D is above-average rank and F is highest 20% rank.
Total Risk Index:	The standard deviation of a fund’s return divided by the standard deviation of return for the average fund. Standard deviation is a measure of return volatility computed using monthly returns for the last three years. A value of 1.00 is average risk. Values above 1.00 are riskier than average and values below 1.00 are of less risk than average.
Beta:	A risk measure that relates the fund’s volatility of returns to the market. The higher the beta of a fund, the higher the market risk is of the fund. The figure is based on monthly returns for 36 months. A beta of 1.00 indicates that the fund’s returns will, on average, be as volatile as the market and move in the same direction; a beta higher than 1.00 indicates that if the market rises or falls, the fund will rise or fall respectively but to a greater degree; a beta of less than 1.00 indicates that if the market rises or falls, the fund will rise or fall to a lesser degree. The S&P 500 index always has a beta of 1.00 because it is the measure we selected to represent the overall stock market.
Interest Rate Sensitivity:	How sensitive the prices of the bonds held in a bond fund’s portfolio are to changes in interest rates. The levels are Limited, Moderate and Extensive.
R-Squared:	Represents the percentage of a fund’s movement that can be explained by movements in the S&P 500. The numbers can range from 0% to 100%. The more closely the returns matched the S&P 500 over the last three years, the higher the percentage. Funds that did not track the market closely and therefore have a lower R-squared many times had industry or special concentrations. The lower the R-squared, the greater the chance the funds’ returns will not follow that of the S&P 500.
Yield:	Income for the most recent 12 months divided by the month-end net asset value. The yield figure is useful for investors seeking income and also to compare the income emphasis of funds within and among investment categories. Funds with yields that are relatively high when compared to other funds in the same investment category are likely to be engaging in market timing by building a defensive cash position that in turn generates higher income. Funds not engaged in market timing with very different yields from the investment category average may not be following their investment objective statement or the objective statement may not be clear. Yield is only one component of total return; the other component is capital appreciation. Funds with higher yields tend to provide less capital appreciation and also lower risk.
Total Assets (Mil):	The total assets of the fund including all share classes in millions of dollars.
Share Class Assets:	Assets of the fund attributable to the share class in millions of dollars.
% of Portfolio in Stock: % of Portfolio in Bonds: % of Portfolio in Other: % of Portfolio in Cash:	The portfolio composition columns classify investments by type and give the percentage of the total portfolio invested in each. Some funds are “funds of funds” and their portfolio holdings may be denoted by “100% other.” Due to rounding of the percentages and the practice of leverage (borrowing) to buy securities, the portfolio total percentage may not equal 100%.
Average Daily Trading Volume (Thousands):	For ETFs: The average daily volume of shares traded for the last three-month period.
Portfolio Turnover:	The portfolio turnover measures the trading activity of the fund, which is computed by dividing the lesser of purchases or sales for the year by the monthly average value of the securities owned by the fund during the year. Securities with maturities of less than one year are excluded from the calculation. The result is expressed as a percentage, with 100% implying a complete portfolio turnover within one year.
Num of Holdings:	Indicates the total number of stock, bond and other securities in a fund’s portfolio. This figure can give insight into the fund’s level of diversification. Generally, the higher the number of investments, the more diversified the fund. The lower the number, the more concentrated the fund is in a few issues.
% of Port in Top 10 Hlds (%):	Investments, expressed as a percentage of the total portfolio assets, in the fund’s top 10 portfolio holdings. The higher the percentage, the more concentrated the fund is in a few companies or issues, and the more the fund is susceptible to market fluctuations in these few holdings. Used in combination with number of holdings, the percent of portfolio in top 10 investments figure can indicate how concentrated a fund is.
% of Port in Foreign Hlds:	The percentage of the fund’s assets that is invested in foreign stocks and bonds.
Manager Tenure (Yrs):	Represents the number of years that the current manager has been the portfolio manager of the fund. For funds with more than one manager, the average tenure is shown.
Expense Ratio:	Annual expense expressed as a percentage of net asset value. Expenses include the management fee, other fund expenses and 12b-1 annual distribution charges if any. Returns are adjusted for the expenses included in this ratio. Fund expenses are important because they directly detract from fund performance. Total returns reported already take into consideration fund expenses, but the expense ratio allows you to judge the significance of those expenses. An expense ratio for a fund that is relatively high compared to the expense ratio average for the investment category is reason for concern. In the long run, high expense ratios are difficult for portfolio managers to overcome, particularly for funds with lower risk, less aggressive investment objectives.
Expense Ratio Grade:	The A–F grade assigned based on the percentile rank of the expense ratio compared to all funds in the same category. An A is awarded for expense ratio that is in the bottom 20% for all funds in the investment category. B indicates below-average rank, C is average rank, D is above-average rank and F is highest 20% rank.
Max Load/Redemp Fee:	For mutual funds: Maximum fees expressed as a percentage. The load might be a front-end sales charge, back-end sales charge, redemption fee or other charges. Returns are not adjusted for loads, redemption fees or charges.
Load Type:	For mutual funds: Indicates if the load is a “front” end load (E) or “redemption” charge (R or D).
12b-1 Fee (%):	For mutual funds: Annual 12b-1 distribution charge expressed as a percentage of net asset value. Returns are adjusted for 12b-1 charges and the expense ratio includes the 12b-1 charge.
Min Initial Purchase:	For mutual funds: The minimum dollar amount required for initial investment in the fund.
Share Class:	For mutual funds: https://www.aaii.com/funds/shareclasstypes

Source: AAII and Morningstar, Inc.