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The content explains how Morningstar Risk Rating over a three-year period reflects downside volatility relative to similar funds, including the rating breakpoints and conditions for unrated funds. It defines Alpha and Beta as relationships between actual returns and expected returns based on risk, and details Effective Duration and Effective Maturity as weighted, option-adjusted measures that reflect interest-rate and mortgage prepayment behavior for fixed income holdings, including calculation and reporting constraints.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":36,"@type":70,"position":76},"https://docshare.wps.com/template/forms/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/fundov_pnp_mxagp_all_all-investment-glossary-riskperformance-definitions/198570/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/fundov_pnp_mxagp_all_all-investment-glossary-riskperformance-definitions/198570.png","ImageObject",442,249,{"name":88,"@type":89},"Oliver Hayes","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-27","2026-09-04",true,{"@type":98,"interactionType":99,"userInteractionCount":76},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What does the Morningstar 3-Year Risk Rating measure?","Question",{"text":108,"@type":109},"It is an annualized measure of a fund's downside volatility over three years, derived from Morningstar Risk based on monthly return variations with emphasis on downside moves compared to similar funds.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How are Alpha and Beta interpreted in fund performance?",{"text":113,"@type":109},"Alpha measures the difference between actual returns and expected performance given risk measured by beta; positive Alpha indicates outperformance versus beta expectations, while negative Alpha indicates underperformance. Beta measures sensitivity to market movements versus a benchmark, where values above 1 imply stronger up-market and worse down-market relative performance.",{"name":115,"@type":106,"acceptedAnswer":116},"What are Effective Duration and Effective Maturity, and why are they used?",{"text":117,"@type":109},"Effective Duration summarizes how prices of bonds with embedded options are expected to change as interest rates change, accounting for expected mortgage prepayment and option exercise behavior. Effective Maturity is a weighted average of bond maturities adjusted for mortgage prepayments, puts, and adjustable coupons, helping assess interest-rate sensitivity.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},198570,1788482917,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":35,"category_name":36,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":76,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":79,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":125,"read_time":73},687207020761,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","| Low | Moderate |  |\n| --- | --- | --- |\n\n\n|  |  |  |\n| --- | --- | --- |\n|  |  |  |\n|  |  |  |\n\n| Net Expense Ratio | Gross Expense Ratio | Total Net Assets (MM) | Inception Date | Data Effective Date | Ticker |\n| --- | --- | --- | --- | --- | --- |\n| 1.13% | 1.13% | $889.869 | 09/16/1999 | 06/30/2026 | MXAPX |\n\n| Low | Moderate |  |\n| --- | --- | --- |\n\n\n|  |  |  |\n| --- | --- | --- |\n|  |  |  |\n|  |  |  |\n\n| Net Expense Ratio | Gross Expense Ratio | Total Net Assets (MM) | Inception Date | Data Effective Date | Ticker |\n| --- | --- | --- | --- | --- | --- |\n| 1.13% | 1.13% | $889.869 | 09/16/1999 | 06/30/2026 | MXAPX |\n\n\n| Glossary & Investment Option Disclosures |  |\n| --- | --- |\n| 3-Year\u003Cbr>Risk Rating | An annualized measure of a fund's downside volatility over a three-year period. Morningstar Risk Rating is derived directly from Morningstar Risk, which is an assessment of the variations in a fund's monthly returns, with an emphasis on downside variations, in comparison to similar funds. In each Morningstar Category, the top 10% of investments earn a High rating, the next 22.5% Above Average, the middle 35% Average, the next 22.5% Below Average, and the bottom 10% Low. Investments with less than three years of performance history are not rated. |\n| Alpha | Alpha is a measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured by beta. A positive Alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative Alpha indicates the portfolio has underperformed, given the expectations established by beta. |\n| Beta | Beta is a measure of a portfolio's sensitivity to market movements. The beta of the market is 1.00 by definition. Morningstar calculates beta by comparing a portfolio's excess return over T-bills to the benchmark's excess return over T-bills, so a beta of 1.10 shows that the portfolio has performed 10% better than its benchmark in up markets and 10% worse in down markets, assuming all other factors remain constant. Conversely, a beta of 0.85 indicates that the portfolio's excess return is expected to perform 15% worse than the benchmark’s excess return during up markets and 15% better during down markets. |\n| Effective\u003Cbr>Duration | Effective duration for all long fixed income positions in a portfolio. Morningstar asks fund companies to calculate and send average effective duration (also known as “option adjusted duration”) for each of their fixed income or allocation funds. We ask for effective duration because the measure gives better estimation of how the price of bonds with embedded options, which are common in many mutual funds, will change as a result of changes in interest rates. Effective duration takes into account expected mortgage prepayment or the likelihood that embedded options will be exercised if a fund holds futures, other derivative securities, or other funds as assets, the aggregate effective duration should include the weighted impact of those exposures. Standard practice for calculating this data point requires determination of a security’s option-adjusted spread, including the use of option models or Monte Carlo simulation, as well as interest-rate scenario testing Morningstar requests that the fund only report data in this field that has been specifically labeled effective or option-adjusted duration, or that fund is certain has been calculated in the fashion described. |\n| Effective\u003Cbr>Maturity | Average effective maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each bond's effective maturity by the market value of the security. Average effective maturity takes into consideration all mortgage prepayments, puts, and adjustable coupons. Longer-maturity funds are generally considered more interest-rate sensitive than their shorter counterparts. We list Average Effective Maturity for Taxable Fixed-Income and Hybrid funds and","cbCairzZP2H6HqmW","https://ap.wps.com/l/cbCairzZP2H6HqmW","pdf",673407,"English","# Glossary & Investment Option Disclosures\n## 3-Year Risk Rating\n## Alpha\n## Beta\n## Effective Duration\n## Effective Maturity\n## Equity Style Box\n## Fixed Income Style Box","[{\"question\":\"What does the Morningstar 3-Year Risk Rating measure?\",\"answer\":\"It is an annualized measure of a fund's downside volatility over three years, derived from Morningstar Risk based on monthly return variations with emphasis on downside moves compared to similar funds.\"},{\"question\":\"How are Alpha and Beta interpreted in fund performance?\",\"answer\":\"Alpha measures the difference between actual returns and expected performance given risk measured by beta; positive Alpha indicates outperformance versus beta expectations, while negative Alpha indicates underperformance. Beta measures sensitivity to market movements versus a benchmark, where values above 1 imply stronger up-market and worse down-market relative performance.\"},{\"question\":\"What are Effective Duration and Effective Maturity, and why are they used?\",\"answer\":\"Effective Duration summarizes how prices of bonds with embedded options are expected to change as interest rates change, accounting for expected mortgage prepayment and option exercise behavior. Effective Maturity is a weighted average of bond maturities adjusted for mortgage prepayments, puts, and adjustable coupons, helping assess interest-rate sensitivity.\"}]","FUNDOV_PNP_MXAGP_ALL_ALL - Investment Glossary & Risk/Performance Definitions | PDF"]