A calculation based on a 30-day period ending on the last of the previous month. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. The figure listed lags by one month. When a dash appears, the yield available is more than 30 days old. This information is taken from fund surveys.
Benefits
Morningstar offers both SEC (30 day) and 12-month yield figures.
Origin
This information is taken directly from monthly fund surveys.
For the Pros
The formula for the SEC 30-day yield is as follows:
Yield = 2 {[(a-b)/cd + 1] ^ 6 - 1}
Where:
a = dividends and interest during the period
b = expenses accrued for the periods (net of reimbursem*nts)
c = the average daily number of shares outstanding during the period, that were entitled to receive dividends
d = the maximum offering price per share on the last day of the period
In comparison, the formula for the 12-month yield is as follows:
Yield = income/ (NAV + capital gains)
Where:
Income = the sum of the trailing 12-month income dividends
Capital gains = the sum of the trailing 12-month capital gains
©2023 Morningstar. All Rights Reserved.
