Rating trend analysis visually summarizes an investments rating history and anticipates potential future change in the Morningstar Rating. The projection was calculated by truncating the time period used to calculate the Morningstar Rating. For example, the first month rating projection for the 3 year Morningstar Rating calculates the Morningstar risk-adjusted return for a given category using only the past 35 months of data. Likewise the 3-month rating projection for the 3-year Morningstar rating will be calculated based on the past 33 months. This calculation makes no assumption on the future performance of an investment or its category. The table at the bottom of the graph shows the category size over time. The larger the category the less volatile the ratings within the category tend to be.