Pre-Tax Annual Return
The total return for the fund for the given calendar year (or
for the unannualized return year-to-date for the current year).
Distributions are paid in cash and held to the end of the year
(not reinvested in the fund upon distribution).
After-Tax Annual Return
Similar to the above, but an allowance is made for taxes which
are subtracted from taxable distributions, based on the tax rates
provided by the user. Note that no taxes are subtracted from a
Terminal Value of $1, Not Liquidated
This assumes that $1 is invested in the fund at the beginning
of the corresponding calendar year and held to the present. Any
distributions made by the fund are held in cash and then reinvested
in the fund at the end of the calendar year in which they are
made, after deducting applicable taxes. The reported value shows
the growth/decline of the original $1, including the reinvested
Terminal Value of $1, Liquidated
Similar to the above, except that all of the shares are sold
on the present date, and an allowance for capital gains tax is
subtracted from the "not liquidated" value. The cost
basis and purchase date of the original $1 (adjusted for any applicable
load) and for each of the annual reinvested distribution amounts
are used in calculating the final capital gains tax. The reported
value shows the growth/decline of the original $1, net of all
capital gains taxes.
- This analysis is intended to provide reasonable estimates of
historical returns and tax consequences only. An investor's actual
results may vary from the numbers shown.
- The methodology used here is similar, but not identical, to
the SEC methodology for computing after-tax returns.
- Results for the current calendar year are based on (unannualized)
partial returns year to date and NAVs as of the end date.
- Applicable tax rates for ordinary income and long-term capital
gains are as provided by the user. The same rates are applied
during every year in the simulation.
- Terminal values are net of the maximum front-end load (if any),
but are not adjusted for any back-end load or redemption
fee. Annual returns are not adjusted for any loads or redemption
- Numbers are shown for a fund for a given year only if our database
has full information on the fund for that entire year.
- In every pair of corresponding numbers, the higher value is
shown in green, the lower in red.