Explanation of Historical Results (Taxable)

What the columns mean

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 market index.

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 distributions.

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 fees.
  • 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.