*note: returns are excluding redemption
Turnover Ratio
This is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets. A turnover ratio of 100% or more does not necessarily suggest that all securities in the portfolio have been traded. In practical terms, the resulting percentage loosely represents the percentage of the portfolio’s holdings that have changed over the past year.
NAV Return After-Tax on Distribution 12 Month, 3 Year, 5 Year, 10 Year
These returns reflect the tax effects on shareholders of the portfolio manager's purchases and sales of portfolio securities. They assume that the investor continued to hold fund shares at the end of the time period, and, as a result, reflects the effect of taxable distributions by a fund to its shareholders but not any taxable gain or loss that would have been realized by a shareholder upon the sale of fund shares. After distributions are taxed, they are reinvested in the fund. See Return After Taxes for more information.
NAV Return After-Tax on Distribution & Sale 12 Month, 3 Year, 5 Year, 10 Year
These returns reflect the tax effects of a shareholder's individual decision to sell fund shares. They assume that the investor sold his or her fund shares at the end of the time period, and, as a result, reflects the effect of both taxable distributions by a fund to its shareholders and any taxable gain or loss realized by the shareholder upon the sale of fund shares. See Return After Taxes for more information.
Tax Cost Ratio 3 Year, 5 Year, 10 Year
Listed for three, five, and 10 years, this statistic (which excludes additional gains, taxes, or tax losses incurred upon selling a fund) represents the percentage-point reduction in an annualized return that results from income taxes. The calculation assumes investors pay the maximum federal rate on capital gains and ordinary income.
The tax-cost ratio, like an expense ratio, is a measure of how one factor can drag down performance. The distribution of the tax cost ratio is rated on a low percentage scale with most funds in the range of 0-10 but often concentrated in the range of 0-5. In the range of 0-5, 0 indicates that the fund incurs no taxes or very little taxes and 5 indicates that the fund is less tax efficient.
Capital Gain Return
The portion of the fund's total returns generated by both realized and unrealized increases in the value of securities in the portfolio. Frequently, an equity fund's returns will be entirely from capital return.
Dividend Return
The portion of a fund's total returns derived from income distributions. This figure will thus be higher than capital return for bond funds, and typically much lower for equity funds.