Morningstar

Total Return

Total return is the change in adjusted share price (stocks), NAV (mutual funds), or market prices (ETFs and closed-end funds) over the selected time period. For stocks, it includes dividends earned but does not reinvest dividends. For mutual funds, ETFs, and closed-end funds, it assumes a reinvestment of all income and capital gains distributions. Returns greater than one year are annualized.

Total return varies based on security type.

Stocks: The return includes the change in adjusted share price over the selected time period and dividends earned. The calculation does not reinvest dividends. Dividends are treated as a cash payout at the end of period and added to the gain or loss of the change in adjusted price. Therefore, dividends are not compounded through reinvestment over the period. Returns greater than one year are annualized.

Mutual funds: The return includes the change in NAV over the selected time period and assumes a reinvestment of all income and capital gains distributions. Reinvestments are made using the actual reinvestment NAV, and daily payoffs are reinvested monthly. Unless specifically noted, the return is not adjusted for sales charges. Returns greater than one year are annualized.

ETFs and closed-end funds: The return is based on changes in market prices and assumes a reinvestment of all income and capital gains distributions. Unless specifically noted, the return is not adjusted for sales charges. Returns greater than one year are annualized.

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