The yield that the investment itself has achieved if all distributions were re-invested. This yield is independent of when you invested. This is the yield that fund companies most often report in their annual reports and advertisements. The formula for calculating the re-invested fund yield is:
Ending share price * (1 + number of shares purchased with re-invested distributions) = Starting share price(1+i)term
where "number of shares purchased with re-invested distributions" is the number of shares purchased with distributions from a single share at the time of the distribution, and where the yield is 'i'. The "term" is the number of years from the starting yield term date to the ending yield term date. The Ending share price is the closing price of the investment on the ending date of the yield term. The Starting share price is the opening price of the investment on the beginning date of the yield term. (This opening price is the same as the closing price of the previous day.)
Fund Performance - Distributed Distributions