The investment seeks long-term after-tax capital appreciation. The fund pursues its investment objective by investing primarily in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps, depositary receipts and real estate investment trusts or securities with similar characteristics) of non-U.S. companies. The "TM" in the fund's name reflects that the fund employs a "tax management" strategy which considers the potential impact of federal income tax on shareholders' investment return. The fund will generally invest in developed markets outside of the U.S.