Fund Description

The fund was incepted in April 1998 and is managed by the Boston Management and Research. The objective of the fund is to achieve long-term, after-tax returns for its shareholders by investing in a diversified portfolio of foreign equity securities. The fund pursues its objective by investing in tax-managed international growth portfolio. The fund invests primarily in common stocks of companies included in the Morgan Stanley Capital International Europe, Australia, Far East ('EAFE') Index. The fund achieves returns primarily in the form of price appreciation, which is not subject to current tax. The fund seeks to minimize income distributions and distributions of realized short-term gains taxed as ordinary income, as well as distributions of realized long-term gains taxed as long-term capital gains. Dividends and capital gains are distributed annually.