The Tax-Managed US Marketwide Value Portfolio II † is a no-load mutual fund designed to capture the returns and diversification benefits of a broad cross-section of US value companies, on a market cap-weighted basis. The Portfolio invests in securities of US companies whose size (market capitalization) falls within the range of total market capitalization. The available universe is comprised of companies listed on the New York Stock Exchange, American Stock Exchange, or NASDAQ National Market System. Securities are considered value stocks primarily because a company's shares have a high book value in relation to their market value (BtM). This BtM sort excludes firms with negative or zero book values. In assessing value, additional factors such as price to cash flow or price to earning ratios may be considered, as well as economic conditions and developments in the issuer's industry. The criteria for assessing value are subject to change from time to time. The Portfolio seeks to minimize the impact of federal taxes by deferring the realization of net capital gains and attempting to minimize the receipt of dividend income in order to minimize the taxable distributions to investors.

For a full description, please consult the Portfolio's prospectus.