485BPOS

AS FILED WITH THE SECURITIES

AND EXCHANGE COMMISSION

ON 02/28/2013

FILE NOS: 811-10103

333-45040

SECURITIES AND EXCHANGE COMMISSION

----------------------------------

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

[X ]

Pre-Effective Amendment No.

[    ]

Post-Effective Amendment No.

[22]

and

REGISTRATION STATEMENT UNDER

THE INVESTMENT COMPANY ACT OF 1940

[X ]

Amendment No.

[23]

(Check appropriate box or boxes.)

SATUIT CAPITAL MANAGEMENT TRUST

(Exact name of Registrant as Specified in Charter)

c/o Mutual Shareholder Services, LLC

8000 Town Centre Drive, Suite 400

Broadview Heights, Ohio 44147

(Address of Principal Executive Office)

1-866-9-SATUIT

(Registrant's Telephone Number, including Area Code:)

THOMAS R. WESTLE

Blank Rome LLP

The Chrysler Building

405 Lexington Avenue

New York, New York  10174

(Name and Address of Agent for Service)

Please send copy of communications to:

DAVID D. JONES

Drake Compliance, LLC

422 Fleming Street, Suite 7

Key West, FL  33040

Approximate Date of Proposed Public Offering:  As soon as practicable following effective date.

It is proposed that this filing will become effective (check appropriate box):

/ X/     immediately upon filing pursuant to paragraph (b)

/    /     on (date) pursuant to paragraph (b)

/    /     60 days after filing pursuant to paragraph (a)(1)

/   /     on (date) pursuant to paragraph (a)(3)

/   /     75 days after filing pursuant to paragraph (a)(2)

/   /     on (date) pursuant to paragraph (a)(2) of rule 485

If appropriate, check the following box:

/   /     this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Registrant declares hereby that an indefinite number or amount of its securities has been registered by this Registration Statement.

A Rule 24f-2 Notice for the Trust’s fiscal year ended October 31, 2012 was filed on January 25, 2013.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, Satuit Capital Management Trust (the "Trust") has duly caused this Post-Effective Amendment No. 22 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereto duly authorized, in the city of Franklin and the State of Tennessee on March 21, 2013.

SATUIT CAPITAL MANAGEMENT TRUST

By: /s/ Robert J. Sullivan

ROBERT J. SULLIVAN

Chairman, President and Treasurer

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 22 to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

Signature	Title	Date
/s/  Robert J. Sullivan	Chairman, President & Treasurer- Trustee	March 21, 2013
/s/  Anthony Hertl*	Trustee	March 21, 2013
/s/  Samual Boyd, Jr.*	Trustee	March 21, 2013
/s/  William Poist*	Trustee	March 21, 2013
/s/  Paul Dickinson*	Trustee	March 21, 2013

*  By Robert J. Sullivan, Attorney-In-Fact under Powers of Attorney

EXHIBIT INDEX

1.

EX-101.INS

XBRL Instance Document

2.

EX-101.SCH

XBRL Taxonomy Extension Schema Document

3.

EX-101.CAL

XBRL Taxonomy Extension Calculation Linkbase

4.

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase

5.

EX-101.LAB

XBRL Taxonomy Extension Labels Linkbase

6.

EX-101.PRE ……………………………………  XBRL Taxonomy Extension Presentation Linkbase

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Document Type

dei_DocumentType

485BPOS

Document Period End Date

dei_DocumentPeriodEndDate

Oct. 31, 2012

Registrant Name

dei_EntityRegistrantName

Satuit Capital Management Trust

Central Index Key

dei_EntityCentralIndexKey

0001123235

Amendment Flag

dei_AmendmentFlag

false

Prospectus Date

rr_ProspectusDate

Feb. 28, 2013

Satuit Capital U.S. Emerging Companies Fund

Risk/Return:

rr_RiskReturnAbstract

Objective [Heading]

rr_ObjectiveHeading

INVESTMENT OBJECTIVE

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Fund’s investment objective is to provide investors with long-term capital appreciation.

Expense [Heading]

rr_ExpenseHeading

FEES AND EXPENSES

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment.)

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

PORTFOLIO TURNOVER

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 154.34% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

154.34%

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example Closing [Text Block]

rr_ExpenseExampleClosingTextBlock

Your expenses would be the same if you did not redeem your shares at the end of each time period.

Strategy [Heading]

rr_StrategyHeading

PRINCIPAL INVESTMENT STRATEGIES

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing at least 80% of its assets in a diversified portfolio of U.S. common stocks of emerging companies. The Adviser considers a company to be an emerging company when its market capitalization, at the time of purchase, is $500 million or less. The Adviser will select portfolio securities which the Adviser believes exhibit reasonable valuations and favorable growth prospects. The factors the Adviser considers when determining whether a security exhibits reasonable valuation and favorable growth prospects, respectively,  include a company’s forward price to earnings multiple as compared to its forward earnings per share projection and a company’s revenue, margin, balance-sheet and cash flow characteristics.  The Adviser uses proprietary quantitative analysis of both value and growth characteristics to rank U.S. emerging companies.

Portfolio securities may be sold as a result of adverse changes in the stock markets generally, or to a specific issuer, that results in poor relative performance. Portfolio securities may also be sold if the Adviser determines that the valuation and growth characteristics that formed the basis for purchasing a stock no longer meet the criteria for portfolio securities of the Fund.

Risk [Heading]

rr_RiskHeading

PRINCIPAL RISKS

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Investing in common stocks has inherent risks that could cause you to lose money. The principal risks of investing in the Fund are listed below and could adversely affect the net asset value (the “NAV”), total return and value of the Fund and your investment.

Stock Market Risks: Stock mutual funds are subject to stock market risks and significant fluctuations in value. If the stock market declines in value, the Fund is likely to decline in value and you could lose money on your investment.

Stock Selection Risks:  The portfolio securities selected by the Adviser may decline in value or not increase in value when the stock market in general is rising and may fail to meet the Fund’s investment objective.

Risks of Investment In Emerging Companies:  The Fund invests principally in emerging companies, generally a market capitalization of $500 million or less.  Accordingly, the Fund may be subject to the additional risks associated with investment in companies with micro capital structures.   These companies may (i) have relatively small revenues, (ii) have limited product lines or services, (iii)  lack depth of management, (iv) lack the ability to obtain funds necessary for growth, and (v) feature products or services for which a market does not yet exist and/or may never be established.  The increased risk involved with investing in emerging companies may cause the market prices of their securities to be more volatile than those of larger, more established companies.  Further, these securities tend to trade at a lower volume than do those of larger, more established companies, which generally results in less liquidity.  If the Fund is heavily invested in these securities, the NAV of the Fund will be more susceptible to sudden and significant losses if the value of these securities decline.

You could lose money on your investment in the Fund, or the Fund may not perform as well as other possible investments. The Fund does not constitute a balanced or complete investment program and the NAV of its shares will fluctuate based on the value of the securities held by the Fund.

Who should buy this Fund

The Fund is most appropriate for investors who understand the risks of investing in domestic smaller capitalization stock markets and who are willing to accept significant amounts of volatility and risk.

Risk Lose Money [Text]

rr_RiskLoseMoney

If the stock market declines in value, the Fund is likely to decline in value and you could lose money on your investment.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

PAST PERFORMANCE

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance.  The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.satuitcapital.com or by calling the Fund, toll free, at 1-866-972-8848.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

866-972-8848

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.satuitcapital.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Bar Chart [Heading]

rr_BarChartHeading

The bar chart shows the changes in the Fund’s total annual returns for each of the last ten calendar years.

Annual Return 2003

rr_AnnualReturn2003

62.93%

Annual Return 2004

rr_AnnualReturn2004

19.75%

Annual Return 2005

rr_AnnualReturn2005

14.20%

Annual Return 2006

rr_AnnualReturn2006

13.45%

Annual Return 2007

rr_AnnualReturn2007

5.65%

Annual Return 2008

rr_AnnualReturn2008

(37.92%)

Annual Return 2009

rr_AnnualReturn2009

50.03%

Annual Return 2010

rr_AnnualReturn2010

30.83%

Annual Return 2011

rr_AnnualReturn2011

(5.95%)

Annual Return 2012

rr_AnnualReturn2012

11.87%

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

During the years shown in the bar chart, the highest return for a calendar quarter was 30% (quarter ended June 2003) and the lowest return for a calendar quarter was -23.47% (quarter ended September 2011).

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest return for a calendar quarter

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2003

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

30.00%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest return for a calendar quarter

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2011

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(23.47%)

Performance Table Heading

rr_PerformanceTableHeading

The performance table shows how the Fund’s average annual returns compare to that of its benchmark, Russell 2000 Index.

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the historical highest individual federal marginal income tax rates

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Satuit Capital U.S. Emerging Companies Fund | - Comparison Index - Russell 2000 Index

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

16.35%

5 Years

rr_AverageAnnualReturnYear05

3.56%

10 Years

rr_AverageAnnualReturnYear10

9.72%

Satuit Capital U.S. Emerging Companies Fund | Satuit Capital U.S. Emerging Companies Fund

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load) (as a percentage of offering price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions (as a percentage of offering price)

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of amount redeemed within 360 days of purchase){neg}

rr_RedemptionFeeOverRedemption

(2.00%)

Exchange Fee

rr_ExchangeFee

none

Management Fees

rr_ManagementFeesOverAssets

1.25%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

0.40%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.90%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

193

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

597

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,026

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

2,222

1 Year

rr_AverageAnnualReturnYear01

11.87%

5 Years

rr_AverageAnnualReturnYear05

5.10%

10 Years

rr_AverageAnnualReturnYear10

13.10%

Satuit Capital U.S. Emerging Companies Fund | Satuit Capital U.S. Emerging Companies Fund | Return After-Tax on Distributions

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

10.45%

^[2]

5 Years

rr_AverageAnnualReturnYear05

4.83%

^[2]

10 Years

rr_AverageAnnualReturnYear10

12.55%

^[2]

Satuit Capital U.S. Emerging Companies Fund | Satuit Capital U.S. Emerging Companies Fund | Return After-Tax on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

10.03%

^[2]

5 Years

rr_AverageAnnualReturnYear05

4.39%

^[2]

10 Years

rr_AverageAnnualReturnYear10

11.63%

^[2]

[1] Includes 0.04% attributable to reimbursement of Satuit Capital Management, LLC (the "Adviser") for fees previously waived pursuant to the Fund's expense limitation agreement with the Adviser within the three prior years. Pursuant to the expense limitation agreement, the Adviser has agreed to waive or limit its fees and assume other expenses of the Fund (excluding interest, taxes, brokerage commissions and other expenditures capitalized in accordance with generally accepted accounting principles or other extraordinary expenses not incurred in the ordinary course of business), so that the Fund's ratio of total annual operating expenses is limited to 1.95%. This arrangement is in effect until at least February 28, 2014 and, subject to annual approval by a majority of the Independent Trustees, will remain in effect from year to year unless the Adviser or a majority of the Independent Trustees terminate this agreement upon 90 days notice. The Adviser is entitled to reimbursement of fees waived or expenses assumed subject to the limitations that (i) the reimbursements is made for fees waived or expenses incurred not more than three years prior to the date of the reimbursement and (ii) the reimbursement may not be made if it would cause the Fund's annual expense limitation to be exceeded.

[2] After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

XML

Satuit Capital U.S. Emerging Companies Fund

INVESTMENT OBJECTIVE

The Fund’s investment objective is to provide investors with long-term capital appreciation.

FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees (USD $)	Satuit Capital U.S. Emerging Companies Fund
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none
Maximum Deferred Sales Charge (Load) (as a percentage of offering price)	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions (as a percentage of offering price)	none
Redemption Fee (as a percentage of amount redeemed within 360 days of purchase)	2.00%
Exchange Fee	none

Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment.)

Annual Fund Operating Expenses		Satuit Capital U.S. Emerging Companies Fund
Management Fees		1.25%
Distribution and Service (12b-1) Fees		0.25%
Other Expenses	[1]	0.40%
Total Annual Fund Operating Expenses		1.90%

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years	Expense Example, with Redemption, 5 Years	Expense Example, with Redemption, 10 Years
Satuit Capital U.S. Emerging Companies Fund	193	597	1,026	2,222

Your expenses would be the same if you did not redeem your shares at the end of each time period.

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 154.34% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund seeks to achieve its investment objective by investing at least 80% of its assets in a diversified portfolio of U.S. common stocks of emerging companies. The Adviser considers a company to be an emerging company when its market capitalization, at the time of purchase, is $500 million or less. The Adviser will select portfolio securities which the Adviser believes exhibit reasonable valuations and favorable growth prospects. The factors the Adviser considers when determining whether a security exhibits reasonable valuation and favorable growth prospects, respectively,  include a company’s forward price to earnings multiple as compared to its forward earnings per share projection and a company’s revenue, margin, balance-sheet and cash flow characteristics.  The Adviser uses proprietary quantitative analysis of both value and growth characteristics to rank U.S. emerging companies.

Portfolio securities may be sold as a result of adverse changes in the stock markets generally, or to a specific issuer, that results in poor relative performance. Portfolio securities may also be sold if the Adviser determines that the valuation and growth characteristics that formed the basis for purchasing a stock no longer meet the criteria for portfolio securities of the Fund.

PRINCIPAL RISKS

Investing in common stocks has inherent risks that could cause you to lose money. The principal risks of investing in the Fund are listed below and could adversely affect the net asset value (the “NAV”), total return and value of the Fund and your investment.

Stock Market Risks: Stock mutual funds are subject to stock market risks and significant fluctuations in value. If the stock market declines in value, the Fund is likely to decline in value and you could lose money on your investment.

Stock Selection Risks:  The portfolio securities selected by the Adviser may decline in value or not increase in value when the stock market in general is rising and may fail to meet the Fund’s investment objective.

Risks of Investment In Emerging Companies:  The Fund invests principally in emerging companies, generally a market capitalization of $500 million or less.  Accordingly, the Fund may be subject to the additional risks associated with investment in companies with micro capital structures.   These companies may (i) have relatively small revenues, (ii) have limited product lines or services, (iii)  lack depth of management, (iv) lack the ability to obtain funds necessary for growth, and (v) feature products or services for which a market does not yet exist and/or may never be established.  The increased risk involved with investing in emerging companies may cause the market prices of their securities to be more volatile than those of larger, more established companies.  Further, these securities tend to trade at a lower volume than do those of larger, more established companies, which generally results in less liquidity.  If the Fund is heavily invested in these securities, the NAV of the Fund will be more susceptible to sudden and significant losses if the value of these securities decline.

You could lose money on your investment in the Fund, or the Fund may not perform as well as other possible investments. The Fund does not constitute a balanced or complete investment program and the NAV of its shares will fluctuate based on the value of the securities held by the Fund.

Who should buy this Fund

The Fund is most appropriate for investors who understand the risks of investing in domestic smaller capitalization stock markets and who are willing to accept significant amounts of volatility and risk.

PAST PERFORMANCE

The following bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance.  The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.satuitcapital.com or by calling the Fund, toll free, at 1-866-972-8848.

The bar chart shows the changes in the Fund’s total annual returns for each of the last ten calendar years.

During the years shown in the bar chart, the highest return for a calendar quarter was 30% (quarter ended June 2003) and the lowest return for a calendar quarter was -23.47% (quarter ended September 2011).

The performance table shows how the Fund’s average annual returns compare to that of its benchmark, Russell 2000 Index.

Average Annual Total Returns		1 Year	5 Years	10 Years
Satuit Capital U.S. Emerging Companies Fund - Comparison Index - Russell 2000 Index		16.35%	3.56%	9.72%
Satuit Capital U.S. Emerging Companies Fund		11.87%	5.10%	13.10%
Satuit Capital U.S. Emerging Companies Fund Return After-Tax on Distributions	[1]	10.45%	4.83%	12.55%
Satuit Capital U.S. Emerging Companies Fund Return After-Tax on Distributions and Sale of Fund Shares	[1]	10.03%	4.39%	11.63%

[1] Includes 0.04% attributable to reimbursement of Satuit Capital Management, LLC (the "Adviser") for fees previously waived pursuant to the Fund's expense limitation agreement with the Adviser within the three prior years. Pursuant to the expense limitation agreement, the Adviser has agreed to waive or limit its fees and assume other expenses of the Fund (excluding interest, taxes, brokerage commissions and other expenditures capitalized in accordance with generally accepted accounting principles or other extraordinary expenses not incurred in the ordinary course of business), so that the Fund's ratio of total annual operating expenses is limited to 1.95%. This arrangement is in effect until at least February 28, 2014 and, subject to annual approval by a majority of the Independent Trustees, will remain in effect from year to year unless the Adviser or a majority of the Independent Trustees terminate this agreement upon 90 days notice. The Adviser is entitled to reimbursement of fees waived or expenses assumed subject to the limitations that (i) the reimbursements is made for fees waived or expenses incurred not more than three years prior to the date of the reimbursement and (ii) the reimbursement may not be made if it would cause the Fund's annual expense limitation to be exceeded.

[1] After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.