Standardised (include sales loads) after-tax return assuming that the investor sold his or her fund shares at the end of the measurement period, and, as a result, reflects the effect of both taxable distributions by a fund to its shareholders and any taxable gain or loss realised by the shareholder upon the sale of fund shares. Post-liquidation after-tax return reflects the tax effects on shareholders of the portfolio manager's purchases and sales of portfolio securities as well as the tax effects of a shareholder's individual decision to sell fund shares.