The fund seeks high current dividend income and total return by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The strategy seeks high current dividend income, more than 50% of which qualifies for the reduced U.S. federal income tax rates for qualified dividend income.

A qualified foreign corporation is defined as any corporation that is incorporated in a possession of the United States or is eligible for the benefits of a comprehensive income tax treaty with the United States.

Next, the research team invests in the securities of certain domestic and foreign corporations.

The team focuses on dividend paying companies that are estimated to trade below their fair values relative to the market and to the securities' historic valuations.

In addition, the team considers factors such as earnings growth, cash flow, and historical payment of dividends.

According to the team, corporations that pay dividend income may also include companies that have announced a special dividend or will pay dividends within six months.

Also, the research team integrates environmental, social and governance factors as part of its process.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest without limitation in the securities of foreign issuers that are publicly traded in the United States or on foreign exchanges, provided that no more than 25% of its net assets are invested in emerging markets.

According to the team, an emerging market country is any country to have an emerging market economy, considering factors such as the country’s credit rating, its political and economic stability and the development of its financial and capital markets.

Emerging market countries generally include every nation in the world except the United States, Canada, Japan, Australia, New Zealand, and most countries located in Western Europe.

In order to achieve its dividend, the fund may engage in active and frequent trading which may result in higher turnover and associated transaction costs for the fund.

The fund seeks high current dividend income and total return by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The strategy seeks high current dividend income, more than 50% of which qualifies for the reduced U.S. federal income tax rates for qualified dividend income.

A qualified foreign corporation is defined as any corporation that is incorporated in a possession of the United States or is eligible for the benefits of a comprehensive income tax treaty with the United States.

Next, the research team invests in the securities of certain domestic and foreign corporations.

The team focuses on dividend paying companies that are estimated to trade below their fair values relative to the market and to the securities' historic valuations.

In addition, the team considers factors such as earnings growth, cash flow, and historical payment of dividends.

According to the team, corporations that pay dividend income may also include companies that have announced a special dividend or will pay dividends within six months.

Also, the research team integrates environmental, social and governance factors as part of its process.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest without limitation in the securities of foreign issuers that are publicly traded in the United States or on foreign exchanges, provided that no more than 25% of its net assets are invested in emerging markets.

According to the team, an emerging market country is any country to have an emerging market economy, considering factors such as the country’s credit rating, its political and economic stability and the development of its financial and capital markets.

Emerging market countries generally include every nation in the world except the United States, Canada, Japan, Australia, New Zealand, and most countries located in Western Europe.

In order to achieve its dividend, the fund may engage in active and frequent trading which may result in higher turnover and associated transaction costs for the fund.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies outside the United States.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team focuses on income-producing securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States.

The fund seeks current income and capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar based.

The team focuses on securities of issuers in both developed and emerging markets.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund allocates a substantial amount of its net assets in securities of foreign government issuers, or of issuers organized or located outside the United States, or of issuers which primarily trade in a market located outside the United States, or of issuers doing a substantial amount of business outside the United States.

In addition, the fund will invest at least 80% of its net assets in dividend-paying equity securities and at least 40% of its assets outside of the United States 

The fund may invest up to 20% of its net assets in global fixed-income securities of any duration or maturity.

Also, the fund has the flexibility to invest in securities of companies across all market capitalizations, but invests primarily in securities of large capitalization companies.

The fund may invest in shares of companies through initial public offerings and new issues.

Additionally, the fund may utilize derivatives, including options, futures, swaps, and forward contracts, both to seek to increase the return of the fund or to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.
 

The fund seeks current income and capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar based.

The team focuses on securities of issuers in both developed and emerging markets.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund allocates a substantial amount of its net assets in securities of foreign government issuers, or of issuers organized or located outside the United States, or of issuers which primarily trade in a market located outside the United States, or of issuers doing a substantial amount of business outside the United States.

In addition, the fund will invest at least 80% of its net assets in dividend-paying equity securities and at least 40% of its assets outside of the United States 

The fund may invest up to 20% of its net assets in global fixed-income securities of any duration or maturity.

Also, the fund has the flexibility to invest in securities of companies across all market capitalizations, but invests primarily in securities of large capitalization companies.

The fund may invest in shares of companies through initial public offerings and new issues.

Additionally, the fund may utilize derivatives, including options, futures, swaps, and forward contracts, both to seek to increase the return of the fund or to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.
 

The fund seeks current income and capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar based.

The team focuses on securities of issuers in both developed and emerging markets.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund allocates a substantial amount of its net assets in securities of foreign government issuers, or of issuers organized or located outside the United States, or of issuers which primarily trade in a market located outside the United States, or of issuers doing a substantial amount of business outside the United States.

In addition, the fund will invest at least 80% of its net assets in dividend-paying equity securities and at least 40% of its assets outside of the United States 

The fund may invest up to 20% of its net assets in global fixed-income securities of any duration or maturity.

Also, the fund has the flexibility to invest in securities of companies across all market capitalizations, but invests primarily in securities of large capitalization companies.

The fund may invest in shares of companies through initial public offerings and new issues.

Additionally, the fund may utilize derivatives, including options, futures, swaps, and forward contracts, both to seek to increase the return of the fund or to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.
 

The fund seeks current income and capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar based.

The team focuses on securities of issuers in both developed and emerging markets.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund allocates a substantial amount of its net assets in securities of foreign government issuers, or of issuers organized or located outside the United States, or of issuers which primarily trade in a market located outside the United States, or of issuers doing a substantial amount of business outside the United States.

In addition, the fund will invest at least 80% of its net assets in dividend-paying equity securities and at least 40% of its assets outside of the United States 

The fund may invest up to 20% of its net assets in global fixed-income securities of any duration or maturity.

Also, the fund has the flexibility to invest in securities of companies across all market capitalizations, but invests primarily in securities of large capitalization companies.

The fund may invest in shares of companies through initial public offerings and new issues.

Additionally, the fund may utilize derivatives, including options, futures, swaps, and forward contracts, both to seek to increase the return of the fund or to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.
 

The fund seeks current income and capital appreciation by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in domestic and foreign equity securities.

The team favors high-quality dividend-paying companies that are trading at discounts to their estimated intrinsic value.

In addition, the team prefers companies that either have paid a dividend in the 12 months prior to purchase, or are estimated to pay a dividend within 12 months following the purchase of the security.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that are committed to dividend growth, and that pay above-market dividend yields.

Also, the team considers factors such as dividend sustainability, balance sheet quality, growth characteristics, and valuation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Generally, the portfolio holds securities of 25 to 50 companies.

Additionally, the portfolio is diversified across issuer, industry, and country.

The fund will invest in at least three different countries, one of which will be the United States.

In addition, the fund will also invest at least 40% of its net assets in foreign securities, which will be in companies in developed countries.

The fund’s investment in foreign securities may include investing in securities traded on foreign exchanges, investing in American Depositary Receipts listed on U.S. stock exchanges, or investing in ETFs that invest in foreign securities.

The fund may also invest in exchange-traded funds that tend to pay dividends.

The fund seeks total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in income-producing (dividend-paying) securities of foreign companies, including securities of companies in emerging market countries.

The team prefers attractively valued companies that exhibit the potential for long-term growth.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may from time to time emphasize one or more sectors in selecting its investments, including the financial services sector.

Also, the fund may invest directly in foreign securities or indirectly through depositary receipts.

From time to time, the fund may focus its investments in certain countries or geographic areas, including the Asia/Pacific region and Europe.

The fund seeks total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in income-producing (dividend-paying) securities of foreign companies, including securities of companies in emerging market countries.

The team prefers attractively valued companies that exhibit the potential for long-term growth.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may from time to time emphasize one or more sectors in selecting its investments, including the financial services sector.

Also, the fund may invest directly in foreign securities or indirectly through depositary receipts.

From time to time, the fund may focus its investments in certain countries or geographic areas, including the Asia/Pacific region and Europe.

The fund seeks total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in income-producing (dividend-paying) securities of foreign companies, including securities of companies in emerging market countries.

The team prefers attractively valued companies that exhibit the potential for long-term growth.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may from time to time emphasize one or more sectors in selecting its investments, including the financial services sector.

Also, the fund may invest directly in foreign securities or indirectly through depositary receipts.

From time to time, the fund may focus its investments in certain countries or geographic areas, including the Asia/Pacific region and Europe.

The fund seeks total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in income-producing (dividend-paying) securities of foreign companies, including securities of companies in emerging market countries.

The team prefers attractively valued companies that exhibit the potential for long-term growth.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may from time to time emphasize one or more sectors in selecting its investments, including the financial services sector.

Also, the fund may invest directly in foreign securities or indirectly through depositary receipts.

From time to time, the fund may focus its investments in certain countries or geographic areas, including the Asia/Pacific region and Europe.

The fund seeks total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in income-producing (dividend-paying) securities of foreign companies, including securities of companies in emerging market countries.

The team prefers attractively valued companies that exhibit the potential for long-term growth.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may from time to time emphasize one or more sectors in selecting its investments, including the financial services sector.

Also, the fund may invest directly in foreign securities or indirectly through depositary receipts.

From time to time, the fund may focus its investments in certain countries or geographic areas, including the Asia/Pacific region and Europe.

The fund seeks total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in income-producing (dividend-paying) securities of foreign companies, including securities of companies in emerging market countries.

The team prefers attractively valued companies that exhibit the potential for long-term growth.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may from time to time emphasize one or more sectors in selecting its investments, including the financial services sector.

Also, the fund may invest directly in foreign securities or indirectly through depositary receipts.

From time to time, the fund may focus its investments in certain countries or geographic areas, including the Asia/Pacific region and Europe.

The fund seeks total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in income-producing (dividend-paying) securities of foreign companies, including securities of companies in emerging market countries.

The team prefers attractively valued companies that exhibit the potential for long-term growth.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may from time to time emphasize one or more sectors in selecting its investments, including the financial services sector.

Also, the fund may invest directly in foreign securities or indirectly through depositary receipts.

From time to time, the fund may focus its investments in certain countries or geographic areas, including the Asia/Pacific region and Europe.

The fund seeks current income and capital appreciation by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in U.S. and non-U.S. dividend-paying stocks.

The team focuses on companies that have demonstrated above-median yield and a positive trend in dividend payouts and favorable earnings growth.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

In addition, the fund utilizes a set of values-based screens to avoid investing in companies that are materially involved in the production, distribution, retail, supply or licensing of alcohol or related products, or tobacco or related products.

The fund also avoids companies materially involved in gambling, or that are directly participating in providing abortions and/or the production of drugs marketed with the primary intent to terminate pregnancy.

Also, the fund excludes companies in its portfolio that are directly engaged in scientific research using stem cells derived from human embryos, fetal tissue or human embryo cloning techniques, or are involved in the production, distribution or retail of adult entertainment, or involved in the production, distribution, retail, supply or licensing of psychoactive recreational cannabis or derivative products.

The fund may also invest in other investment companies and real estate investment trusts.

Additionally, the fund seeks to diversify its investments across a number of different countries throughout the world, and, invests in at least five different countries (including the U.S.).

The fund may invest no more than 40% of its net assets in securities of companies in emerging market countries.

The fund seeks current income and capital appreciation by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in U.S. and non-U.S. dividend-paying stocks.

The team focuses on companies that have demonstrated above-median yield and a positive trend in dividend payouts and favorable earnings growth.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

In addition, the fund utilizes a set of values-based screens to avoid investing in companies that are materially involved in the production, distribution, retail, supply or licensing of alcohol or related products, or tobacco or related products.

The fund also avoids companies materially involved in gambling, or that are directly participating in providing abortions and/or the production of drugs marketed with the primary intent to terminate pregnancy.

Also, the fund excludes companies in its portfolio that are directly engaged in scientific research using stem cells derived from human embryos, fetal tissue or human embryo cloning techniques, or are involved in the production, distribution or retail of adult entertainment, or involved in the production, distribution, retail, supply or licensing of psychoactive recreational cannabis or derivative products.

The fund may also invest in other investment companies and real estate investment trusts.

Additionally, the fund seeks to diversify its investments across a number of different countries throughout the world, and, invests in at least five different countries (including the U.S.).

The fund may invest no more than 40% of its net assets in securities of companies in emerging market countries.

The fund seeks current income and capital appreciation by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in U.S. and non-U.S. dividend-paying stocks.

The team focuses on companies that have demonstrated above-median yield and a positive trend in dividend payouts and favorable earnings growth.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

In addition, the fund utilizes a set of values-based screens to avoid investing in companies that are materially involved in the production, distribution, retail, supply or licensing of alcohol or related products, or tobacco or related products.

The fund also avoids companies materially involved in gambling, or that are directly participating in providing abortions and/or the production of drugs marketed with the primary intent to terminate pregnancy.

Also, the fund excludes companies in its portfolio that are directly engaged in scientific research using stem cells derived from human embryos, fetal tissue or human embryo cloning techniques, or are involved in the production, distribution or retail of adult entertainment, or involved in the production, distribution, retail, supply or licensing of psychoactive recreational cannabis or derivative products.

The fund may also invest in other investment companies and real estate investment trusts.

Additionally, the fund seeks to diversify its investments across a number of different countries throughout the world, and, invests in at least five different countries (including the U.S.).

The fund may invest no more than 40% of its net assets in securities of companies in emerging market countries.

The fund seeks current income and capital appreciation by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in U.S. and non-U.S. dividend-paying stocks.

The team focuses on companies that have demonstrated above-median yield and a positive trend in dividend payouts and favorable earnings growth.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

In addition, the fund utilizes a set of values-based screens to avoid investing in companies that are materially involved in the production, distribution, retail, supply or licensing of alcohol or related products, or tobacco or related products.

The fund also avoids companies materially involved in gambling, or that are directly participating in providing abortions and/or the production of drugs marketed with the primary intent to terminate pregnancy.

Also, the fund excludes companies in its portfolio that are directly engaged in scientific research using stem cells derived from human embryos, fetal tissue or human embryo cloning techniques, or are involved in the production, distribution or retail of adult entertainment, or involved in the production, distribution, retail, supply or licensing of psychoactive recreational cannabis or derivative products.

The fund may also invest in other investment companies and real estate investment trusts.

Additionally, the fund seeks to diversify its investments across a number of different countries throughout the world, and, invests in at least five different countries (including the U.S.).

The fund may invest no more than 40% of its net assets in securities of companies in emerging market countries.

The fund seeks total return by investing in companies in developed markets around the world.

The fund combines top-down economic views and current investment themes with bottom-up stock picking using fundamental research.

The investment process only considers stocks included in the benchmark index and with the help of quantitative screens focuses on companies with dividend track record.

The fund favors companies with dividend yield above the index and also prefers stocks trading at attractive relative valuation to peers. The fund may decide to manage currency risk by hedging all or portion of the fund’s currency exposure.

The fund seeks total return by investing in companies in developed markets around the world.

The fund combines top-down economic views and current investment themes with bottom-up stock picking using fundamental research.

The investment process only considers stocks included in the benchmark index and with the help of quantitative screens focuses on companies with dividend track record.

The fund favors companies with dividend yield above the index and also prefers stocks trading at attractive relative valuation to peers. The fund may decide to manage currency risk by hedging all or portion of the fund’s currency exposure.

The fund seeks total return by investing in companies in developed markets around the world.

The fund combines top-down economic views and current investment themes with bottom-up stock picking using fundamental research.

The investment process only considers stocks included in the benchmark index and with the help of quantitative screens focuses on companies with dividend track record.

The fund favors companies with dividend yield above the index and also prefers stocks trading at attractive relative valuation to peers. The fund may decide to manage currency risk by hedging all or portion of the fund’s currency exposure.

The fund seeks total return by investing in companies in developed markets around the world.

The fund combines top-down economic views and current investment themes with bottom-up stock picking using fundamental research.

The investment process only considers stocks included in the benchmark index and with the help of quantitative screens focuses on companies with dividend track record.

The fund favors companies with dividend yield above the index and also prefers stocks trading at attractive relative valuation to peers. The fund may decide to manage currency risk by hedging all or portion of the fund’s currency exposure.

The fund seeks to invest appreciate capital through investing in stocks around the world that pay dividend that qualify for long term capital gains federal taxation.

The fund primarily invests in foreign companies based in the developed regions of the world with a track record of dividend payment that are tax-favored. In addition, these companies are estimated to be undervalued compared to other opportunities. The manager also looks for other investments that have potential for income growth and capital appreciation.

The fund seeks to minimize income distribution and short-term capital gains that are taxed at ordinary income rate and realized long-term gains which are taxed as long-term capital gains.

The fund seeks to invest appreciate capital through investing in stocks around the world that pay dividend that qualify for long term capital gains federal taxation.

The fund primarily invests in foreign companies based in the developed regions of the world with a track record of dividend payment that are tax-favored. In addition, these companies are estimated to be undervalued compared to other opportunities. The manager also looks for other investments that have potential for income growth and capital appreciation.

The fund seeks to minimize income distribution and short-term capital gains that are taxed at ordinary income rate and realized long-term gains which are taxed as long-term capital gains.

The fund seeks to invest appreciate capital through investing in stocks around the world that pay dividend that qualify for long term capital gains federal taxation.

The fund primarily invests in foreign companies based in the developed regions of the world with a track record of dividend payment that are tax-favored. In addition, these companies are estimated to be undervalued compared to other opportunities. The manager also looks for other investments that have potential for income growth and capital appreciation.

The fund seeks to minimize income distribution and short-term capital gains that are taxed at ordinary income rate and realized long-term gains which are taxed as long-term capital gains.

The fund seeks current income and capital appreciation in the long term by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in income-producing (dividend-paying) equity securities of U.S. and foreign companies.

In selecting securities for the portfolio, the research team first ranks stocks based on characteristics, such as quality of financial condition and creation of shareholder value, relative value and income-generation potential.

The team then narrows the investable universe to a list of companies based on their current and future prospects for income generation as well as long-term price appreciation.

In addition, the team considers factors, such as history of dividend payment and growth, current dividend policy, and relevant corporate events.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Generally, no more than 20% of the fund’s net assets will be exposed to any one sector.

The fund also invests in real estate investment trusts, and other investment companies including mutual funds and exchange-traded funds.

Additionally, the fund’s equity investments may include indirect exposure to foreign securities through American Depositary Receipts and master limited partnerships.

Also, the fund has the flexibility to invest across market capitalizations, but will typically focus on larger companies.
 

The fund seeks current income and capital appreciation in the long term by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in income-producing (dividend-paying) equity securities of U.S. and foreign companies.

In selecting securities for the portfolio, the research team first ranks stocks based on characteristics, such as quality of financial condition and creation of shareholder value, relative value and income-generation potential.

The team then narrows the investable universe to a list of companies based on their current and future prospects for income generation as well as long-term price appreciation.

In addition, the team considers factors, such as history of dividend payment and growth, current dividend policy, and relevant corporate events.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Generally, no more than 20% of the fund’s net assets will be exposed to any one sector.

The fund also invests in real estate investment trusts, and other investment companies including mutual funds and exchange-traded funds.

Additionally, the fund’s equity investments may include indirect exposure to foreign securities through American Depositary Receipts and master limited partnerships.

Also, the fund has the flexibility to invest across market capitalizations, but will typically focus on larger companies.
 

The fund seeks current income and capital appreciation in the long term by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in income-producing (dividend-paying) equity securities of U.S. and foreign companies.

In selecting securities for the portfolio, the research team first ranks stocks based on characteristics, such as quality of financial condition and creation of shareholder value, relative value and income-generation potential.

The team then narrows the investable universe to a list of companies based on their current and future prospects for income generation as well as long-term price appreciation.

In addition, the team considers factors, such as history of dividend payment and growth, current dividend policy, and relevant corporate events.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Generally, no more than 20% of the fund’s net assets will be exposed to any one sector.

The fund also invests in real estate investment trusts, and other investment companies including mutual funds and exchange-traded funds.

Additionally, the fund’s equity investments may include indirect exposure to foreign securities through American Depositary Receipts and master limited partnerships.

Also, the fund has the flexibility to invest across market capitalizations, but will typically focus on larger companies.
 

The fund seeks primarily dividend income and capital appreciation in the long term and secondarily dividend growth by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in domestic and foreign securities across all market capitalizations and economic sectors without limitation.

However, the team prefers investing in the securities of dividend paying companies.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that represent above-average long-term investment opportunities or have significant near-term appreciation potential.

The team favors attractively-valued companies that provide attractive current income, have income and capital appreciation potential, and/or reduce overall portfolio volatility.

In addition, the team utilizes its proprietary values-based screening processes to narrow the investable universe.

The team focuses on companies that reflect values such as respecting the value and freedom of all people, demonstrating a concern for justice and peace, promoting family and community, exhibiting responsible management practices, and practicing environmental stewardship.

Additionally, the team may invest in securities that fund community development institutions and serve needs such as those of low-to-moderate income families and communities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund’s investments in foreign securities may be made either directly or through American Depository Receipts.

Also, the fund may invest in other securities such as yieldcos, real estate investment trusts, convertible bonds, preferred stocks, and master limited partnerships.

The fund may invest up to 15% of its net assets in companies whose securities may have legal or contractual restrictions on resale or are otherwise illiquid.

The fund seeks primarily dividend income and capital appreciation in the long term and secondarily dividend growth by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in domestic and foreign securities across all market capitalizations and economic sectors without limitation.

However, the team prefers investing in the securities of dividend paying companies.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that represent above-average long-term investment opportunities or have significant near-term appreciation potential.

The team favors attractively-valued companies that provide attractive current income, have income and capital appreciation potential, and/or reduce overall portfolio volatility.

In addition, the team utilizes its proprietary values-based screening processes to narrow the investable universe.

The team focuses on companies that reflect values such as respecting the value and freedom of all people, demonstrating a concern for justice and peace, promoting family and community, exhibiting responsible management practices, and practicing environmental stewardship.

Additionally, the team may invest in securities that fund community development institutions and serve needs such as those of low-to-moderate income families and communities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund’s investments in foreign securities may be made either directly or through American Depository Receipts.

Also, the fund may invest in other securities such as yieldcos, real estate investment trusts, convertible bonds, preferred stocks, and master limited partnerships.

The fund may invest up to 15% of its net assets in companies whose securities may have legal or contractual restrictions on resale or are otherwise illiquid.

The fund seeks primarily dividend income and capital appreciation in the long term and secondarily dividend growth by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in domestic and foreign securities across all market capitalizations and economic sectors without limitation.

However, the team prefers investing in the securities of dividend paying companies.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that represent above-average long-term investment opportunities or have significant near-term appreciation potential.

The team favors attractively-valued companies that provide attractive current income, have income and capital appreciation potential, and/or reduce overall portfolio volatility.

In addition, the team utilizes its proprietary values-based screening processes to narrow the investable universe.

The team focuses on companies that reflect values such as respecting the value and freedom of all people, demonstrating a concern for justice and peace, promoting family and community, exhibiting responsible management practices, and practicing environmental stewardship.

Additionally, the team may invest in securities that fund community development institutions and serve needs such as those of low-to-moderate income families and communities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund’s investments in foreign securities may be made either directly or through American Depository Receipts.

Also, the fund may invest in other securities such as yieldcos, real estate investment trusts, convertible bonds, preferred stocks, and master limited partnerships.

The fund may invest up to 15% of its net assets in companies whose securities may have legal or contractual restrictions on resale or are otherwise illiquid.

The fund seeks primarily dividend income and capital appreciation in the long term and secondarily dividend growth by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in domestic and foreign securities across all market capitalizations and economic sectors without limitation.

However, the team prefers investing in the securities of dividend paying companies.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that represent above-average long-term investment opportunities or have significant near-term appreciation potential.

The team favors attractively-valued companies that provide attractive current income, have income and capital appreciation potential, and/or reduce overall portfolio volatility.

In addition, the team utilizes its proprietary values-based screening processes to narrow the investable universe.

The team focuses on companies that reflect values such as respecting the value and freedom of all people, demonstrating a concern for justice and peace, promoting family and community, exhibiting responsible management practices, and practicing environmental stewardship.

Additionally, the team may invest in securities that fund community development institutions and serve needs such as those of low-to-moderate income families and communities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund’s investments in foreign securities may be made either directly or through American Depository Receipts.

Also, the fund may invest in other securities such as yieldcos, real estate investment trusts, convertible bonds, preferred stocks, and master limited partnerships.

The fund may invest up to 15% of its net assets in companies whose securities may have legal or contractual restrictions on resale or are otherwise illiquid.

The fund seeks reasonable income as well as capital appreciation by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team Invests in securities issued throughout the world, focusing on income-producing equity securities.

In addition, the team evaluates a company’s financial condition and industry position, as well as market and economic conditions.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager allocates investments across different countries and regions.

Also, the fund seeks to exceed the yield on the benchmark index.

The fund invests in other types of equity securities and debt securities, including lower quality debt securities.

The fund seeks reasonable income as well as capital appreciation by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team Invests in securities issued throughout the world, focusing on income-producing equity securities.

In addition, the team evaluates a company’s financial condition and industry position, as well as market and economic conditions.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager allocates investments across different countries and regions.

Also, the fund seeks to exceed the yield on the benchmark index.

The fund invests in other types of equity securities and debt securities, including lower quality debt securities.

The fund seeks reasonable income as well as capital appreciation by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team Invests in securities issued throughout the world, focusing on income-producing equity securities.

In addition, the team evaluates a company’s financial condition and industry position, as well as market and economic conditions.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager allocates investments across different countries and regions.

Also, the fund seeks to exceed the yield on the benchmark index.

The fund invests in other types of equity securities and debt securities, including lower quality debt securities.

The fund seeks reasonable income as well as capital appreciation by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team Invests in securities issued throughout the world, focusing on income-producing equity securities.

In addition, the team evaluates a company’s financial condition and industry position, as well as market and economic conditions.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager allocates investments across different countries and regions.

Also, the fund seeks to exceed the yield on the benchmark index.

The fund invests in other types of equity securities and debt securities, including lower quality debt securities.

The fund seeks reasonable income as well as capital appreciation by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team Invests in securities issued throughout the world, focusing on income-producing equity securities.

In addition, the team evaluates a company’s financial condition and industry position, as well as market and economic conditions.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager allocates investments across different countries and regions.

Also, the fund seeks to exceed the yield on the benchmark index.

The fund invests in other types of equity securities and debt securities, including lower quality debt securities.

The fund seeks a high level of total return by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on stocks of foreign and domestic issuers that are likely to pay dividends and income and have the potential for above average capital appreciation and dividend increases.

To this end, the team may invest in stocks that pay and increase dividends over time that can potentially provide rising income.

Additionally, the team favors companies that are trading at significant discounts to their estimate of private market value.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest in at least three countries, including the United States, and will invest at least 40% of its net assets in countries other than the United States.

In addition, the fund may also utilize arbitrage strategies by investing in event-driven situations such as announced mergers, acquisitions, and reorganizations.

The fund also may invest up to 25% of its net assets in non-convertible fixed income securities that are below investment grade, including up to 5% of its assets in non-convertible fixed income securities of issuers that are in default.

The fund seeks capital appreciation in the long term and current income by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities or instruments and a combination of underlying funds that currently exist or that may become available for investment in the future.

Some of the Underlying Funds invest primarily in fixed income or money market instruments (the Underlying Fixed Income Funds) and other Underlying Funds invest primarily in equity securities (the Underlying Equity Funds).

The Underlying Funds seek to invest in high dividend paying stocks and estimate to achieve dividends in excess of their respective benchmarks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund may invest directly in other securities and instruments, including affiliated and/or unaffiliated exchange traded funds.

Additionally, the fund will invest significantly in the Goldman Sachs U.S. Equity Dividend and Premium Fund and Goldman Sachs International Equity Dividend and Premium Fund.

In addition, the fund may invest in U.S. investment grade bonds.

Also, the fund invests approximately 10% of its net assets in the Goldman Sachs Tactical Tilt Overlay Fund (the Underlying Tactical Fund).

The fund may invest up to 20% of its net assets directly in securities and other instruments, including derivative instruments.

The fund seeks capital appreciation in the long term and current income by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities or instruments and a combination of underlying funds that currently exist or that may become available for investment in the future.

Some of the Underlying Funds invest primarily in fixed income or money market instruments (the Underlying Fixed Income Funds) and other Underlying Funds invest primarily in equity securities (the Underlying Equity Funds).

The Underlying Funds seek to invest in high dividend paying stocks and estimate to achieve dividends in excess of their respective benchmarks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund may invest directly in other securities and instruments, including affiliated and/or unaffiliated exchange traded funds.

Additionally, the fund will invest significantly in the Goldman Sachs U.S. Equity Dividend and Premium Fund and Goldman Sachs International Equity Dividend and Premium Fund.

In addition, the fund may invest in U.S. investment grade bonds.

Also, the fund invests approximately 10% of its net assets in the Goldman Sachs Tactical Tilt Overlay Fund (the Underlying Tactical Fund).

The fund may invest up to 20% of its net assets directly in securities and other instruments, including derivative instruments.

The fund seeks capital appreciation in the long term and current income by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities or instruments and a combination of underlying funds that currently exist or that may become available for investment in the future.

Some of the Underlying Funds invest primarily in fixed income or money market instruments (the Underlying Fixed Income Funds) and other Underlying Funds invest primarily in equity securities (the Underlying Equity Funds).

The Underlying Funds seek to invest in high dividend paying stocks and estimate to achieve dividends in excess of their respective benchmarks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund may invest directly in other securities and instruments, including affiliated and/or unaffiliated exchange traded funds.

Additionally, the fund will invest significantly in the Goldman Sachs U.S. Equity Dividend and Premium Fund and Goldman Sachs International Equity Dividend and Premium Fund.

In addition, the fund may invest in U.S. investment grade bonds.

Also, the fund invests approximately 10% of its net assets in the Goldman Sachs Tactical Tilt Overlay Fund (the Underlying Tactical Fund).

The fund may invest up to 20% of its net assets directly in securities and other instruments, including derivative instruments.

The fund seeks capital appreciation in the long term and current income by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities or instruments and a combination of underlying funds that currently exist or that may become available for investment in the future.

Some of the Underlying Funds invest primarily in fixed income or money market instruments (the Underlying Fixed Income Funds) and other Underlying Funds invest primarily in equity securities (the Underlying Equity Funds).

The Underlying Funds seek to invest in high dividend paying stocks and estimate to achieve dividends in excess of their respective benchmarks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Also, the fund may invest directly in other securities and instruments, including affiliated and/or unaffiliated exchange traded funds.

Additionally, the fund will invest significantly in the Goldman Sachs U.S. Equity Dividend and Premium Fund and Goldman Sachs International Equity Dividend and Premium Fund.

In addition, the fund may invest in U.S. investment grade bonds.

Also, the fund invests approximately 10% of its net assets in the Goldman Sachs Tactical Tilt Overlay Fund (the Underlying Tactical Fund).

The fund may invest up to 20% of its net assets directly in securities and other instruments, including derivative instruments.

The fund seeks total return by investing in mid-and large-size companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in higher dividend yielding equity securities.

In selecting securities for the portfolio, the research team focuses on the dividend yield potential and the historic volatility of each security, the correlation between securities, trading liquidity and market capitalization.

Also, the team may consider transaction costs and overall exposures to countries, sectors and stocks.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest in a limited number of sectors or industries, including the technology, consumer staples and financial sectors.

Additionally, the fund may also hold up to 20% of its net assets in non-equity securities of foreign or U.S. issuers.

The fund may invest in a number of countries throughout the world, including emerging markets.

Also, the fund may invest in common stock, preferred stock, American Depositary Receipts, Global Depositary Receipts, American Depositary Shares, convertible securities and warrants and rights.

The fund may invest in exchange-traded funds and other mutual funds to manage its cash position, or to gain exposure to the equity markets or a particular sector of the equity markets.

The fund has the flexibility to invest some or all of its assets in cash, derivatives, fixed-income instruments, government bonds, money market instruments, repurchase agreements or securities of other investment companies under adverse or unstable market conditions or abnormal circumstances.

The fund seeks capital appreciation and current income by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in the securities of U.S. and foreign dividend paying companies.

The team defines dividend paying securities, as equity securities that have paid a dividend in the prior 12 calendar months or that are reasonably likely to pay a dividend in the 12 calendar months following the fund’s acquisition of the security.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on dividend paying companies exhibiting favorable long-term fundamental characteristics.

In addition, the team prefers companies that are trading at discounts to their estimated intrinsic value.

Also, the team looks for characteristics such as the company’s ability to grow intrinsic value per share over the long-term.

The team calculates a company’s intrinsic value on the basis of factors such as the company’s growth prospects, historic and projected return on capital, tangible and intangible asset values or projections of the company’s future cash flows.

Additionally, the team may also compare the current market valuation of the company to its own historical valuation or to its peers.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest across all market capitalizations, but will generally invest in large capitalization companies.

The fund seeks capital appreciation and current income by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in the securities of U.S. and foreign dividend paying companies.

The team defines dividend paying securities, as equity securities that have paid a dividend in the prior 12 calendar months or that are reasonably likely to pay a dividend in the 12 calendar months following the fund’s acquisition of the security.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on dividend paying companies exhibiting favorable long-term fundamental characteristics.

In addition, the team prefers companies that are trading at discounts to their estimated intrinsic value.

Also, the team looks for characteristics such as the company’s ability to grow intrinsic value per share over the long-term.

The team calculates a company’s intrinsic value on the basis of factors such as the company’s growth prospects, historic and projected return on capital, tangible and intangible asset values or projections of the company’s future cash flows.

Additionally, the team may also compare the current market valuation of the company to its own historical valuation or to its peers.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest across all market capitalizations, but will generally invest in large capitalization companies.

The fund seeks to provide total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in companies located largely in developed markets.

The team focuses on companies that have the ability to maintain and/or grow their dividends while providing capital appreciation over the long-term.

In selecting securities for the portfolio, the team favors higher-quality companies trading at reasonable valuations and/or growing their dividend with a relatively stable to improving fundamental outlook.

Other factors in consideration are a company’s history of fundamentals, ability to sustain its business model, growth potential, management proficiency and competitive environment.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio typically holds between 40 and 60 companies.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in securities of non-U.S. issuers.

The fund may invest in U.S. and non-U.S. issuers, including issuers located in emerging market countries, and may invest up to 100% of its net assets in foreign securities.

The fund seeks to provide total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in companies located largely in developed markets.

The team focuses on companies that have the ability to maintain and/or grow their dividends while providing capital appreciation over the long-term.

In selecting securities for the portfolio, the team favors higher-quality companies trading at reasonable valuations and/or growing their dividend with a relatively stable to improving fundamental outlook.

Other factors in consideration are a company’s history of fundamentals, ability to sustain its business model, growth potential, management proficiency and competitive environment.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio typically holds between 40 and 60 companies.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in securities of non-U.S. issuers.

The fund may invest in U.S. and non-U.S. issuers, including issuers located in emerging market countries, and may invest up to 100% of its net assets in foreign securities.

The fund seeks to provide total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in companies located largely in developed markets.

The team focuses on companies that have the ability to maintain and/or grow their dividends while providing capital appreciation over the long-term.

In selecting securities for the portfolio, the team favors higher-quality companies trading at reasonable valuations and/or growing their dividend with a relatively stable to improving fundamental outlook.

Other factors in consideration are a company’s history of fundamentals, ability to sustain its business model, growth potential, management proficiency and competitive environment.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio typically holds between 40 and 60 companies.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in securities of non-U.S. issuers.

The fund may invest in U.S. and non-U.S. issuers, including issuers located in emerging market countries, and may invest up to 100% of its net assets in foreign securities.

The fund seeks to provide total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in companies located largely in developed markets.

The team focuses on companies that have the ability to maintain and/or grow their dividends while providing capital appreciation over the long-term.

In selecting securities for the portfolio, the team favors higher-quality companies trading at reasonable valuations and/or growing their dividend with a relatively stable to improving fundamental outlook.

Other factors in consideration are a company’s history of fundamentals, ability to sustain its business model, growth potential, management proficiency and competitive environment.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio typically holds between 40 and 60 companies.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in securities of non-U.S. issuers.

The fund may invest in U.S. and non-U.S. issuers, including issuers located in emerging market countries, and may invest up to 100% of its net assets in foreign securities.

The fund seeks to provide total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in companies located largely in developed markets.

The team focuses on companies that have the ability to maintain and/or grow their dividends while providing capital appreciation over the long-term.

In selecting securities for the portfolio, the team favors higher-quality companies trading at reasonable valuations and/or growing their dividend with a relatively stable to improving fundamental outlook.

Other factors in consideration are a company’s history of fundamentals, ability to sustain its business model, growth potential, management proficiency and competitive environment.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio typically holds between 40 and 60 companies.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in securities of non-U.S. issuers.

The fund may invest in U.S. and non-U.S. issuers, including issuers located in emerging market countries, and may invest up to 100% of its net assets in foreign securities.

The fund seeks to provide total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in companies located largely in developed markets.

The team focuses on companies that have the ability to maintain and/or grow their dividends while providing capital appreciation over the long-term.

In selecting securities for the portfolio, the team favors higher-quality companies trading at reasonable valuations and/or growing their dividend with a relatively stable to improving fundamental outlook.

Other factors in consideration are a company’s history of fundamentals, ability to sustain its business model, growth potential, management proficiency and competitive environment.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio typically holds between 40 and 60 companies.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in securities of non-U.S. issuers.

The fund may invest in U.S. and non-U.S. issuers, including issuers located in emerging market countries, and may invest up to 100% of its net assets in foreign securities.

The fund seeks to provide total return by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in companies located largely in developed markets.

The team focuses on companies that have the ability to maintain and/or grow their dividends while providing capital appreciation over the long-term.

In selecting securities for the portfolio, the team favors higher-quality companies trading at reasonable valuations and/or growing their dividend with a relatively stable to improving fundamental outlook.

Other factors in consideration are a company’s history of fundamentals, ability to sustain its business model, growth potential, management proficiency and competitive environment.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio typically holds between 40 and 60 companies.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in securities of non-U.S. issuers.

The fund may invest in U.S. and non-U.S. issuers, including issuers located in emerging market countries, and may invest up to 100% of its net assets in foreign securities.

The fund seeks primarily a high level of current income and secondarily steady capital appreciation by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in U.S. and non-U.S. issuers.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive long-term business prospects that generate cash and produce attractive levels of dividend income.

The team also looks for companies that are estimated to trade below their fair values or inexpensive relative to other similar investments.

Other factors in consideration when selecting securities are valuation multiples such as earnings, balance sheet strength, valuation relative to asset values, return on equity, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio consists of income-producing equity securities, such as common and preferred dividend-paying stocks.

The fund does not estimate to invest more than 25% of its net assets in securities of companies based in emerging markets.

Additionally, the fund may invest in companies domiciled in any country and may, under unusual circumstances, invest in a single country or a limited number of countries.

The fund may also invest in derivatives, equity real estate investment trusts and preferred stocks.

Also, the fund may lend portfolio securities on a short-term or long-term basis.

The fund seeks primarily a high level of current income and secondarily steady capital appreciation by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in U.S. and non-U.S. issuers.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive long-term business prospects that generate cash and produce attractive levels of dividend income.

The team also looks for companies that are estimated to trade below their fair values or inexpensive relative to other similar investments.

Other factors in consideration when selecting securities are valuation multiples such as earnings, balance sheet strength, valuation relative to asset values, return on equity, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio consists of income-producing equity securities, such as common and preferred dividend-paying stocks.

The fund does not estimate to invest more than 25% of its net assets in securities of companies based in emerging markets.

Additionally, the fund may invest in companies domiciled in any country and may, under unusual circumstances, invest in a single country or a limited number of countries.

The fund may also invest in derivatives, equity real estate investment trusts and preferred stocks.

Also, the fund may lend portfolio securities on a short-term or long-term basis.

The fund seeks primarily a high level of current income and secondarily steady capital appreciation by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in U.S. and non-U.S. issuers.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive long-term business prospects that generate cash and produce attractive levels of dividend income.

The team also looks for companies that are estimated to trade below their fair values or inexpensive relative to other similar investments.

Other factors in consideration when selecting securities are valuation multiples such as earnings, balance sheet strength, valuation relative to asset values, return on equity, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio consists of income-producing equity securities, such as common and preferred dividend-paying stocks.

The fund does not estimate to invest more than 25% of its net assets in securities of companies based in emerging markets.

Additionally, the fund may invest in companies domiciled in any country and may, under unusual circumstances, invest in a single country or a limited number of countries.

The fund may also invest in derivatives, equity real estate investment trusts and preferred stocks.

Also, the fund may lend portfolio securities on a short-term or long-term basis.

The fund seeks primarily a high level of current income and secondarily steady capital appreciation by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in U.S. and non-U.S. issuers.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive long-term business prospects that generate cash and produce attractive levels of dividend income.

The team also looks for companies that are estimated to trade below their fair values or inexpensive relative to other similar investments.

Other factors in consideration when selecting securities are valuation multiples such as earnings, balance sheet strength, valuation relative to asset values, return on equity, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio consists of income-producing equity securities, such as common and preferred dividend-paying stocks.

The fund does not estimate to invest more than 25% of its net assets in securities of companies based in emerging markets.

Additionally, the fund may invest in companies domiciled in any country and may, under unusual circumstances, invest in a single country or a limited number of countries.

The fund may also invest in derivatives, equity real estate investment trusts and preferred stocks.

Also, the fund may lend portfolio securities on a short-term or long-term basis.

The fund seeks primarily a high level of current income and secondarily steady capital appreciation by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in U.S. and non-U.S. issuers.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive long-term business prospects that generate cash and produce attractive levels of dividend income.

The team also looks for companies that are estimated to trade below their fair values or inexpensive relative to other similar investments.

Other factors in consideration when selecting securities are valuation multiples such as earnings, balance sheet strength, valuation relative to asset values, return on equity, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio consists of income-producing equity securities, such as common and preferred dividend-paying stocks.

The fund does not estimate to invest more than 25% of its net assets in securities of companies based in emerging markets.

Additionally, the fund may invest in companies domiciled in any country and may, under unusual circumstances, invest in a single country or a limited number of countries.

The fund may also invest in derivatives, equity real estate investment trusts and preferred stocks.

Also, the fund may lend portfolio securities on a short-term or long-term basis.

The fund seeks primarily a high level of current income and secondarily steady capital appreciation by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in U.S. and non-U.S. issuers.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive long-term business prospects that generate cash and produce attractive levels of dividend income.

The team also looks for companies that are estimated to trade below their fair values or inexpensive relative to other similar investments.

Other factors in consideration when selecting securities are valuation multiples such as earnings, balance sheet strength, valuation relative to asset values, return on equity, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio consists of income-producing equity securities, such as common and preferred dividend-paying stocks.

The fund does not estimate to invest more than 25% of its net assets in securities of companies based in emerging markets.

Additionally, the fund may invest in companies domiciled in any country and may, under unusual circumstances, invest in a single country or a limited number of countries.

The fund may also invest in derivatives, equity real estate investment trusts and preferred stocks.

Also, the fund may lend portfolio securities on a short-term or long-term basis.

The fund seeks primarily a high level of current income and secondarily steady capital appreciation by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in U.S. and non-U.S. issuers.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive long-term business prospects that generate cash and produce attractive levels of dividend income.

The team also looks for companies that are estimated to trade below their fair values or inexpensive relative to other similar investments.

Other factors in consideration when selecting securities are valuation multiples such as earnings, balance sheet strength, valuation relative to asset values, return on equity, and cash flow generation.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio consists of income-producing equity securities, such as common and preferred dividend-paying stocks.

The fund does not estimate to invest more than 25% of its net assets in securities of companies based in emerging markets.

Additionally, the fund may invest in companies domiciled in any country and may, under unusual circumstances, invest in a single country or a limited number of countries.

The fund may also invest in derivatives, equity real estate investment trusts and preferred stocks.

Also, the fund may lend portfolio securities on a short-term or long-term basis.

The fund seeks capital appreciation in the long term and income by investing in companies outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in dividend-paying securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in foreign equity and debt securities.

In addition, the fund seeks to produce returns in excess of the benchmark index over a full market cycle, but with lower absolute volatility.

The fund will have exposure to investments that are economically tied to a number of countries throughout the world.

Also, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks capital appreciation in the long term and income by investing in companies outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in dividend-paying securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in foreign equity and debt securities.

In addition, the fund seeks to produce returns in excess of the benchmark index over a full market cycle, but with lower absolute volatility.

The fund will have exposure to investments that are economically tied to a number of countries throughout the world.

Also, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks capital appreciation in the long term and income by investing in companies outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in dividend-paying securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in foreign equity and debt securities.

In addition, the fund seeks to produce returns in excess of the benchmark index over a full market cycle, but with lower absolute volatility.

The fund will have exposure to investments that are economically tied to a number of countries throughout the world.

Also, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks capital appreciation in the long term and income by investing in companies outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in dividend-paying securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in foreign equity and debt securities.

In addition, the fund seeks to produce returns in excess of the benchmark index over a full market cycle, but with lower absolute volatility.

The fund will have exposure to investments that are economically tied to a number of countries throughout the world.

Also, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks capital appreciation in the long term and income by investing in companies outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in dividend-paying securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in foreign equity and debt securities.

In addition, the fund seeks to produce returns in excess of the benchmark index over a full market cycle, but with lower absolute volatility.

The fund will have exposure to investments that are economically tied to a number of countries throughout the world.

Also, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks capital appreciation in the long term and income by investing in companies outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in dividend-paying securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in foreign equity and debt securities.

In addition, the fund seeks to produce returns in excess of the benchmark index over a full market cycle, but with lower absolute volatility.

The fund will have exposure to investments that are economically tied to a number of countries throughout the world.

Also, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks capital appreciation in the long term and income by investing in companies outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in dividend-paying securities.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in foreign equity and debt securities.

In addition, the fund seeks to produce returns in excess of the benchmark index over a full market cycle, but with lower absolute volatility.

The fund will have exposure to investments that are economically tied to a number of countries throughout the world.

Also, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

The fund seeks current income and capital appreciation in the long term by investing in companies across any size outside the United States.

The fund prefers a multi-manager investing approach with the aim of reducing volatility and downside risk.

The manager may allocate assets to one or more sub-advisers, in addition to open- and closed-end investment companies, ETFs, and individual securities.

Each sub-adviser acts independently from the others and uses its own investment style and process to select securities.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests at least 20% (or, if market conditions are unfavorable, at least 10%) of assets in securities of issuers domiciled outside of the United States and may invest up to 100% assets in such securities.

The team has the flexibility to invest across asset classes and geographies on the basis of valuations, fundamental health, and income levels.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund invests in income-generating equity securities, which may include common stocks, convertible securities, preferred stocks, real estate investment trusts, and master limited partnerships.

Also, the fund may invest in companies of any size from any country, including emerging markets.

The fund also invests in fixed-income securities of varying maturity, duration, and quality.

In addition, the fund may invest without limit in fixed-income securities that are rated below investment grade or, if unrated, to be of comparable quality.

The fund may invest in exchange traded funds, as well as invests in derivatives, including options, futures, swaps, and forward foreign currency contracts.
 

The fund’s objective is to generate total return including current income and dividend through investing in large-size companies around the world including the United States.

The investment process starts with a list of large-size companies in the U.S. and developed and emerging markets. Then the list is narrowed using earnings growth, dividend payment track record and long term growth projections.

The research team then applies qualitative analysis and identify a select list of companies that have a potential to initiate or increase dividend. The portfolio asset allocation to individual stock is based on the long-term reward and risk profile offered by each opportunity.

The fund has the flexibility to invest up to 20% of net assets in investment grade bonds of the U.S. government and corporations and 10% in non-investment grade bonds.

The fund’s objective is to generate total return including current income and dividend through investing in large-size companies around the world including the United States.

The investment process starts with a list of large-size companies in the U.S. and developed and emerging markets. Then the list is narrowed using earnings growth, dividend payment track record and long term growth projections.

The research team then applies qualitative analysis and identify a select list of companies that have a potential to initiate or increase dividend. The portfolio asset allocation to individual stock is based on the long-term reward and risk profile offered by each opportunity.

The fund has the flexibility to invest up to 20% of net assets in investment grade bonds of the U.S. government and corporations and 10% in non-investment grade bonds.

The fund’s objective is to generate total return including current income and dividend through investing in large-size companies around the world including the United States.

The investment process starts with a list of large-size companies in the U.S. and developed and emerging markets. Then the list is narrowed using earnings growth, dividend payment track record and long term growth projections.

The research team then applies qualitative analysis and identify a select list of companies that have a potential to initiate or increase dividend. The portfolio asset allocation to individual stock is based on the long-term reward and risk profile offered by each opportunity.

The fund has the flexibility to invest up to 20% of net assets in investment grade bonds of the U.S. government and corporations and 10% in non-investment grade bonds.

The fund’s objective is to generate an attractive total return including dividend income by investing in companies around the world with dividend payment history.

The fund has flexibility to invest across all market capitalization and look for companies with a track record of dividend payment. The research team then analyzes the earnings growth and prefers companies that have the potential to sustain and increase dividend.  The team also identifies companies that are likely to initiate a dividend.

The fund generally invests in large- and mega-cap companies with market capitalization of at least $50 billion. The fund may allocate between 25% and 60% of its total investments in the U.S. based companies.

The fund’s objective is to generate an attractive total return including dividend income by investing in companies around the world with dividend payment history.

The fund has flexibility to invest across all market capitalization and look for companies with a track record of dividend payment. The research team then analyzes the earnings growth and prefers companies that have the potential to sustain and increase dividend.  The team also identifies companies that are likely to initiate a dividend.

The fund generally invests in large- and mega-cap companies with market capitalization of at least $50 billion. The fund may allocate between 25% and 60% of its total investments in the U.S. based companies.

The fund’s objective is to generate an attractive total return including dividend income by investing in companies around the world with dividend payment history.

The fund has flexibility to invest across all market capitalization and look for companies with a track record of dividend payment. The research team then analyzes the earnings growth and prefers companies that have the potential to sustain and increase dividend.  The team also identifies companies that are likely to initiate a dividend.

The fund generally invests in large- and mega-cap companies with market capitalization of at least $50 billion. The fund may allocate between 25% and 60% of its total investments in the U.S. based companies.

The fund seeks capital appreciation in the long term and income by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities that provide investment income, dividend payments or other distributions or in other investments with similar economic characteristics.

The team prefers companies that are estimated to pay dividends and exhibiting steady return characteristics.

In addition, the team emphasizes companies that offer a combination of attractive dividend yields, consistent dividend growth, a record of increasing dividends and the cash flow to support continued dividend growth and dividend payments.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager seeks to identify securities that have superior risk-adjusted returns than the overall markets.

The fund invests in at least three countries, which may include the United States.

The fund can invest without limitation in foreign securities in any country, including countries with developed or emerging markets.

The fund seeks capital appreciation in the long term and income by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities that provide investment income, dividend payments or other distributions or in other investments with similar economic characteristics.

The team prefers companies that are estimated to pay dividends and exhibiting steady return characteristics.

In addition, the team emphasizes companies that offer a combination of attractive dividend yields, consistent dividend growth, a record of increasing dividends and the cash flow to support continued dividend growth and dividend payments.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager seeks to identify securities that have superior risk-adjusted returns than the overall markets.

The fund invests in at least three countries, which may include the United States.

The fund can invest without limitation in foreign securities in any country, including countries with developed or emerging markets.

The fund seeks capital appreciation in the long term and income by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities that provide investment income, dividend payments or other distributions or in other investments with similar economic characteristics.

The team prefers companies that are estimated to pay dividends and exhibiting steady return characteristics.

In addition, the team emphasizes companies that offer a combination of attractive dividend yields, consistent dividend growth, a record of increasing dividends and the cash flow to support continued dividend growth and dividend payments.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager seeks to identify securities that have superior risk-adjusted returns than the overall markets.

The fund invests in at least three countries, which may include the United States.

The fund can invest without limitation in foreign securities in any country, including countries with developed or emerging markets.

The fund seeks capital appreciation in the long term and income by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities that provide investment income, dividend payments or other distributions or in other investments with similar economic characteristics.

The team prefers companies that are estimated to pay dividends and exhibiting steady return characteristics.

In addition, the team emphasizes companies that offer a combination of attractive dividend yields, consistent dividend growth, a record of increasing dividends and the cash flow to support continued dividend growth and dividend payments.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager seeks to identify securities that have superior risk-adjusted returns than the overall markets.

The fund invests in at least three countries, which may include the United States.

The fund can invest without limitation in foreign securities in any country, including countries with developed or emerging markets.

The fund seeks capital appreciation in the long term and income by investing in companies across any size outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in securities that provide investment income, dividend payments or other distributions or in other investments with similar economic characteristics.

The team prefers companies that are estimated to pay dividends and exhibiting steady return characteristics.

In addition, the team emphasizes companies that offer a combination of attractive dividend yields, consistent dividend growth, a record of increasing dividends and the cash flow to support continued dividend growth and dividend payments.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager seeks to identify securities that have superior risk-adjusted returns than the overall markets.

The fund invests in at least three countries, which may include the United States.

The fund can invest without limitation in foreign securities in any country, including countries with developed or emerging markets.

The fund seeks primarily current income and secondarily capital appreciation in the long term by investing in mid-and large-size companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in dividend-paying common stocks issued by U.S. and foreign companies.

The team prefers dividend paying growth-oriented companies that exhibit the potential for growth and growing dividend payments.

In addition, the team also evaluates whether a company has a record of paying dividends, as well as prospects for growing dividend payments.

Other factors in consideration are whether a company offers unique product or service, has growing product demand and dominant market share, experienced management team, and financial strength.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund diversifies its investments among a number of different countries throughout the world.

Also, the fund will invest at least 40% of its net assets in stocks of foreign companies tied to at least three different countries (and at least 30% of its net assets in stocks of foreign companies if market conditions are deemed unfavorable).

The fund seeks primarily current income and secondarily capital appreciation in the long term by investing in mid-and large-size companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in dividend-paying common stocks issued by U.S. and foreign companies.

The team prefers dividend paying growth-oriented companies that exhibit the potential for growth and growing dividend payments.

In addition, the team also evaluates whether a company has a record of paying dividends, as well as prospects for growing dividend payments.

Other factors in consideration are whether a company offers unique product or service, has growing product demand and dominant market share, experienced management team, and financial strength.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund diversifies its investments among a number of different countries throughout the world.

Also, the fund will invest at least 40% of its net assets in stocks of foreign companies tied to at least three different countries (and at least 30% of its net assets in stocks of foreign companies if market conditions are deemed unfavorable).

The fund seeks capital appreciation in the long term by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in U.S. and foreign equity securities.

The team prefers companies offering above-average dividend yields and that are trading at reasonable valuations.

In addition, the team favors companies that are inexpensive on the basis of book value, earnings, cash flow, and sales.

Also, the team evaluates whether a company has above-average dividend yield, low corporate leverage and share price, as well as share repurchase programs.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund is diversified by issuer, industry, and country.

Also, the fund invests at least 40% of its net assets in foreign securities and in at least three countries in addition to the U.S.

The fund will generally have some exposure to emerging markets.

The fund seeks total return by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in global equity securities.

The team prefers companies that have attractive dividend policies and/or those with the potential to grow their dividends.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

In addition, the fund seeks exposure to investments that are economically tied to at least five different countries.

Also, the fund estimates to invest at least 30% of its net assets in securities of issuers outside of the United States.

Additionally, the fund may invest in derivatives, including futures and options and may write (sell) covered call options on the securities it holds to generate income.

The fund seeks total return by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in global equity securities.

The team prefers companies that have attractive dividend policies and/or those with the potential to grow their dividends.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

In addition, the fund seeks exposure to investments that are economically tied to at least five different countries.

Also, the fund estimates to invest at least 30% of its net assets in securities of issuers outside of the United States.

Additionally, the fund may invest in derivatives, including futures and options and may write (sell) covered call options on the securities it holds to generate income.

The fund seeks to generate capital gains and earn current income by investing in companies around the world including the United States.  

The fund is sub-advised by Kayne Anderson Rudnick Investment Management, LLC with a focus on investing in companies with a dividend track record.

The investment process looks for large-size companies with a track record of dividend. Then with the help of fundamental research, the analyst team narrows the list to companies with high and consistent profitability, high rate of return and a low organic need for external financing.

The fund selects about 25 to 50 stocks for investment with about 45% of total assets invested in top 10 holdings. Geographically assets are diversified across the United States, Canada, U.K. and Switzerland, New Zealand, Japan and Australia.

The fund seeks to generate capital gains and earn current income by investing in companies around the world including the United States.  

The fund is sub-advised by Kayne Anderson Rudnick Investment Management, LLC with a focus on investing in companies with a dividend track record.

The investment process looks for large-size companies with a track record of dividend. Then with the help of fundamental research, the analyst team narrows the list to companies with high and consistent profitability, high rate of return and a low organic need for external financing.

The fund selects about 25 to 50 stocks for investment with about 45% of total assets invested in top 10 holdings. Geographically assets are diversified across the United States, Canada, U.K. and Switzerland, New Zealand, Japan and Australia.

The fund seeks to generate capital gains and earn current income by investing in companies around the world including the United States.  

The fund is sub-advised by Kayne Anderson Rudnick Investment Management, LLC with a focus on investing in companies with a dividend track record.

The investment process looks for large-size companies with a track record of dividend. Then with the help of fundamental research, the analyst team narrows the list to companies with high and consistent profitability, high rate of return and a low organic need for external financing.

The fund selects about 25 to 50 stocks for investment with about 45% of total assets invested in top 10 holdings. Geographically assets are diversified across the United States, Canada, U.K. and Switzerland, New Zealand, Japan and Australia.