Fund Description

The fund, under normal circumstances, invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of U.S. mid-cap companies, including foreign issuers traded in the U.S. For this policy, mid caps are those within the market-cap range of the Russell Midcap Value Index at initial purchase; if the market capitalization of a company held by the fund moves outside this range, the fund may, but is not required to, sell the securities. It emphasizes a value style, seeking undervalued companies with prospects for improved valuations. It may invest in REITs and derivatives, including futures, and may trade actively and frequently. The fund's investment adviser, subject to approval of the Board of Directors, selects the fund's sub-adviser and monitors its performance on an ongoing basis; the fund's investment portfolio is managed by Goldman Sachs Asset Management, L.P. (GSAM), which uses a quantitative investment process in combination with a qualitative overlay.