GOLDMAN SACHS STRUCTURED EQUITY FUNDS

		n  Goldman Sachs Structured Large Cap Value Fund n  Goldman Sachs Structured U.S. Equity Fund n  Goldman Sachs Structured Large Cap Growth Fund n  Goldman Sachs Structured Small Cap Equity Fund n  Goldman Sachs Structured International Equity Fund

QUANTITATIVE STYLE FUNDS

	GSAM’s Quantitative Investment Philosophy:
	GSAM’s quantitative style of funds management emphasizes the three building blocks of active management: stock selection , portfolio construction and efficient implementation.

GOLDMAN SACHS STRUCTURED FUNDS

	Step 1: Stock Selection
	We attempt to forecast expected returns on approximately 8,500 stocks on a daily basis using proprietary CORE SM (“Computer-Optimized, Research-Enhanced”) models developed by the Quantitative Equity (“QE”) team. These quantitative models are based on six investment themes—Valuation, Momentum, Analyst Sentiment, Profitability, Earnings Quality, and Management Impact. The Valuation theme attempts to capture potential mispricings of securities, by comparing a measure of the company’s intrinsic value to its market value. The Momentum theme attempts to measure the company’s past market performance and expected future financial performance. The Analyst Sentiment theme looks at how Wall Street analysts’ views about a company’s earnings and prospects are changing over time. The Profitability theme assesses whether the company has good profit margins and operating efficiency, while the Earnings Quality theme evaluates what percentage of the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Finally, the Management Impact theme assesses the company management’s financing/investing strategy and behavior.
	Step 2: Portfolio Construction
	A proprietary risk model, which attempts to identify and measure the comparative risks between equity investments as accurately as possible, includes all the above factors used in the return model, as well as several other factors associated with risk but not return. In this process, the Investment Adviser seeks to manage risk by overweighting stocks with positive characteristics identified in the risk model and underweighting stocks with negative characteristics relative to their benchmark

	weights, while maintaining other characteristics such as size and sector weights close to the benchmark. A computer optimizer evaluates many different security combinations (considering many possible weightings) in an effort to construct the most efficient risk/return portfolio given each Structured Fund’s benchmark.
	Step 3: Efficient Implementation
	The portfolio management team considers transaction costs at each step of the investment process. The team incorporates expected portfolio turnover when assigning weights to the variables of the multifactor model. The team also factors expected execution costs into portfolio construction and evaluates multiple trading options. The team then selects the trading strategy it believes will minimize the total transaction costs to the Fund.
	Goldman Sachs Structured Funds are fully invested, broadly diversified and offer consistent overall portfolio characteristics. They may serve as good foundations on which to build a portfolio.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

	The Goldman Sachs Structured International Equity Fund is a joined effort by the QE and Quantitative Strategies (“QS”) teams that is designed to invest in international markets and seeks to add value from diversified sources of return—tactical country/currency allocations and individual stock positions.
	In addition to Steps 1 through 3 above, the Structured International Equity Fund employs top-down global country selection. The QS team attempts to forecast returns to 21 stock markets and 9 currencies on a daily basis. Country/ currency return forecasts are determined using models developed by the QS team and are based on five investment themes: Valuation, Momentum, Risk Premium, Fund Flows and Macro. The Valuation theme favors equity and currency markets which appear cheap relative to accounting measures of value and purchasing power. The Momentum theme favors countries and currencies that have had strong recent outperformance. The Risk Premium theme evaluates whether a country is overcompensating investors for political and financial risk, while the Fund Flows theme evaluates the strength of capital market inflows. Finally, the Macro theme assesses a market’s interest rate environment and growth prospects.

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital and dividend income. The Fund seeks this objective through a broadly diversified portfolio of equity investments in large-cap U.S. issuers that are selling at low to modest valuations relative to general market measures, such as earnings, book value and other fundamental accounting measures, and that are expected to have favorable prospects for capital appreciation and/or dividend-paying ability.

PRINCIPAL INVESTMENT STRATEGIES

Equity Investments.  The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in large-cap U.S. issuers, including foreign issuers that are traded in the United States.* However, it is currently anticipated that, under normal circumstances, the Fund will invest at least 95% of its Net Assets in such equity investments. These issuers will have public stock market capitalizations (based upon shares available for trading on

*	To the extent required by Securities and Exchange Commission (“SEC”) regulations, shareholders will be provided with sixty days notice in the manner prescribed by the SEC before any change in a Fund’s policy to invest at least 80% of its Net Assets in the particular type of investment suggested by its name.

an unrestricted basis) similar to that of the range of the market capitalizations of companies constituting the Russell 1000 ^® Value Index at the time of investment. 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. The Fund is not required to limit its investments to securities in the Russell 1000 ^® Value Index. The capitalization range of the Russell 1000 ^® Value Index is currently between $613 million and $377 billion.

	The Fund’s investments are selected using both a variety of quantitative techniques and fundamental research in seeking to maximize the Fund’s expected return, while maintaining risk, style, capitalization and industry characteristics similar to the Russell 1000 ® Value Index. The Fund seeks a portfolio consisting of companies with above average capitalizations and low to moderate valuations as measured by price/earnings ratios, book value and other fundamental accounting measures.
	Other.  The Fund’s investments in fixed-income securities are limited to securities that are considered cash equivalents.

INVESTMENT OBJECTIVE

	The Fund seeks long-term growth of capital and dividend income. The Fund seeks this objective through a broadly diversified portfolio of large-cap and blue chip equity investments representing all major sectors of the U.S. economy.

PRINCIPAL INVESTMENT STRATEGIES

	Equity Investments.  The Fund invests, under normal circumstances, at least 90% of its total assets (not including securities lending collateral and any investment of that collateral) measured at time of purchase (“Total Assets”) in a diversified portfolio of equity investments in U.S. issuers, including foreign companies that are traded in the United States.* However, it is currently anticipated that, under normal circumstances, the Fund will invest at least 95% of its Net Assets in such equity investments.
	The Fund’s investments are selected using both a variety of quantitative techniques and fundamental research in seeking to maximize the Fund’s expected return, while maintaining risk, style, capitalization and industry characteristics similar to the S&P 500 ® Index. The Fund seeks a broad representation in most major sectors of the U.S. economy and a portfolio consisting of companies with average long-term earnings growth expectations and dividend yields. The Fund is not required to limit its investments to securities in the S&P 500 ® Index.
	Other.  The Fund’s investments in fixed-income securities are limited to securities that are considered cash equivalents.

INVESTMENT OBJECTIVE

	The Fund seeks long-term growth of capital. The Fund seeks this objective through a broadly diversified portfolio of equity investments in large-cap U.S. issuers that are expected to have better prospects for earnings growth than the growth rate of the general domestic economy. Dividend income is a secondary consideration.

PRINCIPAL INVESTMENT STRATEGIES

	Equity Investments.  The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in a broadly diversified portfolio of equity investments in large-cap U.S. issuers, including foreign issuers that are traded in the United States.* However, it is currently anticipated that, under normal circumstances, the Fund will invest at least 95% of its Net Assets in such equity investments. These issuers will have public stock market capitalizations (based upon shares available for trading on an unrestricted basis) similar to that of the Russell 1000 ® Growth Index at the time of investment. 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. The Fund is not required to limit its investments to securities in the Russell 1000 ® Growth Index. The capitalization range of the Russell 1000 ® Growth Index is currently between $914 million and $377 billion.
	The Investment Adviser emphasizes a company’s growth prospects in analyzing equity investments to be purchased by the Fund. The Fund’s investments are selected using both a variety of quantitative techniques and fundamental research in seeking to maximize the Fund’s expected return, while maintaining risk, style, capitalization and industry characteristics similar to the Russell 1000 ® Growth Index. The Fund seeks a portfolio consisting of companies with above average capitalizations and earnings growth expectations and below average dividend yields.
	Other.  The Fund’s investments in fixed-income securities are limited to securities that are considered cash equivalents.

INVESTMENT OBJECTIVE

	The Fund seeks long-term growth of capital. The Fund seeks this objective through a broadly diversified portfolio of equity investments in U.S. issuers.

PRINCIPAL INVESTMENT STRATEGIES

	Equity Investments.  The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in a broadly diversified portfolio of equity investments in small-cap U.S. issuers, including foreign issuers that are traded in the United States.* However, it is currently anticipated that, under normal circumstances, the Fund will invest at least 95% of its Net Assets in such equity investments. These issuers will have public stock market capitalizations (based upon shares available for trading on an unrestricted basis) similar to that of the range of the market capitalizations of companies constituting the Russell 2000 ® Index at the time of investment. The Fund is not required to limit its investments to securities in the Russell 2000 ® Index. In addition, 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. The capitalization range of the Russell 2000 ® Index is currently between $31 million and $4 billion.
	The Fund’s investments are selected using both a variety of quantitative techniques and fundamental research in seeking to maximize the Fund’s expected return, while maintaining risk, style, capitalization and industry characteristics similar to the Russell 2000 ® Index. The Fund seeks a portfolio consisting of companies with small market capitalizations, strong expected earnings growth and momentum, and better valuation and risk characteristics than the Russell 2000 ® Index.
	Other.  The Fund’s investments in fixed-income securities are limited to securities that are considered cash equivalents.

INVESTMENT OBJECTIVE

	The Fund seeks long-term growth of capital. The Fund seeks this objective through a broadly diversified portfolio of equity investments in large-cap companies that are organized outside the United States or whose securities are principally traded outside the United States.

PRINCIPAL INVESTMENT STRATEGIES

	Equity Investments.  The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in a broadly diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States.*
	The Fund may allocate its assets among countries as determined by the Investment Adviser from time to time, provided the Fund’s assets are invested in at least three foreign countries. The Fund may invest in the securities of issuers in countries with emerging markets or economies (“emerging countries”).

	The Fund seeks broad representation of large-cap issuers across major countries and sectors of the international economy. The Fund’s investments are selected using both a variety of quantitative techniques and fundamental research in seeking to maximize the Fund’s expected return, while maintaining risk, style, capitalization and industry characteristics similar to the EAFE ® Index. In addition, the Fund seeks a portfolio composed of companies with attractive valuations and stronger momentum characteristics than the EAFE ® Index.
	Other.  The Fund’s investments in fixed-income securities are limited to securities that are considered to be cash equivalents.

The table below identifies some of the investment techniques that may (but are not required to) be used by the Funds in seeking to achieve their investment objectives. The table also highlights the differences among the Funds in their use of these techniques and other investment practices and investment securities. Numbers in this table show allowable usage only; for actual usage, consult the Funds’ annual/ semi-annual reports. For more information about these and other investment practices and securities, see Appendix A. Each Fund publishes on its website (http://www.gs.com/funds) complete portfolio holdings for the Fund as of the end of each calendar quarter subject to a fifteen calendar-day lag between the date of the information and the date on which the information is disclosed. In addition, the Funds publish on their website month-end top ten holdings subject to a ten calendar-day lag between the date of the information and the date on which the information is disclosed. This information will be available on the website until the date on which a Fund files its next quarterly portfolio holdings report on Form N-CSR or Form N-Q with the SEC. In addition, a description of the Funds’ policies and procedures with respect to the disclosure of a Fund’s portfolio securities is available in the Funds’ Statement of Additional Information (“Additional Statement”).

	underwriter. Redemptions by an Asset Allocation Portfolio of its position in a Fund may further increase liquidity risk and may impact a Fund’s net asset value (“NAV”).

Specific Funds:

n	Mid Cap and Small Cap Risk —The securities of small capitalization and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-cap and small-cap companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks.
n	Emerging Countries Risk —The securities markets of Asian, Latin, Central and South American, Eastern European, Middle Eastern, African and other emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries. Further, investment in equity securities of issuers located in certain emerging countries involves risk of loss resulting from problems in share registration and custody and substantial economic and political disruptions. These risks are not normally associated with investment in more developed countries.
n	Geographic Risk —Concentration of the investments of the Structured International Equity Fund in issuers located in a particular country or region will subject the

Concentration of the investments of the Structured International Equity Fund in issuers located in a particular country or region will subject the Fund, to a greater extent than if investments were less concentrated, to the risks of adverse securities markets, exchange rates and social, political, regulatory or economic events which may occur in that country or region.

More information about the Funds’ portfolio securities and investment techniques, and their associated risks, is provided in Appendix A. You should consider the investment risks discussed in this section and in Appendix A. Both are important to your investment choice.

	Fund Performance

HOW THE FUNDS HAVE PERFORMED

	The bar chart and table provide an indication of the risks of investing in a Fund by showing: (a) changes in the performance of a Fund’s Class A Shares from year to year; and (b) how the average annual total returns of a Fund’s Class A, B and C Shares compare to those of broad-based securities market indices. The bar chart (including “Best Quarter” and “Worst Quarter” information) and table assume reinvestment of dividends and distributions. A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
	The average annual total return calculation reflects a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge (“CDSC”) for Class B Shares (5% maximum declining to 0% after six years), and the assumed CDSC for Class C Shares (1% if redeemed within 12 months of purchase). The bar chart (including “Best Quarter” and “Worst Quarter” information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects expense limitations in effect. If expense limitations were not in place, a Fund’s performance would have been reduced.

INFORMATION ON AFTER-TAX RETURNS

	These definitions apply to the after-tax returns.
	Average Annual Total Returns Before Taxes.  These returns do not reflect taxes on distributions on a Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed (sold) by you.
	Average Annual Total Returns After Taxes on Distributions.  These returns assume that taxes are paid on distributions on a Fund’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption (sale) of the Class A Shares at the end of the performance period.
	Average Annual Total Returns After Taxes on Distributions and Sale of Shares.  These returns reflect taxes paid on distributions on a Fund’s Class A Shares and taxes applicable when the shares are redeemed (sold).
	Note on Tax Rates.  The after-tax performance figures are calculated using the historical highest individual federal marginal income tax rates at the time of the distributions and do not reflect state and local taxes. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from a redemption are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemption are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Fund Shares to be greater than the Returns After Taxes on Distributions or even the Returns Before Taxes.

 

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Structured Large Cap Value Fund

TOTAL RETURN		CALENDAR YEAR (CLASS A)
The total return for Class A Shares for the 9-month period ended September 30, 2005 was +5.69%. Best Quarter* Q2 ’03  +14.76% Worst Quarter* Q3 ’02  -17.08%

AVERAGE ANNUAL TOTAL RETURN

For the period ended December 31, 2004		1 Year				5 Years				Since Inception
Class A (Inception 12/31/98)
Returns Before Taxes			13.16%				3.27%				4.18%
Returns After Taxes on Distributions**			12.65%				2.90%				3.74%
Returns After Taxes on Distributions and Sale of Fund Shares**			9.19%				2.63%				3.37%
Russell 1000 ® Value Index***			16.49%				5.26%				5.61%
Class B (Inception 12/31/98)
Returns Before Taxes			13.73%				3.27%				4.35%
Russell 1000 ® Value Index***			16.49%				5.26%				5.61%
Class C (Inception 12/31/98)
Returns Before Taxes			17.81%				3.65%				4.37%
Russell 1000 ® Value Index***			16.49%				5.26%				5.61%

 

*		Please note that “Best Quarter” and “Worst Quarter” figures are applicable only to the time period covered by the bar chart.
**		The after-tax returns are for Class A Shares only. The after-tax returns for Class B and Class C Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
***		The Russell 1000 ® Value Index (inception date 1/1/99) is an unmanaged market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes.

 

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FUND PERFORMANCE

Structured U.S. Equity Fund

TOTAL RETURN		CALENDAR YEAR (CLASS A)
The total return for Class A Shares for the 9-month period ended September 30, 2005 was +3.21%. Best Quarter* Q4 ’98  +21.44% Worst Quarter* Q3 ’02  -15.61%

AVERAGE ANNUAL TOTAL RETURN

For the period ended December 31, 2004		1 Year				5 Years				10 Years				Since Inception
Class A (Inception 5/24/91)
Returns Before Taxes			8.04%				-2.50%				10.99%				9.78%
Returns After Taxes on Distributions**			7.91%				-3.07%				9.80%				8.28%
Returns After Taxes on Distributions and Sale of Fund Shares**			5.39%				-2.32%				9.22%				7.85%
S&P 500 ® Index***			10.88%				-2.30%				12.06%				11.19%
Class B (Inception 5/1/96)
Returns Before Taxes			8.49%				-2.52%				N/A				7.93%
S&P 500 ® Index***			10.88%				-2.30%				N/A				9.08%
Class C (Inception 8/15/97)
Returns Before Taxes			12.46%				-2.12%				N/A				4.45%
S&P 500 ® Index***			10.88%				-2.30%				N/A				5.29%

 

*		Please note that “Best Quarter” and “Worst Quarter” figures are applicable only to the time period covered by the bar chart.
**		The after-tax returns are for Class A Shares only. The after-tax returns for Class B and Class C Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
***		The S&P 500 ® Index is the Standard & Poor’s 500 Composite Stock Price Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes.

 

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Structured Large Cap Growth Fund

TOTAL RETURN		CALENDAR YEAR (CLASS A)
The total return for Class A Shares for the 9-month period ended September 30, 2005 was +2.17%. Best Quarter* Q4 ’98           +25.47% Worst Quarter* Q1 ’01           -22.05%

AVERAGE ANNUAL TOTAL RETURN

For the period ended December 31, 2004		1 Year				5 Years				Since Inception
Class A (Inception 5/1/97)
Returns Before Taxes			4.00%				-9.59%				3.52%
Returns After Taxes on Distributions**			4.00%				-9.93%				3.08%
Returns After Taxes on Distributions and Sale of Fund Shares**			2.60%				-8.00%				2.82%
Russell 1000 ® Growth Index***			6.30%				-9.28%				4.29%
Class B (Inception 5/1/97)
Returns Before Taxes			4.17%				-9.61%				3.53%
Russell 1000 ® Growth Index***			6.30%				-9.28%				4.29%
Class C (Inception 8/15/97)
Returns Before Taxes			8.25%				-9.23%				1.39%
Russell 1000 ® Growth Index***			6.30%				-9.28%				2.19%

 

*		Please note that “Best Quarter” and “Worst Quarter” figures are applicable only to the time period covered by the bar chart.
**		The after-tax returns are for Class A Shares only. The after-tax returns for Class B and Class C Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
***		The Russell 1000 ® Growth Index is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes.

 

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FUND PERFORMANCE

Structured Small Cap Equity Fund

TOTAL RETURN		CALENDAR YEAR (CLASS A)
The total return for Class A Shares for the 9-month period ended September 30, 2005 was +7.50%. Best Quarter* Q2 ’03           +21.27% Worst Quarter* Q3 ’98           -24.34%

AVERAGE ANNUAL TOTAL RETURN

For the period ended December 31, 2004		1 Year				5 Years				Since Inception
Class A (Inception 8/15/97)
Returns Before Taxes			9.11%				7.06%				7.17%
Returns After Taxes on Distributions**			8.29%				5.82%				6.29%
Returns After Taxes on Distributions and Sale of Fund Shares**			6.96%				5.50%				5.82%
Russell 2000 ® Index***			18.33%				6.60%				7.75%
Class B (Inception 8/15/97)
Returns Before Taxes			9.20%				7.08%				7.19%
Russell 2000 ® Index***			18.33%				6.60%				7.75%
Class C (Inception 8/15/97)
Returns Before Taxes			13.46%				7.47%				7.22%
Russell 2000 ® Index***			18.33%				6.60%				7.75%

 

*		Please note that “Best Quarter” and “Worst Quarter” figures are applicable only to the time period covered by the bar chart.
**		The after-tax returns are for Class A Shares only. The after-tax returns for Class B and Class C Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
***		The Russell 2000 ® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000 ® Index. The Index figures do not reflect any deduction for fees, expenses or taxes.

 

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Structured International Equity Fund

TOTAL RETURN		CALENDAR YEAR (CLASS A)
The total return for Class A Shares for the 9-month period ended September 30, 2005 was +10.30%. Best Quarter* Q4 ’98  +18.84% Worst Quarter* Q3 ’02           -19.63%

AVERAGE ANNUAL TOTAL RETURN

For the period ended December 31, 2004		1 Year				5 Years				Since Inception
Class A (Inception 8/15/97)
Returns Before Taxes			13.70%				-1.99%				2.00%
Returns After Taxes on Distributions**			13.68%				-2.23%				1.71%
Returns After Taxes on Distributions and Sale of Fund Shares**			9.14%				-1.71%				1.63%
MSCI ® EAFE ® Index (unhedged)***			20.70%				-0.80%				4.33%
Class B (Inception 8/15/97)
Returns Before Taxes			14.54%				-1.79%				2.28%
MSCI ® EAFE ® Index (unhedged)***			20.70%				-0.80%				4.33%
Class C (Inception 8/15/97)
Returns Before Taxes			18.51%				-1.38%				2.29%
MSCI ® EAFE ® Index (unhedged)***			20.70%				-0.80%				4.33%

 

*		Please note that “Best Quarter” and “Worst Quarter” figures are applicable only to the time period covered by the bar chart.
**		The after-tax returns are for Class A Shares only. The after-tax returns for Class B and Class C Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
***		The unmanaged MSCI ® EAFE ® Index (unhedged) is a market capitalization-weighted composite of securities in 21 developed markets. The Index figures do not reflect any deduction for fees, expenses or taxes.

 

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Fund Fees and Expenses (Class A, B and C Shares)

This table describes the fees and expenses that you would pay if you buy and hold Class A, Class B, or Class C Shares of a Fund.

		Structured Large Cap Value Fund
		Class A				Class B				Class C
Shareholder Fees (fees paid directly from your investment):
Maximum Sales Charge (Load) Imposed on Purchases			5.5%	1			None				None
Maximum Deferred Sales Charge (Load) 2			None				5.0%	3			1.0%	4
Maximum Sales Charge (Load) Imposed on Reinvested Dividends			None				None				None
Redemption Fees			None				None				None
Exchange Fees			None				None				None
Annual Fund Operating Expenses (expenses that are deducted from Fund assets):
Management Fees 5			0.60%				0.60%				0.60%
Distribution and Service (12b-1) Fees			0.25%				1.00%				1.00%
Other Expenses 6*			0.29%				0.29%				0.29%
Total Fund Operating Expenses *			1.14%				1.89%				1.89%

See pages 28-29 for all other footnotes.

	*	The “Management Fees”, “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the Fund are as set forth below. The waivers and expense limitations may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, “Other Expenses” and “Total Fund Operating Expenses” may increase without shareholder approval.

		Structured Large Cap Value Fund
		Class A				Class B				Class C
Annual Fund Operating Expenses (expenses that are deducted from Fund assets):
Management Fees 5			0.51%				0.51%				0.51%
Distribution and Service (12b-1) Fees			0.25%				1.00%				1.00%
Other Expenses 6			0.04%				0.04%				0.04%
Total Fund Operating Expenses (after current expense limitations)			0.80%				1.55%				1.55%

 

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Fund Fees and Expenses continued

		Structured U.S. Equity Fund
		Class A				Class B				Class C
Shareholder Fees (fees paid directly from your investment):
Maximum Sales Charge (Load) Imposed on Purchases			5.5%	1			None				None
Maximum Deferred Sales Charge (Load) 2			None				5.0%	3			1.0%	4
Maximum Sales Charge (Load) Imposed on Reinvested Dividends			None				None				None
Redemption Fees			None				None				None
Exchange Fees			None				None				None
Annual Fund Operating Expenses (expenses that are deducted from Fund assets):
Management Fees 5			0.65%	7			0.65%	7			0.65%	7
Distribution and Service (12b-1) Fees			0.25%				1.00%				1.00%
Other Expenses 6*			0.26%				0.26%				0.26%
Total Fund Operating Expenses *			1.16%	7			1.91%	7			1.91%	7

See pages 28-29 for all other footnotes.

	*	The “Management Fees”, “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) set forth below have been restated to reflect the current waivers and expense limitations that are expected for the current fiscal year. The waivers and expense limitations may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, “Other Expenses” and “Total Fund Operating Expenses” may increase without shareholder approval.

		Structured U.S. Equity Fund
		Class A				Class B				Class C
Annual Fund Operating Expenses (expenses that are deducted from Fund assets):
Management Fees 5			0.51%				0.51%				0.51%
Distribution and Service (12b-1) Fees			0.25%				1.00%				1.00%
Other Expenses 6			0.04%				0.04%				0.04%
Total Fund Operating Expenses (after current waivers and expense limitations)			0.80%				1.55%				1.55%

 

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