Goldman Sachs Emerging Markets Debt Local Portfolio Class IO Shares/  LU0302291264  /

The Portfolio seeks to provide income and capital growth over the longer term. The Portfolio will mostly invest in fixed-income securities of any type of emerging country issuer, denominated in the local currency of such countries. Where such issuers are companies they may either be based in or earn most of their profits or revenues from emerging markets. The Portfolio will not invest more than 33% of its assets in other securities and instruments. Additionally, it will not invest more than 25% in convertibles (securities that can be converted into other types of securities). These convertibles may include contingent convertible bonds ("CoCos") of banks, finance and insurance companies which have a particular risk profile as set out below. The Portfolio may, under certain circumstances, have limited holdings in shares and similar instruments. The Portfolio may invest in mainland China debt securities via the China Interbank Bond Market initiative.

The Portfolio seeks to provide income and capital growth over the longer term.