Goldman Sachs Global Future Real Estate and Infrastructure Equity Portfolio Class IO Shares (Acc.)/  LU2508669251  /

The Portfolio seeks to provide capital growth over the longer term by investing primarily in equity securities of real estate industry and infrastructure companies, domiciled globally, which, in the view of the Investment Adviser, are aligned to the key themes associated with secular growth drivers for real estate and infrastructure assets. The Portfolio will, under normal circumstances, invest at least two thirds of its net assets in equity and/or equity related Transferable Securities and Permitted Funds which provide exposure to companies that are principally engaged in, or related to the real estate industry ("Real Estate Industry Companies") and to the infrastructure group of industries ("Infrastructure Companies") which, in the view of the Investment Adviser, are aligned to one or more key themes associated with secular growth drivers for real estate and infrastructure assets (including but not limited to innovation, demographic shifts, environmental responsability) as further described in the prospectus. Real estate companies are those that earn most of their profits or revenues from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate. Infrastructure companies are those involved in the ownership, development, construction, renovation, financing, management, sale or operation of infrastructure assets, or that provide the services and raw materials necessary for the construction and maintenance of infrastructure assets (including utilities, energy, transportation). Issuers of these securities will be primarily domiciled in or derive the predominant proportion of their revenues or profits from Developed Markets, although the Portfolio may also invest in Emerging Markets. Such companies may have large, mid or small-market capitalisation. The Portfolio may invest in MLP related securities and REITs.

The Portfolio seeks to provide capital growth over the longer term by investing primarily in equity securities of real estate industry and infrastructure companies, domiciled globally, which, in the view of the Investment Adviser, are aligned to the key themes associated with secular growth drivers for real estate and infrastructure assets. The Portfolio will, under normal circumstances, invest at least two thirds of its net assets in equity and/or equity related Transferable Securities and Permitted Funds which provide exposure to companies that are principally engaged in, or related to the real estate industry ("Real Estate Industry Companies") and to the infrastructure group of industries ("Infrastructure Companies") which, in the view of the Investment Adviser, are aligned to one or more key themes associated with secular growth drivers for real estate and infrastructure assets (including but not limited to innovation, demographic shifts, environmental responsability) as further described in the prospectus. Real estate companies are those that earn most of their profits or revenues from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate.