Goldman Sachs Global Credit Portfolio (Hedged) Class P Shares/  LU0381556363  /

The Portfolio seeks to provide income and capital growth over the longer term. The Portfolio will mostly invest in investment grade (or equivalent) fixed income securities of companies anywhere in the world. The Portfolio will generally seek to hedge its currency exposure from its investments back to USD. There may however be active investment currency exposures in the Portfolio where the Investment Adviser seeks to generate return. 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. It may also invest in fixed income securities issued by government entities. The Portfolio promotes environmental and/or social characteristics, however, does not commit to making any sustainable investments. As part of its investment process, the Investment Adviser will implement a multi-strategy approach to ESG which may consist of the application of exclusionary screens and the integration of ESG factors alongside traditional factors.

The Portfolio seeks to provide income and capital growth over the longer term. The Portfolio will mostly invest in investment grade (or equivalent) fixed income securities of companies anywhere in the world. The Portfolio will generally seek to hedge its currency exposure from its investments back to USD. There may however be active investment currency exposures in the Portfolio where the Investment Adviser seeks to generate return.