GS Gl.Multi-Asset Conserv.Pf.I USD/  LU1057461136  /

The Portfolio seeks to provide income and capital growth over the longer term. The Portfolio will mostly invest in fixed income securities and shares or similar instruments with a focus on fixed income securities. The Portfolio will invest in investment grade and below investment grade (high yield) fixed income securities of any type of issuer based anywhere in the world, including Emerging Markets. The Portfolio will also invest in shares or similar instruments relating to companies anywhere in the world, including Emerging Markets. The Portfolio will invest in such securities, directly and/or via investments in other collective investment schemes that invest in fixed income securities and shares or similar instruments. Such collective investment schemes may be managed by Goldman Sachs Asset Management or any of its associates. The Advisor will seek to implement tactical investment strategies which may regularly adjust the portfolio exposures based on prevailing market conditions and short-term or medium-market views. The portfolio may invest more than 10% of its assets in other collective investment schemes. The Portfolio uses derivative instruments as part of its investment policy to gain exposure to, amongst other things, shares or similar instruments and markets, interest rates, credit, currencies and/or commodities in order to seek to increase return, to leverage the Portfolio and to hedge against certain risks. A significant proportion of the Portfolio's exposure may be generated through the use of derivative instruments.

The Portfolio seeks to provide income and capital growth over the longer term. The Portfolio will mostly invest in fixed income securities and shares or similar instruments with a focus on fixed income securities. The Portfolio will invest in investment grade and below investment grade (high yield) fixed income securities of any type of issuer based anywhere in the world, including Emerging Markets. The Portfolio will also invest in shares or similar instruments relating to companies anywhere in the world, including Emerging Markets. The Portfolio will invest in such securities, directly and/or via investments in other collective investment schemes that invest in fixed income securities and shares or similar instruments. Such collective investment schemes may be managed by Goldman Sachs Asset Management or any of its associates.