Goldman Sachs Absolute Return Tracker Portfolio Class P Shares (Acc.) (EUR-Hedged)/  LU1103308042  /

The investment objective of the Portfolio is to implement a trading strategy (the "Strategy") that seeks to approximate the returns of hedge funds as a broad asset class. Returns of hedge funds can be viewed as being composed of both "beta" (or varying market exposure) or "alpha" (or manager skill). The Portfolio seeks to approximate this "beta" component by taking exposure to various asset classes that hedge funds are exposed to such as equities, fixed income, credit and commodities. The Portfolio may invest directly in the underlying assets that make up these asset classes or, indirectly, using various techniques and instruments, such as financial derivative instruments. The Portfolio may also use any combination of these two investment methods. In implementing the Strategy, the Investment Adviser expects to utilise a mathematical formula to determine when and how much of the Portfolio's assets to allocate to each asset class. The Investment Adviser may remove, or add new, asset classes to the Strategy from time to time in its sole discretion. The Investment Adviser may deviate from the mathematical formula but expects to do so only in exceptional circumstances. The Investment Adviser has the discretion to modify the mathematical formula without notice to investors.

The investment objective of the Portfolio is to implement a trading strategy (the "Strategy") that seeks to approximate the returns of hedge funds as a broad asset class. Returns of hedge funds can be viewed as being composed of both "beta" (or varying market exposure) or "alpha" (or manager skill).