goldman sachs funds sicav - fundsquare

Asset Mananement

Goldman Sachs Funds SICAV

An undertaking for collective investment organised under the laws of the Grand Duchy of Luxembourg (S.I.C.A.V.)

July 2006

Supplement 1 to the Prospectus - Equity Portfolios - Fixed Income Portfolios

VISA 2006/19107-1204-0-P8 L’appocition du visa n e peut en aucu d’argument de publicit6 Luxembourg, le 18/10/2006 Commission de Surveillance du Sec

Commission Kas not reviewed räiiscompatyA, ~

Prospectus

Goldman Sachs Funds SICAV This Supplement

This Supplement

The purpose of this Supplement is to describe in more detail those Equity and Fixed Income Portfolios of Goldman Sachs Funds which are managed by Goldman Sachs Asset Management International and its affiliates.

This Supplement must always be read in conjunction with the Prospectus. The Prospectus contains detailed information on the following aspects of the Fund: a description of Share Classes; the risks associated with an investment in the Fund; information on the management and administration of the Fund and in respect of those third parties providing services to the Fund; the purchase and redemption of Shares and exchange privileges; the determination of Net Asset Value; dividend policy; fees and expenses of the Fund; information on the Fund; meetings of and reports to Shareholders; and taxation. In addition, the Prospectus contains in its Appendices, information on special investment techniques and applicable investment restrictions.

The information contained in the Prospectus refers also to the PortFolios of the Fund which are managed by Goldman Sachs Asset Management International in respect of which further and additional detail is contained in Supplements II, Ill and IV.

No subscriptions will be accepted for Shares in any Portfolio if the investor is basing its decision to invest on the information contained in this Supplement only.

This Supplement provides summary information on each of the Equity and Fixed Income Portfolios including details of the Share Classes within each of these Portfolios of the Fund that are available as of the date of the Prospectus.

July 2006 ii Goldman Sachs Asset Management

Goldman Sachs Funds SICAV Table of Contents

Table of Contents

Page

This Supplement ............................................................................................................................................................................ ii

Table of Contents .......................................................................................................................................................................... 111

Definitions ...................................................................................................................................................................................... 1

I Goldrnan Sachs Funds - Summary Table of the Portfolio ............................................................................................... 3

2 Goldman Sachs Funds - Investment Objective and Policies and Summary Table of Share Classes of each Pottfolio ... 5

3 Goldrnan Sachs Funds - Specific Risk Considerations and Conflicts of Interest ............................................................ 29

...

July 2006 Goldman Sachs Asset Management

.... ..- ....... - . ....

Goldman Sachs Funds SICAV Definitions

Definitions In this Supplement, unless more particularly defined herein or in the Prospectus, the following capitalised words and phrases, which are in addition to and are intended to be read in conjunction with those definitions contained in the Prospectus, will have the following meanings:

“BRICssM“ means Brazil, Rusia, India and China;

u CO means Computer Optimised, Research Enhanced:

”Equity Portfolio”

“Fixed Income Portfolio”

“Regional CORE Equity Portfolio”

“Regional Equity Portfolio”

July 2006

means the Goldman Sachs Asia Portfolio, Goldman Sachs Asia Equity Target Alpha Portfolio, Goldman Sachs BRlCs Portfolio, Goldman Sachs Europe Equity Target Alpha Portfolio, Goldman Sachs Europe Portfolio, Goldman Sachs Europe Small Cap Pottfolio, Goldrnan Sachs Global Emerging Markets Equity Portfolio, Goldman Sachs Global Equity Target Alpha PortFolio, Goldman Sachs Global Equity Portfolio, Goldman Sachs Global PCP Equity Portfolio, Goldman Sachs Japan Portfolio, Goldman Sachs Japan Small Cap Portfolio, Goldman Sachs UK Equity Portfolio, Goldman Sachs UK Equity Target Alpha Portfolio, Goldman Sachs US Growth Equity Portfolio, Goldman Sachs US Growth Opportunities Portfolio, Goldman Sachs US Premier Equity Portfolio, Goldrnan Sachs US Value Equity Portfolio, Goldman Sachs US Blend Equity Portfolio, Goldman Sachs Europe CORESM Equity Portfolio, Goldman Sachs Global CORESM Equity Portfolio, Goldrnan Sachs Global Enhanced CORESM Equity Portfolio, Goldrnan Sachs Global Small Cap CORECM Equity Portfolio, Goldman Sachs Japan CORESM Equity Portfolio, Goldman Sachs UK CORESM Equity Portfolio, Goldman Sachs US CORESM Equity Portfolio, Goldman Sachs US Small Cap CORESM Equity Porlfolio, Goldman Sachs Global Financial Services Portfolio and the Goldman Sachs Global Technology Portfolio;

means the Goldman Sachs Euro Fixed Income Portfolio, Goldman Sachs Global Credit Portfolio (Hedged), Goldrnan Sachs Global Fixed Income Portfolio (Hedged), Goldman Sachs Global Emerging Markets Debt Portfolio, Goldman Sachs Global Fixed Income Portfolio, Goldman Sachs Global High Yield Portfolio, Goldman Sachs Global Inflation-Linked Fixed Income Portfolio (Hedged), Goldman Sachs Global Quantitative Fixed Income Portfolio, Goldman Sachs Sterling Broad Fixed Income Porlfolio, the Goldman Sachs US Fixed Income Portfolio and the Goldman Sachs US Mortgage Backed Securities Portfolio:

means the Goldman Sachs Europe CORESM Equity Portfolio, Goldman Sachs Global COREsM Equity Portfolio, Goldman Sachs Global Enhanced CORESM Equity Portfolio, Goldman Sachs Global Small Cap CORECM Equity Portfolio, Goldman Sachs Japan CORESM Equity Portfolio, Goldman Sachs UK CORESM Equity Portfolio, the Goldman Sachs US CORESM Equity Portfolio and the Goldman Sachs US Small Cap CORESM Equity Portfolio;

means the Goldman Sachs Asia Portfolio, Goldman Sachs Asia Equity Target Alpha Portfolio, Goldman Sachs BRICsSM Portfolio,

1 Goldrnan Sachs Asset Management

Goldman Sachs Funds CICAV Definitions

Goldman Sachs Europe Equity Target Alpha Portfolio, Goldman Sachs Europe Portfolio, Goldman Sachs Europe Small Cap Portfolio, Goldman Sachs Global Emerging Markets Equity Portfolio, Goldman Sachs Global Equity Portfolio, Goldman Sachs Global Equity Target Alpha Portfolio, Goldman Sachs Japan Portfolio, Goldman Sachs Japan Small Cap Portfolio, Goldman Sachs UK Equity Portfolio, Goldman Sachs UK Equity Target Alpha Portfolio, Goldman Sachs US Growth Equity Portfolio, Goldman Sachs US Growth Opportunities Portfolio, Goldman Sachs US Premier Equity Portfolio, Goldman Sachs US Value Equity Portfolio and Goldman Sachs US Blend Equity Portfolio;

“Sector Equity Portfolio” means the Goldman Sachs Global Financial Services Portfolio and the Goldman Sachs Global Technology Portfolio.

The term “CORESM” is a service mark Goldman, Sachs & Co.

The term “BRICssM” is a servise mark of Goldman, Sachs & Co.

July 2006 2 Goldman Sachs Asset Management

Goldman Sachs Funds SICAV 1 Goldman Sachs Funds - Summary Table of the Portfolio

I Goldman Sachs Funds - Summary Table of the Portfolio

An Undertaking for Collective Investment organised under the Laws of the Grand Duchy of Luxembourg, (SICAV)

The following are separate investment portfolios (each a “Portfolio”, together the “Portfolios”) of Goldman Sachs Funds (the “Fund”) managed by Goldman Sachs Asset Management International and its affiliates.

Equity Portfolios

Regional Equity Portfolios Launched

Goldman Sachs Asia Portfolio Goldman Sachs Asia Equity Target Alpha Portfolio Goldman Sachs BRICsSM Portfolio Goldman Sachs Europe Equity Target Alpha Portfolio Goldman Sachs Europe Portfolio Goldman Sachs Europe Small Cap Portfolio Goldman Sachs Global Equity Target Alpha Portfolio Goldman Sachs Global Emerging Markets Equity Portfolio Goldman Sachs Global Equity Portfolio Goldman Sachs Global PCP Equity Portfolio Goldman Sachs Japan Portfolio Goldman Sachs Japan Small Cap Portfolio Goldman Sachs UK Equity Portfolio Goldman Sachs US Growth Equity Portfolio Goldman Sachs UK Equity Target Alpha Portfolio Goldman Sachs US Growth Opportunities Portfolio Goldman Sachs US Premier Equity Portfolio Goldman Sachs US Value Equity Portfolio Goldman Sachs US Blend Equity Portfolio

Regional CORE Equity Portfolios

Goldman Sachs Europe COREbM Equity Portfolio

Goldman Sachs Global CORESM Equity Portfolio

Goldman Sachs Global Enhanced CORESM Equity Portiolio

Goldman Sachs Global Small Cap CORESM Equity Portfolio

Goldman Sachs Japan CORESM Equity Portfolio

Goldman Sachs UK CORESM Equity Portfolio

Goldman Sachs US CORESM Equity Portiolio Goldman Sachs US Small Cap CORESM Equity Portfolio

Sector Equity Portfolios

Goldman Sachs Global Technology Portfolio Goldman Sachs Global Financial Services Portfolio

July 2006

May 1994 Nia January 2006 December 2003 September 1996 May 1994 Nia December 1997 December 1992 February 2006 April 1996 September 1997 December 2001 November 1999 Nla April 2001 February 2006 February 2006 February 2006

Launched

October 1999

October 2004 Nla

N/a December 2005 December 2005

November 1996

December 2005

Launched

June 1996 March 2001

3 Goldman Sachs Asset Management

Goldman Sachs Funds SICAV 1 Goldman Sachs Funds - Summary Table of the Portfolio

Fixed Income Portfolios

Fixed Income Portfolios Launched

Goldman Sachs Euro Fixed Income Portfolio Goldman Sachs Global Credit Portfolio (Hedged) Goldman Sachs Global Emerging Markets Debt Portfolio Goldman Sachs Global High Yield Portfolio Goldman Sachs Global Fixed Income Portfolio (Hedged) Goldman Sachs Global Fixed Income Portfolio Goldman Sachs Global Inflation-Linked Fixed Income (Hedged) Goldman Sachs Global Quantitative Fixed Income Portfolio Goldman Sachs Sterling Broad Fixed Income Portfolio Goldman Sachs US Fixed Income Portfolio

March 1999 January 2006 May 2000 January 1998

December 2001 February 1993.

Portfolio Nia

Nia December 2001 July 1998

Goldman Sachs US Mortgage Backed Securities Portfolio T h e net assets of the Global Fixed Income Portfolio were transferred to the Goldman Sachs Funds in December 1998 as a result of a merger between

September 2002

Goldman Sachs Funds and Goidman Sachs Bond Funds

For those Portfolios where no launch date has been stated, please contact your usual Goldman Sachs representative or the European Shareholder Services team at Goldman Sachs International, Christchurch Court, 10-15 Newgate Street, London EClA 7HD to determine whether the Portfolio has been launched since the date of this Prospectus.

Hereinafter, the above Portfolios are referred to without being preceded by the full name of the Portfolio.

Capitalised words and phrases contained in this Supplement shall bear the meaning attributed to them in the text or, as the case may be, in the sections entitled “Definitions” in the Prospectus and/or in this Supplement.

CORE is a registered service mark of Goldman, Sachs 8 Co.

BRlC is a registered service mark of Goldman, Sachs & Co.


- . . ...

Goldman Sachs Funds SICAV 2 Goldman Sachs Funds - Investment Objective and Policies and Summary Table of Share Classes of each Poltfolio

2 Goldman Sachs Funds - Investment objective and Policies and Summary Table of Share Classes of each Portfolio

The Portfolios described in this Supplement are divided into Regional Equity Portfolios, Regional CORE Equity Portfolios, Sector Equity Portfolios and Fixed Income Portfolios.

The tables set out the Investment Objective and Share Classes of each of the Equity and Fixed Income Portfolios of the Fund. For further details on the Share Classes, please refer to “Description of Share Classes” on page [I of the Prospectus. In the case of certain Portfolios described in this Supplement, the Fund may issue Share Classes which have different Valuation Points, e.g. “snap” and “close”, where the “snap” Valuation Point takes a value at a time other than at close. In consequence, the net asset values per Share of such Share Classes are expected to differ as a result of the application of different Valuation Points.

Equity Portfolios

Investment Objectives

The investment objective of each Equity Potlfolio is long-term capital appreciation through investing in any Permitted Investments.

Investment Policies

Each Equity Portfolio listed in this Supplement, will, under normal market conditions, invest at least two thirds of its assets (excluding cash and cash-equivalents) in equity and/or equity related transferable securities, which includes common stock, preferred stock, warrants and other rights to acquire stock, American Depository Receipts (“ADRs”), European Depository Receipts (“EDRs”) and Global Depository Receipts (“GDRs”) and not more than one third of its assets in convertible securities, bonds (with or without warrants), Money Market Instruments and non-equity related UCls. Under normal market conditions, each Equity Portfolio will invest its assets (excluding cash and cash-equivalents) primarily in the securities of the country, region, and/or sector referred to in the Portfolio’s name. Securities of companies in a country, region and/or sector include (but are not limited to) those companies that derive the predominant proportion of their revenues or profits from such countries, regions andlor sectors.

Subject to the terms of the Prospectus (and, in particular, Appendices A and B) and any Supplement, these Portfolios may engage in transactions in financial derivative instruments as part of their general investment policy and/or for hedging purposes. Please see Appendix B - “Special Investment Techniques” together with the “Risk Considerations” discussed in the Prospectus.

As part of an Equity Portfolio’s overall investment policy, and as part of the range of Permitted Investments which may be utilised to generate exposure to equity markets, an Equity Portfolio may invest in units or shares of equity related UCls; however, each Equity Portfolio will not invest more than 10% of its net assets in any undertakings for collective investment.


Goldman Sachs Funds SICAV 2 Goldman Sachs Funds - Investment Objective and Policies and Summary Table of Share Classes of each Porifolio

Regional Equity Portfolios

Goldman Sachs Asia Portfolio

Investment Objective:

Base

Base (Acc.)

Class A Shares

Class B Shares

Class E Shares

Class E Shares (Acc.)

Class I Shares

Class I Shares (ACC.)

Class IO Shares

Class IO Shares (Acc.)

Goldman Sachs Asia Equlty Target Alpha Portfolio


Base

Base (ACC.)

Class A Shares

Class B Shares


Class I Shares

Class I Shares (Acc.)

Class IO Shares

Class IO Shares (Ace.)

Goldman Sachs BRICP Portfolio


Base

Base (EUR-hedged)

July 2006

Base Currency - USD

Goldman Sachs Asia Portfolio will invest in securities of Asian companies (including Australia and New Zealand, excluding Japan).

Share Class Sales Charge Management Fee Currency

USD u p to 5.5 % 1.25 %

USD u p to 5.5 % 1.25 %

USD U p t o 4 % 1.25 %

USD Nil 1.25 %

EUR U p t o 4 % 1.25 %

EUR U p t o 4 % 1.25 %

USD

USD

USD

USD

Nil

Nil

Nil

Nil

0.75 Yo

0.75 %

Nla

Nla

Distribution Fee

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Minimum Investment

USD 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

EUR 1,500

USD 5m

USD 5m

USD 5m

USD 5m

Base Currency - USD

Goldman Sachs Asia Equity Target Alpha Portfolio will invest in securities of Asian companies (including Australia and New Zealand, excluding Japan) and will typically invest in fewer than 50 companies.

Share Class Currency

USD

USD

USD

USD

EUR

USD

USD

USD

USD

Sales Charge

u p to 5.5 %

u p to 5.5 %

U p t o 4 %

U p t o 4 %

Nil

Nil

Nil

Nil

Nil

Management Fee

1.50 %

1.50 %

1.50 %

1.50 %

1.50 %

1.00 %

1.00 %

N/a

N/a

Distrlbution Fee

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Minimum Investment

USD 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

USD 5m

USD 5m

USD 5m

USD 5m

Base Currency - USD

Goldman Sachs BRICsSM Portfolio will invest in securities of Brazilian, Russian, Indian and Chinese companies.

Share Class Sales Charge Management Fee Distribution Fee Minimum Currency Investment

USD u p to 5.5 % 1.50 % Nil USD 5,000

EUR u p to 5.5% 1.50% Nil EUR 5,000


Goldman Sachs Funds SICAV 2 Goldman Sachs Funds - Investment Objective and Policies and Summary Table of Share Classes of each Portfolio

Base (ACC.) (EUR- hedged)

Base (Acc.)

Class A Shares

Class B Shares

Class E Shares


Class I Shares


Class IO Shares


Goldman Sachs Europe Equity Target Alpha PortFolio


Base

Base (ACC.)

Class A Shares

Class B Shares


Class I Shares


Class IO Shares

Class IO Shares (ACC.)

Goldman Sachs Europe Portfolio


Base

Base (Acc.)

Other Currency Shares

Other Currency Shares (A=.)

Class A Shares

Class A Shares

Class B Shares


Class I Shares


Class IO Shares


July 2006

EUR u p to 5.5 % 1.50 %

USD

USD

USD

EUR

EUR

USD

USD

USD

USD

u p to 5.5 %

U p t o 4 %

U p t o 4 %

U p t o 4 %

Nil

Nil

Nil

Nil

Nil

1.50 %

1.50 %

1.50 %

1.50 %

1.50 %

1.00 %

1.00 %

Nla

Nla

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

EUR 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

EUR 1,500

USD 5m

USD 5m

USD 5m

USD 5m

Base Currency - EUR

Goldman Sachs Europe Equity Target Alpha PortFolio will invest in securities of European companies and will typically invest in fewer than 35 companies.


EUR

EUR

EUR

USD

EUR

EUR

EUR

EUR

EUR

Sales Charge

Base Currency - EUR

u p to 5.5 %

u p to 5.5 %

U p t o 4 %

U p t o 4 %

Nil

Nil

Nil

Nil

Nil

Management Fee

1.50 %

1.50 %

1.50 %

1.50 %

1.50 %

1-00 %

1.00 %

Nla

Nla

Distribution Fee

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Goldman Sachs Europe PortFolio will invest in securities of European companies.

Share Class Sales Charge Management Fee Distribution Fee Currency

EUR u p to 5.5 % 1.25 % Nil

EUR u p to 5.5 % 1.25 % Nil

USD u p to 5.5 % 1.25 % Nil

USD u p to 5.5% 1.25% Nil

EUR

USD

USD

EUR

EUR

EUR

EUR

EUR

U p t o 4 %

U p t o 4 %

U p t o 4 %

Nil

Nil

Nil

Nil

Nil

7

1.25 Yo

1.25 %

1.25 %

1.25 %

0.75 %

0.75 %

Nla

Nla

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Mlnlmum investment

EUR 5,000

EUR 5,000

EUR 1,500

USD 1,500

EUR 1,500

EUR 5m

EUR 5m

EUR 5m

EUR 5m

Minimum Investment

EUR 5,000

EUR 5,000

USD 5,000

USD 5,000

EUR 1,500

USD 1,500

USD 1,500

EUR 1,500

EUR 5m

EUR 5m

EUR 5m

EUR 5m

Goldman Sachs Asset Management


Goldman Sachs Europe Small Cap Portfolio


Base

Base (Acc.)


Other Currency Shares (Am.)

Class A Shares

Class A Shares

Class B Shares


Class I Shares


Class 10 Shares


Goldman Sachs Global Equity Target Alpha Portfolio


Base

Base (ACC.)

Class A Shares

Class B Shares


Class I Shares


Class IO Shares


July 2006

2 Goldman Sachs Funds - Investment Objective and Policies and Summary Table of Share Classes of each Portfolio

Base Currency - EUR

Goldman Sachs Europe Small Cap Potifolio will invest at least 70% of its portfolio in securities of European companies which are relatively small in market capitalisation, meaning those companies with a market capitalisation of EUR 3 billion or less at the time that the Portfolio's investment is made.

Share Class Sales Charge Currency

EUR u p to 5.5 %

EUR u p to 5.5 %

USD u p to 5.5 %

USD u p to 5.5%

EUR U p t o 4 %

USD U p t o 4 %

USD Nil

EUR U p t o 4 %

EUR Nil

EUR Nil

EUR Nil

EUR Nil

Management Fee

1.50 %

1.50 %

1.50 %

1.50%

1-50 %

1.50 %

1.50 %

1.50 %

1.00 %

1.00 %

Nla

Nla

Distribution Fee

Nil

Nil

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Minimum Investment

EUR 5,000

EUR 5,000

USD 5,000

USD 5,000

EUR 1,500

USD 1,500

USD 1,500

EUR 1,500

EUR 5m

EUR 5m

EUR 5m

EUR 5m

Base Currency - USD

Goldman Sachs Global Equity Target Alpha Portfolio will invest in securities of companies anywhere in the world and will typically invest in fewer than 50 companies.


USD

USD

USD

USD

EUR

USD

USD

USD

Sales Charge

u p to 5.5 %

u p to 5.5 %

U p t o 4 %

Nil

U p t o 4 %

Nil

Nil

Nil

Management Fee

1.50 %

1.50 %

1.50 %

1.50 %

1-50 %

1.00 %

1.00 %

Nla

Distribution Fee

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Minimum Investment

USD 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

USD 5m

USD 5m

USD 5m

USD Nil Nla Nil USD 5m



Goldman Sachs Global Emerging Markets Equity Portfolio


Base Currency - USD

Goldman Sachs Global Emerging Markets Equity Portfolio will invest in securities of emerging country issuers.


USD u p to 5.5 %

USD up to 5.5 %

USD U p t o 4 %

USD Nil

Management Fee Distribution Fee Minimum Investment

USD 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

USD 5m

USD 5m

AUD 5m

USD 5m

USD 5m

EUR 1,500

Base

Base (Acc.)

Class A Shares

Class B Shares

1.50 %

1.50 %

1.50 %

1.50 Yo

Nil

Nil

Up to 0.50 %

Up to 0.50 %


Class I Shares


Class I Shares (Acc.) (AUD)

Class IO Shares


Class E Shares

EUR U p t o 4 %

USD Nil

USD Nil

AUD Nil

1.50 %

1.00 %

1 .oo %

1.00 %

Up to 0.50 %

Nil

Nil

Nil

USD Nil

USD Nil

EUR U p t o 4 %

Nla

N/a

1.50 %

Nil

Nil

Up to 0.50 %

Goldman Sachs Global Equity Portfolio


Base Currency - USD

Goldman Sachs Global Equity Portfolio will invest in securities of companies anywhere in the world.


USD

USD

USD

USD

USD

EUR

EUR

USD

USD

USD

USD

Sales Charge Management Fee Distribution Fee Minimum Investment

US0 5,000

USD 5,000

USD 1,500

USD 1,500

USD 1,500

EUR 1,500

EUR 1,500

USD 5m

USD 5m

USD 5m

USD 5m

Ease

Base (Acc.)

Class A Shares

Class 6 Shares

Class D Shares

Class E Shares


Class I Shares


Class 10 Shares


up to 5.5 %

u p to 5.5 %

U p t o 4 %

Nil

U p t o 4 %

U p t o 4 %

U p t o 4 %

Nil

Nil

Nil

Nil

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

0.75 %

0.75 %

Nla

Nla

Nil

Nil

Up to 0.50 %

Up to 0.50 YO

Up to 0.25 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Goldman Sachs Global PCP Equity

July 2006

Base Currency - USD


Goldman Sachs Funds SlCAV 2 Goldman Sachs Funds - Investment Objective and Policies and Summary Table of Share Classes of each Portfolio

PortFolio


Base

Base (Acc.)


Other Currency Shares (ACC.)


Other Currency Shares (AN.)

Class A Shares

Class A Shares (Acc.)

Class I Shares


Class I Shares


Class IO Shares

Class 10 Shares (Am.)

Goldman Sachs Japan Portfolio


Base

Base (ACC.)



Class A Shares

Class B Shares

Class E Shares


Class I Shares


Class IO Shares


(Am.)

Goldman Sachs Japan Small Cap Portfolio


Goldman Sachs Global PCP Equity Portfolio will invest in securities of companies anywhere in the world.


USD u p to 5.5 %

USD u p to 5.5 %

GBP u p to 5.5 %

GBP u p to 5.5 %

EUR u p to 5.5 %

EUR u p to 5.5 %

USD

USD

USD

USD

GBP

GBP

USD

USD

Base Currency - JPY

U p t o 4 %

U p t o 4 %

Nil

Nil

Nil

Nil

Nil

Nil

Management Fee

1-50 %

1.50 %

1.50 %

1.50 %

1-50 %

1.50 %

1.50 %

1.50 %

1.00 %

1.00 %

1.00 %

1-00 %

Nla

Nla

Distribution Fee

Nil

Nil

Nil

Nil

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Nil

Nil

Goldman Sachs Japan Portfolio will invest in securities of Japanese companies.

Share Class Sales Charge Management Fee Distributlon Fee Currency

JPY u p to 5.5 % 1.25 % Nil

JPY u p to 5.5 % 1.25 % Nil

USD u p to 5.5 % 1.25 % Nil

USD u p to 5.5 % 1.25 % Nil

USD

USD

EUR

EUR

J PY

JPY

JPY

J PY

U p t o 4 %

Nil

U p t o 4 %

U p t o 4 %

Nil

Nil

Nil

Nil

1.25 %

1.25 %

1.25 %

1.25 %

0.75 %

0.75 %

Nla

Nla

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Minimum Investment

USD 5,000

USD 5,000

GBP 3,000

GBP 3,000

EUR 5,000

EUR 5,000

USD 1,500

USD 1,500

USD 5m

USD 5m

GBP 3m

GBP 3m

USD 5m

USD 5m

Minimum Investment

JPY 500,000

JPY 500,000

USD 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

EUR 1,500

JPY 500m

JPY 500m

JPY 500m

JPY 500m

Base Currency - JPY

Goldman Sachs Japan Small Cap PortFolio will invest in securities of Japanese companies which are relatively small in market capitalisation meaning those companies with a market capitalisation of JPY 100 billion or less at the time that the PortFolio's investment is made.



Base

Base (Acc.)


Other Currency Shares (ACC.)

Class A Shares

Class B Shares

Class E Shares


Class I Shares


Class IO Shares


Goldman Sachs UK Equity Portfolio


Base

Base (ACC.)

Class A Shares

Class A Shares

Class B Shares


Class I Shares


Class IO Shares


Goldman Sachs UK Equity Target Alpha Portfolio


Base

Base (Acc.)

Class A Shares

Class A Shares

Class B Shares


Class I Shares


Share Class Sales Charge Management Fee Dlstribution Fee Currency

JPY u p to 5.5 % 1.50 % Nil

J PY u p to 5.5 % 1.50 % Nil

USD u p to 5.5 % 1.50 % Nil

USD u p to 5.5 % 1.50 % Nil

USD

USD

EUR

EUR

J PY

J PY

JPY

JPY

U p t o 4 %

Nil

U p t o 4 %

U p t o 4 %

Nil

Nil

Nil

Nil

Base Currency - GBP

1.50 %

1.50 %

1.50 %

1.50 Yo 1.00 %

1.00 %

N/a

Nla

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Goldman Sachs UK Equity Portfolio will invest in securities of UK companies.


GBP u p to 5.5 % 1.25 % Nil

GBP u p to 5.5 % 1.25 % Nil

GBP U p t o 4 % 1.25 % Up to 0.50 %

USD U p t o 4 % 1.25 % Up to 0.50 %

USD Nil 1.25 % Up to 0.50 %

EUR U p t o 4 % 1.25 % Up to 0.50 %

GBP Nil 0.75 % Nil

GBP Nil 0.75 % Nil

GBP Nil Nla Nil

GBP Nil Nla Nil

Minimum Investment

JPY 500,000

JPY 500,000

USD 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

EUR 1,500

JPY 500m

JPY 500m

JPY 500m

JPY 500m

Minimum Investment

GBP 3,000

GBP 3,000

GBP 1,500

USD 1,500

USD 1,500

EUR 1,500

GBP 5m

GBP 5m

GBP 5m

GBP 5m

Base Currency - GBP

Goldman Sachs UK Equity Target Portfolio will invest in securities of UK companies and will typically invest in fewer than 50 companies.

Share Class Sales Charge Management FRO Distribution Fee Minlmum Currency Investment

GBP u p to 5.5 % 1.25 %

GBP u p to 5.5 % 1.25 %

GBP U p t o 4 % 1.25 %

USD U p t o 4 % 1.25 %

USD Nil 1.25 Yo

Nil GBP 3,000

Nil GBP 3,000

Up to 0.50 % GBP 1,500

Up to 0.50 % USD 1,500

Up to 0.50 % USD 1,500

EUR U p t o 4 % 1.25 % Up to 0.50 % EUR 1,500

GBP Nil 0.75 %

GBP Nil 0.75 %

11

Nil

Nil

GBP 5m

GBP 5m


A

Goldman Sachs Funds SICAV 2 Goldman Sachs Funds - Investment Objective and Policies and Summary Table of Share Classes of each Podfolio

Class IO Shares


Goldman Sachs US Growth Equity Portfolio


Base

Base (Acc.)

Class A Shares

Class B Shares

Class E Shares

Class E Shares (ACC.)

Class U Shares

Class I Shares


Class IO Shares

Class IO Shares (Am.)

Goldman Sachs US Growth Opportunities Poltfolro


Base

Base (ACC.)

Class A Shares

Class B Shares


Class I Shares


Class IO Shares


Goldman Sachs US Premier Equity Portfolio


Base

Base (Acc.)

Base (EUR-hedged)

GBP Nil

GBP Nil

Base Currency - USD

Nla

Nla

Nil

Nil

Goldman Sachs US Growth Equity Portfolio will invest in securities of US companies.


USD u p to 5.5 % 1.25 % Nil

USD u p to 5.5 % 1.25 % Nil

USD U p t o 4 % 1.25 % Up to 0.50 %

USD Nil 1.25 % Up to 0.50 %

EUR U p t o 4 % 1.25 % Up to 0.50 %

EUR U p t o 4 % 1.25 % Up to 0.50 %

USD u p to 5.5 % 1.05 % Nil

USD Nil 0.75 % Nil

USD Nil 0.75 % Nil

USD Nil Nla Nil

USD Nil Nla Nil

GBP 5m

GBP 5m

Minimum Investment

USD 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

EUR 1,500

USD 20m

USD 5m

USD 5m

USD 5m

USD 5m

Base Currency - USD

Goldman Sachs US Growth Opportunities Portfolio will invest in US securities of mid-capitalisation companies,


USD

USD

USD

USD

EUR

USD

USD

USD

USD

Sales Charge

u p to 5.5 %

u p to 5.5 %

U p t o 4 %

Nil

U p t o 4 %

Nil

Nil

Nil

Nil

Management Fee

1.50 %

1.50 %

1.50 %

1.50 %

1.50 %

1.00 %

1.00 %

Nla

Nla

Distribution Fee

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Base Currency - USD

Goldman Sachs US Premier Equity Portfolio will invest in securities of US companies.


USD up to 5.5 % 1.25 % Nil

USD u p to 5.5 % 1.25 % Nil

EUR u p to 5.5 % 1.25 Yo Nil

Minimum Investment

USD 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

USD 5m

USD 5m

USD 5m

USD 5m

Minimum Investment

USD 5,000

USD 5,000

EUR 5,000



Base (Acc.) (EUR- hedged)

Class A Shares

Class B Shares


Class I Shares


Class I Shares (EUR- hedged)

Class I Shares (Acc.) (EU R-hedged)

Class IO Shares


EUR up to 5.5 % 1.25 % Nil EUR 5,000

USD U p t o 4 % 1.25 %

USD Nil 1.25 %

EUR U p t o 4 % 1.25 %

USD Nil 0.75 %

USD Nil 0.75 %

EUR Nil 0.75 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

USD 1,500

USD 1,500

EUR 1,500

USD 5m

USD 5m

EUR 5m

EUR Nil 0.75 % Nil EUR 5m

USD Nil Nla

USD Nil Nla

Nil

Nil

USD 5rn USD 51-17

Goldman Sachs US Blend Equity Portfolio


Base Currency - USD

Goldman Sachs US Blend Equity Portfolio will invest in securities of US companies.


USD

USD

USD

USD

EUR

USD

USD

USD

US0


USD 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

USD 5m

USD 5m

USD 5rn

US13 5m

Base

Base (ACC.)

Class A Shares

Class B Shares

Class E Shares (Am.)

Class I Shares


Class 10 Shares


up to 5.5 %

u p to 5.5 %

U p t o 4 %

Nil

u p to 4 %

Nil

Nil

Nil

Nil

1.25 %

1.25 %

1.25 Yo

1.25 %

1.25 %

0.75 %

0.75 %

Nla

Nla

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Goldman Sachs US Value Equity Portfolio


Base Currency - USD

Goldman Sachs US Value Equity Portfolio will invest in securities of US companies.

Share Class Sales Charge Management Fee Distrlbution Fee Currency

USD u p to 5.5 % 1.25 % Nil

USD up to 5.5 % 1.25 % Nil

USD U p t o 4 % 1.25 % Up to 0.50 %

USD Nil 1.25 % Up to 0.50 %

EUR U p t o 4 % 1-25 % Up to 0.50 %

EUR U p t o 4 % 1.25 % Up to 0.50 %

USD Nil 0.75 % Nil

USD Nil 0.75 % Nil

USD Nil Nla Nil

USD Nil Nla Nil

Minimum Investment

USD 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

EUR 1,500

USD 5m

USD 5m

USD 5m

USD 5m

Base

Base (Acc.)

Class A Shares

Class B Shares

Class E Shares


Class I Shares


Class IO Shares




Regional CORE Equity Portfolios

Regional CORE Equity Portfolios utilise the CORE strategy, a multi-factor proprietary model developed by Goldman Sachs which aims to forecast returns on securities. Security combinations are calculated to aim to construct the most efficient riskheturn portfolio given the model’s forecast of return and risk relative to each CORE Portfolio benchmark.

Goldman Sachs Europe CORESM Equity Pottfolio


Base

Base (ACC.)

Class A Shares

Class A Shares

Class B Shares


Class P Shares

Class P Shares (Acc.)

Class I Shares


Class IX Shares

Class IO Shares

Class 10 Shares (ACC.)

Goldman Sachs Global CORESM Equity Portfolio


Additional Note:

Base (Close)

Base (Snap)

Base (Acc.) (Close)

Base (Acc.) (Snap)



Class A Shares (Close)

Class A Shares (Snap)

Class B Shares

Class E Shares (Acc.) (Close)


July 2006

Base Currency - EUR

Goldman Sachs Europe CORESM Equity Portfolio will invest in securities of European companies.

Share Class Sales Charge Management Fee Distribution Fee Currency investment

EUR u p to 5.5 % 1.25 % Nil EUR 5,000

EUR u p to 5.5 % 1.25 % Nil EUR 5,000

EUR 1,500 EUR U p t o 4 % 1.25 %

USD 1,500 USD U p t o 4 % 1.25 %

USD 1,500 USD Nil 1.25 %

EUR U p t o 4 % 1.25 % Up to 0.50 % EUR 1,500

EUR u p to 5.5 % 0.90 % Nil EUR I m

EUR u p to 5.5 % 0.90 % Nil EUR lm


EUR Nil 0.75 % Nil EUR 51-17

EUR Nil 0.75 % Nil

EUR Nil Nla Nil EUR 5m


Minimum

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

EUR 50m

Base Currency - USD

Goldman Sachs Global CORESM Equity Portfolio will invest in securities of companies anywhere in the world.

The Portfolio does not currently intend to use derivatives for reasons other than hedging andlor efficient portfolio management.

Share Class Sales Charge Management Fee Distribution Fee Minimum Currency

USD USD

USD

USD

EUR

AUD

USD

USD

USD

EUR

EUR

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

U p t o 4 %

U p t o 4 %

Nil

U p t o 4 %

U p t o 4 %

14

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

Nil

Nil

Nil

Nil

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Investment

USD 5,000

USD 5,000

USD 5,000

USD 5,000

EUR 5,000

AUD 10,000

USD 1,500

USD 1,500

USD 1,500

EUR 1,500

Up to 0.50 % EUR 1,500



(Snap)

Class P Shares (Close)

Class P Shares (Snap)

Class P Shares (Acc.) (Close)

Class P Shares (Am.)

Class I Shares (Close)

Class I Shares (Snap)

Class I Shares (Acc.) (Close)

Class I Shares (Am.) (Snap)



Class I Shares (Acc.) (Close) (AUD)

Class IO Shares (Close)


Class IO Shares (Acc.) (Close)

Class IO Shares (ACC.) (Close)

(Snap)

USD u p to 5.5 %

USD u p to 5.5 %

USD u p to 5.5 %

0.90 %

0.90 %

0.90 %

0.90 %

0.75 %

0.75 %

0.75 %

0.75 %

0.75 %

0.75 %

0.75%

Nla

Nla

Nla

Nla

Nil

Nil

Nil

USD l m

USD I m

USD I m

USD u p to 5.5 % Nil USD I m

USD Nil

USD Nil

USD Nil

Nil

Nil

Nil

USD 5m

USD 5m

USD 5m

USD Nil Nil USD 5m

EUR Nil Nil EUR 5m

EUR Nil Nil EUR 5m

AUD Nil Nil AUD 5m

EUR Nil Nil EUR 5m

USD Nil Nil USD 5m

EUR Nil Nil EUR 5m

USD Nil Nil USD 5m

Goldman Sachs Global Enhanced CORESM Equity Portfolio


Base Currency - USD

Goldman Sachs Global Enhanced CORESM Equity Portfolio will invest in securities of companies anywhere in the world.


USD u p to 5.5 % 1.25 % Nil USD 100,000

USD u p to 5.5 % 1.25 % Nil USD 100,000

USD Nil Up to 0.75 % Nil USD 5m



Base (Close)

Base (Snap)



Class I Shares (Am.) (Close)

Class I Shares (Acc.) (Snap)

USD Nil Up to 0.75 % Nil USD 51-17

Goldman Sachs Global Small Cap CORESM Equity Portfolio


Base Currency - USD

Goldman Sachs Global Small Cap CORESM Equity Pottfolio will invest in securities of relatively small market capitalisation companies anywhere in the world meaning those companies with a market capitalisation of no greater than the largest company in the SLPlCitigroup EM1 World Index, at the time that the Portfolio’s

15 Goldman Sachs Asset Management July 2006


Base (Close)

Base (Snap)

Base (ACC.) (Close)

Base (Acc.) (Snap)




Class B Shares

Class E Shares (Am.) (Close)

Class E Shares (Acc.) (Snap)



Class I Shares (ACC.) (Close)


Class I Shares (ACC.) (Close) (AUD)


Class IO Shares (Snap)


Class IO Shares (Am.) (Snap)

Goldman Sachs Japan CORE'" Equity Portfolio


Base

Base (Close)

Base (ACC.)

Base (Acc.) (Close)

Base (EUR-hedged)

Base (ACC.) (EUR- hedged)


Other Currency Shares (Acc.)



investment is made.


USD u p to 5.5 %

USD u p to 5.5 %

USD u p to 5.5 %

USD u p to 5.5 %

AUD u p to 5.5 %

USD U p t o 4 %

USD U p t o 4 %

USD Nil

EUR U p t o 4 %

EUR U p t o 4 %

USD

USD

USD

Nil

Nil

Nil

USD Nil

AUD Nil

USD Nil

USD Nil

USD Nil

USD Nil

Management Fee

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

0.75 %

0.75 %

0.75 %

0.75 %

0.75%

Nla

N/a

Nla

Nla

Distribution Fee

Nil

Nil

Nil

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Minimum I nvestment

USD 5,000

USD 5,000

USD 5,000

USD 5,000

AUD 10,000

USD 1,500

USD 1,500

USD 1,500

EUR 1,500

EUR 1,500

USD 5m

USD 5m USD 5m

USD 5m

AUD 5m

USD 5m

USD 5m

USD 5m

USD 5m

Base Currency - JPY

Goldman Sachs Japan CORESM Equity Porfolio will invest in securities of Japanese companies.


JPY u p to 5.5 % 1.25 % Nil JPY 500,000

JPY u p to 5.5 % 1.25 % Nil JPY 500,000

J PY u p to 5.5 % 1.25 % Nil JPY 500,000

JPY u p to 5.5 % 1.25 % Nil JPY 500,000

EUR u p to 5.5 % 1.25 % Nil EUR 5,000

EUR u p to 5.5 % 1.25 % Nil EUR 5,000

EUR

EUR

USD

USD

u p to 5.5 % 1.25 % Nil

u p to 5.5 % 1.25 % Nil

u p to 5.5 % 1.25 % Nil

u p to 5.5 % 1.25 % Nil

EUR 5,000

EUR 5,000

USD 5,000

USD 5,000



(Acc.)

Class A Shares

Class B Shares

Class E Shares


Class P Shares



Class P Shares (ACC.) (Close)

Class I Shares



Class I Shares (Ax.) (EUR-hedged)

Class 10 Shares

Class 10 Shares (Acc.)

Class J Shares (USD- hedged)

Class J Shares (AUD- hedged)

USD

USD

EUR

EUR

JPY

JPY

JPY

JPY

U p t o 4 %

Nil

U p t o 4 %

u p to 4 %

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

1.25 %

1.25 %

1.25 %

1.25 %

0.90 %

0.90 %

0.90 %

0.90 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

u p to 0.50 %

Nil

Nil

Nil

Nil

USD 1,500

USD 1,500

EUR 1,500

EUR 1,500

JPY 1 OOm

JPY 1 OOm

JPY 1 OOm

JPY 1 OOm

JPY

JPY

EUR

Nil

Nil

Nil

0.75 %

0.75 %

0.75 %

Nil

Nil

Nil

JPY 500m

JPY 500m

EUR 5m


JPY

JPY

USD

Nil

Nil

u p to 3.5%

N/a

N/a

0.75 %

Nil

Nil

Up to 0.75%

JPY 500m

JPY 500m

USD 5m

0.75 % AUD u p to 3.5% Up to 0.75% AUD 5m

Goldman Sachs UK CORESM Equity Portfolio


Base Currency - GBP

Goldman Sachs UK CORESM Equity Podfolio will invest in securities of UK companies.


GBP u p to 5.5 % 1.25 % Nil GBP 3,000

1.25 % Nil GBP 3,000 GBP u p to 5.5 %

Base

Base (ACC.)

Class A Shares

Class B Shares

Class E Shares (Am.)

Class P Shares

Class P Shares (ACC.)

Class I Shares


Class IO Shares


USD

USD

EUR

GBP

GBP

GBP

GBP

GBP

GBP

U p t o 4 %

U p t o 4 %

u p to 5.5 %

u p to 5.5 %

Nil

Nil

Nil

Nil

Nil

1.25 %

1.25 %

1.25 %

0.90 %

0.90 %

0.75 %

0.75 %

N/a

Nla

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Nil

Nil

USD 1,500

USD 1,500

EUR 1,500

GBP l m

GBP l m

GBP 3m

GBP 3m

GBP 3m

GBP 3m

Goldman Sachs US CORESM Equity Portfolio


Base Currency - USD

Goldman Sachs US CORESM Equity PortFolio will invest in securities of US companies

Share Class Sales Charge Management Foe Dlstribution Fee Minimum Currency Investment

USD u p to 5.5 % 1.25 % Nil USD 5,000 Base (Close)



Base (Snap)

Base (Acc.) (Close)

Base (ACC.) (Snap)

Base (EUR-hedged) (Am.) (Snap)

Base (EUR-hedged) (Acc.) (Close)



Class B Shares

Class E Shares (Close)

Class E Shares (Snap)


Class E Shares (Am.) (Snap)

Class U Shares



Class P Shares (Acc.) (Close)

Class P Shares (ACC.)



Class I Shares (Am.) (Close)


Class I Shares (EUR- hedged) (Close)

Class I Shares (EUR- hedged) (Snap)

Class I Shares (EUR- hedged) (Acc.) (Close)

Class I Shares (EUR- hedged) (Acc.) (Snap)




Class IO Shares (ACC.) (Snap)

(Snap)

USD

USD

USD

EUR

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

1.25 %

1.25 %

1.25 %

1.25 %

Nil

Nil

Nil

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

USD 5,000

USD 5,000

USD 5,000

EUR 5,000

EUR 5,000

USD 1,500

USD 1,500

USD 1,500

EUR 1,500

EUR 1,500

EUR 1,500

EUR 1,500

USD 20m

USD lorn

USD 10m

USD lorn

USD 10m

US0 5m USD 5m

USD 5m

USD 5m

EUR5m

EUR 5m

EUR 5m

EUR 5m

USD 5m

USD 5m

USD 5m

USD 5m

EUR u p to 5.5 % 1.25 %

USD

USD

USD

EUR

EUR

EUR

u p to 4 Yo

U p t o 4 %

U p t o 4 %

U p t o 4 %

U p t o 4 %

Nil

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

EUR U p t o 4 % 1.25 %

USD

USD

USD

USD

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

1.05 %

0.50 %

0.50 %

0.50 %

u p to 5.5 % USD 0.50 %

USD

USD

USD

Nil

Nil

Nil

0.75 %

0.75 %

0.75 %

USD Nil 0.75 %

EUR Nil 0.75 %

EUR Nil 0.75 %

EUR Nil 0.75 %

EUR Nil 0.75 %

USD Nil Nla

USB

USD

Nil

Nil

Nla

N/a

USD Nil Nla

Goldman Sachs US Small Cap CORESM Equity Portfolio


Base Currency - USD

Goldrnan Sachs US Small Cap CORESM Equity Portfolio will invest in securities of relatively small market capitalisation US companies meaning those companies with a market capitalisation of no greater than the

July 2006 18 Goldrnan Sachs Asset Management


Base (Close)

Base (Snap)

Base (Acc.) (Close)

Base (Acc.) (Snap)



Class B Shares



Class U Shares



Class P Shares (ACC.) (Close)

Class P Shares (Acc.) (Snap)



Class I Shares (ACC.) (Close)




Class IO Shares (Acc.) (Close)

Class IO Shares (ACC.) (Snap)

Sector Equity Portfolios

Goldman Sachs Global Financial Services Portfolio


Base

Base (ACC.)

Class A Shares

Class B Shares

July 2006

largest company in the Russell 2000 Index, at the time that the Portfolio's investment is made


USD

USD

USD

USD

USD

USD

USD

EUR

EUR

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

Sales Charge

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

U p t o 4 %

U p t o 4 %

Nil

U p t o 4 %

U p t o 4 %

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Management Fee Distribution Fee

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.25 %

1.05 %

[ I % 11% 11%

1 1 %

0.75 %

0.75 %

0.75 %

0.75 %

Nla

Nla

N/a

N/a

Nil

Nil

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Minimum Investment

USD 5,000

USD 5,000

USD 5,000

USD 5,000

USD 1,500

USD 1,500

USD 1,500

EUR 1,500

EUR 1,500

USD 20m

USD 5,000

USD 5,000

USD 5,000

USD 5,000

USD 5m

USD 5m

USD 5m

USD 5m

USD 5m

USD 5m

USD 5m

USD 5m

Base Currency - USD

Goldman Sachs Global Financial Services PortFolio will invest in securities of companies which derive or are expected to derive, a substantial proportion of their revenues from financial services activities and providers of technological solutions for these industries.


USD u p to 5.5 % 1-50 % Nil USD 5,000

USD u p to 5.5 % 1.50 % Nil USD 5,000

USD U p t o 4 % 1.50 % Up to 0.50 % USD 1,500

USD Nil 1.50 % Up to 0.50 % USD 1,500



Class E Shares EUR U p t o 4 % 1.50 %

Class E Shares (Acc.) EUR U p t o 4 % 1-50 %

Class I Shares USD Nil 1.00 %

Class I Shares (Acc.) USD Nil 1.00 %

Class IO Shares USD Nil Nla

Class IO Shares (Acc.) USD Nil Nla

Up to 0.50 %

Up to 0.50 %

Nil USD 5m

Nil USD 5m

Nil USD 5m

Nil USD 5m

EUR 1,500

EUR 1,500

Goldman Sachs Global Technology Portfolio


Base

Other Currency Shares (Acc.)



Class A Shares

Class B Shares

Class E Shares (Ax . )

Class I Shares


Class IO Shares

Class IO Shares (Ace.)

Base Currency - CHF

Goldman Sachs Global Technology Portfolio will invest in securities of companies which, in the opinion of the Investment Adviser, derive or are expected to derive, a substantial proportion of their sales from technology products and technology-related services, as well as companies expected to benefit from technological advancements.


CHF u p to 5.5 % 1.75 % Nil CHF 7,500

USD u p to 5.5 % 1.75 % Nil USD 5,000

US8 up to 5.5 % 1.75 % Nil USD 5,000

GBP u p to 5.5 % 1.75 % Nil GBP 3,000

USD U p t o 4 % 1.75 % Up to 0.50 % USD 1,500

USD Nil 1.75 % Up to 0.50 % USD 1,500

EUR U p t o 4 % 1.75 % Up to 0.50 % EUR 1,500

USD Nil 1.25 % Nil USD 5m



USD Nil Nla Nil USD 51-17

Fixed Income Portfolios


The investment objective of each Fixed Income Portfolio is a high level of total return consisting of income and capital appreciation through investment in Permitted Investments.

Investment Policies

Each Fixed Income Portfolio listed in the Supplements, will, under normal market conditions, invest at least two thirds of its assets (excluding cash and cash-equivalents) in bonds, and not more than one third of its assets in other securities and instruments and non-bond related UCls and not more than one quarter of its assets in convertible securities. The Fixed Income Portfolios (with the exception of the Global High Yield Portfolio) will not invest in equity and equity related instruments (with the exception of (i) shares in other Permitted Funds which themselves do not invest in equity securities and (ii) instruments which are received as part of a restructuring or similar event). (The Global High Yield Portfolio may invest up to one tenth of its assets in equity or equity-related securities.) Under normal market conditions, each Fixed Income Portfolio will invest its assets (excluding cash and cash-equivalents) primarily in the securities of the country, region, sector or



currency referred to in the Portfolio’s name. Subject always to the principles described above, Shareholders should be aware that there may be exposure, including both net long and net short exposures, to countries, regions, sectors or currencies that are not referred to in the Portfolio’s name or investment objective as a consequence of the use of financial derivative instruments as further described below.

Fixed Income Portfolios in particular may use certain techniques, through the use of financial derivative instruments, related to the management of currency, credit and interest rate risks associated with assets held in the relevant Fixed Income Portfolio and may engage in transactions in financial derivative instruments, which may result in both net long and net short exposures, and other Permitted Investments as part of their general investment policy, to generate returns and/or for hedging purposes. In accordance with Appendix A of the Prospectus, no short sales of securities will be undertaken; short positions may be achieved using securitised and non-securitised derivative instruments. Please see Appendix B - “Special Investment Techniques” together with the ”Risk Considerations” discussed in the Prospectus.

Permitted Investments for any Fixed Income Portfolio may, subject to the aforementioned restrictions, include all types of debt securities subject to such limitations as may apply under Luxembourg law and the relevant Portfolio’s investment policy, including, but not limited to, fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper), Money Market Instruments, Brady bonds and other debt issued by governments, their agencies and instrumentalities, or by central banks, convertible debt obligations, loan participations, preferred stock, and reverse repurchase agreements with respect to securities issued by governments and central banks.

If a security is unrated, a Portfolio may invest in such a security if such security is determined by the Investment Adviser to be of comparable credit quality to the rated securities in which the Portfolio is permitted to invest.

As part of a Fixed Income Portfolio’s overall investment policy, and as part of the range of Permitted Investments which may be utilised to generate exposure to fixed income markets, a Fixed Income Portfolio may invest in units or shares of bond related UCls; however, each Fixed Income Portfolio will not invest more than 10% of its net assets in any undertaking for collective investment.

Goldman Sachs Euro Fixed Income PortFolio


Base

Base (Acc.)


Class A Shares

Class A Shares

Class B Shares

Class I Shares


Class IO Shares


Base Currency - EUR

Goldman Sachs Euro Fixed Income Portfolio will invest its assets primarily in investment grade securities.


EUR u p to 5.5 % 1.00 % Nil EUR 5,000

EUR u p to 5.5 % 1.00 % Nil EUR 5,000

USD u p to 5.5 % 1 .oo % Nil USD 5,000

EUR U p t Q 4 % 1.00 % Up to 0.50 % EUR 1,500

USD u p to 4 % 1.00 % Up to 0.50 % USD 1,500

USD Nil 1.00 % Up to 0.50 % USD 1,500





Goldman Sachs Global Credit Porffolio (Hedged)

July 2006

Base Currency - USD




Additional Note:

Base

Base (Acc.)

Class A Shares

Class B Shares


Class I Shares


Class I Shares (Acc.) (AUD-hedged)

Class I Shares (Acc.) (EUR-hedged)

Class I Shares (GBP- hedged)

Class IO Shares


Class IO Shares (ACC.) (EUR-hedged)

Class IO Shares (GBP-hedged)

Goldman Sachs Global Emerging Markets Debt Portfolio


Additional Note:

Base

Base (ACC.)

Base (EUR-hedged)

Base (Acc.) (EUR- hedged)

Class A Shares

Class B Shares


Class I Shares


Class I Shares (Acc.) ( A W


Class I Shares (EUR-

Goldman Sachs Global Credit Portfolio (Hedged) will invest its assets primarily in investment grade securities.

The Global Credit Portfolio (Hedged) is hedged to USD, but also offers AUD, EUR and GBP-hedged share classes.


USD

USD

USD

USD

EUR

USD

USD

AUD

EUR

GBP

USD

USD

EUR

GBP

Sales Charge

u p to 5.5 %

u p to 5.5 %

U p t o 4 %

Nil

U p t o 4 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Management Fee

1-00 %

1-00 %

1.00 %

1-00 %

1.00 %

0.50 %

0.50 %

0.50 %

0.50 %

0.50 %

Nla

Nla

Nla

Nla

Distribution Fee

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Minimum Investment

USD 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

USD 5rn

USD 5m

AUD 5m

EUR 5m

GBP 3m

USD 5m

USD 5m

EUR 5m

GBP 3m

Base Currency - USD

Goldman Sachs Global Emerging Markets Debt Portfolio will invest its assets primarily in securities of issuers located in emerging countries.

The Global Emerging Markets Debt Portfolio also offers AUD, EUR and GBP-hedged share classes.


USD u p to 5.5 % 1.25 % Nil USD 5,000

USD u p to 5.5 % 1.25 % Nil USD 5,000

u p to 5.5 % 1.25 % Nil EUR 5,000 EUR

EUR u p to 5.5 % 1.25 % Nil EUR 5,000

USD U p t o 4 % 1.25 % Up to 0.50 % USD 1,500

USD Nil 1.25 % Up to 0.50 % USD 1,500

u p to 4% 1.25 % Up to 0.50 % EUR 1,500 EUR



AUD Nil 0.75 % Nil AUD 5m




Goldman Sachs Funds SlCAV

hedged)



Class IO Shares

Class 10 Shares (Am.)

Class IO Shares (Acc.) (EUR-hedged)


Goldman Sachs Global Fixed Income Portfolio


Base

Base (ACC.)

Class A Shares

Class B Shares


Class I Shares


Class I Shares (ACC.) (AUD)

Class I Shares (ACC.) (EUW

Class I Shares (Am.) (GBP)

Class IO Shares


Class IO Shares (ACC.) W R )

Class IO Shares (ACC.) W P )

EUR Nil

GBP Nil

USD Nil

USD Nil

EUR Nil

GBP Nil

2 Goldman Sachs Funds - investment Objective and Policies and Summary Table of Share Classes of each Porlfolio

0.75 %

0.75 %

Nla

Nla

Nla

Nla

Nil

Nil

Nil

Nil

Nil

Nil

EUR 5m

GBP 3m

USD 5rn

USD 5m

EUR 5m

GBP 3m

Base Currency - USD

Goldman Sachs Global Fixed Income Portfolio is a US Dollar-denominated portfolio that will invest its assets primarily in investment grade securities.


USD

USD

USD

USD

EUR

USD

USD

AU D

u p to 5.5 %

u p to 5.5 %

U p t o 4 %

Nil

U p t o 4 %

Nil

Nil

Nil

1.00 %

1.00 %

1.00 %

1.00 %

1.00 %

0.50 %

0.50 %

0.50 %

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

USD 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

USD 5m

USD 5m

AUD 5m


GBP Nil 0.50 % Nil GBP 31-17

USD Nil

USD Nil

EUR Nil

N/a

N/a

Nla

Nil

Nil

Nil

USD 5m

USD 5m

EUR 5m

GBP Nil Nla Nil GBP 3m



Goldman Sachs Global Flxed income Portfolio (Hedged)


Additional Note:

Base

Base (Acc.)

Class A Shares

Class A Shares

Class B Shares

Class I Shares



Class I Shares (Am.) (EUR-hedged)


Class I Shares (USD- hedged)

Class IO Shares


Class IO Shares (Am.) (EU R-hedged)


Class IO Shares (USD-hedged)

Goldman Sachs Global High Yield Portfolio


Additional Note:

Base

Base (ACC.)

EUR hedged

July 2006

Base Currency - EUR

Goldman Sachs Global Fixed Income Portfolio (Hedged) will invest its assets primarily in investment grade securities.

The Global Fixed Income Portfolio (Hedged) is hedged to EUR, but AUD, GBP and USD-hedged share classes are also available.


EUR up to 5.5 %

EUR u p to 5.5 %

EUR U p t o 4 %

USD U p t o 4 %

USD Nil

EUR Nil

EUR Nil

AUD Nil

EUR Nil

GBP Nil

USD Nil

EUR Nil

EUR Nil

EUR Nil

GBP Nil

USD Nil

Management Fee

1.00 %

1.00 %

1.00 %

1.00 %

1-00 %

0.50 %

0.50 %

0.50 %

0.50 %

0.50 %

0.50 %

Nla

Nla

Nla

N/a

Nla

Distribution Fee

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Mlnlmum Investment

EUR 5,000

EUR 5,000

EUR 1,500

USD 1,500

USD 1,500

EUR 5m

EUR 51-17

AUD 5m

EUR 5m

GBP 3m

USD 5m

EUR 5m

EUR 5m

EUR 5m

GBP 3m

USD 5m

Base Currency - USD

Goldman Sachs Global High Yield Portfolio will invest its assets primarily in securities issued by North American and European companies, primarily rated below investment grade (including those securities issued by issuing entities based in the Channel Islands, Cayman Islands, Bermuda and other offshore centres from where corporate debt may be issued).

The Global High Yield Portfolio also offers a EUR Hedged Share Class.

Investors should be aware that this Hedged Share Class offered is currently managed with the intention of being interest rate hedged as well as currency hedged which means that sensitivity of the Hedged Share Class to interest rate fluctuations is different from that of the Base Share Class of the Portfolio. The Hedged Share Class is therefore not suitable for those investors whose desired exposure to interest rate fluctuations is that of the currency of the Base Share Class of the Portfolio.

Share Class Sales Charge Management Fee Distributlon Fee Minimum Currency Investment

USD u p to 5.5 % 1.10 % Nil USD 5,000

USD u p to 5.5 % 1.10 % Nil USD 5,000

EUR u p to 5.5 % 1.10 % Nil EUR 5,000



EUR hedged (ACC.)

Class A Shares

Class B Shares


Class I Shares

Class I Shares (Am.)

Class I Shares (Acc.) (AUD)

Class IO Shares




Goldman Sachs Global Quantitative Fixed Income Portfolio (Hedged)


Additional Note:

Base

Base (Acc.)

Base (Euro-hedged)

Base (Euro-hedged) (Acc.)

Class A Shares

Class A Shares

Class I Shares



Class I Shares (ACC.) (EU R-hedged)


Class IO Shares


Class IO Shares (EUR- hedged)



July 2006

EUR

USD

USD

EUR

USD

USD

AUD

USD

USD

EUR

u p to 5

u p to 4

Nil

u p to 4

Nil

Nil

Nil

Nil

Nil

Nil

EUR Nil

.5 %

%

%

1.10 %

1.10 %

1.10 %

1.10 %

0.60 %

0.60 %

0.60 %

N/a

N/a

Nla

Nla

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

EUR 5,000

USD 1,500

USD 1,500

EUR 1,500

USD 5m

USD 5m

AUD 5m

USD 5m

USD 5m

EUR 5m

EUR 5m

Base Currency - USD

Goldman Sachs Global Quantitative Fixed Income Portfolio (Hedged) will invest its assets primarily in investment grade securities.

The Global Quantitative Fixed Income Portfolio (Hedged) is hedged to USD, but GBP and EUR-hedged share classes are also available.


USD

USD

EUR

EUR

USD

USD

USD

USD

EUR

EUR

GBP

USD

USD

EUR

EUR

GBP

Sales Charge

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

U p t o 4 %

U p t o 4 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

25

Management Fee

1.00 %

1.00 %

1.00 %

1.00 Yo

1.00 %

1.00 %

0.50 %

0.50 %

0.50 %

0.50 %

0.50 %

N/a

N/a

N/a

Nla

Nla

Distribution Fee

Nil

Nil

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Minimum Investment

USD 5,000

USD 5,000

EUR 5,000

EUR 5,000

USD 1,500

USD 1,500

USD 5m

USD 51-17

EUR 5m

EUR 5m

GBP 3m

USD 51-17

USD 51-17

EUR 5m

EUR 5m

GBP 3m



Goldman Sachs Global Inflation- Linked Fixed Income Portfolio (Hedged)


Additional Note:

Base

Base (Acc.)

Class A Shares

Class B Shares


Class I Shares





Goldman Sachs Sterling Broad Fixed Income Portfolio


Base

Base (Acc.)

Class A Shares

Class A Shares

Class B Shares


Class I Shares


Class IO Shares


Goldrnan Sachs US Fixed Income Portfolio


Base Currency - USD

Goldman Sachs Global Inflation-Linked Portfolio (Hedged) will invest its assets primarily in inflation-linked securities.

The Global Inflation-Linked Portfolio (Hedged) is hedged to USD, but AUD, EUR and GBP-hedged share classes are also available.

Share Class Sales Charge Management Fee Distrlbutlon Fee Minimum Currency Investment

USD u p to 5.5 % 1.00 % Nil USD 5,000

USD 5,000 USD u p to 5.5 % 1.00 % Nil

USD u p to 4 % 1 .oo % Up to 0.50 % USD 1,500

USD Nil 1.00 % Up to 0.50 % USD 1,500

EUR 1,500 EUR u p to 4 % 1-00 % Up to 0.50 %





GBP Nil 0.50 % Nil GBP 3m

Base Currency - GBP

Goldman Sachs Sterling Broad Fixed Income Portfolio will invest its assets primarily in investment grade government and non-government securities denominated in Sterling.


GBP up to 5.5 % 1.00 % Nil GBP 3,000

GBP 3,000

GBP U p t o 4 % 1.00 % Up to 0.50 % GBP 1,500

USD U p t o 4 % 1.00 % Up to 0.50 % USD 1,500

USD Nil 1.00 % Up to 0.50 % USD 1,500

EUR U p t o 4 % 1.00 % Up to 0.50 % EUR 1,500

GBP u p to 5.5 % 1.00 % Nil



GBP 5m GBP Nil Nla Nil

GBP Nil Nla Nil GBP 3m

Base Currency - USD

Goldman Sachs US Fixed Income Portfolio will invest its assets primarily in investment grade securities of US issuers.

Share Class Sales Charge Management Fee Distribution Fee Minimum


Goldman Sachs Funds SICAV 2 Goldrnan Sachs Funds - Investment Objective and Policies and Summary Table of Share Classes of each Portfolio

Currency

USD

USD

EUR

USD

USD

EUR

USD

USD

USD

AUD

Investment

USD 5,000

USD 5,000

EUR 5,000

USD 1,500

USD 1,500

EUR 1,500

USD 20m

USD 5m

USD 5m

AUD 5m

Base

Base (ACC.)

EUR hedged

Class A Shares

Class B Shares


Class U Shares

Class I Shares

Class I Shares (Am.)



Class I Shares (Acc.) (GBP-hedged)

Class IO Shares



Class IO Shares (ACC.) (GBP-hedged)

up to 5.5 %

u p to 5.5 %

u p to 5.5 %

U p t o 4 %

Nil

U p t o 4 %

u p to 5.5 %

Nil

Nil

Nil

1.00 %

1.00 %

1 .oo %

1.00 %

1.00 %

1.00 %

0.85 %

0.50 %

0.50 %

0.50 %

Nil

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil



USD

USD

EUR

Nil

Nil

Nil

Nla

Nla

Nla

Nil

Nil

Nil

USD 5m

USD 5m

EUR 5m

GBP Nil Nla Nil GBP 3rn

Goldrnan Sachs US Mortgage Backed Securities Portfolio


Base Currency - USD

Goldman Sachs US Mortgage Backed Securities Portfolio will invest in US mortgage and asset backed securities.

The US Mortgage Backed Securities Portfolio also offers AUD, EUR and GBP-hedged share classes. Additional Note:


USD

USD

USD

USD

EUR

USD

USD

AUD


USD 5,000

USD 5,000

USD 1,500

USD 1,500

EUR 1,500

USD 5m

USD 5m

AUD 5m

Base

Base (ACC.)

Class A Shares

Class B Shares


Class I Shares






Class IO Shares


u p to 5.5 %

u p to 5.5 %

U p t o 4 %

Nil

U p t o 4 %

Nil

Nil

Nil

0.80 %

0.80 %

0.80 %

0.80 %

0.80 %

0.30 %

0.30 %

0.30 %

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil


EUR Nil 0.30 % Nil EUR 5rn

GBP Nil 0.30 % Nil GBP 3rn



Goldrnan Sachs Asset Management 27 July 2006


Class IO Shares (EUR- EUR hedged)

Class IO Shares (ACC.) EUR (EUR-hedged)

Class IO Shares (GBP- GBP hedged)

Nil

Nil

Nil

2 Goldman Sachs Funds - Investment Objective and Policies and Summary Table of Share Classes of each Porlfolio

Nla

Nla

Nla

Nil

Nil

Nil

EUR 5m

EUR 5m

GBP 3m

Further detail on fees and expenses, including other fees that are attributable to the Shares of the Fund, can be found in the Prospectus.

Please refer to “Description of Share Classes” in the Prospectus for more details on the type of Share Class or Currency in which a Share Class may be launched.



3

3 Goldman Sachs Funds - Specific Risk Considerations and Conflicts of Interest

Goldman Sachs Funds - Specific Risk Considerations and Conflicts of Interest The Risk Considerations and Conflicts of Interest referred to below are specific to the Goldman Sachs Global PCP Equity Portfolio (“PCP Portfolio”) and are in addition to and not in substitution for the Risk Considerations and Conflicts of Interest described in the Prospectus on pages [I. The Risk Considerations referred to below must be read in conjunction with those described in the Prospectus.

In its management of the PCP Portfolio the Investment Adviser shall be implementing views similar to those reflected in the advice and recommendations which it, or its affiliates, has provided, and which it will provide, to separate account clients of Goldman Sachs Private Wealth Management business (“PWM Accounts”). Each of the PCP Portfolio and the PWM Accounts is subject to independent execution and, given the independence of that implementation, there can be no warranty that such investment advice will be implemented simultaneously. Neither the Investment Advisor nor those investment management teams responsible for the PWM Accounts will know when advice issued has been executed (if at all) and, if so, to what extent. It is possible that prior execution for or on behalf of one of the PCP Portfolio and the PWM Accounts may adversely affect the prices and availability of securities, currencies and instruments in which the other invests.

23627.770716


D

- Goldman Sachs Funds SICAV

July 2006


An undertaking for collective investrnent organised under the 13ws of ihe Grand Duchy of Luxembourg is,I.C.A.V.)

July 2006

Supplement If to the Prospectus - Specialist Portfolios

n 9 e

This Supplement

Prospectus

ii Goldman Sachs Asset Management


July 2006 ... Ill Goldman Sachs Asset Management

- Goldman Sachs Funds SlCAV This Supplement

This Supplement

The purpose of this Supplement is to describe in more detail those Specialist Portfolios of Goldman Sachs Funds which are managed by Goldman Sachs Asset Management International.

This Supplement must always be read in conjunction with the Prospectus. The Prospectus contains detailed information on the following aspects of the Fund: a description of Share Classes; the risks associated with an investment in the Fund; information on the management and administration of the Fund and in respect of those third parties providing services to the Fund; the purchase and redemption of Shares and exchange privileges; the determination of Net Asset Value; dividend policy; fees and expenses of the Fund; information on the Fund; meetings of and reports to Shareholders; and taxation. In addition, the Prospectus contains, in its Appendices, information on special investment techniques and applicable investment restrictions.

The information contained in the Prospectus refers also to the Portfolios of the Fund which are managed by Goldman Sachs Asset Management International in respect of which further and additional detail is contained in Supplements I, Ill and IV.

No subscriptions will be accepted for Shares in any Specialist Portfolio if the investor is basing its decision to invest solely on the information contained in this Supplement.

This Supplement provides summary information on each of the Specialist PortFolios including details of the Share Classes within each Specialist Portfolio of the Fund that are available as of the date of the Prospectus.

July 2006 iv Goldman Sachs Asset Management

Goldman Sachs Funds SICAV Table of Contents .

Table of Contents

Page

This Supplement ..................................................................................................................................................................... iv

Table of Contents ........................................................................................................................................................................... v

Definitions ...................................................................................................................................................................................... 1

1 Goldman Sachs Funds - Summary Table of Portfolios .................................................................................................... 2

2 Goldman Sachs Funds - Summary Table of Share Classes of each Portfolio ................................................................ 3

3 Goldman Sachs Funds - Specific Risk Considerations and Conflicts of Interest ........................................................... 13

Appendix A:

Appendix B:

Appendix C:

Appendix D:

Appendix E:

Appendix F:

Appendix G:

Appendix H:

Appendix I:

Appendix J:

Appendix K:

Appendix L:

Appendix M:

Appendix N:

July 2006

Goldman Sachs Global Currency Portfolio ....................................................................................................... 14

Goldman Sachs Global LIBOR Plus I Porifolio ................................................................................................. 18

Goldman Sachs Global LIBOR Plus II Portfolio ................................................................................................ 20

Goldman Sachs Global Fixed Income Plus Portfolio (Hedged) ........................................................................ 22

Goldman Sachs Euro Fixed Income Plus Portfolio ........................................................................................... 23

Goldman Sachs Sterling Broad Fixed Income Plus Portfolio ............................................................................ 24

Goldman Sachs Global Diversified Strategies Portfolio .................................................................................... 25

Goldman Sachs Commodities Enhanced Index Portfolio ................................................................................. 27

Goldman Sachs Commodities Alpha Portfolio ...................................................................................................... 28

Goldman Sachs Global CORESM Flex Portfolio .................................................................................................... 30

Goldman Sachs Europe CORESM Flex Portfolio ............................................................................................... 31

Goldman Sachs US CORESM Flex Portfolio ......................................................................................................... 32

Goldman Sachs Japan CORESM Flex Portfolio ................................................................................................. 33

Goldman Sachs UK CORESM Flex Portfolio ..................................................................................................... 34

V Goldman Sachs Asset Management

Goldman Sachs Funds SICAV Table of Contents

Appendix 0:

Appendix P:

Goldman Sachs Global Property Securities Portfolio ....................................................................................... 35

Goldman Sachs Europe Property Securities Portfolio ...................................................................................... 36

Appendix Q:

Appendix R:

Appendix S:

Appendix T:

Appendix U:

Appendix Q: Goldman Sachs Asia Property Securities Portfolio ..................................................................... 37

Goldman Sachs Global (ex-US) Property Securities Portfolio .......................................................................... 38

Goldman Sachs Global Absolute Alpha Portfolio ............................................................................................. 39

Goldman Sachs GTAA Equity Strategy Portfolio .............................................................................................. 41

Goldman Sachs Global Currency Plus Portfolio ............................................................................................... 43

July 2006 vi Goldman Sachs Asset Management

Goldman Sachs Funds SlCAV Definitions -

Defi n i tio ns In this Supplement, unless more particularly defined herein or in the Prospectus, the following capitalised words and phrases, which are in addition to and are intended to be read in conjunction with those definitions contained in the Prospectus, will have the following meanings:

“ LIB 0 R” means London Interbank Offered Rate;

“Liquid Securities”

“Specialist Portfolio”

July 2006

means fixed income securities including, without limitation, Government Securities, corporate bonds (of investment grade and below), commercial paper and other short term obligations, bank obligations (including but not limited to banker’s acceptances, certificates of deposit, time deposits and unsecured bank promissory notes) variable or floating rate obligations, zero coupon securities, depository receipts of non-US issuers, repurchase agreements, reverse repurchase agreements, dollar roll agreements, mortgage backed and other asset backed and receivable backed securities (including collateral mortgage obligations, and interest-only or principal-only securities), indexed securities the redemption values and/or coupons of which are indexed to the price of other securities, securities indices, currencies, and such other fixed income instruments similar in nature to the foregoing as may seem appropriate to the Investment Adviser;

means those Specialist Portfolios of the Fund which are contemplated by this Supplement.


Goldman Sachs Funds SICAV 1 Goldman Sachs Funds - Summary Table of Portfolios

1 Goldman Sachs Funds - Summary Table of Portfolios

An Undertaking for Collective Investment organised under the Laws of the Grand Duchy of Luxembourg, (SICAV).

The following are separate investment portfolios (each a “Specialist Portfolio”, together the “Specialist Portfolios”) of Goldman Sachs Funds (the “Fund”) managed by Goldman Sachs Asset Management International and its affiliates, Specialist Portfolios

Specialist Portfolios

Goldman Sachs Global Currency Portfolio

Goldman Sachs Global Fixed Income Plus Portfolio (Hedged) Goldman Sachs Euro Fixed Income Plus Pofrfolio Goldman Sachs Sterling Broad Fixed Income Plus Podfolio

Goldman Sachs Commodities Enhanced Index Portfolio

Goldman Sachs Global LIEOR Plus I Portfolio Goldman Sachs Global LIBOR Plus II Portfolio

Goldrnan Sachs Global Diversified Strategies Portfolio

Goldrnan Sachs US CORESM Flex Portfolio

Goldman Sachs Europe CORESM Flex Portfolio

Goldman Sachs Global CORESM Flex Portfolio

Goldman Sachs Japan COREsM Flex Portfolio

Goldman Sachs UK CORESM Flex Portfolio Goldman Sachs Commodities Alpha Portfolio

Goldman Sachs Global Property Securities Podfolio Goldrnan Sachs Global (ex-US) Property Securities Portfolio

Goldman Sachs Europe Property Securities Portfolio

Goldrnan Sachs Asia Property Securities Pottfolio

Goldrnan Sachs Global Absolute Alpha Portfolio

Goldrnan Sachs GTAA Equity Strategy Portfolio

Goldrnan Sachs Global Currency Plus Portfolio

Launched December 2005

January 2006 January 2006 January 2006 December 2005 June 2006

June 2006

Nla

Nla

N/a

Nla

Nla

Nla

Nla Nla Nla

Nla

N/a

Nla

Nla

Nla

For those Portfolios where no launch date has been stated, please contact your usual Goldman Sachs representative or the European Shareholder Services team at Goldman Sachs International, Christchurch Court, 10-15 Newgate Street, London EC1A 7HD to determine whether the Portfolio has been launched since the date of this Prospectus.



CORE is a registered service mark of Goldman, Sachs 8 Co.


Goldman Sachs Funds SICAV 2 Goldrnan Sachs Funds -Summary Table of Share Classes of each Portfolio

-

2 Goldman Sachs Funds - Summary Table of Share Classes of each Portfolio The following table sets out the Share Classes within the Specialist Portfolios of the Fund. For details, please refer to “Description of Share Classes” on page [I of the Prospectus.

Specialist Portfolios

Goldman Sachs Global Currency Portfolio

Base

Base (Am.) Base (EUR-hedged) Base (Acc.) (EUR-hedged)

Base (GBP-hedged) Class A Shares Class A Shares (Acc.) Class A Shares (Am.) (EUR-hedged)

Class A Shares (GBP-hedged) Class P Shares


Class P Shares (EUR-hedged) Class P Shares (Acc.) (EUR-hedged) Class P Shares (GBP-hedged)

Class I Shares Class I Shares (Am.) (AUD-hedged) Class I Shares (Am.) (EUR-hedged) Class I Shares (GBP-hedged)

Goldman Sachs Global LIBOR Plus I Porffolio

Base Base (Acc.) Base (EUR-hedged) Base (Acc.) (EUR-hedged)

Base (GBP-hedged)

Other Currency Shares (EUR-hedged) Other Currency Shares (Acc.) (EUR- hedged) Class A Shares

Class A Shares (Acc.) Class A Shares (EUR-hedged) Class A Shares (Acc.) (EUR-hedged)

Class A Shares (GBP-hedged) Class I Shares


Class I Shares (EUR-hedged) Class I Shares (Am.) (EUR-hedged)

Class I Shares (GBP-hedged)

Goldman Sachs Global LIBOR Plus II Portfolio

July 2006

Base Currency - USD


USD up to 5.5 % USD up to 5.5 %

EUR up to 5.5 %

EUR up to 5.5 %

GBP up to 5.5 %

USD Up to4% USD Upto4%

EUR Upto4% GBP Upto4%

USD up to 5.5 %

USD Up to 5.5 % EUR up to 5.5 %

EUR Up to 5.5 % GBP up to 5.5 %

USD Nil AUD Nil EUR Nil GBP Nil

Base Currency - USD


USD USD EUR

EUR GBP

EUR EUR

Sales Charge

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 x up to 5.5 % up to 5.5 %

USD Up to4%

USD Up to4% EUR Up to4% EUR Up to4%

GBP Up to4% USD Nil USD Nil

EUR Nil

EUR Nil GBP Nil

Base Currency - USD

Management Fee Dlstrlbutlon Fee

up to 1.20 %

up to 1.20 %

up to 1.20 %

up to 1.20 %

up to 1.20 %

up to 1.20 %

up to 1.20 %

up to 1.20 %

up to 1.20 %

Up to 0.60 %

Up to 0.60 % Up to 0.60 %

Up to 0.60 % Up to 0.60 %

up to 1.00 %

up to 1.00 %

up to 1.00 %

up to 1.00 %

Nil Nil

Nil Nil Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil Nil

Nil Nil

Nil Nil Nil Nil Nil

Performance Fee

20% of excess return

20% of excess return 20% of excess return 20% of excess return


20% of excess return 20% of excess return 20% of excess return 20% of excess return


20% of excess return 20% of excess return

20% of excess return 20% of excess return 20% of excess return 20% of excess return 20% of excess return 20% of exmss return

Management Fee Distribution Fee Performance Fee

Up to 0.60 %

Up to 0.60 %

Up to 0.60 %

Up to 0.60 %

Up to 0.60 %

Up to 0.40 %

Up to 0.40 %

Up to 0.60 %

Up to 0.60 %

Up to 0.60 %

Up to 0.60 %

Up to 0.60 %

Up to 0.35 %

Up to 0.35 %

Up to 0.35 %

Up to 0.35 % Up to 0.35 %

3

Nil Nil

Nil Nil

Nil Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil Nil

Nil









Minimum Investment

USD 5,000

USD 5,000 EUR 5,000

EUR 5,000

GBP 3,000 USD 1,500 USD 1,500 EUR 1,500 GBP 1,000

USD 50,000

USD 50,000 EUR 50,000

EUR 50,000 GBP 30,000 USD 5m AUD 5m EUR 5m GBP 3m

Minimum Investment

USD 5,000 USD 5,000 EUR 5,000 EUR 5,000

GBP 3,000 EUR 50,000

EUR 50,000

USD 1,500 USD 1,500

EUR 1.500

EUR 1,500

GBP 1,000

USD 5m USD 5m

EUR 5m EUR 5m GBP 3m

Goldrnan Sachs Asset Management

2 Goldman Sachs Funds - Summary Table of Share Classes of each - Goldman Sachs Funds SICAV

Base Base (Au;.)

Base (Acc.) (EUR-hedged) Base (EUR-hedged) Base (GBP-hedged)

Other Currency Shares (Am.) (EUR- hedged)

Other Currency Shares (EUR-hedged) Class A Shares

Class A Shares (Am.) Class A Shares (EUR-hedged)

Class A Shares (Acc.) (EUR-hedged) Class A Shares (GBP-hedged) Class I Shares


Class I Shares (EUR-hedged)



Goldman Sachs Global Fixed Income Plus Portfolio (Hedged)

Additional Note:

Base Base (Am.)

Base (USD-hedged)

Base (Acc.) (USD-hedged) Base (GBP-Hedged) Class A Shares Class A Shares (Acc.)

Class A Shares (Am.) (USD-Hedged)

Class A Shares (GBP-hedged) Class P Shares

Class P Shares (ACC.) Class P Shares (USD-hedged)

Class P Shares (Am.) (USD-hedged)

Class P Shares (GBP-Hedged) Class I Shares Class I Shares (Acc.) Class I Shares (Acc.) (USD-Hedged)

Class I Shares (GBP-Hedged)

Goldman Sachs Euro Flxed Income Plus Portfolio

Base

Base (Acc.) Class A Shares

Class A Shares (Am.)


USD up to 5.5 %

USD up to 5.5 %

EUR up to 5.5 %

EUR up to 5.5 %

GBP up to 5.5 %

EUR up to 5.5 %

EUR USD

USD

EUR EUR GBP

USD USD

EUR

EUR

GBP

up to 5.5 %

Up to4%

Upto4% Upto4% Up to4% Up to4%

Nil Nil

Nil Nil

Nil

Base Currency - EUR



up to 1.00 %

up to 1.00 %

up to 1.00 %

up to 1-00 %

up to 1.00 %

Up to 0.60 %

Up to 0.60 %

up to 1.00 %

up to 1.00 %

up to 1.00 %

Upto1.00%

up to 1.00 %

Up to 0.55 %

Up to 0.55 %

Up to 0.55 % Up to 0.55 56

Up to 0.55 Yo

Nil Nil Nil

Nil

Nil Nil

Nil

Up to 0.50 %

Up to 0.50 % Up to 0.50 %

Up to 0.50 % Up to 0.50 %

Nil Nil

Nil Nil

Nil











Management Fee Distributlon Fee Performance Fee

Portfolio

Minimum Investment

USD 5,000

USD 5,000

EUR 5,000 EUR 5,000

GBP 3,000

EUR 50,000

EUR 50,000

USD 1,500

USD 1,500

EUR 1,500

EUR 1,500 GBP 1,000

USD 5m USD 5m

EUR 5rn

EUR 5rn

GBP 3m

Mlnlmum Investment

The Global Fixed Income Plus Portfolio (Hedged) is hedged to EUR, but GBP- and USD-hedged share classes are also available.

EUR up to 5.5 %

EUR up to 5.5 %

USD up to 5.5% USD up to 5.5 %

GBP up to 5.5 %

EUR Upto4%

EUR Up to4% USD Up to4% GBP Up t04%

EUR up to 5.5 %

EUR up to 5.5 %

USD up to 5.5%

USD up to 5.5 %

GBP up to 5.5 Yo EUR Nil EUR Nil

USD Nil GBP Nil

Base Currency - EUR


EUR up to 5.5 %

EUR up to 5.5 %

USD Up to4%

USD Upto4%

up to 1.00 %

up to 1.00 % up to 1 .oo% up to 1.00 %

up to 1.00 %

up to 1.00 % up to 1.00 % up to 1.00 %

up to 1.00 %

up to 0.80 %

Up to 0.80 % up to 0.80 % up to 0.80 %

Up to 0.80 % Up to 0.75 %

Up to 0.75% Up to 0.75 %

Up to 0.75 Yo

Nil Nil Nil

Nil Nil

Up to 0.50 % Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil Nil

Nil Nil Nil Nil

Nil Nil

Nil

Nil

Nil

Nil Nil Nil

Nil Nil Nil

Nil Nil

Nil Nil Nil

Nil Nil

Nil Nil

Nil

EUR 5,000 EUR 5,000

USD 5,000

USD 5,000 GBP 3,000

EUR 1,500

EUR 1,500

USDI ,500 GBP 1,500

EUR 50,000

EUR 50,000

USD 50,000 USD 50,000

GBP 30,000 EUR 5m

EUR 5rn

USD 5rn

GBP 3m

Management Fee Dlstribution Fee Performance Fee Mlnlmum investment

Up to 1.00 % Nil Nil EUR 5,000 Up to 1.00 % Nil Nil EUR 5,000

up to 1.00 % up to 0.50 % Nil USD 1,500

Up to 1 .OO % Up to 0.50 % Nil USD 1,500



Class E Shares

Class P Shares


Class I Shares


July 2006

2 Goldman Sachs Funds -Summary Table of Share Classes of each Portfolio

~

EUR U p t o 4 % Up to 1 .OO % Up to 0.50 %

EUR Up to 5.5 % Up to 0.80 % Nil

EUR Up to 5.5 % Up to 0.80 % Nil EUR Nil Up to 0.75 % Nil EUR Nil Up to 0.75 % Nil

5

Nil

Nil Nil

Nil

Nil

EUR 1,500 EUR 50,000 EUR 50,000

EUR 5rn

EUR 5m


Goldman Sachs Funds SICAV 2 Goldman Sachs Funds - Summary Table of Share Classes of each Porifolio

Goldman Sachs Sterling Broad Flxed Income Plus Portfolio

Base Currency - GBP

Base Base (Acc) Class A Shares Class P Shares

Class P Shares (Acc)

Class I Shares Class I Shares (ACC.)

Goldman Sachs Global Dlversified Strategies Portfolio

Base Base (Am.)

Base (USD-hedged) Base (USD-hedged) (Acc.)

Base (GBP-hedged) Class I Shares Class I Shares (Acc.)

Class I Shares (USD-hedged)

Class I Shares (USD-hedged) (Acc.)


Class A Shares (USD-hedged)

Class A Shares (USDhedged) (Am.)

Class E Shares (Euro-hedged) Class E Shares (Euro-hedged) (Acc)

Goldman Sachs Commodities Enhanced Index Porlfollo

Base (Snap) Base (Close) Base (ACC.) (Snap) Base (Am.) (Close)

Base (Acc.) (EUR-hedged) (Snap) Base (ACC.) (EUR-hedged) (Close)

Base (GBP-hedged) (Snap)

Base (GBP-hedged) (Close)


Class A Shares (Acc.) (Snap) Class A Shares (EUR-hedged) (Snap)

Class A Shares (Am.) (EUR-hedged) (Snap) Class A Shares (GBP-hedged) (Snap)


July 2006


G W GBP USD

GBP GBP

GBP GBP

Sales Charge

up to 5.5% up to 5.5%

up to 4% up to 5.5%

up to 5.5% Nil

Nil

Base Currency - EUR


EUR up to 5.5 %

EUR up to 5.5 % USD up to 5.5 %

USD up to 5.5 %

GBP up to 5.5 %

EUR Nil

EUR Nil

USD Nil

USD Nil

GBP Nil

USD Upto4% US0 Up to 4%

EUR Upto4% EUR Upto4%

Base Currency - USD


USD

US0 USD USD

EUR EUR

GBP GBP

USD

USD

EUR EUR

GBP USD

Sales Charge

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 % up to 5.5 %

Upto456 Upto4%

up to 4 %

Upto4%

Upto4% Nil


Up to 1.00% Nil Nil

Up to 1.00% Nil Nil

Up to 1 .OO% Up to 0.50% Nil

Up to 0.80% Nil Nil

Up to 0.80% Nil Nil

Up to 0.75% Nil Nil

Up to 0.75% Nil Nil

Management Fee Distrlbutlon Fee Performance Fee

Up to 0.50 %

Up to 0.50 %

Up to 0.50 % Up to 0.50 %

Up to 0.50 %

Up to 0.25 %

Up to 0.25 %

Up to 0.25 %

Up to 0.25 %

Up to 0.25 % Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %




20% of excess return 20% af excess return







Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 % Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.40 %

6

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Mlnlmum Investment

GBP 3,000

GBP 3,000 USD 1,500

GBP 30,000

GBP 30,000 GBP 3m GBP 3m

Minimum Investment

EUR 5,000 EUR 5,000

USD 5,000

USD 5,000

GBP 3,000 EUR 5m EUR 5m USD 5rn

USD 5m

GBP 3m

USD 1,500 USD 1,500

USD 1,500 EUR 1,500

Mlnlmum Investment

USD 5,000

USD 5,000 USD 5,000 USD 5,000 EUR 5,000

EUR 5,000

GBP 3,000

GBP 3,000 USD 1,500

USD 1,500

EUR 1,500

EUR 1,500

GBP 1.000 USD 5m


Goldman Sachs Funds SICAV 2 Goldrnan Sachs Funds - Summary Table of Share Classes of each Podfolio

.


Class I Shares (Am.) (Snap) Class I Shares (Acc.) (Close) Class I Shares (Acc.) (AUD) (Snap) Class I Shares (Am.) (AUD) (Close)

Class I Shares (Acc.) (AUD-hedged) (Snap) Class I Shares (Am.) (AUD-hedged) (Close) Class I Shares (ACC.) (EUR-hedged) (Snap) Class I Shares (Acc.) (EUR-hedged) (Close) Class I Shares (GBP-hedged) (Snap) Class I Shares (GBP-hedged) (Close)

USD Nil

USD Nil USD Nil AUD Nil AUD Nil

AUD Nil

Up to 0.40 % Nil Up to 0.40 % Nil Up to 0.40 % Nil

Up to 0.40 % Nil Up to 0.40 % Nil Up to 0.40 % Nil

Nil Nil

Nil Nil Nil Nil

USD 5m USD 5rn USD 5m

AUD 5m AUD 5m

AUD 5m

AUD Nil Up to 0.40 % Nil Nil AUD 5rn

EUR Nil Up to 0.40 % Nil Nil EUR 5rn

EUR Nil Up to 0.40 % Nil Nil EUR 5m

GBP Nil GBP Nil

Up to 0.40 % Nil Up to 0.40 % Nil

Nil Nil

GBP 3rn GBP 3m

Goldman Sachs Commodltles Alpha Portfolio

Base Currency - USD


USD USD

EUR

GBP

USD USD

EUR

GBP USD USD

AUD

AUD EUR GBP

Sales Charge Management Fee Dlstrlbution Fee Performance Fee Mlnlmum Investment

USD 50,000 USD 50,000

EUR 50,000 GBP 30.000 USD 50.000 USD 50,000

EUR 50.000 GBP 30,000

USD 5rn USD 5rn

AUD 5m

AUD 5rn EUR 5rn GBP 3rn

Base Base (Am.) Base (Acc.) (EUR-hedged) Base (GBP-hedged)

Class A Shares Class A Shares (Am.)

Class A Shares (Acc.) (EUR-hedged) Class A Shares (GBP-hedged)

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

Upto4% Upto4%

Upto4%

Upto4% Nil Nil Nil

Nil Nil Nil

up to 2.00 %

up to 2.00 %

up to 2.00 %

up to 2.00 %

Up to 1.50 %

Up to 1.50 %

up to 1.50 %

Up to 1.50 %

up to 1.00 %

up to 1.00 %

up to 1.00 %

up to 1.00 %

up to 1.00 %

up to 1.00 %

Nil Nil Nil Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil Nil Nil

Nil Nil Nil

Nil Nil Nil Nil





Shares Shares (Acc.) Shares (Am.) (AUD)

Shares (Am.) (AUD-hedged) Shares (Am.) (EUR-hedged) Shares (GBP-hedged)

Class Class Class

Class Class Class

Goldrnan Sachs Global CORESM Flex Porffolio

Base Currency - USD


USD USD

USD USD EUR EUR

EUR

EUR

USD USD USD

USD EUR EUR USD

Sales Charge Management Fee Dlstrlbutlon Fee Performance Fee Minimum Investment

USD 5.000 USD 5.000 USD 5,000 USD 5,000 EUR 5,000

EUR 5.000 EUR 5,000

EUR 5,000

USD 1,500 USD 1,500 US0 1,500

USD 1,500

EUR 1,500 EUR 1,500

USD 50.000

Base (Snap) Base (Close)

Base (Acc.) (Snap) Base (Am.) (Close) Other Currency Shares (Snap) Other Currency Shares (Close)

Other Currency Shares (Acc.) (Snap)

Other Currency Shares (Acc.) (Close)

Class A Shares (Snap) Class A Shares (Close) Class A Shares (Acc.) (Snap) Class A Shares (Am.) (Close)

Class E Shares (Acc.) (Snap) Class E Shares (Acc.) (Close) Class P Shares (Snap)

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 % Upto4%

Upto4% Upto4% Upto4%

Upto4% Upto4% up to 5.5 %

up to 1.80 %

up to 1.80 %

up to 1.80 %

up to 1.80 %

up to 1.80 %

up to 1.80 %

up to 1.80 %

up to 1.80 % up to 1.80 %

up to 1.80 % up to 1.80 %

up to 1.80 %

up to 1.80 %

up to 1-80 %

1.10 %

Nil Nil Nil Nil Nil

Nil Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil Nil Nil Nil Nil

Nil Nil

Nil

Nil Nil Nil

Nil Nil Nil Nil


2 Goldman Sachs Funds - Summary Table of Share Classes of each . Goldman Sachs Funds SlCAV


Class P Shares (Acc.) (Snap) Class P Shares (Acc.) (Close)



Class I Shares (Acc.) (Snap) Class I Shares (Acc.) (Close) Class I Shares (Euro) (Snap) Class I Shares (Euro) (Close)

Class I Shares (Euro) (Acc.) (Snap) Class I Shares (Euro) (Acc.) (Close)

Class I Shares (AUD) (Acc.) (Snap) Class I Shares (AUD) (Acc.) (Close)

Goldman Sachs Europe CORESM Flex Porlfollo

Base

Base (Acc.)


Other Currency Shares (Acc.) Class A Shares

Class A Shares (Am.) Class E Shares (Acc.) Class P Shares Class P Shares (Am.) Class I Shares

Class I Shares (Am.) Class I Shares (USD)

Class I Shares (USD) (Am.)

Class E Shares (Snap)

Goldman Sachs US CORESM Flex Portfolio

Base (Snap)

Base (Close) Base (Am.) (Snap)

Base (Acc.) (Close)

Other Currency Shares (Snap) Other Currency Shares (Close) Other Currency Shares (Acc.) (Snap)

Other Currency Shares (Am.) (Close) Class A Shares (Snap)


Class A Shares (Acc.) (Snap)

Class A Shares (Am.) (Close)

Class E Shares (Close)


Class E Shares (Am.) (Snap)



July 2006

USD

USD

USD USD

USD USD USD EUR

EUR

EUR

EUR AUD

AUD

up to 5.5 %

up to 5.5 %

up to 5.5 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Base Currency - EUR

Sham Class Sales Charge Currency

EUR

EUR

USD

USD USD

USD EUR EUR EUR EUR

EUR USD

USD

EUR

up to 5.5 %

up to 5.5 %

up to 5.5 % up to 5.5 %

Upto4% up to 4 %

Upto4% up to 5.5 %

up to 5.5 %

Nil

Nil

Nil

Nil

up to 4 %

Base Currency - USD


USD

USD USD

USD EUR EUR EUR

EUR

USD USD

USD USD

EUR us0 EUR

EUR USD

Sales Charge

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

Upto4% Upto4%

Upto4%

up to 4 %

Upto4%

up to 5.5 %

U p t o 4 X up to 4 %

up to 5.5 %

1.10 56 1.10 %

1.10 %

0.90 %

0.90 %

0.90 %

0.90 %

0.90 %

0.90 %

0.90 %

0.90 %

0.90 %

0.90 %

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil


Up to 1.80 % up to 1.80 %

up to 1.80 %

up to 1.80 %

up to 1.80 %

up to 1-80 %

1.10 %

1-10 %

0.90 %

0.90 % 0.90 %

0.90 %

Up to 1.80 %

Up to 1.80 %

Nil

Nil

Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil

Nil

Nil

Up to 0.50 %

ManaQmTtent Fee Distribution Fee

Up to 1.80 %

up to 1.80 %

Up to 1.80 %

up to 1.80 %

Up to 1.80 %

Up to 1.80 %

up to 1-80 %

up to 1.80 %

Up to 1.80 %

Up to 1.80 %

up to 1.80 %

up to 1.80 %

Up to 1.80 %

1-10 %

Up to 1.80 %

Up to 1.80 %

1.10 %

8

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil Up to 0.50 %

Up to 0.50 %

Up to 0.50 % Up to 0.50 X Up to 0.50 % Nil

Up to 0.50 %

Up to 0.50 56 Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Performance Fee

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Portfolio

USD 50,000

USD 50,000

USD 50,000

USD 5m USD 5m USD 5m USD 5m EUR 5m

EUR 5m

EUR 5m

EUR 5m

AUD 5m

AUD 5m

Mlnlmurn Investment

EUR 5,000 EUR 5,000

USD 5,000 USD 5,000

USD 1,500 USD 1,500

EUR 1,500

EUR 50.000 EUR 50,000

EUR 5m

EUR 5m USD 5m

USD 5m

EUR 1,500

Minimum Investment

USD 5,000

USD 5,000 USD 5,000

USD 5,000 EUR 5,000

EUR 5,000

EUR 5,000 EUR 5,000

USD 1,500

USD 1,500

USD 1,500 USD 1,500

EUR 1,500

USD 50,000

EUR 1,500

EUR 1,500

USD 50,000


2 Goldman Sachs Funds - Summary Table of Share Classes of each . Goldman Sachs Funds SICAV

Class P Shares (Acc.) (Snap)

Class P Shares (Acc.) (Close) Class I Shares (Acc.) (Snap)


Class I Shares (Close) Class I Shares (Acc.) (Close) Class I Shares (Snap)

Class I Shares (Close) Class I Shares (Acc.) (Snap)


Goldman Sachs Japan CORESM Flex Porffollo

Base (Snap)

Base (Close) Base (ACC.) (Snap)

Base (Acc.) (Close)

Other Currency Shares (Snap)

Other Currency Shares (Close)

Other Currency Shares (Snap)

Other Currency Shares (Close) Other Currency Shares (Acc.) (Snap) Other Currency Shares (Acc.) (Close) Class A Shares (Snap)


Class A Shares (Acc.) (Snap)

Class A Shares (Acc.) (Close)


Class E Shares (Acc.) (Close) Class P Shares (Snap)


Class P Shares (Am.) (Snap) Class P Shares (Acc.) (Close) Class I Shares (Snap)


Class I Shares (Acc.) (Snap) Class I Shares (Acc.) (Close) Class I Shares (USD) (Snap)

Class I Shares (USD) (Close) Class I Shares (USD) (Acc.) (Snap)

I

Class I Shares (USD) (Acc.) (Close)



Class IO Shares (USD) (Snap)

Class IO Shares (USD) (Close)

USD

USD USD

USD

USD USD EUR EUR

EUR

EUR

up to 5.5 %

up to 5.5 %

Nil

Nil

Nil Nil Nil Nil

Nil

Nil

Base Currency - JPY


JPY JPY

JPY

JPY EUR

EUR USD

USD USD USD USD USD

USD

USD EUR

EUR

JPY J PY J PY JPY

JPY JPY

JPY

JPY USD USD USD

USD

JPY

JPY

USD

USD

Sales Charge

up to 5.5 %

up to 5.5 % up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

Upto4%

Upto4% Upto4%

Upto4% Upto4%

Upto4% up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 % Nil Nil

Nil

Nil Nil Nil Nil

Nil

Nil

Nil

Nil

Nil

1.10 %

1.10 %

0.90 %

0.90 %

0.90 %

0.90 %

0.90 %

0.90 %

0.90 %

0.90 %

Nil

Nil

Nil

Nil Nil Nil Nil

Nil Nil

Nil

Nil

Nil Nil

Nil Nil

Nil Nil Nil

Nil

Nil


Up to 1.80 %

up to 1.80 % up to 1.80 %

up to 1.80 %

Up to 1.80 % up to 1.80 %

Up to 1.80 %

up to 1.80 %

up to 1.80 56 up to 1.80 %

up to 1.80 %

Up to 1.80 % Up to 1.80 %

up to 1.80 %

up to 1.80 %

up to 1.80 %

1.10 %

1.10 %

1.10 %

1.10 %

0.90 %

0.90 % 0.90 %

0.90 %

0.90 %

0.90 %

0.90 %

0.90 %

NIB

Nla

Nla

Nla

Nil

Nil Nil

Nil Nil

Nil Nil

Nil Nil Nil Up to 0.50 %

Up to 0.50 %

Up to 0.50 % Up to 0.50 %

Up to 0.50 % Up to 0.50 %

Nil Nil Nil

Nil Nil Nil

Nil

Nil Nil Nil Nil

Nil

Nil

Nil

Nil

Nil

Nil Nil

Nil Nil

Nil Nil

Nil Nil Nil Nil Nil

Nil Nil

Nil Nil

Nil Nil Nil Nil

Nil Nil Nil

Nil

Nil Nil Nil Nil

Nil

Nil

Nil

Nil

Nil

Portfolio

USD 50,000

USD 50,000 USD 5m

USD 5m USD 5m USD 5m EUR 5m

EUR 5rn EUR 5m

EUR 5m

Mlnlmum Investment JPY 500,000

JPY 500,000

JPY 500,000

JPY 500,000 EUR 5,000

EUR 5,000 USD 5,000 USD 5,000

USD 5,000

USD 5,000

USD 1,500 USD 1,500

USD 1,500

USD 1,500 EUR 1,500 EUR 1,500 JPY 5m

JPY 5rn JPY 5m JPY 500m

JPY 500m

JPY 500m JPY 500m USD 5m USD 5m USD 5m

USD 5rn

JPY 500m

JPY 500m

USD 5m

US0 5m


. Goldman Sachs Funds SICAV

Goldman Sachs UK CORESM Flex Portfolio

Base

Base (Acc.) Other Currency Shares Other Currency Shares

Other Currency Shares (Am.) Class A Shares


Class E Shares (Acc.) Class P Shares

Class P Shares (Am.)

Class I Shares Class I Shares (USD)

Class I Shares (USD) (Acc.)

Base Currency - GBP


GBP GBP EUR USD

USD USD

USD EUR GBP

GBP GBP USD USD

Sales Charge

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 %

Upto4% up to 4 %

Upto4% up to 5.5 x up to 5.5 % Nil Nil

Nil

Base Currency - EUR Goldman Sachs Global Properly Securities Portfolio

Base Base (Am.) Other Currency Shares

Class A Shares Class A Shares (Am.)

Class I Shares


Class I Shares (Am) (USD)


EUR EUR USD EUR

EUR EUR

EUR USD

Sales Charge

up to 5.5 %

up to 5.5 % up to 5.5 % Upto4% Upto4%

Nil Nil

Nil

Base Currency - EUR Goldman Sachs Global (ex-US) Property Securities Portfolio

Base

Base (Acc.)

Other Currency Shares Class A Shares


Class I Shares

Class I Shares (Am.) Class I Shares (ACC.) (USD)


EUR

EUR

USD

EUR

EUR EUR

EUR USD

Sales Charge

up to 5.5 x up to 5.5 %

up to 5.5 % Upto4%

Upto4% Nil Nil Nil

Base Currency - EUR Goldman Sachs Europe Properly Securities Portfolio

Base

Base (Acc.) Other Currency Shares

July 2006


EUR Up to 5.5 % EUR Up to 5.5 %

USD UP to 5.5 x

2 Goldrnan Sachs Funds - Summary Table of Share Classes of each Portfolio

Management Fee Dlstrlbutlon Fee Performance Fee

Up to 1.80 %

Up to 1.80 %

Up to 1.80 %

up to 1.80 %

Up to 1.80 %

up to 1.80 %

up to 1.80 %

1.10 %

1.10 %

0.90 %

0.90 %

0.90 %

up to 1.80 %

Nil Nil Nil Nil

Nil Nil Nil Nil Nil Nil

Up to 0.50 Yo Nil Up to 0.50 % Nil

Up to 0.50 % Nil Nil Nil Nil Nil



Up to 1.75 %

Up to 1.75 %

Up to 1.75 %

Up to 1.75 %

Up to 1.75 56 Up to 1.25 %

Up to 1.25 %

Up to 1.25 %

Nil Nil Nil Nil Nil Nil Up to 0.50 % Nil

Up to 0.50 56 Nil Nil Nil

Nil Nil

Nil Nil


Up to 1.75 %

Up to 1.75 %

Up to 1.75 %

Up to 1.75 %

up to 1.75 %

Up to 1.25 %

Up to 1.25 %

Up to 1.25 %


Up to 0.50 % Nil Up to 0.50 % Nil



Up to 1.75 % Nil Nil Up to 1.75 % Nil Nil Up to 1.75 % Nil Nil

Minimum Investment

GBP 3,000 GBP 3,000

EUR 5.000

USD 5.000 USD 5,000

USD 1,500

USD 1,500

EUR 1,500 GBP 30,000

GBP 30,000

GBP 3m USD 5m

USD 5m

Minimum Investment

EUR 5.000

EUR 5,000 USD 5,000 EUR 1,500

EUR 1,500 EUR 5m

EUR 5m USD 5m

Minimum Investment

EUR 5,000

EUR 5,000 USD 5,000

EUR 1,500 EUR 1.500

EUR 5m EUR 5m

USD 5m

Minimum Investment

EUR 5,000 EUR 5,000

USD 5,000


Goldman Sachs Funds SICAV 2 Goldman Sachs Funds - Summary Table of Share Classes of each Portfolio

Class A Shares


Class I Shares

Class I Shares (Acc.) Class I Shares (Acc.) (USD)

EUR Upto4% Up to 1.75 % Up to 0.50 % Nil

EUR Upto4% Up to 1.75 % Up to 0.50 % Nil

EUR Nil Up to 1.25 % Nil Nil EUR Nil Up to 1.25 % Nil Nil USD Nil Up to 1.25 % Nil Nil

Base Currency - USD Goldman Sachs Asia Property Securities Portfolio

Base Base (Am.)

Other Currency Shares Class A Shares Class A Shares (Am.) Class E Shares Class E Shares (Acc.)

Class I Shares

Class I Shares (Am.) Class I Shares (Am.) (EUR)

Goldman Sachs Global Absolute Alpha Portfolio

Base Base (Acc.)

Base (Acc.) (EUR-hedged)

Class A Shares

Class A Shares (Acc.) Class A Shares (Acc.) (EUR-hedged)

Class A Shares (GBP-hedged) Class I Shares Class I Shares (Acc.) (AUD-hedged) Class I Shares (Acc.) (EUR-hedged) Class I Shares (GBP-hedged)

Base (GBP-hedged)


USD USD EUR

USD USD EUR EUR

Sales Charge

up to 5.5 %

up to 5.5 %

up to 5.5 %

Upto4% Upto4% Upto4% Upto4%


Up to 1.75 % Nil Nil Up to 1.75 % Nil Nil

Up to 1.75 % Nil Nil up to 1.75 % Up to 0.50 % Nil up to 1.75 % Up to 0.50 % Nil

up to 1.75 % Up to 0.50 % Nil

Up to 1.75 % Up to 0.50 % Nil

USD Nil Up to 1.25 % Nil USD Nil Up to 1.25 % Nil

EUR Nil Up to 1.25 % Nil

Base Currency - USD


USD USD EUR

GBP

USD USD EUR

GBP USD AUD EUR

GBP

-

up to 5.5 %

up to 5.5 %

up to 5.5 % up to 5.5 %

UPt04% Up to4%

upto456 Upto4% Nil Nil

Nil

Nil

Goldman Sachs GTAA Equity Strategy Base Currency - USD Portfolio


Base USD Up to 5.5 % Base (Am.) USD up to 5.5 %

Base (Am.) (EUR-hedged) EUR up to 5.5 %

Base (GBP-hedged) GBP up to 5.5 %

Class A Shares USD Upto4% Class A Shares (Acc.) USD Upto4%

Class A Shares (Acc.) (EUR-hedged) EUR Upto456 Class A Shares (GBP-hedged) GBP Upto4%

Class I Shares USD Nil Class I Shares (Acc.) (AUD-hedged) AUD Nil

Class I Shares (Acc.) (EUR-hedged) EUR Nil Class I Shares (GBP-hedged) GBP Nil

up to 1.20 %

up to 1.20 %

up to 1.20 % up to 1.20 %

up to 1.20 % up to 1.20 %

up to 1.20 %

up to 1.20 %

up to 1.00 %

up to 1.00 % up to 1.00 %

up to 1.00 %

Nil Nil Nil

Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil

Nil

Nil

Nil


up to 2.00 % up to 2.00 %

up to 2.00 %

up to 2.00 %

up to 2.00 % up to 2.00 %

up to 2.00 %

up to 2.00 %

up to 1.00 %

up to 1.00 %

up to 1.00 %

up to 1.00 %

Nil

Nil Nil Nil

Up to 0.50 % Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil Nil

Nil Nil

Nil

Nil Nil

Performance Fee






Performance Fee







EUR 1,500 EUR 1,500

EUR 5rn

EUR 5rn USD 5rn

Minimum Investment

USD 5,000 USD 5,000 EUR 5,000 USD 1,500

USD 1,500 EUR 1,500 EUR 1,500 USD 5rn

USD 5rn

EUR 5m

Mlnimum Investment

USD 5,000

USD 5,000

EUR 5,000 GBP 3,000

USD 1,500 USD 1,500

EUR 1,500 GBP 1,000 USD 5m

AUD 5m

EUR 5rn GBP 3rn

Minimum Investment

USD Irn USD lrn EUR lrn GBP Irn

USD Irn USD Irn

EUR lm GBP Irn

USD 5m AUD 5rn

EUR 5rn GBP 3rn



Goldman Sachs Global Currency Plus Base Currency - USD Potlfollo

Base

Base (Am.)

Base (EUR-hedged)

Base (Am.) (EUR-hedged) Base (GBP-hedged)

Class A Shares Class A Shares (Acc.)

Class A Shares (Acc.) (EUR-hedged) Class A Shares (GBP-hedged)

Class I Shares Class I Shares (Acc.) (AUD-hedged) Class I Shares (Acc.) (EUR-hedged)



USD

USD

EUR

EUR

GBP

USD USD

EUR GBP

USD AUD

EUR

GBP

Sales Charge

up to 5.5 %

up to 5.5 %

up to 5.5 %

up to 5.5 % up to 5.5 %

Upto4%

Upto4% Upto4% Upto4% Nil Nil

Nil

Nil

2 Goldman Sachs Funds -Summary Table of Share Classes of each


Up to 3.00 %

Up to 3.00 %

Up to 3.00 %

Up to 3.00 %

Up to 3.00 %

Up to 3.00 %

Up to 3.00 %

Up to 3.00 %

Up to 3.00 %

up to 2.00 %

up to 2.00 %

up to 2.00 %

up to 2.00 %

Nil Nil

Nil

Nil Nil

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Up to 0.50 %

Nil Nil Nil

Nil

Performance Fee









Portfolio

Minimum Investment

USD 5,000

USD 5,000

EUR 5,000

EUR 5,000 GBP 3,000 USD 1,500

USD 1,500

EUR 1,500

GBP 1,000 USD 5m

AUD 5m EUR 5m

GBP 3m

For each of the Portfolios listed above which also levy a Performance Fee further detail can be found in the Appendices for each Portfolio below. Further detail on fees and expenses, including other fees that are attributable to the Shares of the Fund, can be found in the Prospectus.




3


Goldman Sachs Funds - Specific Risk Considerations and Conflicts of Interest The Risk Considerations and Conflicts of Interest referred to below are specific to the Goldman Sachs Commodities Enhanced Index Portfolio (“CEI Portfolio”) and are in addition to and not in substitution for the Risk Considerations and Conflicts of Interest described in the Prospectus on pages [ 1. The Risk Considerations and Conflicts of Interest referred to below must be read in conjunction with those described in the Prospectus.

The CEI Portfolio does not have a published tracking error target. The Investment Adviser may from time to time, in accordance with the Investment Objectives and Policies of the CEI Portfolio, determine in its absolute discretion a tracking error target for the CEI Portfolio. The ex post and ex ante tracking error of the CEI Portfolio and that of any published benchmark may vary significantly due to a range of factors including the timing of the valuation of the GSCl (as defined in Appendix H), when compared to the timing of the calculation of the CEI Portfolio’s net asset value. The Investment Adviser may have regard to the GSCl in managing the CEI Portfolio but will not necessarily seek to replicate its composition or volatility and these features of the CEI Portfolio may, consequently, vary significantly from the GSCI.

Investors should be aware that modifications may be made to the CEI Portfolio’s Investment Objective and/or Investment Policies on or after (depending on any transitional provisions) the publication of the EU Council’s Regulation clarifying the definition of “Eligible Assets” (in respect of EU Council Directive EEC/85/611) with specific reference to derivatives on financial indices. It is expected that such Regulation shall impose minimum requirements referable to the diversification of underlying components of financial indices, including the GSCI. Due to the way in which the GSCl is structured, and in particular the concentration of the GSCl in certain sectors, the CEI Portfolio is unlikely to comply with the Regulation. In the event that the GSCl does not meet such minimum requirements, and in order for the CEI to fully comply with such Regulation, the Fund may therefore modify the Investment Objective by replacing the GSCl with a financial index which does comply with the Regulation. In the event that this cannot be achieved the Board of Directors may decide to close the CEI Portfolio. The Board of Directors shall ensure, in accordance with applicable law and regulation, that investors are notified, and consent sought (where required), of any such modification or closure. In particular, and in the event that the Investment Objective of the CEI Portfolio is modified, investors shall be given the opportunity to redeem prior to such modification becoming effective, in accordance with applicable law and regulation.


* Goldman Sachs Funds SICAV Appendix A: Goldman Sachs Global Currency Podfolio

Appendix A: Goldman Sachs Global Currency Portfolio

Investment Objective

The Portfolio's investment objective is to provide investors with appreciation in the value of their Shares arising out of the Portfolio's participation in the global currency and related markets. The Portfolio is intended for long-term investment purposes only.

Investment Policies

The Portfolio seeks to achieve its investment objective primarily through transactions in forward and spot contracts on currencies in the over-the-counter ("OTC") currency markets and options and futures on currencies. The Portfolio may also invest in open-ended collective investment funds. The Portfolio is permitted to enter into transactions in bank depository receipts, repurchase agreements, interest rate and currency swaps, government securities, mortgage and asset-backed securities and other fixed income and Money Market Instruments meeting the credit quality criteria described herein.

The Portfolio's investment strategy can involve leverage and will therefore be subject to the risks associated therewith. As a general matter, the Portfolio is not permitted to maintain net open currency positions (as defined below) with a value in excess of the Portfolio's total Net Asset Value. There can be no assurance that the Portfolio's investments will be successful or that the investment objective of the PortFolio will be achieved.

A substantial portion of the Portfolio's assets will be invested in fixed income instruments, cash or cash-equivalents - the core basket portfolio. In an effort to achieve a return higher than the benchmark, the Porffolio will actively engage in currency transactions - the active currency portfolio. The Portfolio's performance will depend largely on the success or failure of the active currency management.

The Portfolio seeks to profit from fluctuations in currency exchange rates, volatility in the currency markets and differentials between various currency exchange rates and interest rates reflected in the values of currencies.

The Portfolio may also enter into transactions in bank depository receipts (such as ADRs and GDRs), repurchase agreements, interest rate and currency swaps, government securities, mortgage and asset-backed securities, options, futures and other fixed income and Money Market Instruments.

The fixed income and Money Market Instruments in which the Portfolio may invest will be rated in the AA or A-1 category or higher, as applicable, by Standard & Poors or in the Aa or P-1 category or higher, as applicable, by Moodys at the time of investment, except that the Portfolio may invest in unrated securities if those securities are determined by the Investment Adviser to be of equivalent credit quality ("High Quality Ratings"). If a security is rated by both Standard & Poor's and Moody's, its rating must be no lower than the AA (or A-I) or Aa (or P-1) category, respectively, by each at the time of investment.

The Investment Adviser will seek to achieve the Portfolio's investment objective through the use of three principal types of transactions:

- Directional Transactions: e.g. purchases or sales of currencies through fotward contracts based on the Investment Adviser's judgment regarding the direction of the market for a particular currency or currencies;

Non-Directional Transactions: e.g. transactions, including purchases and sales of options, intended to profit from volatility in the currency markets, rather than from the direction of currency rate fluctuations; and

Yield Enhancing Strategies: e.g. the use of ''spread'' transactions between specific currencies, interest rates or maturities in order to profit from the disparities between the various markets and instruments.


Goldman Sachs Funds SICAV Appendix A: Goldman Sachs Global Currency Portfolio -

Through the use of these strategies, and other strategies which may be appropriate in the judgment of the Investment Adviser (in view of any changes in the relevant markets), the Investment Adviser will attempt to generate profits regardless of the direction of currency exchange rate movements.

The Investment Adviser will base its directional transaction decisions on fundamental and technical analyses of the currency markets. Fundamental analysis examines factors which are external to the relevant market, such as economic and political conditions, supply and demand and interest rates, while technical analysis focuses on fluctuations in price and volatility in the markets, resulting in transaction decisions based on projected future trends.

In the Investment Adviser's view, the Directional Transactions may present a greater degree of risk than the other principal approaches to be employed, due to the exposure to fluctuations in the values of particular currencies arising from these types of transactions. Conversely, however, in the Investment Adviser's view, such Directional Transactions may also afford greater profit potential and therefore constitute the Investment Adviser's principal strategy. In pursuing this strategy, the Investment Adviser seeks to profit from anticipated movements in currency rates by establishing "long" or "short" positions in fotward contracts on currencies, based on the fundamental and quantitative analyses described above and the Investment Adviser's resulting view of the available market opportunities. From time to time, the Investment Adviser may also establish "long" and "short" positions in currency futures, futures, exchange-traded or OTC options as part of a directional strategy, although futures and exchange- traded options are expected to be utilised in more limited circumstances. The Investment Adviser may utilise futures or exchange-traded options, for example, if it believes that the exchange markets provide a less costly or more efficient means of effecting transactions. In addition, because exchange transactions are supported by the guarantee of a clearing house, as discussed below, the Investment Adviser may enter into transactions in these markets in order to reduce the Portfolio's exposure to particular counterparties in the forward market so as to ensure that the Portfolio's exposure to any counterparty does not exceed the limits contained in the Investment Restrictions.

The Investment Adviser's directional strategies will also involve the use of bank deposits and investments in government securities and other fixed income and Money Market Instruments, based on the Investment Adviser's view of anticipated movements in interest rates in various countries. In connection with its use of bank deposits or investments in fixed income and Money Market Instruments, the Investment Adviser may establish positions in futures on fixed income instruments or other interest rate products in order to adjust the maturities or other characteristics of such deposits or investments, e.g. the Investment Adviser may establish a futures position which, together with an investment in a fixed income instrument, creates the economic equivalent of the same fixed income instrument with a longer or shorter duration.

Non-Directional Transactions may be used by the Investment Adviser in an attempt to profit from anticipated changes in volatility in the currency markets, rather than from movements in currency exchange rates. Such transactions, therefore, will not depend on the Investment Adviser's view of the direction or extent of fluctuations in currency exchange rates. Non-Directional Transactions, also, are based on the types of fundamental and technical analyses described above, and generally involve purchases and sales of OTC and exchange-traded options on currencies, and fixed income instruments.

The Investment Adviser may enter into Yield Enhancing Strategies by establishing spread positions in currencies, and in fixed income instruments or other interest rate products. As in the case of Non-Directional Transactions, Yield Enhancing Strategies are based on the relationships between different currencies, interest rates and maturities, rather than on the anticipated direction of currency exchange rate movements. Such transactions include "carry spreads", which are used in an attempt to profit from the yields available as a result of the disparities between interest rates reflected in different currency prices and the disparities between spot and forward currency prices. In order to profit from movements in interest rates, for example, the Investment Adviser might purchase fixed income instruments denominated in the currency of a country with relatively higher interest rates (e.g. a "high yielding currency"), either in conjunction with foward transactions in the underlying currency or independently, and sell lower yielding currencies, in an attempt to profit from the interest rate differential between these currencies.

The Investment Adviser may also purchase and sell currencies in order to realize the yields afforded by differentials between spot and foward exchange rates, referred to as "maturity spreads." In such instances, the differences between the prices of the currency for delivery on each of the maturity dates will reflect anticipated changes in interest rates over time, and the use of maturity spreads will therefore provide the Portfolio with the opportunity to profit from changes in interest rates in the relevant currency. Spread transactions may also be used


* Goldman Sachs Funds SICAV Appendix A: Goldman Sachs Global Currency Portfolio

in an attempt to profit from any perceived disparities between the interest rate on bank deposits or other fixed income investments and the interest rate reflected in the pricing of a particular currency.

From time to time, the Investment Adviser may enter into hedging transactions in forwards, options or futures in connection with its investment and transactional activities, although it will be under no obligation to do so.

Hedging transactions may be used in connection with the Investment Adviser's purchase of fixed income instruments that present currency as well as interest rate exposure. In such instances, the Investment Adviser may use hedging positions to reduce the resulting currency exchange rate risk.

The Investment Adviser may seek to obtain or offset certain currency or interest rate exposures through the use of other types of financial instruments including interest rate and currency swaps and similar products. Interest rate and currency swaps may be utilised to establish positions with longer maturities than those which are available in the forward and futures markets.

The Investment Adviser may utilise a number of techniques to attempt to reduce the risk to which the PortFolio will be exposed from time to time. The Investment Adviser generally does not intend to maintain, on behalf of the Portfolio, a net open position with a value greater than the Net Asset Value of the Portfolio in forwards, options or futures and other financial instruments, thereby limiting the degree of leverage employed in connection with the Portfolio's transactional activities. This leverage factor is calculated by determining the aggregate value of the Portfolio's positions in currencies, fixed income instruments and other products (with the value of a position in forwards, options or futures being based on the aggregate amount of the currency or other underlying instrument being purchased or sold under the contract) and netting long and short positions. As a result of this netting process, it is possible that the Portfolio may incur leverage exposure of greater than three to one with respect to individual long or short positions and the leverage limitation therefore does not eliminate the Portfolio's exposure to losses resulting from significant directional movements in currency exchange rates. This limitation on the size of the Portfolio's net open position also will not reduce its exposure to particular currencies or counterparties. In the event of substantial and adverse movements in currency rates generally or in the value of certain currencies, therefore, or if a counterparty defaults on its obligations, the Portfolio could incur substantial losses notwithstanding its policy on the limitation of leverage.

Compliance with the foregoing investment objectives and policies, and restrictions on the Portfolio's leverage activities, will be determined at the time of acquisition of an investment by the Portfolio and will not require the sale of any investment by the Portfolio due to subsequent changes. For example, if the rating criteria are adhered to at the time a transaction is effected, a subsequent reduction in the rating will not be considered a deviation from policy.

However, the Portfolio will adhere to the Investment Restrictions in Appendix A and account will be taken of subsequent changes in future decisions in order that the Portfolio will comply with the Investment Restrictions.

The Investment Adviser may from time to time utilise "stop loss" orders in a manner designed to limit the potential loss arising from any one transaction. Additionally, spread transactions, certain examples of which are described above, may be used to reduce the Portfolio's exposure to outright price or interest rate fluctuations. Finally, the Investment Adviser may use proprietary quantitative models available to it to identify, evaluate and manage the risks associated with the Portfolio's transactional activities and to seek to control volatility in the Portfolio.

The Portfolio will not invest more than 10% of its net assets in any undertakings for collective investment.

Performance Fees

The Portfolio pays a Performance fee (the "Performance Fee") equal to 20 percent of the amount by which the Net Asset Value per Share (please see "Determination of Net Asset Value" in the Prospectus) exceeds the Benchmark Value per Share (as more fully described below). The performance fee accrues daily and is payable monthly in arrears out of the assets attributable to the Portfolio. A separate calculation shall be carried out in respect of the Shares of each Class.

The applicable Benchmark Value per Share on any day will be reduced to reflect prior distributions.


Goldman Sachs Funds SlCAV Appendix A: Goldman Sachs Global Currency Portfolio .

The Benchmark Value per Share of the Classes as of the end of each Business Day, is equal to (i) the Net Asset Value per Share on the previous Business Day on which a Performance Fee was accrued (or, if no Performance Fee has yet been determined, the Net Asset Value per Share immediately following the initial offering of such Shares), plus (ii) the product of item (i) above (a) multiplied by the average three-month LIBOR, (b) multiplied by the number of days elapsed since the preceding Business Day on which a Performance Fee was accrued, and (c) divided by 365. Therefore, an investor who purchases Shares at a time when the Net Asset Value per Share of the class purchased is below the Benchmark Value per Share of such class, such investor's interest will not be subject to a Performance Fee accrual until such class' Net Asset Value exceeds its Benchmark Value per Share.

For purposes of the Performance Fee calculation, LIBOR will be determined in accordance with the following provisions:

(i) On the first Business Day of each month (each such day being referred to as an "Interest Determination Date"), the Administrator will determine the arithmetic mean of the offered quotations of the Reference Banks, as defined herein, to leading banks in the London Interbank market for three-month deposits for US Dollars (rounded upward, if necessary, to the nearest multiple of 1/32 of one percent (1.0%)) by reference to the Reuters screen FWDV Page (as defined in the International Swap Dealers Association, Inc. Code of Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition) as of 11:OOam (London time) on the date in question. As used herein, "Reference Banks" means the banks whose quotations appear on the Reuters screen FWDV Page on the relevant Interest Determination Date.

(ii) If, as of any Interest Determination Date, at least two of the Reference Banks provide such quotations, LIBOR will be determined in accordance with paragraph (i) above on the basis of the offered quotations of the Reference Banks providing such quotations.

(iii) If, as of any Interest Determination Date, only one or none of the Reference Banks provide such quotations, LIBOR will be deemed to be the Reserve Interest Rate (the "Reserve Interest Rate"). The Reserve Interest Rate will be the per annum rate (rounded upward, if necessary, to the nearest multiple of 1/32 of one percent (1%)) that the Administrator determines to be either (x) the arithmetic mean of the offered quotations that leading banks selected by the Administrator (after consultation with the Investment Adviser) are quoting on the relevant Interest Determination Date for three-month deposits for US Dollars to the principal London offices to leading banks in the London Interbank market or (y) in the event that the Administrator can determine no such arithmetic mean, the arithmetic mean of the offered quotations that leading banks selected by the Administrator (after consultation with the Investment Adviser) are quoting on such Interest Determination Date of leading banks for three-month deposits for US Dollars provided, however, that if the Manager is required but is unable to determine the Reserve Interest Rate in the manner provided above, LIBOR shall be LIBOR as determined as of the last Business Day upon which LIBOR was available in accordance with paragraphs (i) and (ii) above.

If the Fund suspends the determination of the Net Asset Value per Share on any Business Day (please see "Determination of Net Asset Value" in the Prospectus), the Performance Fee calculation for the affected classes for such day will be based upon the next available determination of the Net Asset Value per Share, and the amount of any Performance Fee due to the Investment Adviser will be prorated accordingly.


Goldman Sachs Funds SICAV Appendix 6: Goldman Sachs Global LIBOR Plus I Portfolio

Appendix 6: Goldman Sachs Global LIBOR Plus I Portfolio


The Portfolio will seek to achieve attractive total returns through both capital appreciation and income generation from a portfolio of investments mainly in currencies, publicly traded securities and financial derivative instruments, primarily in the global fixed income and currency markets.

Investment Policies

The Investment Adviser will seek to employ a number of diverse investment strategies and will also seek to allocate capital tactically to the strategies which it believes will offer the best opportunities at a given point in time in a given market or sector. The Portfolio will focus mainly on the global fixed income and currency markets, across various investment grade and sub-investment grade sectors. The Investment Adviser in particular may use certain techniques, through the use of financial derivative instruments, which may result in both net long and net short exposures in, amongst other things, interest rates, credit and currencies, and other Permitted Investments as part of their general investment policy, to generate returns andlor for hedging purposes.

The Portfolio will invest mainly in currencies, fixed income securities and financial derivative instruments. Fixed income securities may include, but are not limited to, government bonds, government agency bonds, supranational bonds, asset-backed securities, mortgage-backed securities, corporate bonds (including corporate high yield bonds) and emerging market debt. The Portfolio may engage in derivative transactions including, but not limited to, swaps (including interest rate swaps, credit default swaps and total return swaps), futures contracts, options, foreign currency foMrard contracts, reverse repurchase agreements, and other transactions involving currency and interest rate hedging, security hedging or other strategies to manage risk relating to the Portfolio's investments, to leverage the Portfolio and to establish speculative positions.

The Portfolio may hold cash or invest its cash balances at such times and in any instruments deemed appropriate by the Investment Adviser, including without limitation cash-equivalents and short-term investments, pending allocation of such capital to one or more investment strategies, in order to meet operational needs, for temporary defensive purposes, to maintain liquidity, to fund anticipated redemptions or expenses of the Portfolio or otherwise in the sole discretion of the Investment Adviser. These investments may include Money Market Instruments and other short-term debt obligations, shares of money market collective investment funds, and repurchase agreements with banks and broker-dealers. The Portfolio will not invest more than 10% of its net assets in any undertakings for collective investment.

Performance Fees

The Portfolio pays a performance fee (the "Performance Fee") equal to 20 percent of the amount by which the Net Asset Value per Share (please see "Determination of Net Asset Value" in the prospectus) exceeds the Benchmark Value per Share (as more fully described below). The performance fee accrues daily and is payable monthly in arrears out of the assets attributable to the Portfolio. A separate calculation shall be carried out in respect of the Shares of each Class.



For purposes of the Performance Fee calculation, LIBOR will be determined in accordance with the following provisions: July 2006 i a Goldman Sachs Asset Management

Goldman Sachs Funds SICAV Appendix B: Goldrnan Sachs Global LIBOR Plus I Portfolio -






- Goldman Sachs Funds SlCAV Appendix C: Goldman Sachs Global LIBOR Plus II Portfolio

Appendix C: Goldman Sachs Global LIBOR Plus II Portfolio


The Portfolio will seek to achieve attractive total returns through both capital appreciation and income generation from a portfolio of investments mainly in currencies, publicly traded securities and financial derivative instruments, primarily in the global fixed income and currency markets.

Investment Policies

The Investment Adviser will seek to employ a number of diverse investment strategies and will also seek to allocate capital tactically to the strategies which it believes will offer the best opportunities at a given point in time in a given market or sector. The Portfolio will focus mainly on the global fixed income and currency markets, across various investment grade and sub-investment grade sectors. The Investment Adviser in particular may use certain techniques, through the use of financial derivative instruments, which may result in both net long and net short exposures in, amongst other things, interest rates, credit and currencies, and other Permitted Investments as part of their general investment policy, to generate returns and/or for hedging purposes

The Portfolio will invest mainly in currencies, fixed income securities and financial derivative instruments. Fixed income securities may include, but are not limited to, government bonds, government agency bonds, supranational bonds, asset-backed securities, mortgage-backed securities, corporate bonds (including corporate high yield bonds) and emerging market debt. The Portfolio may engage in derivative transactions including, but not limited to, swaps (including interest rate swaps, credit default swaps and total return swaps), futures contracts, options, foreign currency forward contracts, reverse repurchase agreements, and other transactions involving currency and interest rate hedging, security hedging or other strategies to manage risk relating to the Portfolio's investments, to leverage the Portfolio and to establish speculative positions.

The Portfolio may hold cash or invest its cash balances at such times and in any instruments deemed appropriate by the Investment Adviser, including without limitation cash-equivalents and short-term investments, pending allocation of such capital to one or more investment strategies, in order to meet operational needs, for temporary defensive purposes, to maintain liquidity, to fund anticipated redemptions or expenses of the Portfolio or otherwise in the sole discretion of the Investment Adviser. These investments may include Money Market Instruments and other short-term debt obligations, shares of money market collective investment funds, and repurchase agreements with banks and broker-dealers. The Portfolio will not invest more than 10% of its net assets in any undertakings for collective investment.

Performance Fees

The Portfolio pays a performance fee (the "Performance Fee") equal to 20 percent of the amount by which the Net Asset Value per Share (please see "Determination of Net Asset Value" in the prospectus) exceeds the Benchmark Value per Share (as more fully described below). The performance fee accrues daily and is payable monthly in arrears out of the assets attributable to the Portfolio. A separate calculation shall be carried out in respect of the Shares of each Class.





!

Appendix C: Goldman Sachs Global LIBOR Plus I I Portfolio 1







Goldman Sachs Funds SICAV Appendix D: Goldman Sachs Global Fixed Income Plus Portfolio (Hedged)

Appendix D: Goldman Sachs Global Fixed Income Plus Portfolio (Hedged)


The investment objective of the Portfolio is a high level of total return consisting of income and capital appreciation through investment in Permitted Investments.

Investment Policies

The Portfolio may invest in securities having fixed, variable or floating interest rates. Under normal market conditions, the Portfolio will invest at least two thirds of its assets (excluding cash and cash-equivalents) in bonds. Under normal market conditions, the Portfolio will invest its assets (excluding cash and cash-equivalents) primarily in the securities of the country, region, sector or currency referred to in the Portfolio's name. Shareholders should be aware that there may be significant exposure, including both net long and net short exposures, to countries, regions, sectors or currencies that are not referred to in the Portfolio's name as a consequence of the use of financial derivative instruments as further described below.

The Portfolio may, through the use of financial derivative instruments, use certain techniques related to the management of currency, credit and interest rate risks associated with assets held by the Portfolio and may engage in transactions in financial derivative instruments and other Permitted Investments as part of its general investment policy, to increase return and/or for hedging purposes. In accordance with Appendix A of the Prospectus, no short sales of securities will be undertaken. Short positions can be achieved by using securitised and non-securitised derivative instruments. Please see Appendix €3 - "Special Investment Techniques" together with the "Risk Considerations" discussed in the Prospectus.

Permitted securities may, subject to the aforementioned restrictions, include all types of debt securities subject to such limitations as may apply under Luxembourg law and the Portfolio's investment policy, including, but not limited to, fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper), Brady bonds and other debt issued by governments, their agencies and instrumentalities, or by central banks, convertible debt obligations, loan participations, preferred stock, and reverse repurchase agreements with respect to securities issued by governments and central banks.

The Portfolio will not invest more than 10% of its net assets in any undertakings for collective investment,



3

Appendix E: Goldman Sachs Euro Fixed Income Plus Portfolio

Appendix E: Goldman Sachs Euro Fixed Income Plus Portfolio



Investment Policies

The Portfolio may invest in securities having fixed, variable or floating interest rates. Under normal market conditions, the Portfolio will invest at least two thirds of its assets (excluding cash and cash-equivalents) in bonds. Under normal market conditions, the Portfolio will invest its assets (excluding cash and cash-equivalents) primarily in the securities of the country, region, sector or currency referred to in the Porkfolio's name. Shareholders should be aware that there may significant exposure, including both net long and net short exposures, to countries, regions, sectors or currencies that are not referred to in the Portfolio's name as a consequence of the use of financial derivative instruments as further described below.

The Portfolio may, through the use of financial derivative instruments, use certain techniques related to the management of currency, credit and interest rate risks associated with assets held by the Portfolio and may engage in transactions in financial derivative instruments and other Permitted Investments as part of its general investment policy, to increase return and/or for hedging purposes. In accordance with Appendix A of the Prospectus, no short sales of securities will be undertaken. Short positions can be achieved by using securitised and non-securitised derivative instruments. Please see Appendix B - "Special Investment Techniques" together with the "Risk Considerations" discussed in the Prospectus.

Permitted securities may, subject to the aforementioned restrictions, include all types of debt securities subject to such limitations as may apply under Luxembourg law and the Portfolio's investment policy, including, but not limited to, fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper), Brady bonds and other debt issued by governments, their agencies and instrumentalities, or by central banks, convertible debt obligations, loan participations, preferred stock, and reverse repurchase agreements with respect to securities issued by governments and central banks.



' Goldman Sachs Funds SlCAV Appendix F: Goldman Sachs Sterling Broad Fixed Income Plus Portfolio

Appendix F: Goldman Sachs Sterling Broad Fixed Income Plus Portfolio



Investment Policies

The Portfolio may invest in securities having fixed, variable or floating interest rates. Under normal market conditions, the Portfolio will invest at least two thirds of its assets (excluding cash and cash-equivalents) in bonds. Under normal market conditions, the Portfolio will invest its assets (excluding cash and cash-equivalents) primarily in the securities of the country, region, sector or currency referred to in the Portfolio's name. Shareholders should be aware that there may significant exposure, including both net long and net short exposures, to countries, regions, sectors or currencies that are not referred to in the Portfolio's name as a consequence of the use of financial derivative instruments as further described below.

The Portfolio may, through the use of financial derivative instruments, use certain techniques related to the management of currency, credit and interest rate risks associated with assets held by the Portfolio and may engage in transactions in financial derivative instruments and other Permitted Investments as part of its general investment policy, to increase return andlor for hedging purposes. In accordance with Appendix A of the Prospectus, no short sales of securities will be undertaken. Short positions can be achieved by using securitised and non-securitised derivative instruments. Please see Appendix B - "Special Investment Techniques" together with the "Risk Considerations" discussed in the Prospectus.

Permitted securities may, subject to the aforementioned restrictions, include all types of debt securities subject to such limitations as may apply under Luxembourg law and the PortFolio's investment policy, including, but not limited to, fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper), Brady bonds and other debt issued by governments, their agencies and instrumentalities, or by central banks, convertible debt obligations, loan participations, preferred stock, and reverse repurchase agreements with respect to securities issued by governments and central banks.



Goldman Sachs Funds SICAV Appendix G: Goldman Sachs Global Diversified Strategies Portfolio ‘

Appendix G: Goldman Sachs Global Diversified Strategies Portfolio


The investment objective of the PortFolio is to generate capital appreciation by gaining exposure to international financial markets.

Investment Policies

It is intended that the Portfolio’s objective will be achieved by utilising its global tactical asset allocation (“GTAA”) strategy together with investment in Liquid Securities. The Investment Adviser believes that its investment practices and disciplined approach to investing will enable the Portfolio to achieve its investment objectives, although there can be no guarantee that the Portfolio will meet its investment objectives or as to the profitability of the Portfolio.

The objective of the GTAA strategy is to add value by seeking to identify and exploit relative mispricings across developed equity and bond markets (timing strategy), and within equity, bond and currency markets across countries. The Portfolio intends to invest in global equity, bond and currency markets. Unlike stock and bond selection strategies, which focus on individual stocks and bonds, GTAA focuses on asset classes, regions, and countries. As part of the GTAA strategy the PortFolio may invest in derivative instruments including, futures, options, swaps, contracts for differences and forward contracts (including foreign currency forward contracts).

While it is intended that investments in the GTAA strategy and in Liquid Securities will be made directly by the Investment Adviser, in the future, investments may also be made through one or more collective investment schemes. The Portfolio will invest no more than 10% of its Net Asset Value in aggregate in other collective investment schemes.

To the extent that the Portfolio has excess cash it may also invest such cash in Liquid Securities or may deposit such cash with banking institutions.

Performance Fees

The Shares in the Portfolio shall be subject to a performance fee (the “Performance Fee”) payable by the Portfolio to the Investment Adviser out of the assets of the Portfolio attributable to the relevant class. Such Performance Fee shall be in addition to the fees and expenses applicable to the Share Classes of the Portfolio. The Performance Fee per Share shall be equal to 20% of the amount by which the Net Asset Value per Share (before the accrual of the Performance Fee, if any, for the relevant Dealing Day on which the Net Asset Value per Share is calculated) exceeds the Benchmark Value per Share (as more fully described below). The Performance Fee shall accrue on each Dealing Day and be payable annually in arrears. The total Performance Fee to be accrued on a Dealing Day shall be calculated by multiplying the Performance Fee per Share by the number of Shares in issue on that Dealing Day. The method of calculation of the Performance Fee shall be verified by the Custodian.

The Benchmark Value per Share as at the end of each Dealing Day, shall be equal to the Benchmark Value per Share as at the end of the prior Dealing Day multiplied by one plus ((i) the average Benchmark for the time period between the two most recent Dealing Days (ii) divided by 365 and (iii) multiplied by the number of days elapsed since the last Dealing Day). The Benchmark Value per Share as at the end of the prior Dealing Day will be equal to (a) the initial offer price of the relevant class of Shares for the first Dealing Day after issue (b) the prior Dealing Day’s Net Asset Value per Share after the accrual of the Performance Fee, if a Performance Fee was earned as of the prior Dealing Day or (c) the prior Dealing Day’s Benchmark Value per Share calculated using the equation above if no Performance Fee was earned as of the prior Dealing Day. Therefore, an investor who purchases Shares at a time when the Net Asset Value per Share of the class purchased is below the Benchmark Value per Share of such class, such investor‘s interest will not be subject to a Performance Fee accrual until such class’s Net Asset Value exceeds its Benchmark Value per Share.


' Goldman Sachs Funds SICAV Appendix G: Goldman Sachs Global Diversified Strategies Portfolio

The Benchmark shall be the average one month London Interbank Offered Rate for the relevant Class Currency, or EURIBOR for Shares with a Class Currency of euro, on the first Business Day of each month and shall be reset on that day, less a percentage representing total fees and expenses payable by the Portfolio (other than the Performance Fee) which shall not exceed the Fixed Rate.

Without prejudice to the above, the Investment Adviser, the Global Distributor and/or Sub-Distributor may from time to time and at their sole discretion and out of their own resources decide to rebate to some or all Shareholders, or to distributors or to intermediaries, part or all of the Investment Advisory Fee, Performance Fee and/or distribution fee.


Goldman Sachs Funds SICAV Appendix H: Goldman Sachs Commodities Enhanced Index Portfolio

Appendix H: Goldman Sachs Commodities Enhanced index Portfolio


The investment objective of the Portfolio is to achieve returns similar to those of the Goldman Sachs Commodity Index (“GSCI”). The GSCI is widely diversified and, as of 31 December, 2005 consists of futures contracts on twenty-four commodities subdivided by sector into Energy, Agriculture, Livestock, Industrial Metals, and Precious Metals.

Investment Policies

The Portfolio may acquire equities, interest-bearing securities, convertible bonds, convertible debentures and warrant-linked bonds, index certificates, participation and dividend-right certificates and equity warrants. At least two-thirds of the Portfolio’s assets are invested in cash, cash-equivalents, Money Market Instruments, fixed income securities and securities and derivatives based on commodity indices or other commodity-related securities. Up to one-third of the Portfolio’s assets can be invested in instruments not referenced above and in securities or derivatives that are not based on commodities.

In compliance with the investment limits specified in Appendix A of the Prospectus, the investment policy is applied mainly through the use of suitable derivatives, fixed income securities and Money Market Instruments. The financial derivative instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instrument.

This involves the acquisition of certificates and derivatives on investments whose underlying instruments are equities, bonds or commodity indices and commodity sub-indices, provided that they are securities as defined in Article 41 of the Law of 20 December, 2002. In particular, derivatives such as swap contracts, futures and certificates on recognised financial indices (especially commodity and commodity futures indices and sub-indices) may be acquired if, with respect to certificates and derivatives on commodity indices and sub-indices, the Portfolio invests only in certificates issued by first-rate financial institutions that specialise in this type of transaction. In particular, the Portfolio may enter into equity swaps, total return swaps and index swaps with a counterparty.

For the avoidance of doubt, the Portfolio shall not directly invest in or hold physical commodities.


The Portfolio will under normal circumstances, invest at least fifty percent (50%) of is net assets in securities as defined under Japanese securities regulations.


Goldman Sachs Funds SlCAV Appendix I: Goldman Sachs Commodities Alpha Portfolio

Appendix I: Goldman Sachs Commodities Alpha Portfolio


The investment objective of the Portfolio is to seek achieve long-term excess returns relative to a diversified commodity index through both capital appreciation and current returns. At the Portfolio’s inception, the index will be the Total Return Index of the Goldman Sachs Commodity Index (“GSCI”). The GSCI is widely diversified and, as of 31 December, 2005, consists of futures contracts on twenty-four commodities subdivided by sector into Energy, Agriculture, Livestock, Industrial Metals, and Precious Metals.

Investment Policies

For this purpose, the Portfolio may acquire equities, interest-bearing securities, convertible bonds, convertible debentures and warrant-linked bonds, index certificates, participation and dividend-right certificates and equity warrants. At least two-thirds of the Portfolio’s assets are invested in cash, cash-equivalents, Money Market Instruments and securities and derivatives based on commodity indices, commodity sub-indices or other commodity-related securities. Up to one-third of the Portfolio’s assets can be invested in instruments not referenced above and in securities or derivatives that are not based on commodities.

The Porlfolio will also seek to increase return by taking advantage of the relative fluctuations of prices and rates between currencies, commodity and bond markets internationally. This investment strategy is substantially implemented through the use of derivatives and will involve taking long and short positions in instruments within the markets referenced above. Short positions are achieved by using securitised and non-securitised derivative instruments.

In compliance with the investment limits specified in Appendix A of the Prospectus, the investment policy is applied mainly through the use of derivatives. These derivative financial instruments may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instrument, including commodities, commodity indices and sub- i nd ices.

This involves the acquisition of certificates and derivatives on investments whose underlying instruments are equities, bonds, commodities or commodity indices and commodity sub-indices. In particular, derivatives such as swap contracts, futures and certificates on recognised financial indices (especially commodity and commodity futures indices) may be acquired if, with respect to certificates and derivatives on commodity indices, the Portfolio invests only in certificates issued by first-rate financial institutions that specialise in this type of transaction. In particular, the Portfolio may enter into equity swaps, total return swaps and index swaps with a counterparty.

For the avoidance of doubt, the Portfolio shall not directly invest in or hold physical Commodities.

In addition, the Portfolio’s assets may be invested in all other permissible assets. The Portfolio will not invest more than 10% of its net assets in any undertakings for collective investment.

Performance Fees

At the close of business on the last day of each accounting year of the Fund (or other date used to determine the Performance Fee) (each such date, a “Measurement Date”), the Investment Adviser will be entitled to receive a performance fee (the “Performance Fee”) with respect to each Share Class that is subject thereto equal to 20% of the excess, if any, of the NAV of such Share Class (determined prior to any deduction for any Performance Fee accrual, but after the deduction of all other expenses, including the Investment Advisory Fee, allocable to that series) over the Benchmark Value (as defined below) with respect to such series as of the close of business on the applicable Measurement Date.

As used herein, the “Benchmark Value” with respect to a Share Class as of the close of business on a particular Measurement Date is equal to the product of (i) the NAV of such Share Class immediately after deduction for any


Goldman Sachs Funds SlCAV Appendix I: Goldman Sachs Commodities Alpha Portfolio .

Performance Fee accrual as of the close of business on the most recent preceding Measurement Date for which a Performance Fee was paid with respect to such Share Class or, if no Performance Fee has been paid with respect to such Share Class, the NAV of such Share Class immediately following the initial issuance of such share Class, multiplied by (ii) the Benchmark Rate (as defined below) for the applicable Benchmark Measurement Period (as defined below).

The “Benchmark Rate” for any Benchmark Measurement Period shall be equal to the quotient of (i) the last published index value of the GSCl with respect to the last GSCl Valuation Date (as defined below) within such Benchmark Measurement Period, divided by (ii) the last published index value of the GSCl with respect to the last GSCl Valuation Date prior to the start of such Benchmark Measurement Period. A “GSCI Valuation Date” is a day on which the index value of the GSCl would, under normal circumstances, be calculated and published.

If no index value for the GSCl is published with respect to the last GSCl Valuation Date within a Benchmark Measurement Period, the Fund will delay the determination and paying of the applicable Performance Fee until the close of business on the next day with respect to which an index value for the GSCl is published.

For purposes of determining the Benchmark Value of any Share Class as of a particular Measurement Date, the “Benchmark Measurement Period” shall be the period from the close of business on the most recent preceding date as of which a Performance Fee was paid with respect to such Share Class (or, if no Performance Fee has been paid with respect to such Share Class, the date of the initial issuance of such Share Class), through the close of business on the Measurement Date.

Certain adjustments to the foregoing will be made, as determined by the Administrator, in consultation with the Investment Adviser, to account for any additional contributions, distributions and redemptions made with respect to such Share Class. Since each Share Class may have a different Benchmark Value, the Investment Adviser will earn a Performance Fee with respect to each class of Shares the NAV of which, as of the close of the applicable measurement period, exceeds its Benchmark Value for such period, even though it will not earn an Performance Fee with respect to any class of Shares the NAV of which, as of the close of such measurement period, does not exceed its Benchmark Value for such period.

The Performance Fee with respect to any Share Class accrues daily and is payable to the Investment Adviser annually. In the event of an intra-year redemption of Shares, any accrued Performance Fee with respect to such Shares will be payable to the Investment Adviser upon redemption. Appropriate adjustments will be made by the Administrator to the calculation of the Performance Fee for extraordinary circumstances, including, without limitation, if the Board of Directors permits an investment in the Portfolio to be made other than on those days set out under “Purchase of Shares” below or a redemption by a Shareholder to be made other than as set out under “Redemption of Shares” below.

Purchase of Shares: Shares of the Goldman Sachs Commodities Alpha Portfolio may be purchased on the first and third Tuesday which is a Business Day of any month not later than 2:OOpm Central European time at least two (2) Business Day prior to such day, at the net asset value per Share of the relevant class of Shares of the Portfolio of such Business Day, plus any applicable sales charge, In cases of such Tuesdays not being Business Days, Shares may be purchased on the next Business Day.

Redemption of Shares: Shares of the Goldman Sachs Commodities Alpha Portfolio can be redeemed by Shareholders not later than 2:OOpm Central European time at least seven (7) Business Days prior to the first and third Tuesday, that is a Business Day, of each calendar month at the net asset value per Share of the relevant class of Shares of the Portfolio on such Business Day. In cases of such Tuesdays not being Business Days, Shares may be redeemed on the next Business Day.


Goldman Sachs Funds SICAV Appendix J: Goldman Sachs Global CORESM Flex Portfolio

Appendix J: Goldman Sachs Global CORESM Flex Portfolio


The investment objective of the Portfolio is to achieve attractive total returns through capital appreciation and income.

Investment Policies

The Portfolio’s investments are selected using both a variety of quantitative techniques and fundamental research in seeking to maximize the Portfolio’s expected total return. Through a quantitative investment process, the Investment Adviser intends to seek to maximize returns by purchasing securities and other instruments (or using derivatives to generate exposure to such securities) that it believes are undervalued and by establishing short exposure to securities and other instruments that it believes are overvalued, the latter exposure being attained through the use of derivatives.

In executing the investment strategy, the Portfolio will primarily trade in individual common stocks and other equity related securities and instruments of issuers globally. Total return swaps and other financial derivatives which may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instrument, may be used, in whole or in part, to implement the strategy. Long and short positions may be employed in the underlying of such instruments. In accordance with Appendix A of the Prospectus, no physical short sales of securities will be undertaken. Short positions are achieved by using securitised and non-securitised derivative instruments. In equity swaps, the Portfolio and the respective counterparty agree on the partial or complete exchange of payments dependent on the total performance of equities or equity indices. In index swaps, the Fund and the respective counterparty, as seen from an economic perspective, agree on the partial or complete exchange of the total performance or the return on fixed and variable-interest securities, convertible bonds and/or participation certificates for the return of the index. Please see Appendix B - ”Special Investment Techniques” of the Prospectus for a further description of the instruments in which the Portfolio may invest.


In addition, the Portfolio’s assets may be invested in all other permissible assets.


Goldman Sachs Funds SICAV Appendix K: Goldman Sachs Europe CORESM Flex PorFolio .

Appendix K: Goldman Sachs Europe CORESM Flex Portfolio



Investment Policies


In executing the investment strategy, the Portfolio will primarily trade in individual common stocks and other equity related securities and instruments of issuers located in Europe. Total return swaps and other financial derivatives which may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instrument, may be used, in whole or in part, to implement the strategy. Long and short positions may be employed in the underlying of such instruments. In accordance with Appendix A of the Prospectus, no physical short sales of securities will be undertaken. Short positions are achieved by using securitised and non-securitised derivative instruments. In equity swaps, the Portfolio and the respective counterparty agree on the partial or complete exchange of payments dependent on the total performance of equities or equity indices. In index swaps, the Fund and the respective counterparty, as seen from an economic perspective, agree on the partial or complete exchange of the total performance or the return on fixed and variable-interest securities, convertible bonds and/or participation certificates for the return of the index. Please see Appendix B - “Special Investment Techniques” of the Prospectus for a further description of the instruments in which the Portfolio may invest.




* Goldman Sachs Funds SICAV Appendix L: Goldman Sachs US CORESM Flex Portfolio

Appendix L: Goidman Sachs US COREsM Flex Portfolio



investment Policies


In executing the investment strategy, the Portfolio will primarily trade in individual common stocks and other equity related securities and instruments of US issuers. Total return swaps and other financial derivatives which may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instrument, may be used, in whole or in part, to implement the strategy. Long and short positions may be employed in the underlying of such instruments. In accordance with Appendix A of the Prospectus, no physical short sales of securities will be undertaken. Short positions are achieved by using securitised and non-securitised derivative instruments. In equity swaps, the Portfolio and the respective counterparty agree on the partial or complete exchange of payments dependent on the total performance of equities or equity indices. In index swaps, the Fund and the respective counterparty, as seen from an economic perspective, agree on the partial or complete exchange of the total performance or the return on fixed and variable-interest securities, convertible bonds andlor participation certificates for the return of the index. Please see Appendix B - “Special Investment Techniques” of the Prospectus for a further description of the instruments in which the Portfolio may invest.




Goldman Sachs Funds SICAV Appendix M: Goldman Sachs Japan CORESM Flex Portfolio -

Appendix M: Goldman Sachs Japan CORESM Flex Portfolio



Investment Policies


In executing the investment strategy, the Portfolio will primarily trade in individual common stocks and other equity related securities and instruments of issuers located in Japan. Total return swaps and other financial derivatives which may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instrument, may be used, in whole or in part, to implement the strategy. Long and short positions may be employed in the underlying of such instruments. In accordance with Appendix A of the Prospectus, no physical short sales of securities will be undertaken. Short positions are achieved by using securitised and non-securitised derivative instruments. In equity swaps, the Portfolio and the respective counterparty agree on the partial or complete exchange of payments dependent on the total performance of equities or equity indices. In index swaps, the Fund and the respective counterparty, as seen from an economic perspective, agree on the partial or complete exchange of the total performance or the return on fixed and variable-interest securities, convertible bonds and/or participation certificates for the return of the index. Please see Appendix B - “Special Investment Techniques” of the Prospectus for a further description of the instruments in which the Portfolio may invest.




* Goldman Sachs Funds SICAV Appendix N: Goldrnan Sachs UK CORESM Flex Portfolio

Appendix N: Goldman Sachs UK CORES” Flex Portfolio



Investment Policies


In executing the investment strategy, the PortFolio will primarily trade in individual common stocks and other equity related securities and instruments of issuers located in the UK. Total return swaps and other financial derivatives which may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, as well as privately negotiated swap contracts on any type of financial instrument, may be used, in whole or in part, to implement the strategy. Long and short positions may be employed in the underlying of such instruments. In accordance with Appendix A of the Prospectus, no physical short sales of securities will be undertaken. Short positions are achieved by using securitised and non-securitised derivative instruments. In equity swaps, the Portfolio and the respective counterparty agree on the partial or complete exchange of payments dependent on the total performance of equities or equity indices. In index swaps, the Fund and the respective counterparty, as seen from an economic perspective, agree on the partial or complete exchange of the total performance or the return on fixed and variable-interest securities, convertible bonds and/or participation certificates for the return of the index. Please see Appendix B - “Special Investment Techniques” of the Prospectus for a further description of the instruments in which the PortFolio may invest.




Goldman Sachs Funds SICAV Appendix 0: Goldman Sachs Global Property Securities Portfolio -

Appendix 0: Goldman Sachs Global Property Securities Portfolio


The investment objective of the Portfolio is to generate long-term growth of capital and an attractive level of dividend income through investing in publicly traded property securities on a global basis.

Investment Policies

The Portfolio will invest at least two-thirds of its assets (excluding cash and cash-equivalents) in property securities on a global basis, whilst seeking to be diversified by geography, property-type and tenant-type.

The Portfolio may, through the use of financial derivative instruments, use certain techniques related to the management of market, currency, credit and interest rate risks associated with assets held by the Podfolio and may engage in transactions in financial derivative instruments and other Permitted Investments as part of its general investment policy and/or for hedging purposes.



* Goldman Sachs Funds SICAV Appendix P: Goldman Sachs Europe Property Securities Portfolio

Appendix P: Goldman Sachs Europe Property Securities Portfolio


The investment objective of the Portfolio is to generate long-term growth of capital and an attractive level of dividend income through primarily investing in publicly traded property securities of European issuers.

Investment Policies

The Portfolio will invest at least two-thirds of its assets (excluding cash and cash equivalents) in property securities of European issuers and UCls which primarily invest on a similar basis, whilst seeking to be diversified by geography, property-type and tenant-type.

The Portfolio may, through the use of financial derivative instruments, use certain techniques related to the management of market, currency, credit and interest rate risks associated with assets held by the Portfolio and may engage in transactions in financial derivative instruments and other Permitted Investments as part of its general investment policy and/or for hedging purposes.



Goldman Sachs Funds SICAV Appendix Q: Appendix Q: Goldman Sachs Asia Property Securities Portfolio

Appendix Q: Appendix Q: Goldman Sachs Asia Property Securities Portfolio


The investment objective of the Portfolio is to generate long-term growth of capital and an attractive level of dividend income through primarily investing in publicly traded property securities of Asian issuers.

Investment Policies

The Portfolio will invest at least two-thirds of its assets (excluding cash and cash equivalents) in property securities of Asian issuers and UCls which primarily invest on a similar basis, whilst seeking to be diversified by geography, property-type and tenant-type.

The Portfolio may, through the use of financial derivative instruments, use certain techniques related to the management of market, currency, credit and interest rate risks associated with assets held by the Porlfolio and may engage in transactions in financial derivative instruments and other Permitted Investments as part of its general investment policy and/or for hedging purposes.



- Goldman Sachs Funds SICAV Appendix R: Goldman Sachs Global (ex-US) Property Securities Portfolio

Appendix R: Goldman Sachs Global (ex-US) Property Securities Portfolio


The investment objective of the Portfolio is to generate long-term growth of capital and an attractive level of dividend income through primarily investing in publicly traded property securities of global issuers, excluding the us.

investment Policies

The Portfolio will invest at least two-thirds of its assets (excluding cash and cash equivalents) in property securities of global issuers, excluding the US and UCls which primarily invest on a similar basis, whilst seeking to be diversified by geography, property-type and tenant-type.

The Portfolio may, through the use of financial derivative instruments, use certain techniques related to the management of market, currency, credit and interest rate risks associated with assets held by the Portfolio and may engage in transactions in financial derivative instruments and other Permitted Investments as part of its general investment policy and/or for hedging purposes.



Goldman Sachs Funds SlCAV Appendix S: Goldman Sachs Global Absolute Alpha Portfolio -

Appendix S: Goldman Sachs Global Absolute Alpha Portfolio



Investment Policies

The Portfolio's investments are selected using both a variety of quantitative techniques and fundamental research in seeking to maximize the Portfolio's expected total return. Through a quantitative investment process, the Investment Adviser intends to seek to maximize returns by purchasing securities and other instruments (or using derivatives to generate exposure to such securities) that it believes are undervalued and by establishing short exposure to securities and other instruments that it believes are overvalued, such exposure being attained through the use of derivatives.

In executing the investment strategy, the Portfolio will trade in individual common stocks, other equity related securities and instruments of issuers globally, money market instruments, fixed income securities and financial derivative instruments. Total return swaps and other financial derivatives which may include, among others, options, forwards, futures, futures contracts on financial instruments and options on such contracts, contracts for difference, as well as privately negotiated swap contracts on any type of financial instrument, may be used, in whole or in part, to implement the strategy. Long and short positions may be employed in the underlying of such instruments. In accordance with Appendix A of the Prospectus, no physical short sales of securities will be undertaken. Short positions are achieved by using securitised and non-securitised derivative instruments. In equity swaps, the Portfolio and the respective counterparty agree on the partial or complete exchange of payments dependent on the total performance of equities or equity indices. In index swaps, the Fund and the respective counterparty, as seen from an economic perspective, agree on the partial or complete exchange of the total performance or the return on fixed and variable-interest securities, convertible bonds and/or participation certificates for the return of the index. Please see Appendix B - "Special Investment Techniques" of the Prospectus for a further description of the instruments in which the Porlfolio may invest.


In addition, the Portfolio's assets may be invested in all other permissible assets.

Performance Fees

The Portfolio pays a performance fee (the "Performance Fee") equal to 20 percent of the amount by which the Net Asset Value per Share (please see "Determination of Net Asset Value" in the Prospectus) exceeds the Benchmark Value per Share (as more fully described below). The performance fee accrues daily and is payable monthly in arrears out of the assets attributable to the Portfolio. A separate calculation shall be carried out in respect of the Shares of each Class.





- Goldman Sachs Funds SICAV Appendix S: Goldman Sachs Global Absolute Alpha Portfolio






Goldrnan Sachs Funds SICAV Appendix T: Goldman Sachs GTAA Equity Strategy Portfolio

Appendix T: Goldman Sachs GTAA Equity Strategy Portfolio


The investment objective of the Portfolio is to seek to provide absolute returns over the long-term.

Investment Policies

The Portfolio may invest in global equity instruments, futures, swaps and options on futures, indices and baskets of equities (being a selection of equities, investment in which is designed to match a specific index return), spot and forward contracts on currencies and other derivative instruments.

The Portfolio may also invest in short-term fixed income instruments and may hold ancillary liquid assets for cash management purposes. The Portfolio may employ short selling, leverage (both through the use of derivatives), preferred stock, convertible securities and warrants and other rights to acquire securities, options on securities, indices and currencies, over-the-counter options, swaps, when-issued and forward commitment securities, and borrowing and lending of fund securities.

The Portfolio will have both net long and net short exposures, to securities, countries, regions, sectors or currencies, globally, which may be achieved through the use of financial derivative instruments. The Portfolio may, through the use of financial derivative instruments, use certain techniques related to the management of equity, currency, credit and interest rate risks associated with assets held by the Portfolio and may engage in transactions in financial derivative instruments and other Permitted Investments as part of its general investment policy, to increase return and/or for hedging purposes.


The Fund will, in normal circumstances, invest at least 50 per cent of its Net Asset Value in "securities", as defined under applicable Japanese securities regulations.

Series of Shares

In order to facilitate the equitable application of the Performance Fee (as further described below), a new Series of Shares may be issued on each Dealing Day that Shares are sold. On a Dealing Day where the Performance Fee is vested, and a new Prior High NAV per Unit is established for an existing series of Shares, additional Shares of such series of Shares may be issued.

At the end of each Performance Period, each Series of Shares (other than the first Series issued (the "Initial Series")) may (after reflecting all accrued fees) be redesignated and converted into Shares of any previously issued Series of the relevant Class provided that the Net Asset Value per Share of each Series are at the Prior High Net Asset Value per Share of that Series. This will most often occur when a series establishes a new Prior High Net Asset Value per Share after a Performance Fee has vested. Shareholders shall be notified of any such redesignation.

Performance Fees

The Investment Adviser will be entitled to a Performance Fee, to be accrued at each Valuation Date for each Series of Shares, equal in respect of each Valuation Date to 20% of the product of the number of outstanding Shares per Series and the amount by which the NAV per Share of such Series of Shares, as of the Valuation Date, determined prior to any applicable Performance Fee accrual with respect to such Shares, but after the deduction of all other Portfolio expenses, including the management fee, exceeds such Series' Prior High NAV per Share (as more fully described below) plus the performance of an investment generating a return of one month LIBOR (in the currency of the relevant Class) since the date at which that Series' current Prior High NAV per Share was first achieved.


* Goldman Sachs Funds SICAV Appendix T: Goldrnan Sachs GTAA Equity Strategy Porlfolio

The Performance Fee with respect to a Series of Shares accrues at each Valuation Date and is payable quarterly (by reference to a calendar quarter end vesting date) in arrears out of the assets of the Porffolio attributable to the assets of the Portfolio attributable to the relevant Shares. The initial calculation period for the Shares will be from the date in the calendar quarter on which the Shares first issue until the end of that calendar quarter. Appropriate adjustments shall be made to the NAV calculations if different fees are borne by different Classes or Series of Classes of Shares.

The Prior High NAV per Share with respect to a Series of Shares initially will be equal to the NAV per Share of such Series as of the date of its issue. The new Prior High NAV per Share with respect to a Series of Shares immediately following the vesting of a Performance Fee with respect to such Series will be "reset" to equal the NAV per Share of such Series, unless the Series is converted into another Series which has concurrently paid a Performance Fee on the same Prior High NAV, in which case the new Prior High NAV per Share will be "reset" to equal the new Prior High NAV per Share of that other Series.

If a Shareholder sells shares of a series on a Valuation Date other than a Performance Fee vesting date, at a NAV per Share that has an invested accrued Performance Fee as of such Valuation Date, the invested accrued Performance Fee attributable to the shares being sold will become vested and will be immediately payable to the I nvestmen t Adviser.

Purchase of Shares: Shares of the Portfolio may be purchased on (i) every Wednesday which is a Business Day, and if it is not then the next Business Day, of any month; (ii) the last Business Day of each month; and (iii) any other day that the Board may declare as a Dealing Day, not later than 2:OOpm Central European time at least one (I) Business Day prior to such day, at the net asset value per Share of the relevant class of Shares of the Portfolio of such Business Day, plus any applicable sales charge.

Redemption of Shares: Shares of the Portfolio can be redeemed purchased on (i) every Wednesday which is a Business Day, and if it is not then the next Business Day, of any month; (ii) the last Business Day of each month; and (iii) any other day that the Investment Adviser may declare as a Dealing Day, not later than 2:OOpm Central European time at least one (1) Business Day prior to such day, at the net asset value per Share of the relevant class of Shares of the Portfolio of such Business Day, plus any applicable redemption charge.

The settlement period for subscriptions is the Business Day following the relevant Dealing Day. At the Board's discretion, subscription proceeds received after the time or day specified may be accepted with respect to a particular Dealing Day. Subject to receipt by the Global Distributor or its delegate of all documentation requested at the time of application for Shares, the settlement period for redemptions will normally be the third Business Day after the relevant Dealing Day or as soon as is reasonably practicable thereafter.

Risk Profile and Global Exposure

This Portfolio holds the majority of its cash in short-term securities, with its exposure overlaid onto the portfolio using derivatives, such as futures, forwards and swaps where most of its excess return potential is derived. The Portfolio frequently uses derivatives rather than direct investments, maintaining a broadly market neutral position. Strict risk controls are designed to generally keep the Portfolio's expected Value at Risk below twice the Value at Risk of an investment in a reference index constituted of 50% investment in global equities and 50% in global bonds hedged into the base currency of the Portfolio (or share class to the extent hedged share classes are offered). The risks associated with the derivative instruments listed in the Investment Policies above are further detailed in the 'Risk Considerations' section of the Prospectus.


Goldman Sachs Funds SICAV Appendix U: Goldman Sachs Global Currency Plus Portfolio

Appendix U: Goldman Sachs Global Currency Plus Portfolio


The Portfolio's investment objective is to provide investors with appreciation in the value of their Shares arising out of the Portfolio's participation in the global currency and related markets. The Portfolio is intended for long-term investment purposes only and may exhibit higher levels of volatility relative to the Goldman Sachs Global Currency Portfolio. another sub-fund with the Fund.

Investment Policies

The PottFolio seeks to achieve its investment objective primarily through transactions in forward and spot contracts on currencies in the over-the-counter ("OTC") currency markets and options and futures on currencies. The Portfolio may also invest in open-ended collective investment funds. The Portfolio is permitted to enter into transactions in bank depository receipts, repurchase agreements, interest rate and currency swaps, government securities, mortgage and asset-backed securities and other fixed income and Money Market Instruments meeting the credit quality criteria described herein.

The Portfolio's investment strategy can involve leverage (through the use of derivatives) and will therefore be subject to the risks associated therewith. As a general matter, the Portfolio is not permitted to maintain net open currency positions (as defined below) with a value in excess of the Portfolio's total Net Asset Value. There can be no assurance that the Portfolio's investments will be successful or that the investment objective of the Portfolio will be achieved.

A substantial portion of the Portfolio's assets will be invested in fixed income instruments, cash or cash-equivalents - the core basket component. In an effort to generate higher returns, the Portfolio will actively engage in currency transactions - the active currency component. The Portfolio's performance will depend largely on the active currency component.

The Portfolio seeks to profit from fluctuations in currency exchange rates, volatility in the currency markets and differentials between various currency exchange rates and interest rates reflected in the values of currencies.

The Portfolio may also enter into transactions in bank depository receipts (such as ADRs and GDRs), repurchase agreements, interest rate and currency swaps, government securities, mortgage and asset-backed securities, options, futures and other fixed income and Money Market Instruments.

The fixed income and Money Market Instruments in which the Portfolio may invest will be rated in the AA or A-1 category or higher, as applicable, by Standard & Poors or in the Aa or P-1 category or higher, as applicable, by Moodys at the time of investment, except that the Portfolio may invest in unrated securities if those securities are determined by the Investment Adviser to be of equivalent credit quality ("High Quality Ratings"). If a security is rated by both Standard & Poor's and Moody's, its rating must be no lower than the AA (or A-I) or Aa (or P-I) category, respectively, by each at the time of investment.

The Investment Adviser will seek to achieve the Portfolio's investment objective through the use of three principal types of transactions:

- Directional Transactions: e.g. purchases or sales of currencies through forward contracts based on the Investment Adviser's judgment regarding the direction of the market for a particular currency or currencies;

Non-Directional Transactions: e.g. transactions, including purchases and sales of options, intended to profit from volatility in the currency markets, rather than from the direction of currency rate fluctuations; and


Goldman Sachs Funds SICAV Appendix U: Goldman Sachs Global Currency Plus Portfolio

Yield Enhancing Strategies: e.g. the use of "spread" transactions between specific currencies, interest rates or maturities in order to profit from the disparities between the various markets and instruments.

Through the use of these strategies, and other strategies which may be appropriate in the judgment of the Investment Adviser (in view of any changes in the relevant markets), the Investment Adviser will attempt to generate profits regardless of the direction of currency exchange rate movements.

The Investment Adviser will base its directional transaction decisions on fundamental and technical analyses of the currency markets. Fundamental analysis examines factors which are external to the relevant market, such as economic and political conditions, supply and demand and interest rates, while technical analysis focuses on fluctuations in price and volatility in the markets, resulting in transaction decisions based on projected future trends.

In the Investment Adviser's view, the Directional Transactions may present a greater degree of risk than the other principal approaches to be employed, due to the exposure to fluctuations in the values of particular currencies arising from these types of transactions. Conversely, however, in the Investment Adviser's view, such Directional Transactions may also afford greater profit potential and therefore constitute the Investment Adviser's principal strategy. In pursuing this strategy, the Investment Adviser seeks to profit from anticipated movements in currency rates by establishing "long" or "short" positions in forward contracts on currencies, based on the fundamental and quantitative analyses described above and the Investment Adviser's resulting view of the available market opportunities. From time to time, the Investment Adviser may also establish "long" and "short" positions in currency futures, futures, exchange-traded or OTC options as part of a directional strategy, although futures and exchange- traded options are expected to be utilised in more limited circumstances. The Investment Adviser may utilise futures or exchange-traded options, for example, if it believes that the exchange markets provide a less costly or more efficient means of effecting transactions. In addition, because exchange transactions are supported by the guarantee of a clearing house, as discussed below, the Investment Adviser may enter into transactions in these markets in order to reduce the Portfolio's exposure to particular counterparties in the forward market so as to ensure that the Portfolio's exposure to any counterparty does not exceed the limits set out at Appendix A of the Prospectus.

The Investment Adviser's directional strategies will also involve the use of bank deposits and investments in government securities and other fixed income and Money Market Instruments, based on the Investment Adviser's view of anticipated movements in interest rates in various countries. In connection with its use of bank deposits or investments in fixed income and Money Market Instruments, the Investment Adviser may establish positions in futures on fixed income instruments or other interest rate products in order to adjust the maturities or other characteristics of such deposits or investments, e.g. the Investment Adviser may establish a futures position which, together with an investment in a fixed income instrument, creates the economic equivalent of the same fixed income instrument with a longer or shorter duration.

Non-Directional Transactions may be used by the Investment Adviser in an attempt to profit from anticipated changes in volatility in the currency markets, rather than from movements in currency exchange rates. Such transactions, therefore, will not depend on the Investment Adviser's view of the direction or extent of fluctuations in currency exchange rates. Non-Directional Transactions, also, are based on the types of fundamental and technical analyses described above, and generally involve purchases and sales of OTC and exchange-traded options on currencies, and fixed income instruments.

The Investment Adviser may enter into Yield Enhancing Strategies by establishing spread positions in currencies, and in fixed income instruments or other interest rate products. As in the case of Non-Directional Transactions, Yield Enhancing Strategies are based on the relationships between different currencies, interest rates and maturities, rather than on the anticipated direction of currency exchange rate movements. Such transactions include "carry spreads", which are used in an attempt to profit from the yields available as a result of the disparities between interest rates reflected in different currency prices and the disparities between spot and forward currency prices. In order to profit from movements in interest rates, for example, the Investment Adviser might purchase fixed income instruments denominated in the currency of a country with relatively higher interest rates (e.g. a "high yielding currency"), either in conjunction with forward transactions in the underlying currency or independently, and sell lower yielding currencies, in an attempt to profit from the interest rate differential between these currencies.

The Investment Adviser may also purchase and sell currencies in order to realize the yields afforded by differentials between spot and forward exchange rates, referred to as "maturity spreads." In such instances, the


Goldman Sachs Funds SICAV Appendix U: Goidman Sachs Global Currency Plus Portfolio '

differences between the prices of the currency for delivery on each of the maturity dates will reflect anticipated changes in interest rates over time, and the use of maturity spreads will therefore provide the Portfolio with the opportunity to profit from changes in interest rates in the relevant currency. Spread transactions may also be used in an attempt to profit from any perceived disparities between the interest rate on bank deposits or other fixed income investments and the interest rate reflected in the pricing of a particular currency.

From time to time, the Investment Adviser may enter into hedging transactions in forwards, options or futures in connection with its investment and transactional activities, although it will be under no obligation to do so.

Hedging transactions may be used in connection with the Investment Adviser's purchase of fixed income instruments that present currency as well as interest rate exposure. In such instances, the Investment Adviser may use hedging positions to reduce the resulting currency exchange rate risk.

The Investment Adviser may seek to obtain or offset certain currency or interest rate exposures through the use of other types of financial instruments including interest rate and currency swaps and similar products. Interest rate and currency swaps may be utilised to establish positions with longer maturities than those which are available in the forward and futures markets.

The Investment Adviser may utilise a number of techniques to attempt to reduce the risk to which the Portfolio will be exposed from time to time. The Investment Adviser generally does not intend to maintain, on behalf of the Portfolio, a net open position with a value greater than the Net Asset Value of the Portfolio in forwards, options or futures and other financial instruments, thereby limiting the degree of leverage employed in connection with the Portfolio's transactional activities. This leverage factor is calculated by determining the aggregate value of the Portfolio's positions in currencies, fixed income instruments and other products (with the value of a position in folwards, options or futures being based on the aggregate amount of the currency or other underlying instrument being purchased or sold under the contract) and netting long and short positions. As a result of this netting process, it is possible that the Portfolio may incur leverage exposure of greater than three to one with respect to individual long or short positions and the leverage limitation therefore does not eliminate the Portfolio's exposure to losses resulting from significant directional movements in currency exchange rates. This limitation on the size of the Portfolio's net open position also will not reduce its exposure to particular currencies or counterparties. In the event of substantial and adverse movements in currency rates generally or in the value of certain currencies, therefore, or if a counterparty defaults on its obligations, the Portfolio could incur substantial losses notwithstanding its policy on the limitation of leverage.

Compliance with the foregoing investment objectives and policies, and restrictions on the Portfolio's leverage activities, will be determined at the time of acquisition of an investment by the Portfolio and will not require the sale of any investment by the Portfolio due to subsequent changes. For example, if the rating criteria are adhered to at the time a transaction is effected, a subsequent reduction in the rating will not be considered a deviation from policy.

However, the Portfolio will adhere to the Investment Restrictions in Appendix A of the Prospectus and account will be taken of subsequent changes in future decisions in order that the Portfolio will comply with such Investment Restrictions.

The Investment Adviser may from time to time utilise "stop loss" orders in a manner designed to limit the potential loss arising from any one transaction. Additionally, spread transactions, certain examples of which are described above, may be used to reduce the Portfolio's exposure to outright price or interest rate fluctuations. Finally, the Investment Adviser may use proprietary quantitative models available to it to identify, evaluate and manage the risks associated with the Portfolio's transactional activities and to seek to control volatility in the Portfolio.

The Porifolio will not invest more than 10% of its net assets in any undertakings for collective investment.

Series of Shares

In order to facilitate the equitable application of the Performance Fee (as further described below), a new Series of Shares may be issued on each Dealing Day that Shares are sold. On a Dealing Day where the Performance Fee is vested, and a new Prior High NAV per Unit is established for an existing series of Shares, additional Shares of such series of Shares may be issued.


* Goldman Sachs Funds SlCAV Appendix U: Goldman Sachs Global Currency Plus Portfolio

At the end of each Performance Period, each Series of Shares (other than the first Series issued (the "Initial Series")) may (after reflecting all accrued fees) be redesignated and converted into Shares of any previously issued Series of the relevant Class provided that the Net Asset Value per Share of each Series are at the Prior High Net Asset Value per Share of that Series. This will most often occur when a series establishes a new Prior High Net Asset Value per Share after a Performance Fee has vested. Shareholders shall be notified of any such redesignation.

Performance Fees

The Investment Adviser will be entitled to a Performance Fee, to be accrued at each Valuation Date for each Series of Shares, equal in respect of each Valuation Date to 20% of the product of the number of outstanding Shares per Series and the amount by which the NAV per Share of such Series of Shares, as of the Valuation Date, determined prior to any applicable Performance Fee accrual with respect to such Shares, but after the deduction of all other Portfolio expenses, including the management fee, exceeds such Series' Prior High NAV per Share (as more fully described below) plus the performance of an investment generating a return of one month LlBOR (in the currency of the relevant Class) since the date at which that Series' current Prior High NAV per Share was first achieved.

The Performance Fee with respect to a Series of Shares accrues at each Valuation Date and is payable quarterly (by reference to a calendar quarter end vesting date) in arrears out of the assets of the Portfolio attributable to the assets of the Portfolio attributable to the relevant Shares. The initial calculation period for the Shares will be from the date in the calendar quarter on which the Shares first issue until the end of that calendar quarter. Appropriate adjustments shall be made to the NAV calculations if different fees are borne by different Classes or Series of Classes of Shares.

The Prior High NAV per Share with respect to a Series of Shares initially will be equal to the NAV per Share of such Series as of the date of its issue. The new Prior High NAV per Share with respect to a Series of Shares immediately following the vesting of a Performance Fee with respect to such Series will be "reset" to equal the NAV per Share of such Series, unless the Series is converted into another Series which has concurrently paid a Performance Fee on the same Prior High NAV, in which case the new Prior High NAV per Share will be "reset" to equal the new Prior High NAV per Share of that other Series.

If a Shareholder sells shares of a series on a Valuation Date other than a Performance Fee vesting date, at a NAV per Share that has an invested accrued Performance Fee as of such Valuation Date, the invested accrued Performance Fee attributable to the shares being sold will become vested and will be immediately payable to the Investment Adviser.


Purchase of Shares: Shares of the Portfolio may be purchased on (i) the first Business Day of any month; and (ii) any other day that the Board may declare as a Dealing Day, not later than 2:OOpm Central European time at least one (1) Business Day prior to such day, at the net asset value per Share of the relevant class of Shares of the Portfolio of such Business Day, plus any applicable sales charge.

Redemption of Shares: Shares of the Portfolio can be redeemed purchased on (i) every Wednesday which is a Business Day, and if it is not then the next Business Day, of any month; (ii) the last Business Day of each month; and (iii) any other day that the Investment Adviser may declare as a Dealing Day, not later than 2:OOpm Central European time at least one (1) Business Day prior to such day, at the net asset value per Share of the relevant class of Shares of the Portfolio of such Business Day, plus any applicable redemption charge.

Risk Profile and Global Exposure


Goldman Sachs Funds SICAV Appendix U: Goldman Sachs Global Currency Plus Portfolio ’

This Portfolio holds the majority of its cash in short-term securities, with its exposure overlaid onto the portfolio using derivatives, such as futures, forwards and swaps where most of its excess return potential is derived. The Portfolio frequently uses derivatives rather than direct investments, maintaining a broadly market neutral position. Strict risk controls are designed to generally keep the Portfolio’s expected Value at Risk below twice the Value at Risk of an investment in a reference index constituted of 50% investment in global equities and 50% in global bonds hedged into the base currency of the Portfolio (or share class to the extent hedged share classes are offered). The risks associated with the derivative instruments listed in the Investment Policies above are further detailed in the ‘Risk Considerations’ section of the Prospectus.

23627.770720


Asset Management


An undertaking for collective investment organisec! under the laws of the Grand Duchy of Luxernbocirg (S.I.C.A.V.)

July 2006

Supplement 111 to the Prospectus - Global Manager Strategies Portfolios

Prospectus


This supplement

The purpose of this Supplement is to describe in more detail those Portfolios of Goldman Sachs Funds which are managed by Goldman Sachs Asset Management International under the Global Manager Strategies Programme (referred to herein as the “GMS Portfolios”).

This Supplement must always be read in conjunction with the Prospectus. The Prospectus contains detailed information on the following aspects of the Fund: a description of Share Classes; the risks associated with an investment in the Fund; information on the management and administration of the Fund and in respect of those third parties providing services to the Fund; the purchase and redemption of Shares and exchange privileges; the determination of Net Asset Value; dividend policy; fees and expenses of the Fund; information on the Fund; meetings of and reports to Shareholders; and taxation. In addition, the Prospectus contains, in its Appendices, information on special investment techniques and applicable investment restrictions.

The information contained in the Prospectus refers also to the Portfolios of the Fund which are managed by Goldman Sachs Asset Management International in respect of which further and additional detail is contained in Supplements I, I I and IV.

No subscriptions will be accepted for Shares in any GMS Portfolio if the investor is basing its decision to invest solely on the information contained in this Supplement.

This Supplement provides summary information on each of the GMS Pottfolios including details of the Share Classes within each GMS Portfolio of the Fund that are available as of the date of the Prospectus.

A list of the Managers is always available to Shareholders on request or from the registered office of the Fund or at the office of the Investment Adviser. In addition, a list of the Managers will be disclosed in the semi-annual and annual reports of the Fund.

July 2006 i i Goidman Sachs Asset Management

Goldman Sachs Funds SlCAV Table of Contents

Table of Contents

Page


Table of Contents .......................................................................................................................................................................... iii

Definitions ...................................................................................................................................................................................... 1

1 Goldman Sachs Funds - Summary Table of Portfolios .................................................................................................... 2

2 Goldman Sachs Funds - Investment Objective and Summary Table of Share Classes of each Portfolio ....................... 3

3 Goldman Sachs Funds - Investment Objectives and Policies .......................................................................................... 5

4 Goldman Sachs Funds - Specific Risk Considerations and Conflicts of Interest .............................................................. 8

July 2006 ... 111 Goldman Sachs Asset Management



“Allocated Assets”

“GMS Portfolios”

“Managers”

means the respective proportion of the GMS Portfolio to be managed by each of the Managers from time to time;

means those Portfolios of the Fund which are part of the Global Manager Strategies programme and which are contemplated by this Supplement;

means those third-party investment managers selected and appointed by the Investment Adviser from time to time to manage the Allocated Assets of the GMS Portfolios;

“Global Manager Strategies” means the programme, described in this Supplement, of selecting Managers to manage GMS Portfolios of the Fund;

“Sub-Management Agreement” means the discretionary investment management agreement entered into between the Investment Adviser and each of the Managers.


Goldman Sachs Funds SICAV 1 Goldman Sachs Funds - Summary Table of Portfolios

1 Goldman Sachs Funds - Summary Table of Portfolios

An Undertaking for Collective Investment organised under the Laws of the Grand Duchy of Luxembourg, (SICAV).

The following are separate investment portfolios (each a “GMS Portfolio”, together the “GMS Portfolios”) of Goldman Sachs Funds (the “Fund”) managed by Goldman Sachs Asset Management International under the Global Manager Strategies programme.

Equity Portfolios

Reglonal Equity Portfolios Launched

Goldman Sachs GMS Alpha+ World Equity Portfolio Goldman Sachs GMS Alpha+ World Equity Portfolio II Goldman Sachs GMS Alpha+ World Equity Portfolio 111 Goldman Sachs GMS Alpha+ Europe Equity Porlfolio

Goldman Sachs GMS Alpha+ Asia Equity Portfolio Goldman Sachs GMS Alpha+ US Equity Portfolio

Goldman Sachs GMS Alpha+ Japan Equity Porlfolio

30 July 2004

March 2006 Nla Nla

Nla

Nla Nla

For those Portfolios where no launch date has been stated, please contact your usual Goldman Sachs representative or the European Shareholder Services team at Goldman Sachs International, Christchurch Court, 10-15 Newgate Street, London EC1A 7HD to determine whether the Portfolio has been launched since the date of this Prospectus.

Portfolios which share the same name (e.g. Goldman Sachs GMS Alpha+ World Equity Portfolio) differ due to the different Managers selected by Global Manager Strategies to manage the assets of that Portfolio.

Hereinafter, the above GMS Porffolios are referred to without being preceded by the full name of the GMS Portfolio.



Goldman Sachs Funds SICAV 2 Goldrnan Sachs Funds - Investment Objective and Summary Table of Share Classes of each Portfolio

2 Classes of each Portfolio

Goldman Sachs Funds - Investment Objective and Summary Table of Share

The following table sets out the the Investment Objective and Share Classes within the GMS Portfolios of the Fund. For details, please refer to “Description of Share Classes” on page [I of the Prospectus.

Goldman Sachs GMS Alpha+ World Equity Portfolio


Base

Class I Shares

Goldman Sachs GMS Alpha+ World Equity Portfolio II


Base

Class I Shares

Goldman Sachs GMS Alpha+ World Equity Portfolio 111


Base Class I Shares

Goldman Sachs GMS Alpha+ Europe Equity Portfolio


Base

Class I Shares

Goldman Sachs GMS Alpha+ Asia Equity Poltfollo


Base

Class I Shares

Base Currency - USD

Goldman Sachs GMS Alpha+ World Equity Portfolio will invest in equity andlor equity-related securities of companies located anywhere in the world and UCls investing predominantly in companies located anywhere in the world.

Share Class Sales Charge Management Fee Distribution Fee Minimum Investment Currency

USD up to 5.5 % Up to 2.75 % Nil USD 200,000

USD Nil Up to 1.75 % Nil USD 5,000,000

Base Currency - USD

Goldman Sachs GMS Alpha+ World Equity Portfolio II will invest in equity andlor equity-related securities of companies located anywhere in the world and UCls investing predominantly in companies located anywhere in the world.




Base Currency - USD

Goldman Sachs GMS Alpha+ World Equity Portfolio 111 will invest in equity andlor equity-related securities of companies located anywhere in the world and UCls investing predominantly in companies located anywhere in the world.


USD u p to 5.5 % Up to 2.75 % Nil USD 200,000


Base Currency - EUR

Goldman Sachs GMS Alpha+ Europe Equity Portfolio will invest in equity andlor equity-related securities of European companies and UCls investing predominantly in European companies.


EUR u p to 5.5 % Up to 2.75 % Nil EUR 200,000

EUR Nil Up to 1.75 % Nil EUR 5,000,000

Base Currency - USD

Goldrnan Sachs GMS Alpha+ Asia Equity Portfolio will invest in equity andlor equity-related securities of Asian companies and UCls investing predominantly in Asian companies (including Australia and New Zealand).





Goldman Sachs Funds SICAV 0

Goldman Sachs GMS Alpha+ US Equity Porkfolio


Base Currency - USD

Goldman Sachs GMS Alpha+ US Equity Portfolio will invest in equity and/or equity-related securities of US companies and UCls investing predominantly in US companies.


Base USD u p to 5.5 % Up to 2.75 % Nil USD 200,000

Class I Shares USD Nil Up to 1.75 % Nil USD 5,000,000

Goldman Sachs GMS Alpha+ Japan Equity Portfolio


Base Currency - USD

Goldman Sachs GMS Alpha+ Japan Equity Portfolio will invest in equity andlor equity-related securities of Japanese companies and UCls investing predominantly in Japanese companies.

Share Class Sales Charge Management Fee Distributlon Fee Minimum Investment Currency

Base USD u p to 5.5 % Up to 2.75 % Nil USD 200,000 Class I Shares USD Nil u p to 1.75 % Nil USD 5,000,000


Goldman Sachs Funds SICAV 3 Goldman Sachs Funds - Investment Objectives and Policies

3 Goldman Sachs Funds - Investment Objectives and Policies Goldman Sachs Global Manager Strategies Programme

The Goldman Sachs Global Manager Strategies programme has been established to provide investors with exposure to and the benefit of investment strategies and approaches offered by third-party investment managers (referred to herein as the “Managers”).

In its role as Investment Adviser to the Fund, Goldman Sachs Asset Management International, in its sole discretion, will select one or more Managers for each GMS Portfolio (each “GMS Portfolio” being a “Multi-Manager GMS Portfolio”). The Investment Adviser shall inform the CSSF on each occasion that a Manager is appointed to a GMS Portfolio. The Managers for each GMS PortFolio will be selected by the Investment Adviser through a multi- step process which seeks to identify those Managers who, together, are suitable and qualified to manage the assets of the GMS Portfolio in accordance with the overall strategy for that GMS Portfolio. These steps firstly involve screening the universe of potential managers, taking into account both quantitative information (such as performance data) and qualitative reports (such as an analysis of the stability of the investment team). After identifying a number of potential candidates, a further screening process is conducted (through site visits, questionnaires and other research tools), to seek to ensure that any Managers selected will, when taken together, possess the requisite investment styles and track-records capable of realising a GMS Portfolio’s investment objectives. In assessing a candidate Manager’s suitability for a particular GMS Portfolio a number of factors will be considered, including: the overall organisation of the candidate’s business and its market standing and reputation; appropriateness of investment philosophy and processes; stability of the investment team and relevant experience of key individuals; extent of the advisory and research capabilities; integrity of portfolio construction models and risk management operations; and the reliability of its internal systems and compliance controls. The Managers will enter into sub-investment management agreements with the Investment Adviser (each, a “Sub-Management Agreement”). The Investment Adviser will negotiate the terms of the Sub-Management Agreements on behalf of the Fund and will arrange for the Managers to be compensated.

While the Investment Adviser will develop the overall strategy for each GMS Portfolio, including the establishment of appropriate investment guidelines, the Managers will be responsible for the day-to-day investment decisions of the GMS Portfolios.

In the event that a Sub-Management Agreement with a Manager is terminated, the Investment Adviser will seek to replace that Manager as soon as is reasonably practicable. In the event that there is a delay, the Investment Adviser will seek to allocate the Allocated Assets of the departing Manager to the remaining Manager(s) andlor shall seek to implement appropriate transitional arrangements provided that such transitional arrangements maintain and/or enhance compliance with the investment objectives and policies of each GMS Portfolio.

In the event that a Shareholder objects to the selection of a Manager, such Shareholder shall be permitted to redeem its interest in the Portfolio without penalty (other than in respect of the imposition of a CDSC, in circumstances where such Shares attract such charge).

Goldman Sachs Global Manager Strategies Programme - Multi-Manager

The Managers for each Multi-Manager GMS Portfolio will receive an allocation of the GMS Portfolio’s assets for management. Such allocations will be determined by the Investment Adviser in its sole discretion but the emphasis on any such allocation will always be to maintain andlor enhance compliance with the investment objectives and policies of each such GMS Portfolio. The Investment Adviser will monitor the GMS Portfolio’s investment activity and the Managers’ performance. The Managers are responsible for compliance with all applicable rules and regulations pertaining to their investment activities. Notwithstanding this, the Investment Adviser will be responsible for ensuring compliance of the GMS Portfolio with the UCITS requirements. The Investment Adviser may supplement, replace or terminate the Managers from time to time and/or reallocate assets of a GMS Portfolio among the Managers without prior notice to Shareholders in circumstances where the Investment Adviser believes that such action is required to maintain and/or enhance compliance with the investment objectives and policies of the GMS Portfolio.


Goldman Sachs Funds SICAV 3 Goldman Sachs Funds - Investment Objectives and Policies

Each of the Managers appointed to manage the Allocated Assets of the relevant GMS Portfolio have full discretion to acquire and dispose of securities and otherwise manage the assets in the GMS Portfolio subject always to the Investment Adviser’s responsibility for maintaining the GMS Portfolio’s compliance with the investment objectives and policies and applicable investment restrictions. While each of the Managers’ investment management activities (insofar as they are referable to their respective Allocated Assets) may not comply with the GMS Portfolio’s investment objectives and policies and applicable investment restrictions, it is the blend of the various Managers and the aggregate effect of the Allocated Assets which is intended to achieve this aim. It is likely that the Managers selected by the Investment Adviser will be different for each of the GMS Portfolios contemplated by the Prospectus and this Supplement. It is also possible that the Managers selected for each GMS PortFolio may change over time.

A list of the Managers referable to the GMS Porkfolio in which a Shareholder has invested is always available to Shareholders on request or from the registered office of the Fund or at the office of the Investment Adviser. In addition, a list of the Managers will be disclosed in the semi-annual and annual reports of the Fund. This list will be updated in the event that the Investment Adviser determines that it is appropriate to supplement, replace or terminate one or more of the Managers.

GMS Portfolios

The GMS Portfolios offered by the Prospectus and this Supplement are described in more detail below.

Equity Portfolios


The investment objective of each Equity Portfolio is long-term capital appreciation through investing in any Permitted Investments.

Investment Policies

The Equity Portfolios listed below will, under normal market conditions, invest at least two thirds of their assets (excluding cash and cash-equivalents) in equity and/or equity related transferable securities, which includes common stock, preferred stock, warrants and other rights to acquire stock, American Depository Receipts (“ADRs”), European Depository Receipts (“EDRs”) and Global Depository Receipts (”GDRs”) and not more than one third of their assets in convertible securities, bonds (with or without warrants), Money Market Instruments and non-equity related UCls. Under normal market conditions, each Equity Portfolio will invest its assets (excluding cash and cash-equivalents) primarily in the securities of the country, region, and/or sector referred to in the relevant GMS Portfolio’s name. Securities of companies in a country, region and/or sector include (but are not limited to) those companies that derive the predominant proportion of their revenues or profits from such countries, regions and/or sectors.

Subject to the terms of the Prospectus (and, in particular, Appendices A and B) and this Supplement, these GMS Portfolios may engage in financial derivative instruments as part of their general investment policy and/or for hedging purposes. Please see Appendix B - “Special Investment Techniques” together with the “Risk Considerations” discussed in the Prospectus.

As part of Equity Portfolio’s overall investment policy, and as part of the range of Permitted Investments which may be utilised to generate exposure to equity markets, an Equity Portfolio may invest in units or shares of equity related UCl’s; however, each Equity Portfolio will not invest more than 10% of its net assets in any undertakings for collective investment.


Goldman Sachs Funds SlCAV 3 Goldrnan Sachs Funds - Investment Objectives and Policies

Regional Equity Portfolios

Goldman Sachs GMS Alpha + World Equity Portfolio

Goldman Sachs GMS Alpha+ World Equity Portfolio II

Goldman Sachs GMS Alpha+ World Equity Portfolio 111

The Goldman Sachs GMS Alpha+ World Equity Portfolio, Goldman Sachs GMS Alpha+ World Equity Portfolio II and Goldman Sachs GMS Alpha+ World Equity Portfolio Ill are Equity Portfolios of the Fund and their investment objective is to seek long-term capital growth by investing primarily in equity and/or equity-related securities of companies located anywhere in the world and UCls investing predominantly in companies located anywhere in the world. It is intended that the Manager(s) will focus on securities which, in their opinion, are undervalued. The selection of such securities will not be limited by sector, industry, capital size or region.

Goldman Sachs GMS Alpha+ Europe Equity Portfolio

The Goldman Sachs GMS Alpha+ Europe Equity Portfolio is an Equity Portfolio of the Fund and its investment objective is to seek long-term capital growth by investing primarily in equity and/or equity-related securities of European companies and UCls investing predominantly in European companies. It is intended that the Manager(s) will focus on securities which, in their opinion, are undervalued. The selection of such securities will not be limited by sector, industry or capital size.

Goldman Sachs GMS Alpha+ Asia Equity Portfolio

The Goldman Sachs GMS Alpha+ Asia Equity Portfolio is an Equity Portfolio of the Fund and its investment objective is to seek long-term capital growth by investing primarily in equity andlor equity-related securities of Asian companies and UCls investing predominantly in Asian companies (including Australia and New Zealand). It is intended that the Manager(s) will focus on securities which, in their opinion, are undervalued. The selection of such securities will not be limited by sector, industry or capital size.

Goldman Sachs GMS Alpha+ US Equity Portfolio

The Goldman Sachs GMS Alpha+ US Equity Portfolio is an Equity Portfolio of the Fund and its investment objective is to seek long-term capital growth by investing primarily in equity and/or equity-related securities of US companies and UCls investing predominantly in US companies. It is intended that the Manager(s) will focus on securities which, in their opinion, are undervalued. The selection of such securities will not be limited by sector, industry or capital size.

Goldman Sachs GMS Alpha+ Japan Equity Portfolio

The Goldman Sachs GMS Alpha+ Japan Equity Portfolio is an Equity Portfolio of the Fund and its investment objective is to seek long-term capital growth by investing primarily in equity andlor equity-related securities of Japanese companies and UCls investing predominantly in Japanese companies. It is intended that the Manager(s) will focus on securities which, in their opinion, are undervalued. The selection of such securities will not be limited by sector, industry or capital size.


Goldman Sachs Funds SICAV 4 Goldman Sachs Funds - Specific Risk Considerations and Conflicts of Interest

Share Classes: The GMS Portfolios will offer Base and I Shares.

Purchase of Shares: Shares of the GMS Portfolios may be purchased on the last Business Day of any month not later than 2:OOpm Central European time at least four (4) Business Days prior to such day, at the net asset value per Share of the relevant class of Shares of the Portfolio of the last Business Day of the month, plus any applicable sales charge.

Class “I” Shares of the GMS Portfolios are limited to qualifying investors on whose behalf investment in the GMS Portfolios is made by a Goldman Sachs entity pursuant to a contractual agreement concluded between the investor and Goldman Sachs (for further details please see page [] of the Prospectus).

The minimum initial subscription level for Base Shares in the GMS Portfolios is USD 200,000 and the minimum initial subscription level for “I” Shares in the GMS Portfolios is USD 5 million, or the currency equivalent. The minimum subsequent subscription level is USD 50,000 in respect of all Share Classes, or the currency equivalent.

Redemption of Shares: Shares of the GMS Portfolios can be redeemed by Shareholders not later than 2:OOpm Central European time at least four (4) Business Days prior to the 15‘h of each calendar month and not later than 2:OOpm Central European time at least four (4) Business Days prior to the last Business Day of the month, at the net asset value per Share of the relevant class of Shares of the Portfolios on the lEith or last Business Day of the month as applicable.

In circumstances where a Shareholder’s holding in any Share Class of the GMS Portfolios would fall below USD100,OOO following a request for redemption (or conversion), the Board of Directors may, at its discretion, elect to redeem all, but not less than all, of that holder’s Shares then outstanding at the net asset value per Share calculated on the Business Day at which such decision shall take effect.

Fees and Expenses: The annual management fee to be received by the Investment Adviser in respect of the Base Share Class is subject to a range where the maximum charge is 2.75%. The Investment Adviser is entitled to charge an annual management fee at any level up to and including the maximum charge. The annual management fee to be received by the Investment Adviser in respect of the “I” Share Class is subject to a range where the maximum charge is 1.75%. The Investment Adviser is entitled to charge an annual management fee at any level up to and including the maximum charge. Such fees shall be payable monthly out of the assets of the GMS Portfolios. Further details on fees and expenses are set out on page [I of the Prospectus.

Risk Considerations: Investors’ attention is drawn to the section of this Supplement headed “Specific Risk Considerations and Conflicts of Interest” and the section of the Prospectus entitled “Risk Considerations” and the disclosures under ”Currency and Concentration Risks”.

For the avoidance of doubt, references to Equity Portfolios, Regional Equity Portfolios or Portfolios in this section refer solely to GMS Portfolios.



Goldman Sachs Funds SICAV 4 Goldman Sachs Funds - Specific Risk Considerations and Conflicts of interest

The Risk Considerations and Conflicts of Interest referred to below are specific to the GMS Portfolios and are in addition to and not in substitution for the Risk Considerations and Conflicts of Interest described in the Prospectus on pages [I. The Risk Considerations referred to below must be read in conjunction with those described in the Prospectus.

Investors should read all Risk Considerations to determine applicability to a specific GMS Portfolio.

Limitations on Investment Adviser’s Authority

Although the Investment Adviser generally has the authority to waive or amend the investment objectives, policies, and strategies of each GMS Portfolio, subject always to the Investment Restrictions and the contents of the Prospectus, and terminate the Manager(s) of any GMS Portfolio, the Sub-Management Agreements may impose certain limitations on that authority. Specific limitations may include the following; (a) if any modification to the investment guidelines for a GMS Portfolio would cause the continued holding of any security or instrument to cease to be consistent with such revised investment guidelines, the Manager shall not be required to dispose of any such security or instrument until at least sixty-one (61) days following such modification, and such reasonable time thereafter in its discretion; (b) the Manager may not withdraw securities from a GMS Portfolio upon less than sixty-one (61) days’ written notice, unless instructed to do so by a Shareholder to effect a redemption of that Shareholder’s interest in the GMS Portfolio; (c) the Manager may not withdraw cash from a GMS Portfolio upon less than sixty-one (61) days’ written notice unless the withdrawal from the GMS Portfolio is necessary to satisfy a request by a Shareholder to redeem the Shareholder’s interest in the GMS Portfolio; and (d) the Investment Adviser must give at least sixty-one (61) days’ prior written notice to terminate the appointment of a Manager, resulting in a delay of at least sixty-one (61) days until the assets under the Manager’s management are liquidated, although the Investment Adviser can require the Manager to transfer discretionary authority over the assets of the GMS Portfolio to another Manager or other third party upon receipt of notice to terminate the Sub-Management Agreement. As a result of these limitations, changes in a GMS Portfolio’s investment objectives, reallocations of Shareholder assets among GMS Portfolios, and liquidation of a GMS Portfolio’s assets are potentially subject to delay, and losses may result during the time it takes the Investment Adviser to react to market or other conditions and comply with the required notice obligations.

Reliance on the Investment Adviser and the Managers

The investment decisions in respect of each GMS Portfolio will be made by its Manager(s). The Investment Adviser and the Shareholders in a GMS Portfolio will not make decisions with respect to the purchase, management, disposition, or other realization of the GMS Portfolio’s investments. Shareholders will not have the opportunity to evaluate the specific investments in which the assets of the GMS Portfolio will be invested or the terms of any such investment. Furthermore, Shareholders in a GMS Portfolio will not have the right to remove any or all of the Manager(s). It is not intended that the Managers will be selected from the Goldman Sachs group or any of its affiliates. Consequently, Goldman Sachs has no control, directly or indirectly, over the business affairs or market conduct of the Managers. In selecting the Managers, Goldman Sachs has undertaken reasonable investigative and due diligence procedures but is nevertheless reliant on information supplied to it by each of the Managers as well as information in relation to the Managers obtained from independent sources and from the public domain.

Other Investment Funds and Proprietary Trading

The Investment Adviser may be the sponsor and investment manager of other investment funds and may sponsor similar investment funds in the future. Certain investments may be appropriate either for the GMS Portfolios or for such other funds. A Manager is not under any obligation to share any investment idea or strategy with the GMS Portfolios. The GMS Portfolios may also invest in securities that are not followed or recommended by Goldman Sachs.

Performance of Affiliated Fund



The results of other funds or managed accounts, if any, managed by the Managers are not indicative of the results that the GMS Portfolios may achieve. Each GMS Porkfolio will make investments in a different portfolio of securities and, accordingly, its results are independent of the previous results obtained by any prior investment vehicles sponsored and/or managed by Goldman Sachs or managed by the Managers. Further, each GMS Portfolio and its method of operation may differ in several respects from other investment vehicles sponsored and/or managed by Goldman Sachs and/or managed by the Managers.

Conflicts of Interest

The Investment Adviser may have a conflict of interest in selecting itself or its affiliates as a Manager for a GMS Portfolio. Further, the Investment Adviser, Goldman Sachs & Co. and their affiliates (collectively, for the purposes of this section, “Goldman Sachs”) and their directors, officers and employees, including those involved in the investment activities and business operations of the GMS Portfolios, and the Managers retained to invest the assets of the GMS Portfolios, are engaged in business unrelated to the GMS Portfolios. In addition, certain principals and certain of the employees of the Investment Adviser are also principals or employees of Goldman Sachs and/or their affiliated entities.

Goldman Sachs is a major participant in the global currency, equity, commodity, fixed income and other markets in which the GMS Portfolios trade. As such, Goldman Sachs is actively engaged in transactions in the same securities and other instruments in which the GMS Portfolios invest. The Managers may likewise be engaged in such transactions. Subject to applicable law, Goldman Sachs and the Managers may purchase or sell the securities of, or otherwise invest in or finance, issuers in which the GMS Portfolios have an interest. Goldman Sachs and the Managers also have proprietary interests in, and manage and advise, other accounts or investment funds that have investment objectives similar or dissimilar to those of the GMS Portfolios and/or which engage in transactions in the same types of securities and instruments as the GMS Portfolios. Goldman Sachs and the Managers are not under any obligation to share any investment opportunity, idea or strategy with the GMS Portfolios. As a result, Goldman Sachs and the Managers may compete with the GMS Portfolios for appropriate investment opportunities. If both the GMS Portfolios and other accounts or funds managed by the Managers invest in securities of the same issuer, the allocation between such investors may present certain conflicts.

The proprietary activities or portfolio strategies of Goldman Sachs and the Managers, or the activities or strategies used for accounts managed by Goldman Sachs or the Managers, could conflict with the transactions and strategies employed by the Managers in managing the GMS Portfolios and affect the prices and availability of the securities and instruments in which the GMS Portfolios invest. Such transactions may be executed independently of the GMS Portfolios’ transactions, and thus at prices or rates that may be more or less favourable. Issuers of the securities held by the GMS Portfolios may have publicly or privately traded securities in which Goldman Sachs or the Managers are investors or make a market. Goldman Sachs’ trading activities generally are carried out, and the trading activities of the Managers may be carried out, without reference to positions held by the GMS Portfolios and may have an effect on the value of the positions so held, or may result in Goldman Sachs or the Managers having an interest in the issuers adverse to that of the GMS Portfolios. In addition, such activities may limit investment opportunities in certain emerging markets and regulated industries in which limitations are imposed upon the aggregate amount of investment by affiliated investors.

Goldman Sachs and the Managers may create, write or issue derivative instruments with respect to which the underlying securities or instruments may be those in which the GMS Portfolios invest. Goldman Sachs and the Managers may keep any profits, commissions and fees accruing to them in connection with their activities for themselves and other clients, and Goldman Sachs’ fees to the investor whose assets are invested in the GMS Portfolios will not be reduced thereby.

The Sub-Management Agreements entered into by the Investment Adviser with each of the Managers provide for differing rates of remuneration for the Managers, often referable to the Allocated Assets. The Investment Adviser is responsible for agreeing the appropriate level of fees with each of the Managers and for determining the Allocated Assets referable to each Manager. The Investment Adviser is entitled to an annual management fee which operates on the basis of a range and a maximum threshold, and the Investment Adviser is required to pay the Managers from the annual management fee which it receives. Consequently, investors should note, while the Investment Adviser is not obliged to vary its annual management fee by reference to the aggregate levels of the remuneration payable to the Managers, that the aggregate levels of such fees may be a factor in its decision to vary its annual management fee within the stated range. Further, investors should note, while any decision by the



Investment Adviser to reset the respective Allocated Assets of a GMS Portfolio between the Managers may result in a change in the aggregate level of fees which the Investment Adviser is required to pay to the Managers, that the Investment Adviser shall not be under an obligation to alter the rate of its annual management fee. Investors should be aware that a conflict of interest may exist, therefore, in the selection of the Managers and the way in which the Allocated Assets are apportioned between the Managers, as such decisions may vary the remuneration received by the Investment Adviser.

The results of the GMS Portfolios’ investment activities may differ significantly from the results achieved (i) by other Portfolios within the Fund (ii) by Goldman Sachs for its proprietary accounts or accounts managed by it, and (iii) by the Managers for their advised accounts (including investment companies and collective investment vehicles). The GMS Portfolios’ investment programme may be similar to those of investment funds and separately managed accounts manage by Goldman Sachs or the Managers in the future. While certain investment opportunities may be appropriate for the GMS Portfolios as well as such other accounts, and many of the securities position for the GMS Portfolio and such other accounts may from time to time overlap, the portfolios of such accounts will differ due to, among other things, differences in risk tolerance, investment techniques, investment restrictions (whether or not due to applicable legal and regulatory restrictions), liquidity requirements and liquidity of a particular investment, cash available for investment and the timing of contributions and withdrawals or redemptions from such accounts. Further, Goldman Sachs, the Managers, and certain of their employees (including employees of the Managers with portfolio management responsibility for the GMS Portfolios) may directly purchase securities that are the same as or related to those held by the GMS Portfolios. Employees of the Managers with portfolio management responsibility for the GMS Portfolios may also serve in similar capacities with respect to other investment funds and separate accounts utilising an investment programme similar to or different from that of the GMS Portfolios.

From time to time, the GMS Portfolios’ activities may be restricted because of regulatory requirements applicable to Goldman Sachs or the Managers, or their respective internal policies designed to comply with or limit the applicability of such requirements. For example, there may be periods when the Manager will not initiate or recommend certain types of transactions in certain securities or instruments for which it or an affiliate is performing investment banking or other services, making a market in certain securities or when position limits have been reached. Similar situations could arise if personnel of a Manager serve as directors of companies, the securities of which a GMS Portfolio managed by that Manager wishes to purchase or sell.

The Manager may cause the GMS Portfolios to enter into transactions and invest in securities or other instruments on behalf of the GMS Portfolios in which Goldman Sachs, acting as principal or on a proprietary basis for its customer, serves as the counterparty to the extent permissible under applicable law. The Managers also may cause the GMS Portfolios to allocate a portion of the brokerage transactions of the GMS Portfolios to Goldman Sachs, or broker-dealers affiliated with the Manager, and for which Goldman Sachs or the affiliated broker-dealers will receive compensation.

To the extent permitted by applicable law, the GMS Portfolios also may invest in securities of companies in which Goldman Sachs or a Manager has an equity or other participation interest. The purchase, holding and sale of such investments by the GMS Portfolios may enhance the profitability of Goldman Sachs’ or the Manager’s own investments in such companies. The GMS Portfolios also may invest in securities issued by Goldman Sachs. The Managers, and their affiliates and personnel, may engage in the same breadth of activities as Goldman Sachs, and therefore such Managers are subject to the same potential conflicts to which Goldman Sachs is subject and as described in the Prospectus and this Supplement. Among these potential conflicts, the Managers may engage Goldman Sachs to provide services, such as prime brokerage, execution, administration, financing and transaction and advisory services in respect of the Managers and other accounts or activities of the Managers, their affiliates or personnel, creating potential conflicts, including without limitation the potential conflicts described above relating to the receipt of fees. The Manager(s) to a GMS Portfolio has fiduciary responsibilities with respect to that GMS Portfolio and will make all investment decisions in a manner which is consistent with those responsibilities. Future activities of Goldman Sachs, the Investment Adviser, the Managers and/or their affiliates may give rise to additional conflicts of interest.

23627.770725


Asset Management


An undertaking for coliective investment orgafiised under the laws of the Grand Duchy of Luxembourg (S.I.C.A.V.)

July 2006

Supplement IV to the Prospectus - Asset Allocation Portfolios

Prospectus

Goldman Sachs Funds SlCAV This Supplement

This Supplement

The purpose of this Supplement is to describe in more detail those Asset Allocation Funds which are managed by Goldman Sachs International and its affiliates.

Portfolios of Goldman Sachs

This Supplement must always be read in conjunction with the Prospectus. The Prospectus contains detailed information on the following aspects of the Fund: a description of Share Classes; the risks associated with an investment in the Fund; information on the management and administration of the Fund and in respect of those third parties providing services to the Fund; the purchase and redemption of Shares and exchange privileges; the determination of Net Asset Value; dividend policy; fees and expenses of the Fund; information on the Fund; meetings of and reports to Shareholders; and taxation. In addition, the Prospectus contains in its Appendices, information on special investment techniques and applicable investment restrictions.

The information contained in the Prospectus refers also to the Portfolios of the Fund which are managed by Goldman Sachs Asset Management International and its affiliates in respect of which further and additional detail is contained in Supplements I, II and Ill.

No subscriptions will be accepted for Shares in any Portfolio if the investor is basing its decision to invest solely on the information contained in this Supplement.

This Supplement provides summary information on each of the Asset Allocation Portfolios including details of the Share Classes within each such Portfolio of the Fund that are available as of the date of the Prospectus.


Goldman Sachs Funds SlCAV Table of Contents

Table of Contents

Page


Table of Contents .......................................................................................................................................................................... HI

Definitions ...................................................................................................................................................................................... 1

1 Goldman Sachs Fund - Summary Table of Portfolios ..................................................................................................... 2

2

...

Goldman Sachs Funds - Investment Objective and Policies and Summary Table of Share Classes of each Portfolio ... 3

July 2006 iii Goldman Sachs Asset Management



“Asset Allocation Portfolio” means the Asset Allocation Conservative Portfolio (Hedged), Asset Allocation Moderate Portfolio (Hedged) and Asset Allocation Aggressive Portfolio (Hedged).


Goldman Sachs Funds SICAV 1 Goldman Sachs Fund -Summary Table of Potlfolios

1 Goldman Sachs Fund - Summary Table of Portfolios

An Undertaking for Collective Investment organised under the Laws of the Grand Duchy of Luxembourg, (SIC AV) . The following are separate investment portfolios (each a ”Portfolio”, together the “Portfolios”) of Goldman Sachs Funds (the “Fund”) managed by Goldman Sachs Asset Management International and its affiliates.

Asset Allocation Portfolios

Asset Allocation Porffoiios Launched Asset Allocation Conservative Poitfolio (Hedged)

Asset Allocation Moderate Portfolio (Hedged) Asset Allocation Aggressive Portfolio (Hedged)

January 2006 January 2006 January 2006

For those Portfolios where no launch date has been stated, please contact your usual Goldman Sachs representative or the European Shareholder Services team at Goldman Sachs International, Christchurch Court, 10-15 Newgate Street, London EClA 7HD to determine whether the Portfolio has been launched since the date of this Prospectus.





2 Goldman Sachs Funds - Investment Objective and Policies and Summary Table of Share Classes of each Portfolio

The Portfolios described in this Supplement are the Asset Allocation Portfolios.

The tables set out the Investment Objective and Share Classes of each Asset Allocation Portfolio of the Fund. For details on the Share Classes, please refer to “Description of Share Classes” on page [I of the Prospectus.

Asset Allocation Portfolios

The investment objective of each Asset Allocation Portfolio is to achieve long-term capital appreciation through investing in any Permitted Investments.

Each Asset Allocation Portfolio may invest in Transferable Securities, including equity securities of companies around the world and debt obligations of corporate and government issuers, as well as in investment funds and other investment companies. Each Asset Allocation Portfolio may have a different proportion of equity and fixed income exposure as further detailed in this Supplement.

Subject to the terms of the Prospectus (and, in particular, Appendices A and B) and this Supplement, these Porffolios may engage in transactions in financial derivative instruments as part of the general investment policy and/or for hedging purposes.

Asset Allocation Conservative PortFolio (Hedged)


Base Currency - EUR

Asset Allocation Conservative Portfolio will seek to achieve long-term capital appreciation through investing in Transferable Securities, including equity securities of companies around the world and debt obligations of corporate and government issuers, as well as in investment funds and other investment companies. The Portfolio will generally focus predominantly on fixed income securities either directly or through investments in other funds.

Share Class Sales Charge Management Fee Distribution Fee Mlnimum investment Currency

Base (Acc.) EUR u p to 5.5 % 0.40 % Nil EUR 5,000

Base (ACC.) (USD-hedged) USD u p to 5.5 % 0.40 % Nil USD 5,000

Base (Acc.) (GBP-hedged) GBP u p to 5.5 % 0.40 % Nil GBP 3,000

Base EUR u p to 5.5 % 0.40 % Nil EUR 5,000

Base (USD-hedged) USD u p to 5.5 % 0.40 % Nil USD 5,000

Base (GBP-hedged) GBP u p to 5.5 % 0.40 % Nil GBP 3,000

Asset Allocation Moderate Base Currency - EUR Portfolio (Hedged)

Investment Objective: Asset Allocation Moderate Portfolio will seek to achieve long-term capital appreciation through investing in Transferable Securities, including equity securities of companies around the world and debt obligations of corporate and government issuers, as well as in investment funds and other investment companies. The Portfolio will seek to generally be balanced between its equity and fixed income securities allocation either directly or through investments in other funds

Share Class Sales Charge Management Fee Distribution Fee Minimum investment Currency

Base (Acc.) EUR

Base (Acc.) (USD-hedged) USD

July 2006

u p to 5.5 % 0.40 % Nil EUR 5,000

u p to 5.5 % 0.40 % Nil USD 5,000

3 Goidman Sachs Asset Management


Base (ACC.) (GBP-hedged) GBP

Base EUR

Base (USD-hedged) USD

Base (GBP-hedged) GBP

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

u p to 5.5 %

0.40 %

0.40 %

0.40 %

0.40 %

Nil GBP 3,000

Nil EUR 5,000

Nil USD 5,000

Nil GBP 3,000

Asset Allocation Aggressive Portfolio (Hedged)


Base Currency - EUR

ISG Asset Allocation Aggressive Portfolio will seek to achieve long-term capital appreciation through investing in Transferable Securities, including equity securities of companies around the world and debt obligations of corporate and government issuers, as well as in investment funds and other investment companies. The Portfolio will generally focus predominantly on equity securities either directly or through investments in other funds.


Base (Am.) EUR u p to 5.5 % 0.40 % Nil EUR 5,000

Base (Ace.) (USD-hedged) USD u p to 5.5 % 0.40 % Nil USD 5,000

Base (ACC.) (GBP-hedged) GBP u p to 5.5 % 0.40 % Nil GBP 3,000

Base EUR u p to 5.5 % 0.40 % Nil EUR 5,000

Base (USD-hedged) USD u p to 5.5 % 0.40 % Nil USD 5,000

Base (GBP-hedged) GBP u p to 5.5 % 0.40 % Nil GBP 3,000

Business Day:

Valuation Day:

Purchase of Shares:

Redemption of Shares:

Sub-Investment Adviser:

Every day which is a bank business day in London, Amsterdam, Luxembourg and New York.

Every Friday which is a Business Day. In cases of such Fridays not being Business Days, the Valuation Day will be the next Business Day.

Shares of the Asset Allocation Portfolios may be purchased on the first and third Friday which is a Business Day of any month not later than 2:OOpm Central European time at least two (2) Business Days prior to such day, at the net asset value per Share of the relevant class of Shares of the Portfolio of such Business Day, plus any applicable sales charge. In cases of such Fridays not being Business Days, Shares may be purchased on the next Business Day.

Shares of the Asset Allocation Portfolios can be redeemed by Shareholders not later than 2:OOpm Central European time at least two (2) Business Days prior to each first and third Friday, that is a Business Day, of each calendar month at the net asset value per Share of the relevant class of Shares of the Portfolio on such Business Day. In cases of such Fridays not being Business Days, Shares may be redeemed on the next Business Day.

Goldman Sachs International.

Further detail on fees and expenses, including other fees that are attributable to the Shares of the Fund, can be found in the Prospectus.




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