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Singapore Prospectus

Goldman Sachs Funds SICAV

Constituted in Luxembourg

Equity Portfolios: Goldman Sachs Asia Equity Portfolio

Goldman Sachs Emerging Markets Equity Portfolio Goldman Sachs Global Equity Partners Portfolio Goldman Sachs India Equity Portfolio Goldman Sachs Japan Equity Portfolio Goldman Sachs Japan Equity Partners Portfolio

Fixed Income Portfolios:

Goldman Sachs Emerging Markets Corporate Bond Portfolio

Goldman Sachs Emerging Markets Debt Portfolio

Goldman Sachs Global High Yield Portfolio

Flexible Portfolios: Goldman Sachs Emerging Markets Multi-Asset Portfolio Goldman Sachs Global Income Builder Portfolio

Specialist Portfolios: Goldman Sachs Global Strategic Macro Bond Portfolio Goldman Sachs Global Absolute Return Portfolio

0118 11 January 2018

This Singapore Prospectus incorporates and is not valid without the attached Luxembourg prospectus dated December 2017 as may be amended from time to time and the following Supplements (together, the Luxembourg Prospectus):

Supplement I dated December 2017; and Supplement II dated December 2017.

Unless the context otherwise requires or unless specifically provided for by this Singapore Prospectus, terms defined in the Luxembourg Prospectus shall have the same meaning when used in this Singapore Prospectus.

The Fund is an undertaking for collective investment organised under the laws of the Grand Duchy of Luxembourg and is constituted outside of Singapore.

Goldman Sachs Europe CORE Equity Portfolio Goldman Sachs Global CORE Equity Portfolio

Goldman Sachs Europe High Yield Bond Portfolio

Goldman Sachs US Real Estate Balanced Portfolio

2

TABLE OF CONTENTS

CONTENTS PAGE

IMPORTANT INFORMATION........................................................................................................... 4

1. THE FUND .............................................................................................................................. 8

2. THE PORTFOLIOS................................................................................................................. 8

3. MANAGEMENT .................................................................................................................... 14

4. OTHER PARTIES ................................................................................................................. 16

5. INVESTMENT OBJECTIVE, FOCUS AND APPROACH .................................................... 17

6. PRODUCT SUITABILITY ..................................................................................................... 21

7. FEES AND CHARGES ......................................................................................................... 24

8. RISK FACTORS ................................................................................................................... 27

9. SUBSCRIPTION FOR SHARES .......................................................................................... 31

10. REGULAR SAVINGS PLAN (RSP)...................................................................................... 33

11. REDEMPTION OF SHARES ................................................................................................ 33

12. EXCHANGE OF SHARES.................................................................................................... 35

13. OBTAINING NET ASSET VALUE INFORMATION IN SINGAPORE.................................. 36

14. TEMPORARY SUSPENSION OF DEALINGS..................................................................... 36

15. PERFORMANCE OF THE PORTFOLIOS ........................................................................... 36

16. SOFT DOLLAR COMMISSIONS / ARRANGEMENTS........................................................ 52

17. CONFLICTS OF INTERESTS .............................................................................................. 52

18. REPORTS ............................................................................................................................. 53

19. OTHER MATERIAL INFORMATION.................................................................................... 53

20. QUERIES AND COMPLAINTS ............................................................................................ 54

3

DIRECTORY

REGISTERED OFFICE

c/o State Street Bank Luxembourg S.C.A.

49, avenue J-F Kennedy,

L-1855 Luxembourg

Grand-Duchy of Luxembourg

RCS B41 751

MANAGEMENT COMPANY

Goldman Sachs Asset Management Global Services Limited

Peterborough Court

133, Fleet Street

London, EC4A 2BB

United Kingdom

INVESTMENT ADVISER

Goldman Sachs Asset Management International

Peterborough Court

133, Fleet Street

London, EC4A 2BB

United Kingdom

DEPOSITARY, ADMINISTRATOR, PAYING AGENT, DOMICILIARY

AGENT AND LISTING AGENT

State Street Bank Luxembourg S.C.A.

49, Avenue J-F Kennedy

L-1855 Luxembourg


AUDITOR

PricewaterhouseCoopers, Socit Cooprative

Reviseur dentreprises

2, rue Gerhard Mercator

L-2182 Luxembourg


SINGAPORE REPRESENTATIVE

Goldman Sachs Asset Management (Singapore) Pte. Ltd.

(Company Registration No. 201329851H)

1 Raffles Link #07-01

Singapore 039393

LEGAL ADVISERS AS TO SINGAPORE LAW

Allen & Gledhill LLP

One Marina Boulevard #28-00

Singapore 018989

MORE CONTACT DETAILS ARE SET OUT IN THE DIRECTORY OF THE LUXEMBOURG

PROSPECTUS.

4

IMPORTANT INFORMATION

The portfolios of GOLDMAN SACHS FUNDS SICAV (the Fund) offered in this Singapore

Prospectus and as set out in Paragraph 2 of this Singapore Prospectus (each a Portfolio

and collectively, the Portfolios), are recognised schemes under the Securities and Futures

Act (Chapter 289) of Singapore (the SFA). A copy of this Singapore Prospectus has been

lodged with and registered by the Monetary Authority of Singapore (the Authority). The

Authority assumes no responsibility for the contents of this Singapore Prospectus.

Registration of this Singapore Prospectus by the Authority does not imply that the SFA, or

any other legal or regulatory requirements have been complied with. The Authority has not,

in any way, considered the investment merits of the Portfolios.

This Singapore Prospectus does not constitute an offer or solicitation to anyone in any jurisdiction in

which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such

offer or solicitation. This Singapore Prospectus may only be used in connection with this offering of

securities to which it relates by distribution as contemplated in this Singapore Prospectus.

The date of registration of this Singapore Prospectus with the Authority is 11 January 2018. This

Singapore Prospectus shall be valid for a period of 12 months after its date of registration (i.e., up

to and including 10 January 2019) and shall expire on 11 January 2019.

The directors of the Fund (the Directors) are responsible for the issue of this Singapore

Prospectus. To the best of their knowledge and belief, the facts stated in this Singapore

Prospectus are true and accurate in all material respects as at the date of this Singapore

Prospectus and there are no other material facts, the omission of which makes any statement in

this Singapore Prospectus misleading.

You should inform yourself and should take appropriate advice as to the legal requirements, possible

tax consequences, foreign exchange restrictions and/or exchange control requirements that may be

applicable to you under the laws of the country or countries of your citizenship, residence, or domicile

and that might be relevant to the subscription, purchase, holding, exchange, redemption or disposal

of shares in the Portfolios (Shares).

Before investing in any Portfolio, you should carefully consider the risks involved in such

investment set out in Paragraph 8 of this Singapore Prospectus. You may wish to consult your

independent financial adviser about the suitability of a Portfolio for your investment needs.

Use of financial derivative instruments

Equity Portfolios

May use financial derivative instruments:

for efficient portfolio management

purposes;

to help manage risks; and

for investment purposes in order to seek to

increase return.

5

Fixed Income Portfolios

Use financial derivative instruments as part of their

investment policy:

to gain exposure to, interest rates, credit

and/or currencies in order to seek to

increase return;

to leverage the Portfolio; and

to hedge against certain risks.

A significant proportion of a Fixed Income

Portfolios exposure may be generated through the

use of financial derivatives.

Flexible Portfolios

Use financial derivative instruments as part of their

investment policy:

to gain exposure to, amongst other things,

shares or similar instruments and markets,

interest rates, credit, currencies and/or

commodities in order to seek to increase

return;

to leverage the Portfolio; and

to hedge against certain risks.

A significant proportion of a Flexible Portfolios

exposure may be generated through the use of

financial derivatives.

Specialist Portfolios

May engage in transactions in financial derivative

instruments as part of the general investment

policy, to generate returns and/or for hedging

purposes.

Furthermore, a Specialist Portfolio may engage in

financial derivative transactions:

to manage risk relating to the Specialist

Portfolios investments;

to leverage the Specialist Portfolio; and

to establish speculative positions.

Each Specialist Portfolio will have a distinct

investment policy making extensive use of financial

derivative instruments as further detailed in

Supplement II to the Luxembourg Prospectus.

For further information on a Portfolios use of financial derivative instruments and

associated risks, please refer to Appendix C Special Investment Techniques together

with Section 4 Risk Considerations in the Luxembourg Prospectus as well as the section

headed Goldman Sachs Funds - Calculation of Global Exposure and Expected Level of

Leverage in:

Supplement I to the Luxembourg Prospectus for the Equity Portfolios, Fixed Income

Portfolios and Flexible Portfolios; and

6

Supplement II to the Luxembourg Prospectus for the Specialist Portfolios.

The Management Company will ensure that the risk management and compliance procedures are

adequate and have been or will be implemented and that it has the necessary expertise to manage

the risk relating to the use of financial derivatives.

Securities lending and repurchase transactions

A Portfolio may enter into securities lending, repurchase or reverse repurchase

transactions. Please refer to Appendix C Special Investment Techniques together with

Section 4 Risk Considerations in the Luxembourg Prospectus for further information. The

maximum and expected amount of assets that can be subject to securities lending

transactions, repurchase transactions or reverse repurchase transactions are disclosed, in

the relevant Supplement to the Luxembourg Prospectus, in the relevant Appendix of each

Portfolio.

Portfolio Volatility

Goldman Sachs Global Absolute

Return Portfolio

The factors (i.e. inputs used by the Investment Adviser

to generate the portfolio allocation), markets, sectors

or assets included in the Goldman Sachs Global

Absolute Return Portfolio can be highly volatile, which

means that their value may increase or decrease

significantly over a short period of time. In particular,

the Portfolio may be highly volatile in terms of

performance because the Portfolio may combine long

and/or short positions in liquid instruments across the

market. Similarly, the Portfolio may involve exposure

to speculative and extremely volatile investments.

Goldman Sachs Global Equity

Partners Portfolio

Goldman Sachs Japan Equity

Partners Portfolio

The Portfolio uses a concentrated asset strategy that

is likely to exhibit significantly greater fluctuations in

asset values than a broad investment in a wide range

of shares of companies.

Goldman Sachs US Real Estate

Balanced Portfolio

An investment in the Goldman Sachs US Real Estate

Balanced Portfolio can expose investors to higher

volatility levels than is normally associated with

balanced investment strategies, therefore the value

of an investment in this Portfolio may be subject to

significant changes in the short term.

Shares are offered on the basis of the information contained in this Singapore Prospectus and the

documents referred to in this Singapore Prospectus. No person is authorised to give any

information or to make any representation in connection with the offering of Shares other than as

contained in this Singapore Prospectus and, if given or made, such information or representation

must not be relied upon as having been authorised by the Fund, the Directors, the Management

Company, the Investment Adviser, any investment sub-advisers or the Singapore Representative.

Any subscription made by you on the basis of statements or representations not contained in or

inconsistent with the information and representations contained in this Singapore Prospectus will

be solely at your risk.

7

The delivery of this Singapore Prospectus or the issue of Shares in any Portfolio shall not, under

any circumstances, create any implication that the information contained in this Singapore

Prospectus is correct as of any time after the date of this Singapore Prospectus or that there will

be no change in the affairs of the Fund after such date. This Singapore Prospectus may be

updated from time to time to reflect material changes and you should investigate whether any

more recent Singapore Prospectus is available.

IMPORTANT: PLEASE READ AND RETAIN THIS SINGAPORE PROSPECTUS FOR FUTURE

REFERENCE.

8

1. THE FUND

1.1 The Fund, Goldman Sachs Funds SICAV is a public limited company (socit anonyme)

qualifying as an investment company organised with variable share capital within the

meaning of the Luxembourg Law of 17 December 2010 relating to undertakings for

collective investment, as amended (the Law of 17 December 2010). The Fund is

established as an umbrella structure comprised of a number of Portfolios. The Fund

qualifies as an Undertaking for Collective Investment in Transferable Securities (UCITS)

under Directive 2009/65/EC of the European Parliament and of the Council of 13 July

2009 on the coordination of laws, regulations and administrative provisions relating to

undertakings for collective investment in transferable securities, as amended. The Fund is

authorised by the Luxembourg Commission de Surveillance du Sector Financier (the

CSSF).

1.2 If you are a Registered Shareholder (a person whose name is entered into the Funds

Shareholders register as the legal holder of Shares) you may inspect the Articles of

Incorporation of the Fund during normal Singapore business hours at the Singapore

Representatives office.

1.3 If you are a Registered Shareholder, you may obtain information on Registered

Shareholders who subscribed for or purchased their Shares in Singapore from the Funds

Shareholders register by submitting a valid request during normal Singapore business

hours at the Singapore Representatives office.

1.4 The Singapore Representative will normally provide the requested information to you

within 5 Singapore business days after receiving your request (or such period as may be

indicated by the Singapore Representative). The Singapore Representative may need

certain information and documents from you to make sure that you are a Registered

Shareholder before processing any request from you. If you are not a Registered

Shareholder, please submit your request through your distributor.

1.5 You should refer to the Important Information section and Section 1 The Fund in the

Luxembourg Prospectus for further information on the Fund.

2. THE PORTFOLIOS

The Portfolios offered to you under this Singapore Prospectus have been approved by the

CSSF and are set out in the table below. The currency of the Fund is USD. As at the date

of this Singapore Prospectus, selected Base Shares and Other Currency Shares are

available in respect of the Portfolios as indicated in the table below. Share Classes in the

table below indicated with an asterisk (*) have not been launched as at the date of the

Singapore Prospectus and you should contact your Singapore Distributor on when such

Share Classes will become available. In addition, other Share Classes may be

subsequently available and you should contact your Singapore Distributor (as defined in

Paragraph 9.1) for a list of Share Classes in the Portfolios which are available to you.

Portfolios

Base

Currency

of the

Portfolio

Share Classes

Equity Portfolios

Goldman Sachs Asia Equity

PortfolioUSD Base (Acc.)

9

Portfolios

Base

Currency

of the

Portfolio

Share Classes

Goldman Sachs Emerging

Markets Equity PortfolioUSD Base (Acc.)


Partners PortfolioUSD Base (Acc.)

Base (Acc.)(USD Hedged)

Goldman Sachs India Equity

PortfolioUSD Base (Acc.)


PortfolioJPY

Base (Acc.) Other Currency (Acc.)(USD

Hedged)


Partners PortfolioJPY

Base (Acc.) Other Currency (Acc.)(USD

Hedged)*

Goldman Sachs Europe CORE

Equity PortfolioEUR Base (Acc.)

Other Currency (Acc.)(USD)

Goldman Sachs Global CORE

Equity PortfolioUSD Base (Acc.)(Close)



Markets Corporate Bond PortfolioUSD

Base Base (Acc.) Base (MDist) Base Shares (Stable MDist) Other Currency (SGD Hedged)

(MDist) Other Currency Shares (Stable

MDist)(SGD Hedged) Other Currency Shares (Stable

MDist)(AUD Hedged) Other Currency Shares (Stable

MDist)(GBP Hedged)


Markets Debt PortfolioUSD

Base Base (Acc.) Base (MDist) Base (Stable MDist) Base (Duration-Hedged) Base (Acc.)(Duration-Hedged) Other Currency (SGD-Hedged) Other Currency (SGD-

Hedged)(Stable MDist) Other Currency Shares (EUR-

Hedged)(M-Dist)

Goldman Sachs Europe High Yield

Bond PortfolioEUR

Base Base (Acc.) Base (Acc.)(USD Hedged)

10

Portfolios

Base

Currency

of the

Portfolio

Share Classes

Goldman Sachs Global High Yield

PortfolioUSD

Base Base (Acc.) Base (MDist) Base (Duration Hedged) Base (Acc.)(Duration Hedged) Base (Duration Hedged)(MDist) Other Currency (AUD

Hedged)(MDist) Other Currency (SGD Hedged) Other Currency (SGD

Hedged)(Duration Hedged)(QDist)

Flexible Portfolios


Markets Multi-Asset Portfolio USD

Base Base (Acc.) Base (Gross MDist) Base (Cap MDist) Other Currency (AUD Partially

Hedged) (Cap MDist) Other Currency (GBP Partially

Hedged) (Cap MDist) Other Currency (SGD Partially

Hedged) (Gross MDist) Other Currency (SGD Partially

Hedged) (Cap MDist)

Goldman Sachs Global Income

Builder PortfolioUSD

Base Base (Acc.) Base (Gross MDist)

Goldman Sachs US Real Estate

Balanced PortfolioUSD

Base (Acc.) Base (MDist Cap (MBS)) Base (Gross MDist Cap (MBS)) Other Currency (SGD

Hedged)(MDist Cap (MBS)) Other Currency (SGD

Hedged)(Gross MDist Cap (MBS))


Goldman Sachs Global Strategic

Macro Bond PortfolioUSD

Base (Flat)* Base (Flat)(Acc.)* Other Currency (Flat)(Acc.)(SGD

Hedged)*

Goldman Sachs Global Absolute

Return PortfolioUSD

Base Base (Acc.) Other Currency (Acc.)(SGD

Hedged)*

2.1 Base Shares are denominated in the Base Currency of the relevant Portfolio while Other

Currency Shares (which operate the same Sales Charge, Management Fee, distribution

fee and operating expenses as Base Shares) are denominated in or hedged to a currency

other than the Base Currency of the relevant Portfolio. Other differing terms and

characteristics amongst Share Classes may include differences in their hedging policy and

dividend policy. Share Classes may be Accumulation Shares (denoted Acc.) or

Distribution Shares with the following dividend declaration / payment date frequencies: (i)

at least annually, (ii) semi-annually (denoted SDist) (iii) quarterly (denoted QDist or

Quarterly) and (iv) monthly (denoted MDist or Monthly).

11

A key to other abbreviations used in the names of the Share Classes in the table in

Paragraph 2.1 is set out below:

Distribution Share Classes

Each Portfolio may offer Distribution Shares which calculate dividend payments based on

different methodologies. Share Classes in the table in Paragraph 2.1 (other than those

denoted with Gross or Stable) calculate dividend payments based on net investment

income, if any, calculated as gross investment income less any management fees,

distribution and shareholder services fees and operating expenses attributable to such

Shares. Capital/capital gains attributable to such Shares are generally expected to be

retained, although the Board of Directors retains the right to declare dividends in respect of

such capital/capital gains in its sole discretion. For each methodology Distribution Shares

may use to calculate dividend payments, each Portfolio may also distribute capital and/or

capital gains. You should be aware that the distribution of capital gains and/or capital as a

dividend may result in an erosion of capital and may reduce future capital growth.

Abbreviation in the Share Class

nameDescription

Cap

Share Classes for which dividend payments are

calculated based on the net investment income,

if any, calculated as gross investment income

less any management fees, distribution &

shareholder services fees and operating

expenses, plus any capital gains and/or capital

attributable to such Shares.

Gross

Share Classes for which dividend payments are

calculated based on gross investment income,

which is calculated gross of the management

fees, distribution and shareholder services fees

and operating expenses attributable to such

Shares.

As a result, the expenses of such Shares will be

effectively deducted from capital. Other than for

expenses, capital/capital gains attributable to

such Shares are generally expected to be

retained, although the Board of Directors retains

the right to declare dividends in respect of such

capital/capital gains in its sole discretion.

Stable

Share Classes which will seek to declare a

stable dividend, based on the projected gross

investment income, which is calculated gross of

management fees, distribution and shareholder

services fees and operating expenses

attributable to such Shares.

As a result, the expenses of such Shares will be

effectively deducted from capital.

In addition, the stable distribution level may be

greater than the actual gross investment

income for the period and therefore this may

result in a further distribution from capital and

12


nameDescription

reduction in future capital growth. You should

also note that, whilst it is intended that such

Shares will pay a stable dividend over the fiscal

year, there could be circumstances where it is

not possible to declare a dividend or where the

level of the dividend needs to be adjusted.

Other than for expenses, and achieving the

stable level, capital/capital gains attributable to

such Shares are generally expected to be

retained, although the Board of Directors retains

the right to declare dividends in respect of such

capital/capital gains in its sole discretion.

Cap (MBS)

For each of the methodologies above

described, each Portfolio may also distribute

capital and/or capital gains.

Share classes which may distribute any net

realised gains, on prepayments from mortgage-

backed securities shall be denoted with Cap

(MBS) in the share class name (e.g. QDist Cap

(MBS)).

Currency Hedged Share Classes

Currency Hedged Share Classes are classes of Shares to which a hedging strategy

aiming at mitigating currency risk is applied in accordance with ESMA Opinion on UCITS

share classes (34-43-296) dated 30 January 2017.


nameDescription

AUD Hedged

AUD denominated Share Classes which seek to

hedge the Base Currency or other currency

exposures in the Portfolio to AUD.

EUR Hedged

EUR denominated Share Classes which seek to


exposures in the Portfolio to EUR.

GBP Hedged

GBP denominated Share Classes which seek to


exposures in the Portfolio to GBP

SGD Hedged

SGD denominated Share Classes which seek

to hedge the Base Currency or other currency

exposures in the Portfolio to SGD.

USD Hedged

USD denominated Share Classes which seek to


exposures in the Portfolio to USD.

13


nameDescription

AUD Partially Hedged

AUD denominated Share Classes which seek to

hedge only a certain proportion of the Base

Currency exposure of the Portfolio to the AUD.

You should be aware that these Share Classes

will retain a level of currency exposure, which

could be significant, and are not fully hedged to

AUD.

GBP Partially Hedged

GBP denominated Share Classes which seek to

hedge only a certain proportion of the Base

Currency exposure of the Portfolio to the GBP.




GBP.

SGD Partially Hedged

SGD denominated Share Classes which seek

to hedge only a certain proportion of the Base

Currency exposure of the Portfolio to the SGD.




SGD.

Duration Hedged Share Classes

Since 30 July 2017, Duration Hedged Share Classes have been closed for

subscriptions by new investors and as of 30 July 2018 Duration Hedged Share

Classes will be closed for any subscriptions, including subscriptions by existing

investors.


nameDescription

Duration HedgedShare Classes which will seek to predominantly

hedge the interest rate risk of the Portfolio.

Others


nameDescription

Close

A Portfolio may issue Share Classes which

have different valuation points, e.g. Snap and

Close Shares, where the valuation point for

Close Shares takes a value at close and

Snap Shares takes a value at a time other

than at close and/or may include fair value

prices, if considered appropriate, for securities

which are traded on markets which are closed

at the valuation point.

14


nameDescription

Flat

If a Portfolio has a performance fee, the

Portfolio may issue Flat Fee Shares. The Flat

Fee Share Classes operate the same Sales

Charge, distribution fee and operating expenses

of the corresponding Share Class (e.g. Base

and Base (Flat)), but will have a different

Management Fee and will not levy a

performance fee.

2.2 You should refer to Section 3 Description of Share Classes of the Luxembourg

Prospectus and the relevant Supplement to the Luxembourg Prospectus for further details

on the characteristics of the different Share Classes. If you wish to subscribe for

Distribution Shares, you should also refer to Section 18 Dividend Policy of the

Luxembourg Prospectus.

2.3 You should note that any Portfolio mentioned in the Luxembourg Prospectus but

which is not set out in Paragraph 2.1 above is not being offered for sale under this

Singapore Prospectus as at the date of this Singapore Prospectus.

3. MANAGEMENT

3.1 The Board of Directors

The Board of Directors has overall responsibility for the management of the Fund.

Further information on the Board of Directors is set out in Section 5 Board of Directors of

the Luxembourg Prospectus.

3.2 The Management Company and its directors and key executives

3.2.1 The Management Company

The Fund has appointed Goldman Sachs Asset Management Global Services

Limited, a wholly-owned subsidiary of The Goldman Sachs Group Inc., as its

management company (GSAMGS or the Management Company). The

Management Company is authorised and regulated by the United Kingdom

Financial Conduct Authority (FCA).

The Management Company has been managing collective investment schemes

for approximately 4 years since its incorporation on 13 December 2013.

You should refer to Section 6 Management Company of the Luxembourg

Prospectus for further information on the Management Company (including

information on its delegation of certain functions to third parties).

Past performance of the Management Company is not necessarily indicative

of its future performance or of the Portfolios.

3.2.2 Directors of the Management Company

The list of directors of the Management Company may be changed from time

to time without notice.

15

Stephen Davies, Managing Director, Goldman Sachs

Stephen is a managing director in Goldman Sachs in London. Previously, he

worked in Goldman Sachs New York office serving as the chief financial officer of

Goldman Sachs Bank USA from 2008 to 2010. Stephen joined Goldman Sachs in

1994 as co-head of Regulatory Reporting in London and established the Currency

and Commodities Accounting Department in London in 1995.

He became co-head of Currency and Commodities Accounting globally in 1996,

London controller in 1997, European controller in 1999 and was the international

controller from 2004 to 2008.

Prior to joining the firm, Stephen was a senior manager at Coopers & Lybrand.

Stephen earned a BA, with honours, in Economics and Social Studies from

Manchester University in 1978.

Glenn R. Thorpe, Managing Director, Goldman Sachs

Glenn is a Managing Director in Goldman Sachs in London. He is the chief

operating officer for Goldman Sachs Asset Management (GSAM) in EMEA. Before

joining GSAM, he was international head of the Investment Management Division

(IMD) Fund Controllers team, with his primary focus being support of GSAMs

offshore fund business.

Glenn joined Goldman Sachs in the Controllers department of the Finance division

in 2000 and had various roles within Controllers over 17 years, spanning both

London and New York.

Glenn qualified as a chartered accountant with Ernst & Young in Australia in 1996

and earned a Bachelor of Commerce from The University of Western Australia in

1993.

Barbara Healy, Non-Executive Director, Goldman Sachs Asset Management

Global Services Limited

Barbara is a chartered accountant by profession and has over 20 years

experience in the asset management industry. From 2004 to 2009, Barbara was

Global Head of Operations for JPMorgan Hedge Fund Services incorporating the

role of Executive Director and Head of Technical Solutions EMEA and Asia.

During her tenure assets grew from US$5 billion to US$100 billion, positioning the

firm as a top-tier service provider in the hedge fund administration market.

Barbara previously ran operations for Tranaut Fund Administration Ltd from 2002

to 2004 which was subsequently acquired by JPMorgan, and before this was

Director of Accounting for SEI Investments Europe. Barbara has also worked in

fund accounting positions in Bankers Trust and Chase Manhattan. She is

currently serving as a non-executive director to Irish, Luxembourg and Cayman

domiciled funds.

Barbara holds a Bachelor of Commerce Degree (Honours) and a Post-Graduate

Diploma in Professional Accounting. She is a member of the Institute of Chartered

Accountants in Ireland and is also a member of the Institute of Directors in Ireland.

Barbara attended the High Performance Boards Corporate Governance

Programme at IMD, Lausanne, Switzerland, 2011.

3.2.3 Key Executives of the Management Company

There are no key executives of the Management Company for the Portfolios other

than the Directors as the Management Company has delegated certain

16

investment management functions in relation to each of the Portfolios to the

Investment Adviser

3.3 The Investment Adviser

The Management Company has delegated certain investment management functions in

relation to each of the Portfolios to Goldman Sachs Asset Management International

(GSAMI or the Investment Adviser). The Investment Adviser will be responsible to the

Management Company in respect of the management of the investment of the assets of

each Portfolio in accordance with its investment objectives and policies subject always to

the supervision and direction of the Management Company.

GSAMI is domiciled in the United Kingdom and is authorised and regulated by the FCA.

GSAMI has been managing collective investment schemes and/or discretionary funds for

approximately 26 years since 1991.

Subject to compliance with applicable laws, the Investment Adviser may select and rely

upon third-party investment sub-advisers as well as its affiliated sub-advisers for Portfolio

decisions and management with respect to certain Portfolio securities and is able to draw

upon the investment management, investment advice, research and investment expertise

of such selected third party advisers as well as its other affiliate offices with respect to the

selection and management of investments for each Portfolio.

You should refer to Section 7 Investment Adviser of the Luxembourg Prospectus for

further information on the Investment Adviser. Past performance of the Investment

Adviser is not necessarily indicative of its future performance or of the Portfolios.

4. OTHER PARTIES

4.1 The Singapore Representative and Agent for Service of Process

Goldman Sachs Asset Management (Singapore) Pte. Ltd. is the Funds representative in

Singapore (the Singapore Representative) and carries out or procures the carrying out

of certain administrative functions in respect of the Portfolios in Singapore as required

under section 287(13) of the SFA.

In addition, the Singapore Representative is the Funds local agent in Singapore to accept

service of process.

4.2 The Registrar and Transfer Agent

The Management Company has appointed RBC Investor Services Bank S.A. to act as

Registrar and Transfer Agent.

You should refer to Section 10 Registrar and Transfer Agent of the Luxembourg

Prospectus for further information on the Registrar and Transfer Agent.

4.3 The Depositary

The Fund has appointed State Street Bank Luxembourg S.C.A. (State Street or the

Depositary) as depositary, administrator, paying agent, domiciliary agent and listing

agent. In accordance with the Law of 17 December 2010, the Depositary has been

entrusted with, amongst other functions, safekeeping of the Funds assets. State Street is

regulated by the CSSF.

The Depositary has full power to delegate the whole or any part of its safekeeping

functions but its liability will not be affected by the fact that it has entrusted to a third party

some or all of the assets in its safekeeping. The Depositarys liability shall not be affected

by any delegation of its safe-keeping functions under the Depositary Agreement.

17

The Depositary has delegated those safekeeping duties set out in Article 34(3)(a) of the

Law of 17 December 2010 to State Street Bank and Trust Company with registered office

at Copley Place 100, Huntington Avenue, Boston, Massachusetts 02116, USA, whom it

has appointed as its global sub-custodian. State Street Bank and Trust Company as global

sub-custodian has appointed local sub-custodians within the State Street Global Custody

Network.

Information about the safekeeping functions which have been delegated and the

identification of the relevant delegates and sub-delegates are available at the registered

office of the Fund and at:

http://www2.goldmansachs.com/gsam/docs/funds_international/legal_documents/reports/s

ubcustodian-list.pdf

You should refer to Section 9 Depositary, Administrator, Paying Agent, Domiciliary Agent

and Listing Agent of the Luxembourg Prospectus for further information on the Depositary

and the custodial arrangement in respect of assets of the Portfolios.

4.4 The Auditor

The auditor of the Fund is PricewaterhouseCoopers Socit Cooprative.

4.5 Other Parties

You should refer to Section 8 The Valuer, Section 9 Depositary, Administrator, Paying

Agent, Domiciliary Agent and Listing Agent and Section 11 The Distributor of the

Luxembourg Prospectus for information on other parties.

5. INVESTMENT OBJECTIVE, FOCUS AND APPROACH

5.1

A summary of the Portfolios investment focus is set out below.

Portfolios Investment objective

Equity PortfoliosLong-term capital appreciation by investing in any

Permitted Investments.

Fixed Income PortfoliosTotal return consisting of income and capital

appreciation.

Flexible PortfoliosTotal returns consisting of capital appreciation and

income generation.


Goldman Sachs Global

Strategic Macro Bond

Portfolio

To seek to achieve attractive total returns through

both capital appreciation and income generation from

a portfolio of investments primarily in the global fixed

income and currency markets. The Portfolio will

mainly invest in currencies, publicly traded securities

and financial derivative instruments.


Absolute Return Portfolio

To seek to achieve absolute returns over a rolling

three-year period from a portfolio of investments in

equity, equity-related securities, fixed income

securities, fixed income-related securities, and

financial derivative or other instruments on interest

rates, credit, currencies and commodity indices, and

other Permitted Investments. Absolute returns are not

guaranteed.

http://www2.goldmansachs.com/gsam/docs/funds_international/legal_documents/reports/subcustodian-list.pdf

18

5.2 You should refer to Section 2 Investment Objectives and Policies of the Luxembourg

Prospectus and the relevant Supplement to the Luxembourg Prospectus describing the

relevant Portfolio for full information on the Portfolios investment objective, focus and

approach.

Portfolios Investment focus

Equity Portfolios


Portfolio

The Portfolio will mostly hold shares or similar

instruments relating to Asian companies (excluding

Japan). Such companies are either based in or earn

most of their profits or revenues from Asia, excluding

Japan. The Portfolio may also invest in companies

which are based anywhere in the world.


Markets Equity Portfolio


instruments relating to emerging market companies.

Such companies are either based in or earn most of

their profits or revenues from emerging markets. The

Portfolio may also invest in companies which are

based anywhere in the world.


Partners Portfolio


instruments relating to a concentrated portfolio of

companies anywhere in the world.


Portfolio


instruments relating to Indian companies. Such

companies are either based in or earn most of their

profits or revenues from India. The Portfolio may also

invest in companies which are based anywhere in the

world.


Portfolio


instruments relating to Japanese companies. Such


profits or revenues from Japan. The Portfolio may

also invest in companies which are based anywhere

in the world.


Partners Portfolio


instruments relating to Japanese companies. Such


profits or revenues from Japan. The Portfolio may also

invest in companies which are based anywhere in the

world. The Portfolio will typically invest in 25-40

companies.

Goldman Sachs Europe

CORE

Equity Portfolio


instruments relating to European companies. Such


profits or revenues from Europe. The Portfolio may

also invest in companies which are based anywhere

in the world. The Portfolio utilises the CORE

strategy,

a multi-factor proprietary model developed by

Goldman Sachs which aims to forecast returns on

19


securities.


CORE

Equity Portfolio


instruments relating to companies anywhere in the

world. The Portfolio utilises the CORE

strategy, a

multi-factor proprietary model developed by Goldman

Sachs which aims to forecast returns on securities.



Markets Corporate Bond

Portfolio

The Portfolio will mostly invest in fixed income

securities of emerging market companies. Such


profits or revenues from emerging markets. The

Portfolio may also invest in fixed income securities of

companies which are based anywhere in the world.


Markets Debt Portfolio

The Portfolio will mostly invest in fixed-income

securities of any type of emerging country issuer.

Where such issuers are companies they may either be

based in or earn most of their profits or revenues from

emerging markets. The Portfolio may also invest in

fixed income securities where the issuer may be

based anywhere in the world.

Goldman Sachs Europe High

Yield Bond Portfolio

The Portfolio will mostly invest in below investment

grade fixed income securities of European companies.

Such companies are either based in or earn most of

their profits from Europe.

Goldman Sachs Global High

Yield Portfolio

The Portfolio will mostly invest in below investment

grade fixed income securities of North American and

European companies. Such companies are either

based in or earn most of their profits or revenues from

North America and/or Europe. The Portfolio may also

invest in below investment grade fixed income

securities of companies which are based anywhere in

the world.

Flexible Portfolios


Markets Multi-Asset Portfolio


instruments and fixed income securities of emerging

markets companies or governments. Such companies

are either based in or earn most of their profits or

revenues from emerging markets.

The Portfolio may also seek to generate income

through selling call options on equity securities or

indices which gives the buyer of such option the right

(but not the obligation) to buy the underlying

instrument at a specified price within a specific time

period in return for a cash payment to the Portfolio.


Income Builder PortfolioThe Portfolio will mostly hold shares or similar

instruments relating to companies anywhere in the

20


world and fixed income securities of any type of issuer

based anywhere in the world with a focus on higher

income yielding, hence below investment grade, fixed

income securities. The Investment Adviser will

generally seek to hedge the Portfolios currency

exposure back to the US Dollar.

The Portfolio may also seek to generate a return

through the sale of call options on equity securities or

indices which gives the buyer of such option the right

(but not the obligation) to buy such instrument at a

specified price within a specific time period in return

for a cash payment to the Portfolio. For Distribution

Shares, the payment of the proceeds of this strategy

is intended to be part of the distribution, if any, of the

relevant Share Class at the date on which such

distribution is made.

If the underlying asset decreases in value, the

Portfolio will make a gain but will make a loss if the

underlying asset increases in price.

Goldman Sachs US Real

Estate Balanced Portfolio

The Portfolio aims to provide exposure to US real

estate markets and will mostly hold:

o Shares or similar instruments relating to US

companies,

o Fixed income securities (mostly below

investment grade) of US companies (including

those securities issued by issuing entities based

in offshore centres from where corporate fixed

income securities may be issued),

o US mortgage backed securities (mostly below

investment grade).




Portfolio

The Portfolio will mostly invest in publicly traded

securities, currencies and financial derivative

instruments, mostly in the global fixed income and

currency markets. The Portfolio will employ a number

of different investment strategies including duration

(interest rates), country, currency, government and

swaps, emerging market debt and mortgages. The

Portfolio may also implement a hedge at the overall

portfolio level to remove unintended market directional

risks.



The Portfolio will mostly hold shares and fixed income

securities, financial derivative instruments or other

similar instruments. The Investment Adviser will seek

to employ a number of diverse investment strategies

investing across a variety of asset classes and

instruments including: shares, fixed income, emerging

21


markets, alternatives, currencies and commodity

indices. The Investment Adviser will seek to

implement tactical investment strategies which may

regularly adjust the portfolio exposures based on

prevailing market conditions and short-term or

medium-market views. Strategies may be employed

that involve the use of statistical analysis of historical

performance data and publicly available information,

to identify sources of return.

6. PRODUCT SUITABILITY

6.1 The product suitability for each Portfolio is set out below:

Portfolios May be suitable for investors who:

Equity Portfolios


Portfolio

o seek capital appreciation with no need for income;

o seek exposure to shares of companies of the Asia

(ex Japan) region; and

o are comfortable that the Portfolio may generate

potentially higher returns but also increased level

of risk than a diversified global equity portfolio.


Markets Equity Portfolio


o seek access to the dynamic emerging markets

countries; and


potentially higher returns but with a higher risk

profile than that of a diversified global equity fund.


Partners Portfolio


o seek exposure to a global equity fund which may

typically have a smaller number of holdings than a

more diversified global equity portfolio; and



of risk than a more diversified global equity

portfolio.


Portfolio


o seek exposure to Indias equity markets; and


potentially higher returns but with a higher risk

profile than a more benchmark aware India equity

fund.


Portfolio


and

22


o seek exposure to shares of Japans equity

markets.


Partners Portfolio


o seek exposure to a Japanese equity fund which

may typically have a smaller number of holdings

than a more diversified Japan equity portfolio; and



of risk than a more diversified Japan equity

portfolio.

Goldman Sachs Europe

CORE

Equity Portfolio


and

o seek access to a European equity portfolio

possessing the same style, sector, risk and

capitalisation characteristics as the benchmark but

positioned to outperform through superior

underlying stock and country selection.


CORE

Equity Portfolio


and

o seek access to a global equity portfolio

possessing the same style, sector, risk and

capitalisation characteristics as the benchmark but

positioned to outperform through superior

underlying stock and country selection.



Markets Corporate Bond

Portfolio

o seek income with some capital appreciation; and

o seek exposure to a portfolio of primarily

investment and sub-investment grade corporate

bonds issued by companies based in or earning

most of their revenues from emerging markets.

The bonds may be denominated in developed or

emerging market currencies.


Markets Debt Portfolio

o seek income with some capital appreciation; and

o seek exposure to investment and sub-investment

grade emerging markets bonds and currencies.

The bonds may be denominated in developed or

emerging markets currencies with primarily

developed market currencies risk.

Goldman Sachs Europe High

Yield Bond Portfolio

o seek income with some capital appreciation;

o seek exposure to sub-investment grade bonds

primarily issued by European companies; and

o seek exposure to a Portfolio that may generate

potentially higher returns but with higher risk than

an investment grade portfolio.

23


Goldman Sachs Global High

Yield Portfolio

o seek income with some capital appreciation;

o seek exposure to sub-investment grade bonds

primarily issued by North American and European

companies; and


potentially higher returns but with a higher level of

risk than a global investment grade portfolio.

Flexible Portfolios


Markets Multi-Asset Portfolio

o seek both capital appreciation and income;

o seek exposure to a portfolio of emerging markets

bonds (denominated in developed and/or

emerging markets currencies), equities and

alternative assets; and

o are comfortable that the Portfolio may have a

higher risk than that of a global multi-asset

portfolio.


Income Builder Portfolio

o seek enhanced income;

o seek an income stream with some possibility of

capital appreciation through investments globally

in both equity and bonds with some exposure to

non-traditional asset classes; and


large proportion of high yield bonds.

Goldman Sachs US Real

Estate Balanced Portfolio


o seek exposure to the US real estate markets

through bonds and equities related to real estate;

and


higher degree of sector specific risk than that of a

diversified multi-sector portfolio.




Portfolio


o seek exposure to a flexible global investment and

sub-investment grade fixed income portfolio that

has the ability to alter its exposure with an

emphasis on interest rates and currencies; and

o seek returns thorough different market conditions.

In addition, the Portfolio is only suitable for investors

who understand the complexities of the alternative

strategies employed by the Portfolio.

24





o seek diversification across a range of asset

classes (equities, bonds, commodities and

currencies) via a single portfolio; and

o seek returns through different market conditions

over a rolling three-year period and with an

expected level of risk lower than equity markets.

In addition, the Portfolio is only suitable for investors

who understand the complexities of the alternative

strategies employed by the Portfolio.

6.2 In addition, the Portfolios are only suitable for investors who are able to accept the product

specific risks of the Portfolios.

6.3 You should consult your financial adviser or your distributor if in doubt whether this product

is suitable for you.

7. FEES AND CHARGES

7.1 Fees and charges payable by a Singapore investor

Sales Charge Up to 5.5%

Redemption Charge Nil

Exchange of Shares

None except where Shares are being exchanged for

Shares which have a higher Sales Charge, the difference

between the Sales Charges may be charged

You should refer to Section 3 Description of Share Classes, Section 13 Purchase of

Shares, Section 14 Redemption of Shares and Section 16 Exchange of Shares of the

Luxembourg Prospectus as well as the relevant Supplement to the Luxembourg

Prospectus for further information.

7.2 Fees and charges payable by a Portfolio

PortfoliosShare

Class

Management

Fee (per

annum)

Distribution

Fee (per

annum)

Shareholder

Services Fee

(per annum)

Operating

Expenses Note 1

(per

annum)

Equity Portfolios

Goldman

Sachs Asia

Equity

Portfolio

Base

Shares1.50% Nil Nil Variable

Other

Currency

Shares

Up to 1.50% Nil Nil Variable

25

PortfoliosShare

Class

Management

Fee (per

annum)

Distribution

Fee (per

annum)

Shareholder

Services Fee

(per annum)

Operating

Expenses Note 1

(per

annum)

Goldman

Sachs

Emerging

Markets

Equity

Portfolio

Base


Other

Currency

Shares

1.75% Nil Nil Variable

Goldman

Sachs Global

Equity

Partners

Portfolio

Base


Other

Currency

Shares


Goldman

Sachs India

Equity

Portfolio

Base


Other

Currency

Shares


Goldman

Sachs Japan

Equity

Portfolio

Base


Other

Currency

Shares


Goldman

Sachs Japan

Equity

Partners

Portfolio

Base


Other

Currency

Shares


Goldman

Sachs Europe

CORE

Equity

Portfolio

Base


Other

Currency

Shares


Goldman

Sachs Global

CORE

Equity

Portfolio

Base


Other

Currency

Shares


26

PortfoliosShare

Class

Management

Fee (per

annum)

Distribution

Fee (per

annum)

Shareholder

Services Fee

(per annum)

Operating

Expenses Note 1

(per

annum)


Goldman

Sachs

Emerging

Markets

Corporate

Bond

Portfolio

Base


Other

Currency

Shares


Goldman

Sachs

Emerging

Markets Debt

Portfolio

Base


Other

Currency

Shares


Goldman

Sachs Europe

High Yield

Bond

Portfolio

Base


Other

Currency

Shares


Goldman

Sachs Global

High Yield

Portfolio

Base


Other

Currency

Shares


Flexible Portfolios

Goldman

Sachs

Emerging

Markets Multi-

Asset

Portfolio

Base

SharesUp to 1.50% Nil Nil Variable

Other

Currency

Shares


Goldman

Sachs Global

Income

Builder

Portfolio

Base


Other

Currency

Shares


Goldman

Sachs US

Real Estate

Balanced

Portfolio

Base


Other

Currency

Shares


27

PortfoliosShare

Class

Management

Fee (per

annum)

Distribution

Fee (per

annum)

Shareholder

Services Fee

(per annum)

Operating

Expenses Note 1

(per

annum)


Goldman

Sachs Global

Strategic

Macro Bond

Portfolio

Base (Flat)


Other

Currency

(Flat)

Shares


Goldman

Sachs Global

Absolute

Return

Portfolio

Base


Other

Currency

Shares


Note:

1. Based on the Fund accounts for the financial year ended 30 November 2016, the

operating expenses of each Portfolio are expected to exceed 0.1% of the Portfolios

asset value. Each Portfolio pays transaction costs, including taxes and brokerage

commissions, each time it buys and sells securities or instruments and may also pay

Borrowing Costs. You should note that these costs are not reflected in a Portfolios

operating expenses, but will be reflected in its performance.

Please see Section 19 Fees and Expenses of the Luxembourg Prospectus for a

description of the fees and expenses payable by each Portfolio. Please see the relevant

Supplement to the Luxembourg Prospectus for a table setting out the fees, including

Management Fee, Distribution Fee and Operating Expenses, relating to other Share

Classes of the Portfolios.

Fees charged by reference to the Portfolios, or in the case of fees relating to a Class, the

Class average daily net asset value are charged by reference to the relevant net asset

value which may be calculated using swing pricing as described in Paragraph 9.3 of this

Singapore Prospectus.

8. RISK FACTORS

In general, each Portfolio is intended for long-term investors who can accept the risks

associated with investing in a particular Portfolio. You should be aware that the value of

the Shares may fall as well as rise. You may not get back the amount initially invested,

and income, if any, may fluctuate.

The following risk considerations detail particular risks associated with an investment in

the Fund, which you are encouraged to discuss with your professional advisers. It does

not purport to be a comprehensive summary of all of the risks associated with an

investment in the Fund.

28

8.1 Market risk

The value of assets in a Portfolio is typically dictated by a number of factors, including

political, market and general economic conditions. Deterioration or uncertainty regarding

any of these conditions may result in declines in the market values of actual or potential

investments, and/or increased illiquidity of investments.

A Portfolio may be adversely affected by deteriorations in the financial markets and

economic conditions throughout the world, some of which may magnify the risks described

herein and have other adverse effects. Governments from time to time intervene, directly

and by regulation, in certain markets. Such intervention often is intended directly to

influence prices and may, together with other factors, cause some or all of such markets to

move rapidly in the same direction.

Deterioration of market conditions or uncertainty regarding economic markets generally

can result in declines in the market values of actual or potential investments, or increased

illiquidity of investments. Such declines or illiquidity could lead to losses and diminished

investment opportunities for a Portfolio, could prevent the Portfolio from successfully

meeting its investment objectives or could require the Portfolio to dispose of investments

at a loss while such unfavourable market conditions prevail.

To the extent that any such disruptions occur, the consequences described above

(including declines in market values and illiquidity of investments) may affect any or all of

the markets with which a Portfolio invests simultaneously, which could have a material

adverse effect on the Portfolio and its investments. In addition, any such further market

disruptions may also result in further changes to regulatory requirements or other

government intervention. Such regulations may be implemented on an emergency basis,

which may suddenly prevent the Portfolios from implementing certain investment

strategies or from managing the risk of its outstanding positions.

8.2 Equity risk

A Portfolio which mostly invests in shares and similar instruments typically experiences

higher levels of price fluctuations than fixed income securities.

8.3 Credit risk

The failure of a counterparty or an issuer of a financial asset held within a Portfolio to meet

its payment obligations will have a negative impact on the Portfolio.

8.4 High yield risk

High-yield instruments, meaning investments which pay a high amount of income

generally involve greater credit risk and sensitivity to economic developments, giving rise

to greater price movement than lower yielding instruments.

8.5 Interest rate risk

When interest rates rise, bond prices fall, reflecting the ability of investors to obtain a more

attractive rate of interest on their money elsewhere. Bond prices are therefore subject to

movements in interest rates which may move for a number of reasons, political as well as

economic.

8.6 Liquidity risk

A Portfolio may not always find another party willing to purchase an asset that the Portfolio

wants to sell which could impact the Portfolios ability to meet redemption requests on

demand.

29

8.7 Emerging markets risk

Emerging markets are likely to bear higher risk due to lower liquidity and possible lack of

adequate financial, legal, social, political and economic structures, protection and stability

as well as uncertain tax positions. Emerging market shares and similar instruments and

emerging market fixed income securities will typically experience higher price fluctuations

than those in developed markets.

8.8 Leverage risk

Leverage occurs when the economic exposure created by the use of derivatives is greater

than the amount invested, or when borrowings are made on a temporary basis. A

leveraged Portfolio may result in large fluctuations in the value of the Portfolio and

therefore entails a high degree of risk including the risk that losses may be substantial.

The Fixed Income Portfolios, Flexible Portfolios and Specialist Portfolios may operate with

a significant amount of leverage.

8.9 Contingent convertible bond (CoCos) risk

Investment in this particular type of bond may result in material losses to the Portfolio

based on certain trigger events. The existence of these trigger events creates a different

type of risk from traditional bonds and may more likely result in a partial or total loss of

value or alternatively they may be converted into shares of the issuing company which

may also have suffered a loss in value.

8.10 Derivatives risk

Derivative instruments are highly sensitive to changes in the value of the underlying asset

that they are based on. Certain derivatives may result in losses greater than the amount

originally invested.

8.11 Writing (selling) call options

In exchange for up front income from selling the call option, the Portfolios gains from an

increase in the market value of underlying shares may be limited where sold call options

are exercised. The Investment Adviser will generally seek to balance the level of income

generation with the potential for limiting any capital gains, however in a rising market the

Portfolio could underperform.

8.12 Operational risk

Material losses to a Portfolio may arise as a result of human error, system and/or process

failures, inadequate procedures or controls.

8.13 Custodian risk

Insolvency, breaches of duty of care or misconduct of a custodian or sub-custodian

responsible for the safekeeping of a Portfolios assets can result in loss to the Portfolio.

8.14 Volatility risk

An investment in the Goldman Sachs US Real Estate Balanced Portfolio can expose you

to higher volatility levels than is normally associated with balanced or non-sector specific

diversified investment strategies, therefore the value of an investment into the Portfolio

may be subject to significant changes in the short term.

30

8.15 Correlation risk

The link between the value of the Goldman Sachs Global Absolute Return Portfolio and

oil, gas and energy prices may vary significantly, particularly over short periods of time. An

investment in the Goldman Sachs Global Absolute Return Portfolio should not be used to

obtain exposure to movement in the price of oil.

8.16 Historical performance data risk

The composition of the strategies employed for the Goldman Sachs Global Absolute

Return Portfolio is determined by reference to historical data. However, past performance

is not an indicator of future performance. The performance of a market may differ to that

indicated by a mathematical formula based on historical data, which in turn may adversely

affect the value of your investment.

8.17 Investment in China risk

A Portfolios operations and financial results could be adversely affected by adjustments in

the PRCs state plans, political, economic and social conditions, changes in the policies of

the PRC government and laws and regulations, in particular where investments are made

through any of the investment regime introduced by the PRC government.

8.18 Currency exposure risk

You should be aware that a variety of techniques (please see Appendix C Special

Investment Techniques together with Section 4 Risk Considerations in the Luxembourg

Prospectus) may be utilised in order to implement the required currency hedge and that

such techniques involve additional risks.

You should be aware that the risks related to the techniques employed will be borne by the

relevant Share Class. Any losses sustained in respect of such techniques will therefore be

attributed to the relevant Share Class.

You should be aware that any costs incurred as a result of the implementation of such

currency hedge will be borne by the relevant Share Class.

Currency hedged share classes of a Portfolio are not intended to hedge the underlying

portfolio currency exposures back to an investor's base currency, resulting in the investor

taking speculative currency positions, which may be volatile and may have a material

impact on an investor's returns.

8.19 Singapore dollar exchange rate risk

The Base Currency of the Portfolios is not Singapore Dollars and the Share Classes may

not be denominated in Singapore dollars (foreign currency share class).

If you measure the value of your investment in a Portfolio in Singapore dollars, you may be

exposed to additional risks of changes in the exchange rates of the currency of the

Portfolio and relevant foreign currency share class with reference to the Singapore dollar,

which will not be hedged by the Portfolio.

8.20 Others

You should refer to Section 4 Risk Considerations of the Luxembourg Prospectus and

the relevant Supplement for risk considerations detailing particular risks associated with an

investment in the Fund.

31

9. SUBSCRIPTION FOR SHARES

9.1 Subscription Procedure

You may purchase Shares in Singapore through any sub-distributors appointed by the

Distributor to distribute Shares of the Fund in Singapore (Singapore Distributors).

You should apply for Shares using the application form available from your Singapore

Distributor. You should send the properly completed application form, together with any

relevant supporting documents to your Singapore Distributor and pay for the Shares in

such manner as advised by your Singapore Distributor.

You should refer to Section 13 Purchase of Shares of the Luxembourg Prospectus for

details on the terms and conditions of subscription.

You should also contact your Singapore Distributor to check whether any additional terms

and conditions are imposed by it.

9.2 Minimum Initial Subscription and Minimum Subsequent Subscription

For the Equity Portfolios, Fixed Income Portfolios and Flexible Portfolios:

USD,EUR,SGD,AUD* GBP JPY

Base Shares 5,000 3,000 500,000

Other Currency

Shares5,000 3,000 500,000

*The amounts listed are in the relevant currency.

For the Specialist Portfolios:

USD, EUR, SGD,

AUD*GBP JPY

Base Shares and

Base (Flat)

Shares

5,000 5,000 500,000

Other Currency

Shares and Other

Currency (Flat)

Shares

5,000 5,000 500,000

*The amounts listed are in the relevant currency.

The minimum initial subscription for Shares in Shares denominated in other currencies

and in other Share Classes issued in respect of a Portfolio is set out in the relevant

Supplement to the Luxembourg Prospectus (in the tables under Goldman Sachs Funds

Minimum Investment Amount Table in Supplement I to the Luxembourg Prospectus and

under Share Class Table in Supplement II to the Luxembourg Prospectus).

Subsequent subscriptions for Shares, other than through reinvestment of dividends, must

ordinarily equal or exceed a Portfolios minimum initial subscription amount, although

certain Portfolios may introduce lower subsequent subscription amounts as specified in

the relevant Supplement.

32

Singapore Distributors may impose different minimum amount requirements on their

clients and you should check with your Singapore Distributor whether it imposes any such

requirements.

9.3 Dealing Deadline and Net Asset Value

The Fund determines the net asset value of its Shares on a forward pricing basis. This

means that it is not possible to know in advance the net asset value per Share at which

Shares will be bought.

Shares are purchased at the net asset value of the relevant Share Class which will vary

from day to day.

You should refer to Section 17 Determination of Net Asset Value of the Luxembourg

Prospectus for information on the calculation of the net asset value. As described in that

Section, on any Business Day the Management Company may determine, in conformity

with the guidelines established by the Board of Directors, to apply swing pricing (to include

such reasonable factors as it sees fit) to the net asset value per Share of a particular

Portfolio. This method of net asset value calculation is intended to pass the estimated

costs of underlying investment activity of the Portfolio to the active Shareholders by

adjusting the net asset value of the relevant Share and thus to protect the Portfolios long-

term Shareholders from costs associated with ongoing subscription and redemption

activity.

Swing pricing may take account of trading spreads on the Portfolios investments, the

value of any duties and charges incurred as a result of trading and may include an

allowance for market impact. Where, based on the prevailing market conditions and the

level of subscriptions or redemptions requested by Shareholders or potential Shareholders

in relation to the size of the relevant Portfolio, a particular Portfolio applies swing pricing,

the Portfolio may be valued either on a bid or offer basis.

Because the determination of whether to value the Portfolios net asset value on an offer

or bid basis is based on the net transaction activity of the relevant day, Shareholders

transacting in the opposite direction of the Portfolios net transaction activity may benefit at

the expense of the other Shareholders in the Portfolio. A Shareholders shareholding may

be diluted when net subscriptions or redemptions are below the adjustment threshold. In

addition, the Portfolios net asset value and short-term performance may experience

greater volatility as a result of swing pricing.

You should be aware that, the factor used to apply swing pricing (swing factor) will

generally not exceed 2% of the net asset value of the relevant Share Class of the Portfolio,

unless otherwise stated in the relevant Supplement to the Luxembourg Prospectus. The

swing factors applied to individual Portfolios will be reviewed by the Investment Adviser on

a periodic basis in order to verify their appropriateness in light of prevailing market

conditions.

You may purchase Shares on any Purchase Date. Please note that a Singapore business

day may not always be a Purchase Date and you should refer to the Definitions section of

the Luxembourg Prospectus for a definition.

The cut-off time imposed by the Fund is 2:00pm Central European time on a Purchase

Date.

To purchase Shares at the net asset value as of a particular Purchase Date, you must

submit your subscription form to your Singapore Distributor before the Singapore cut-off

time imposed by your Singapore Distributor for that Purchase Date.

33

You should check with your Singapore Distributor what the applicable Singapore cut-off

time is.

If your subscription form is not received before the Singapore cut-off time for a particular

Purchase Date, your subscription application will ordinarily be processed on the next

Purchase Date.

You should also confirm with your Singapore Distributor the dealing procedures prescribed

by it.

9.4 Numerical Example of How Shares are Allotted

The following is an illustration of the number of Shares that will be issued based on an

initial subscription of $1,000, a notional net asset value of $1.00 per Share and a notional

Sales Charge of 5.5% and assuming no other fees and charges on the subscription is

payable. The notional net asset value and notional Sales Charge are for illustrative

purposes only, and the actual net asset value as well as the applicable Sales Charge may

be different:

$1,000 - $55 = $945 $1.00 = 945.000

Shares

Initial

Subscription

Notional

Sales

Charge of

5.5%

Net

Subscription

Notional

Net

Asset

Value per

Share

Shares

Issued

9.5 Confirmation of purchase

The Fund will normally send written confirmation detailing the purchase of Shares to

Shareholders soon after the net asset value per Share of the relevant Share Class on the

relevant Purchase Date is determined and published in Luxembourg. You should contact

your Singapore Distributor for details on when you may expect to receive a confirmation of

ownership of the number of Shares issued to you as the trade confirmation policy may

vary amongst Singapore Distributors.

9.6 Cancellation of Subscription

The Fund does not offer you the right to cancel your subscription into the Portfolios.

You may wish to check with your Singapore Distributor whether it will allow you to cancel

your subscription into the Portfolios.

10. REGULAR SAVINGS PLAN (RSP)

Investment into the Portfolios by way of a regular savings plan (RSP) is currently not

offered by the Fund.

You may wish to check with your Singapore Distributor whether it offers any RSP for any

of the Portfolios and, if so, the applicable terms and conditions on which the RSP is being

offered.

11. REDEMPTION OF SHARES

11.1 Redemption Procedure

In general, if you had purchased your Shares through a Singapore Distributor, you should

redeem your Shares through the same Singapore Distributor.

34

You may redeem your Shares using the share redemption form available from your

Singapore Distributor. You should send the properly completed redemption form, together

with such documents as may be required by your Singapore Distributor, to your Singapore

Distributor.

You should refer to Section 14 Redemption of Shares of the Luxembourg Prospectus for

details on the terms and conditions of redemptions (including when redemption may be

temporarily suspended or deferred).

You should also contact your Singapore Distributor to check whether any additional terms

and conditions are imposed by it.

11.2 Minimum Holding and Minimum Redemption

Partial redemptions must ordinarily equal or exceed a Portfolios and/or Share Classes

minimum initial subscription amount. The minimum initial subscription amounts are set out

in the currency of denomination of the relevant Share Class in the tables in the relevant

Supplement to the Luxembourg Prospectus

There is currently no minimum holding imposed by the Fund. However, if the net asset

value of Shares held by a Registered Shareholder falls below the minimum investment

level for the relevant Share Class, such Shares may, in the absolute discretion of the

Board of Directors but subject to Luxembourg law, be mandatorily redeemed (please refer

to Paragraph 14.2 Mandatory Sale or Redemption of the Luxembourg Prospectus for

further information).

However, please note that Singapore Distributors may impose a minimum holding and

may impose different minimum redemption amounts on their clients and you should check

with your Singapore Distributor whether it will impose any such requirements on you.

11.3 Dealing Deadline and Net Asset Value

The Fund determines the net asset value of its Shares on a forward pricing basis. This

means that it is not possible to know in advance the net asset value per Share at which

Shares will be redeemed.

Shares are redeemed at the net asset value of the relevant Share Class which will vary

from day to day.

You should refer to Section 17 Determination of Net Asset Value of the Luxembourg

Prospectus for information on the calculation of the net asset value. As described in that

Section (and in Paragraph 9.3 of this Singapore Prospectus), on any Business Day the

Management Company may determine, in conformity with the guidelines established by

the Board of Directors, to apply swing pricing (to include such reasonable factors as it

sees fit) to the net asset value per Share of a particular Portfolio.

You may redeem your Shares on any Redemption Date, at the prevailing net asset value

per Share of the relevant Share Class of the Portfolio. Please note that a Singapore

business day may not always be a Redemption Date and you should refer to the

Definitions section of the Luxembourg Prospectus for a definition.

The cut-off time imposed by the Fund is 2:00pm Central European time on a Redemption

Date.

To redeem your Shares at the net asset value as of a particular Redemption Date, you

must submit your redemption form to your Singapore Distributor before the Singapore cut-

off time imposed by your Singapore Distributor for that Redemption Date.

You should check with your Singapore Distributor what the applicable Singapore cut-off

time is.

35

If your redemption form is not received before the Singapore cut-off time for a particular

Redemption Date, your redemption request will ordinarily be processed on the next

Redemption Date.

You should also confirm with your Singapore Distributor the dealing procedures prescribed

by it.

11.4 Numerical example of calculation of redemption proceeds

The following is an illustration of the redemption proceeds payable based on a redemption

request for 1,000.000 Shares and a notional net asset value of $1.10 per Share and

assuming no other fees and charges on the redemption is payable. The notional net asset

value is for illustrative purposes only, and the actual net asset value may be different:

1,000.000

Shares

x $1.10 = $1,100 - $0 = $1,100

Redemption

request

Notional Net

Asset Value

per Share

Gross

Redemption

Proceeds

Redemption

Charge*

Net

Redemption

Proceeds

*There is currently no Redemption Charge payable.

11.5 Payment of Redemption Proceeds

Except as otherwise stated in the relevant Supplement, the Fund intends to normally pay

redemption proceeds, less any tax or duty imposed on the redemption of the Shares within

three (3) Business Days following the relevant Redemption Date.

You should refer to Section 14 Redemption of Shares of the Luxembourg Prospectus for

further information on the payment of redemption proceeds.

If you had purchased your Shares through your Singapore Distributor, your redemption

proceeds will normally be paid to your Singapore Distributor. You will therefore receive

your redemption proceeds in such manner and within such period as agreed with your

Singapore Distributor.

You should therefore contact your Singapore Distributor for details on the payment policy

as the payment policy amongst the Singapore Distribu

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