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299.333 604.729 l
295.9 600.477 l
292.348 586.133 l
288.915 593.659 l
285.368 608.172 l
281.82 604.527 l
278.387 614.483 l
274.84 612.931 l
271.407 614.044 l
267.864 609.151 l
264.66 599.363 l
261.113 587.719 l
257.565 587.753 l
254.132 581.509 l
250.58 582.556 l
247.147 582.859 l
243.6 578.674 l
240.053 578.337 l
236.62 576.244 l
233.072 570.439 l
232.5 569.764 l
S
1 0.84 0.31 0.17 K
[4 2 ]0 d
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
212.5 687.889 m
S
0 0 0 1 K
[]0 d
515.495 658.763 m
511.948 660.619 l
508.401 655.186 l
504.968 624.304 l
501.415 631.662 l
497.982 639.559 l
494.435 631.999 l
490.888 618.061 l
487.455 615.192 l
483.907 602.839 l
480.474 583.939 l
476.932 625.924 l
473.613 647.828 l
470.066 646.984 l
466.518 643.069 l
463.085 640.605 l
459.533 638.783 l
456.1 634.767 l
452.553 636.826 l
449.006 632.337 l
445.573 619.444 l
442.025 628.152 l
438.597 622.38 l
435.05 618.061 l
431.846 609.96 l
428.298 595.245 l
424.751 613.167 l
421.318 613.875 l
417.766 623.967 l
414.333 623.865 l
410.785 624.406 l
407.238 617.284 l
403.805 617.318 l
400.257 620.727 l
396.825 614.01 l
393.282 624.102 l
390.078 633.72 l
386.53 630.919 l
382.983 629.333 l
379.55 629.097 l
375.998 625.519 l
372.565 622.212 l
369.018 626.093 l
365.47 627.646 l
362.037 629.671 l
358.49 629.063 l
355.057 630.076 l
351.514 629.13 l
348.31 617.993 l
344.763 621.705 l
341.215 615.09 l
337.782 612.627 l
334.23 612.661 l
330.797 615.766 l
327.25 611.614 l
323.702 602.063 l
320.269 605.033 l
316.722 600.51 l
313.289 595.988 l
309.746 588.462 l
306.428 590.217 l
302.881 602.637 l
299.333 614.416 l
295.9 612.019 l
292.348 592.478 l
288.915 601.86 l
285.368 617.791 l
281.82 613.335 l
278.387 624.878 l
274.84 620.524 l
271.407 621.807 l
267.864 617.925 l
264.66 605.202 l
261.113 593.659 l
257.565 593.625 l
254.132 588.09 l
250.58 586.302 l
247.147 586.673 l
243.6 580.902 l
240.053 582.488 l
236.62 577.932 l
233.072 571.215 l
232.5 569.764 l
S
q
226.5 507.389 8 25.5 re
W n
3 w
226.5 532.889 m
234.5 532.889 l
S
Q
BT
8 0 0 8 237.5 526.8892 Tm
0 0 0 1 k
-0.025 Tc
(Goldman Sachs Global Multi-Asset Income )Tj
0 -1.25 TD
(Portfolio - Class E Shares \(EUR-Hedged\)\(Q-Dist\))Tj
/F2 1 Tf
4 0 0 4 380.524 519.9892 Tm
-0.05 Tc
(\(4\))Tj
ET
q
394 507.389 8 25.5 re
W n
0 0 0 0.5 K
3 w
394 532.889 m
402 532.889 l
S
Q
BT
/F1 1 Tf
8 0 0 8 405 526.8892 Tm
-0.025 Tc
(Morningstar EUR Moderate Allocation - Global)Tj
ET
q
0.2 i
405 522.389 153.5 10.5 re
W n
BT
/F2 1 Tf
4 0 0 4 545.056 529.9892 Tm
0 Tc
(\()Tj
ET
Q
BT
/F2 1 Tf
4 0 0 4 545.744 529.9892 Tm
0 Tc
(2)Tj
ET
q
0.2 i
405 522.389 153.5 10.5 re
W n
BT
4 0 0 4 547.32 529.9892 Tm
(\))Tj
ET
Q
0.53 0.32 0.11 0 k
212.5 499.389 355 -16.5 re
f
BT
/F4 1 Tf
10 0 0 10 216.5 488.3892 Tm
0 0 0 0 k
-0.015 Tc
(Performance Summary \(%\))Tj
/F5 1 Tf
8 0 0 8 398.052 471.3892 Tm
0 0 0 1 k
-0.025 Tc
[(Cumulative)-9389(Annualised)]TJ
/F2 1 Tf
-6.419 -1.625 TD
[(Since Launch)-1709(1 Mth)-1345(3 Mths)-2325(YTD)]TJ
ET
q
477.5 453.889 5 13 re
W n
1 w [2 2 ]2 d
481.5 466.889 m
481.5 441.889 l
S
Q
BT
8 0 0 8 491.748 458.3892 Tm
(1 Y)Tj
ET
q
0.2 i
482.5 453.889 20 11 re
W n
BT
8 0 0 8 500.476 458.3892 Tm
0 Tc
(r)Tj
ET
Q
BT
8 0 0 8 518.836 458.3892 Tm
[(3 Yrs)-2042(5 Yrs)]TJ
ET
q
212.5 440.889 130 13 re
W n
0.132 0.08 0.028 0 k
212.5 453.889 130 -13 re
f
Q
BT
8 0 0 8 217.5 445.3892 Tm
(Class E Shares \(EUR-Hedged\)\(Q-Dist\))Tj
4 0 0 4 316.692 448.8892 Tm
-0.05 Tc
(\(4\))Tj
ET
q
342.5 440.889 45 13 re
W n
0.132 0.08 0.028 0 k
342.5 453.889 45 -13 re
f
Q
BT
8 0 0 8 367.516 445.3892 Tm
-0.025 Tc
(26.37)Tj
ET
q
387.5 440.889 30 13 re
W n
0.132 0.08 0.028 0 k
387.5 453.889 30 -13 re
f
Q
BT
8 0 0 8 397.716 445.3892 Tm
(\(0.43\))Tj
ET
q
417.5 440.889 30 13 re
W n
0.132 0.08 0.028 0 k
417.5 453.889 30 -13 re
f
Q
BT
8 0 0 8 430.868 445.3892 Tm
(8.80)Tj
ET
q
447.5 440.889 30 13 re
W n
0.132 0.08 0.028 0 k
447.5 453.889 30 -13 re
f
Q
BT
8 0 0 8 457.716 445.3892 Tm
(\(0.43\))Tj
ET
q
477.5 440.889 5 13 re
W n
0.132 0.08 0.028 0 k
477.5 453.889 5 -13 re
f
1 w [2 2 ]2 d
481.5 453.889 m
481.5 428.889 l
S
Q
q
482.5 440.889 25 13 re
W n
0.132 0.08 0.028 0 k
482.5 453.889 25 -13 re
f
Q
BT
8 0 0 8 490.868 445.3892 Tm
(2.63)Tj
ET
q
507.5 440.889 30 13 re
W n
0.132 0.08 0.028 0 k
507.5 453.889 30 -13 re
f
Q
BT
8 0 0 8 520.868 445.3892 Tm
(2.0)Tj
ET
q
0.2 i
507.5 440.889 25 11 re
W n
BT
8 0 0 8 529.148 445.3892 Tm
0 Tc
(4)Tj
ET
Q
q
537.5 440.889 30 13 re
W n
0.132 0.08 0.028 0 k
537.5 453.889 30 -13 re
f
Q
BT
8 0 0 8 550.868 445.3892 Tm
(3.56)Tj
-41.671 -1.625 TD
(Morningstar EUR Moderate Allocation - )Tj
0 -1.3125 TD
(Global)Tj
4 0 0 4 234.956 425.3893 Tm
-0.05 Tc
(\(2\))Tj
8 0 0 8 400.868 432.3893 Tm
-0.025 Tc
(0.3)Tj
ET
q
0.2 i
387.5 427.889 25 11 re
W n
BT
8 0 0 8 409.148 432.3893 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 430.868 432.3893 Tm
(6.8)Tj
ET
q
0.2 i
417.5 427.889 25 11 re
W n
BT
8 0 0 8 439.148 432.3893 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 460.868 432.3893 Tm
(0.3)Tj
ET
q
0.2 i
447.5 427.889 25 11 re
W n
BT
8 0 0 8 469.148 432.3893 Tm
0 Tc
(4)Tj
ET
Q
q
477.5 417.389 5 23.5 re
W n
1 w [2 2 ]2 d
481.5 440.889 m
481.5 415.889 l
S
Q
BT
8 0 0 8 490.868 432.3893 Tm
[(2.53)-2296(2.11)-2296(3.73)]TJ
ET
q
212.5 404.389 130 13 re
W n
0.132 0.08 0.028 0 k
212.5 417.389 130 -13 re
f
Q
BT
8 0 0 8 217.5 408.8892 Tm
(Quartile Position in Sector)Tj
4 0 0 4 287.62 412.3892 Tm
-0.05 Tc
(\(2\))Tj
ET
q
342.5 404.389 45 13 re
W n
0.132 0.08 0.028 0 k
342.5 417.389 45 -13 re
f
Q
q
387.5 404.389 30 13 re
W n
0.132 0.08 0.028 0 k
387.5 417.389 30 -13 re
f
Q
q
0.2 i
387.5 404.389 25 11 re
W n
BT
8 0 0 8 409.148 408.8892 Tm
0 Tc
(4)Tj
ET
Q
q
417.5 404.389 30 13 re
W n
0.132 0.08 0.028 0 k
417.5 417.389 30 -13 re
f
Q
BT
8 0 0 8 439.148 408.8892 Tm
0 Tc
(1)Tj
ET
q
447.5 404.389 30 13 re
W n
0.132 0.08 0.028 0 k
447.5 417.389 30 -13 re
f
Q
q
0.2 i
447.5 404.389 25 11 re
W n
BT
8 0 0 8 469.148 408.8892 Tm
(4)Tj
ET
Q
q
477.5 404.389 5 13 re
W n
0.132 0.08 0.028 0 k
477.5 417.389 5 -13 re
f
1 w [2 2 ]2 d
481.5 417.389 m
481.5 392.389 l
S
Q
q
482.5 404.389 25 13 re
W n
0.132 0.08 0.028 0 k
482.5 417.389 25 -13 re
f
Q
BT
8 0 0 8 499.148 408.8892 Tm
(2)Tj
ET
q
507.5 404.389 30 13 re
W n
0.132 0.08 0.028 0 k
507.5 417.389 30 -13 re
f
Q
BT
8 0 0 8 529.148 408.8892 Tm
(3)Tj
ET
q
537.5 404.389 30 13 re
W n
0.132 0.08 0.028 0 k
537.5 417.389 30 -13 re
f
Q
BT
8 0 0 8 559.1479 408.8892 Tm
(3)Tj
ET
q
212.5 381.889 355 16.5 re
W n
0.53 0.32 0.11 0 k
212.5 398.389 355 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 387.3892 Tm
0 0 0 0 k
-0.015 Tc
(Calendar Year Performance \(%\))Tj
/F2 1 Tf
8 0 0 8 449.092 373.3892 Tm
0 0 0 1 k
-0.025 Tc
[(2016)-1449(2017)-1449(2018)-1449(2019)-1449(2020)]TJ
ET
0.132 0.08 0.028 0 k
212.5 368.889 230 -13 re
f
BT
8 0 0 8 217.5 360.3892 Tm
0 0 0 1 k
(Class E Shares \(EUR-Hedged\)\(Q-Dist\))Tj
ET
q
442.5 355.889 25 13 re
W n
0.132 0.08 0.028 0 k
442.5 368.889 25 -13 re
f
Q
BT
8 0 0 8 454.22 360.3892 Tm
(5.2)Tj
ET
0.132 0.08 0.028 0 k
467.5 368.889 25 -13 re
f
BT
8 0 0 8 479.22 360.3892 Tm
0 0 0 1 k
(2.)Tj
ET
q
0.2 i
467.5 355.889 20 11 re
W n
BT
8 0 0 8 484.148 360.3892 Tm
0 Tc
(4)Tj
ET
Q
q
492.5 355.889 25 13 re
W n
0.132 0.08 0.028 0 k
492.5 368.889 25 -13 re
f
Q
BT
8 0 0 8 502.196 360.3892 Tm
(-8.9)Tj
ET
0.132 0.08 0.028 0 k
517.5 368.889 25 -13 re
f
BT
8 0 0 8 525.868 360.3892 Tm
0 0 0 1 k
(14.2)Tj
ET
q
542.5 355.889 25 13 re
W n
0.132 0.08 0.028 0 k
542.5 368.889 25 -13 re
f
Q
BT
8 0 0 8 554.22 360.3892 Tm
(3.3)Tj
/F5 1 Tf
-42.09 -27.6112 TD
(Please see Additional Notes. All performance and holdings data as at 31-Jan-21.)Tj
0 -1.3125 TD
0 Tc
[(Past performance does not guarantee future results, which may vary)37(.)]TJ
/F2 1 Tf
0 -1.25 TD
[(* W)18(e)0( identify two broad categories of funds to help investors think about how to construct their overall investment )]TJ
T*
[(portfolio. W)18(e)0( describe the following as)]TJ
/F5 1 Tf
14.085 0 TD
( Core)Tj
/F2 1 Tf
2.999 0 TD
(: \(A\) Equity funds with a global investment remit or those mainly focused )Tj
-17.084 -1.25 TD
(on US and European markets, given the size and transparency of these markets. \(B\) Fixed income funds with a global )Tj
T*
(investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment )Tj
T*
(grade debt, including government. \(C\) Multi asset funds with a multi asset benchmark. All other funds we describe as)Tj
/F5 1 Tf
42.368 0 TD
( )Tj
-42.368 -1.25 TD
(Complements)Tj
/F2 1 Tf
6.388 0 TD
(. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the )Tj
-6.388 -1.25 TD
(risk level of the funds. There is no guarantee that these objectives will be met.)Tj
T*
(For regionally focused investment portfolios we understand that the categorisation may be different from the perspective )Tj
T*
(of different investors.)Tj
/F5 1 Tf
7.775 0 TD
( Consult your nancial adviser before investing to help determine if an investment in this )Tj
ET
q
0.2 i
217.5 24.5 350 110.5 re
W n
BT
8 0 0 8 217.5 29 Tm
(f)Tj
ET
Q
BT
8 0 0 8 219.724 29 Tm
(und and the amount of the investment would be suitable)Tj
/F2 1 Tf
22.61 0 TD
(.)Tj
ET
0 0 0 0 k
38.75 67.95 90 -36.2 re
f
0 0 0 1 k
0.2 i
83.354 58.153 m
83.331 58.153 l
82.558 54.657 l
84.171 54.657 l
h
80.092 51.62 m
82.333 59.711 l
84.564 59.711 l
86.758 51.62 l
84.978 51.62 l
84.529 53.414 l
82.221 53.414 l
81.762 51.62 l
f
88.833 53.436 m
88.822 53.177 88.833 52.931 88.911 52.752 c
89 52.574 89.168 52.484 89.482 52.484 c
89.796 52.484 90.064 52.685 90.064 53.065 c
90.064 54.264 87.287 53.995 87.287 55.799 c
87.287 57.021 88.496 57.392 89.516 57.392 c
90.592 57.392 91.566 56.875 91.477 55.654 c
89.93 55.654 l
89.93 56.047 89.887 56.283 89.773 56.383 c
89.673 56.483 89.539 56.505 89.371 56.505 c
89.024 56.505 88.833 56.283 88.833 55.901 c
88.833 55.005 91.611 55.049 91.611 53.233 c
91.611 52.246 90.805 51.51 89.492 51.51 c
88.115 51.51 87.195 51.855 87.287 53.436 c
88.833 53.436 l
f
94.087 53.436 m
94.076 53.177 94.087 52.931 94.166 52.752 c
94.254 52.574 94.425 52.484 94.737 52.484 c
95.051 52.484 95.32 52.685 95.32 53.065 c
95.32 54.264 92.54 53.995 92.54 55.799 c
92.54 57.021 93.75 57.392 94.772 57.392 c
95.846 57.392 96.821 56.875 96.733 55.654 c
95.187 55.654 l
95.187 56.047 95.142 56.283 95.026 56.383 c
94.928 56.483 94.793 56.505 94.626 56.505 c
94.277 56.505 94.087 56.283 94.087 55.901 c
94.087 55.005 96.866 55.049 96.866 53.233 c
96.866 52.246 96.059 51.51 94.748 51.51 c
93.369 51.51 92.452 51.855 92.54 53.436 c
94.087 53.436 l
f
100.777 55.084 m
100.777 55.632 100.798 56.415 100.047 56.415 c
99.32 56.415 99.331 55.564 99.331 55.084 c
h
99.331 54.197 m
99.331 53.524 99.352 52.518 100.047 52.518 c
100.607 52.518 100.719 53.055 100.719 53.524 c
102.322 53.524 l
102.3 52.909 102.099 52.405 101.718 52.058 c
101.347 51.709 100.788 51.51 100.047 51.51 c
98.008 51.51 97.74 52.752 97.74 54.523 c
97.74 56.068 97.964 57.392 100.047 57.392 c
102.175 57.392 102.412 56.013 102.355 54.197 c
99.331 54.197 l
f
103.117 57.278 m
103.757 57.278 l
103.757 58.175 l
105.336 58.881 l
105.336 57.278 l
106.154 57.278 l
106.154 56.304 l
105.336 56.304 l
105.336 53.279 l
105.336 52.851 105.324 52.574 105.84 52.574 c
105.942 52.574 106.042 52.574 106.12 52.595 c
106.12 51.62 l
105.908 51.599 105.684 51.565 105.304 51.565 c
103.935 51.565 103.757 52.47 103.757 52.819 c
103.757 56.304 l
103.117 56.304 l
103.117 57.278 l
f
80.093 40.002 m
80.093 48.092 l
82.817 48.092 l
84.083 42.59 l
84.105 42.59 l
85.449 48.092 l
88.083 48.092 l
88.083 40.002 l
86.436 40.002 l
86.436 46.242 l
86.412 46.242 l
84.856 40.002 l
83.242 40.002 l
81.763 46.242 l
81.74 46.242 l
81.74 40.002 l
f
90.704 41.761 m
90.704 41.357 90.771 40.865 91.285 40.865 c
92.217 40.865 92.071 42.118 92.071 42.735 c
91.285 42.701 90.704 42.77 90.704 41.761 c
93.618 41.054 m
93.618 40.706 93.663 40.349 93.696 40.002 c
92.227 40.002 l
92.159 40.751 l
92.137 40.751 l
91.801 40.169 91.344 39.891 90.659 39.891 c
89.561 39.891 89.157 40.706 89.157 41.693 c
89.157 43.564 90.601 43.642 92.071 43.62 c
92.071 44.057 l
92.071 44.538 92.003 44.887 91.432 44.887 c
90.884 44.887 90.838 44.472 90.838 44.023 c
89.292 44.023 l
89.292 44.707 89.504 45.144 89.874 45.401 c
90.232 45.672 90.749 45.772 91.353 45.772 c
93.359 45.772 93.618 44.91 93.618 43.877 c
93.618 41.054 l
f
96.451 45.088 m
96.474 45.088 l
96.632 45.346 96.821 45.514 97.033 45.614 c
97.26 45.727 97.516 45.772 97.807 45.772 c
98.556 45.772 99.22 45.322 99.22 44.538 c
99.22 40.002 l
97.64 40.002 l
97.64 43.9 l
97.64 44.403 97.549 44.797 97.046 44.797 c
96.541 44.797 96.451 44.403 96.451 43.9 c
96.451 40.002 l
94.871 40.002 l
94.871 45.66 l
96.451 45.66 l
96.451 45.088 l
f
101.795 41.761 m
101.795 41.357 101.862 40.865 102.379 40.865 c
103.309 40.865 103.164 42.118 103.164 42.735 c
102.379 42.701 101.795 42.77 101.795 41.761 c
104.709 41.054 m
104.709 40.706 104.754 40.349 104.789 40.002 c
103.318 40.002 l
103.253 40.751 l
103.231 40.751 l
102.896 40.169 102.436 39.891 101.753 39.891 c
100.652 39.891 100.25 40.706 100.25 41.693 c
100.25 43.564 101.695 43.642 103.164 43.62 c
103.164 44.057 l
103.164 44.538 103.097 44.887 102.525 44.887 c
101.975 44.887 101.931 44.472 101.931 44.023 c
100.386 44.023 l
100.386 44.707 100.598 45.144 100.967 45.401 c
101.326 45.672 101.841 45.772 102.446 45.772 c
104.453 45.772 104.709 44.91 104.709 43.877 c
104.709 41.054 l
f
108.061 41.054 m
108.63 41.054 108.708 41.648 108.708 42.848 c
108.708 44.091 108.653 44.797 108.072 44.797 c
107.476 44.797 107.374 44.382 107.374 42.657 c
107.374 42.129 107.296 41.054 108.061 41.054 c
110.29 45.66 m
110.29 39.765 l
110.29 39.374 110.311 37.826 108.136 37.826 c
106.959 37.826 105.953 38.131 105.919 39.509 c
107.465 39.509 l
107.465 39.274 107.499 39.072 107.599 38.938 c
107.702 38.791 107.881 38.713 108.126 38.713 c
108.519 38.713 108.708 39.082 108.708 39.655 c
108.708 40.741 l
108.687 40.741 l
108.453 40.303 108.003 40.08 107.488 40.08 c
105.751 40.08 105.83 41.67 105.83 42.949 c
105.83 44.192 105.852 45.772 107.499 45.772 c
108.061 45.772 108.54 45.525 108.765 44.997 c
108.787 44.997 l
108.787 45.66 l
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(Top 10 Equity Sector Allocations)Tj
/F5 1 Tf
6.5 0 0 6.5 365.61 706.0892 Tm
0 Tc
(\(5\))Tj
ET
q
0.6 i
397.5 697.889 170 16.5 re
W n
0.53 0.32 0.11 0 k
397.5 714.389 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 401.5 703.3892 Tm
-0.015 Tc
(Asset Allocation \(%\))Tj
ET
0 0 0 0.4 K
0 J 0 j 0.2 w 10 M []0 d
0.6 i
284.5 580.389 m
379.5 580.389 l
284.5 592.889 m
379.5 592.889 l
284.5 605.389 m
379.5 605.389 l
284.5 617.889 m
379.5 617.889 l
284.5 630.389 m
379.5 630.389 l
284.5 642.889 m
379.5 642.889 l
284.5 655.389 m
379.5 655.389 l
284.5 667.889 m
379.5 667.889 l
284.5 680.389 m
379.5 680.389 l
284.5 692.889 m
379.5 692.889 l
S
0 0 0 1 k
284.5 578.889 19 -9.5 re
f
BT
/F2 1 Tf
5 0 0 5 308.17 572.1392 Tm
/Cs7 cs 0 scn
0 Tc
(2.4 )Tj
ET
0 0 0 1 k
284.5 591.389 21.375 -9.5 re
f
BT
5 0 0 5 310.545 584.6392 Tm
/Cs7 cs 0 scn
(2.7 )Tj
ET
0 0 0 1 k
284.5 603.889 26.125 -9.5 re
f
BT
5 0 0 5 315.295 597.1392 Tm
/Cs7 cs 0 scn
(3.3 )Tj
ET
0 0 0 1 k
284.5 616.389 27.708 -9.5 re
f
BT
5 0 0 5 316.8784 609.6392 Tm
/Cs7 cs 0 scn
(3.5 )Tj
ET
0 0 0 1 k
284.5 628.889 27.708 -9.5 re
f
BT
5 0 0 5 316.8784 622.1392 Tm
/Cs7 cs 0 scn
(3.5 )Tj
ET
0 0 0 1 k
284.5 641.389 28.5 -9.5 re
f
BT
5 0 0 5 317.67 634.6392 Tm
/Cs7 cs 0 scn
(3.6 )Tj
ET
0 0 0 1 k
284.5 653.889 46.708 -9.5 re
f
BT
5 0 0 5 335.8783 647.1392 Tm
/Cs7 cs 0 scn
(5.9 )Tj
ET
0 0 0 1 k
284.5 666.389 47.5 -9.5 re
f
BT
5 0 0 5 336.67 659.6392 Tm
/Cs7 cs 0 scn
(6.0 )Tj
ET
0 0 0 1 k
284.5 678.889 60.167 -9.5 re
f
BT
5 0 0 5 349.3367 672.1392 Tm
/Cs7 cs 0 scn
(7.6 )Tj
ET
0 0 0 1 k
284.5 691.389 64.917 -9.5 re
f
BT
5 0 0 5 354.0866 684.6393 Tm
/Cs7 cs 0 scn
(8.2 )Tj
ET
0 0 0 1 K
0.5 w
284.5 567.889 m
379.5 567.889 l
284.5 567.889 m
284.5 564.889 l
S
BT
5 0 0 5 283.39 558.8892 Tm
0 0 0 1 k
(0)Tj
ET
300.333 567.889 m
300.333 564.889 l
S
BT
5 0 0 5 299.2234 558.8892 Tm
(2)Tj
ET
316.167 567.889 m
316.167 564.889 l
S
BT
5 0 0 5 315.0566 558.8892 Tm
(4)Tj
ET
332 567.889 m
332 564.889 l
S
BT
5 0 0 5 330.89 558.8892 Tm
(6)Tj
ET
347.833 567.889 m
347.833 564.889 l
S
BT
5 0 0 5 346.7233 558.8892 Tm
(8)Tj
ET
363.667 567.889 m
363.667 564.889 l
S
BT
5 0 0 5 361.4467 558.8892 Tm
(10)Tj
ET
379.5 567.889 m
379.5 564.889 l
S
BT
5 0 0 5 377.28 558.8892 Tm
(12)Tj
ET
284.5 567.889 m
284.5 692.889 l
S
BT
6 0 0 6 212.5 572.6393 Tm
(Materials)Tj
0 2.0833 TD
(Utilities)Tj
T*
[(Comm. Serv)50(.)]TJ
T*
(Real Estate)Tj
T*
(Cons.Disc.)Tj
T*
(Cons. Staples)Tj
T*
(Industrials)Tj
T*
(Healthcare)Tj
T*
[(Info. T)74(ech.)]TJ
T*
(Financials)Tj
8 0 0 8 402.5 689.3892 Tm
-0.025 Tc
[(US Equity)-15272(25.3)]TJ
ET
q
397.5 669.889 120 14 re
W n
0.132 0.08 0.028 0 k
397.5 683.889 120 -14 re
f
Q
BT
8 0 0 8 402.5 675.3892 Tm
(Non-US Equity)Tj
ET
0.132 0.08 0.028 0 k
517.5 683.889 50 -14 re
f
BT
8 0 0 8 550.868 675.3892 Tm
0 0 0 1 k
(21.6)Tj
-18.546 -1.75 TD
[(REIT)-17455(2.3)]TJ
ET
q
397.5 641.889 120 14 re
W n
0.132 0.08 0.028 0 k
397.5 655.889 120 -14 re
f
Q
BT
8 0 0 8 402.5 647.3892 Tm
(Preferred Stock)Tj
ET
0.132 0.08 0.028 0 k
517.5 655.889 50 -14 re
f
BT
8 0 0 8 554.22 647.3892 Tm
0 0 0 1 k
(0.1)Tj
-18.965 -1.75 TD
[(Government)-14408(13.)]TJ
ET
q
0.2 i
517.5 628.889 45 11 re
W n
BT
8 0 0 8 559.148 633.3893 Tm
0 Tc
(4)Tj
ET
Q
q
397.5 613.889 120 14 re
W n
0.132 0.08 0.028 0 k
397.5 627.889 120 -14 re
f
Q
BT
8 0 0 8 402.5 619.3892 Tm
(Corporate Bonds IG)Tj
ET
q
517.5 613.889 50 14 re
W n
0.132 0.08 0.028 0 k
517.5 627.889 50 -14 re
f
Q
BT
8 0 0 8 550.868 619.3892 Tm
(12.6)Tj
-18.546 -1.75 TD
[(Corporate Bonds HY)-11721(27.0)]TJ
ET
q
397.5 585.889 120 14 re
W n
0.132 0.08 0.028 0 k
397.5 599.889 120 -14 re
f
Q
BT
8 0 0 8 402.5 591.3893 Tm
(Emerging Market Debt)Tj
ET
0.132 0.08 0.028 0 k
517.5 599.889 50 -14 re
f
BT
8 0 0 8 554.22 591.3893 Tm
0 0 0 1 k
(8.)Tj
ET
q
0.2 i
517.5 586.889 45 11 re
W n
BT
8 0 0 8 559.148 591.3893 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 402.5 577.3892 Tm
[(Call Writing)-14515(21.2)]TJ
ET
q
212.5 536.389 170 16.5 re
W n
0.53 0.32 0.11 0 k
212.5 552.889 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 541.8892 Tm
0 0 0 0 k
-0.015 Tc
(Top 10 Corporate Issuers)Tj
/F5 1 Tf
6.5 0 0 6.5 331.26 544.5892 Tm
0 Tc
(\(5\))Tj
ET
q
397.5 536.389 170 16.5 re
W n
0.53 0.32 0.11 0 k
397.5 552.889 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 401.5 541.8892 Tm
-0.015 Tc
(Fixed Income Credit Quality)Tj
/F2 1 Tf
8 0 0 8 217.5 527.8892 Tm
0 0 0 1 k
-0.025 Tc
[(Security)-16503(%)]TJ
ET
q
212.5 508.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 522.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 513.8892 Tm
(Jpmorgan Chase & Co.)Tj
ET
q
332.5 508.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 522.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 513.8892 Tm
(1.0)Tj
-18.965 -1.75 TD
[(Microsoft Corporation)-11548(0.9)]TJ
ET
q
212.5 480.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 494.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 485.8892 Tm
(Bnp Paribas)Tj
ET
q
332.5 480.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 494.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 485.8892 Tm
(0.8)Tj
-18.965 -1.75 TD
[(Vonovia Se)-15162(0.8)]TJ
ET
q
212.5 452.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 466.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 457.8892 Tm
(Vinci Sa)Tj
ET
q
332.5 452.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 466.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 457.8892 Tm
(0.8)Tj
-18.965 -1.75 TD
[(Johnson & Johnson)-12229(0.8)]TJ
ET
q
212.5 424.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 438.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 429.8892 Tm
(Zurich Insurance Group Ag)Tj
ET
q
332.5 424.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 438.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 429.8892 Tm
(0.8)Tj
-18.965 -1.75 TD
[(Apple Inc.)-15606(0.7)]TJ
ET
q
212.5 396.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 410.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 401.8892 Tm
(Cisco Systems, Inc.)Tj
ET
q
332.5 396.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 410.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 401.8892 Tm
(0.7)Tj
-18.965 -1.75 TD
[(Taiwan Semiconductor Manu)-8984(0.7)]TJ
ET
0 0 0 0.4 K
0.2 w
469.5 424.246 m
564.5 424.246 l
469.5 442.104 m
564.5 442.104 l
469.5 459.961 m
564.5 459.961 l
469.5 477.818 m
564.5 477.818 l
469.5 495.675 m
564.5 495.675 l
469.5 513.532 m
564.5 513.532 l
469.5 531.389 m
564.5 531.389 l
S
469.5 422.746 11.02 -14.857 re
f
BT
5 0 0 5 485.19 413.3178 Tm
/Cs7 cs 0 scn
0 Tc
(2.9 )Tj
ET
0 0 0 1 k
469.5 440.604 35.34 -14.857 re
f
BT
5 0 0 5 509.51 431.1749 Tm
/Cs7 cs 0 scn
(9.3 )Tj
ET
0 0 0 1 k
469.5 458.461 68.02 -14.857 re
f
BT
5 0 0 5 541.08 449.0321 Tm
/Cs7 cs 0 scn
(17.9 )Tj
ET
0 0 0 1 k
469.5 476.318 54.34 -14.857 re
f
BT
5 0 0 5 527.4 466.8892 Tm
/Cs7 cs 0 scn
(14.3 )Tj
ET
0 0 0 1 k
469.5 494.175 7.98 -14.857 re
f
BT
5 0 0 5 482.15 484.7463 Tm
/Cs7 cs 0 scn
(2.1 )Tj
ET
0 0 0 1 k
469.5 497.175 m
469.5 512.032 l
469.5 497.175 l
f
BT
5 0 0 5 474.17 502.6035 Tm
/Cs7 cs 0 scn
(0.0 )Tj
ET
0 0 0 1 k
469.5 529.889 49.78 -14.857 re
f
BT
5 0 0 5 522.84 520.4606 Tm
/Cs7 cs 0 scn
(13.1 )Tj
ET
0 0 0 1 K
0.5 w
469.5 406.389 m
564.5 406.389 l
469.5 406.389 m
469.5 403.389 l
S
BT
5 0 0 5 468.39 397.3892 Tm
0 0 0 1 k
(0)Tj
ET
488.5 406.389 m
488.5 403.389 l
S
BT
5 0 0 5 487.39 397.3892 Tm
(5)Tj
ET
507.5 406.389 m
507.5 403.389 l
S
BT
5 0 0 5 505.28 397.3892 Tm
(10)Tj
ET
526.5 406.389 m
526.5 403.389 l
S
BT
5 0 0 5 524.28 397.3892 Tm
(15)Tj
ET
545.5 406.389 m
545.5 403.389 l
S
BT
5 0 0 5 543.28 397.3892 Tm
(20)Tj
ET
564.5 406.389 m
564.5 403.389 l
S
BT
5 0 0 5 562.28 397.3892 Tm
(25)Tj
ET
469.5 406.389 m
469.5 531.389 l
S
BT
6 0 0 6 397.5 413.8178 Tm
(CCC)Tj
0 2.9762 TD
(B)Tj
T*
(BB)Tj
T*
(BBB)Tj
T*
(A)Tj
T*
(AA)Tj
T*
(AAA)Tj
/F5 1 Tf
8 0 0 8 217.5 179.5 Tm
-0.025 Tc
(Please see Additional Notes. All performance and holdings data as at 31-Jan-21. Past performance does not )Tj
0 -1.25 TD
(guarantee future results, which may vary. The value of investments and the income derived from investments will )Tj
ET
q
0.2 i
217.5 155 350 30.5 re
W n
BT
8 0 0 8 217.5 159.5 Tm
0 Tc
()Tj
ET
Q
BT
8 0 0 8 221.3 159.5 Tm
(uctuate and can go down as well as up. A loss of capital may occur.)Tj
/F2 1 Tf
4 0 0 4 217.5 152 Tm
0 Tc
(\(1\))Tj
8 0 0 8 221.052 149 Tm
(Effective 07-Aug-2017, the portfolio moved from seeking to hedge foreign exchange risk arising only from xed income )Tj
-0.444 -1.25 TD
(holdings \(partially hedged\) to seeking to hedge foreign exchange risk arising from all portfolio holdings. Until the 27th )Tj
T*
(December 2018 the Portfolio was named Goldman Sachs Global Income Builder Portfolio. On the 28th December 2018, )Tj
T*
[(the Portfolio)90(s name changed to Goldman Sachs Multi-Asset Income Portfolio.)]TJ
4 0 0 4 443.788 122 Tm
( \(2\))Tj
8 0 0 8 448.228 119 Tm
(The Morningstar sector average gures )Tj
-28.841 -1.25 TD
(are calculated using all open funds available in the universe at the indicated time period. The number of funds in a )Tj
T*
(Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar 2021 )Tj
T*
[(Morningstar)70(, Inc. All Rights Reserved.)]TJ
4 0 0 4 328.004 92 Tm
( \(3\))Tj
8 0 0 8 332.444 89 Tm
[(The ongoing charges gure is based on expenses during the previous year)70(. See )]TJ
-14.368 -1.25 TD
(details in the Key Investor Information Document.)Tj
4 0 0 4 362.324 82 Tm
( \(4\))Tj
8 0 0 8 366.764 79 Tm
(Fund returns are shown net of applicable ongoing fees within the )Tj
-18.658 -1.25 TD
[(portfolio, with dividends re-invested using the ex-dividend NA)37(V)100(.)0( These returns are for comparison of performance against )]TJ
T*
(specied index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure )Tj
T*
(of actual return to investors. The performance data do not take account of the commissions and costs incurred on the )Tj
T*
(issue and redemption of shares.)Tj
4 0 0 4 311.668 42 Tm
( \(5\))Tj
8 0 0 8 316.108 39 Tm
(Portfolio holdings may not represent current, future investments or all of the )Tj
-12.326 -1.25 TD
(portfolio's holdings. Future portfolio holdings may not be protable.)Tj
ET
0 0 0 0 k
38.75 67.95 90 -36.2 re
f
0 0 0 1 k
0.2 i
83.354 58.153 m
83.331 58.153 l
82.558 54.657 l
84.171 54.657 l
h
80.092 51.62 m
82.333 59.711 l
84.564 59.711 l
86.758 51.62 l
84.978 51.62 l
84.529 53.414 l
82.221 53.414 l
81.762 51.62 l
f
88.833 53.436 m
88.822 53.177 88.833 52.931 88.911 52.752 c
89 52.574 89.168 52.484 89.482 52.484 c
89.796 52.484 90.064 52.685 90.064 53.065 c
90.064 54.264 87.287 53.995 87.287 55.799 c
87.287 57.021 88.496 57.392 89.516 57.392 c
90.592 57.392 91.566 56.875 91.477 55.654 c
89.93 55.654 l
89.93 56.047 89.887 56.283 89.773 56.383 c
89.673 56.483 89.539 56.505 89.371 56.505 c
89.024 56.505 88.833 56.283 88.833 55.901 c
88.833 55.005 91.611 55.049 91.611 53.233 c
91.611 52.246 90.805 51.51 89.492 51.51 c
88.115 51.51 87.195 51.855 87.287 53.436 c
88.833 53.436 l
f
94.087 53.436 m
94.076 53.177 94.087 52.931 94.166 52.752 c
94.254 52.574 94.425 52.484 94.737 52.484 c
95.051 52.484 95.32 52.685 95.32 53.065 c
95.32 54.264 92.54 53.995 92.54 55.799 c
92.54 57.021 93.75 57.392 94.772 57.392 c
95.846 57.392 96.821 56.875 96.733 55.654 c
95.187 55.654 l
95.187 56.047 95.142 56.283 95.026 56.383 c
94.928 56.483 94.793 56.505 94.626 56.505 c
94.277 56.505 94.087 56.283 94.087 55.901 c
94.087 55.005 96.866 55.049 96.866 53.233 c
96.866 52.246 96.059 51.51 94.748 51.51 c
93.369 51.51 92.452 51.855 92.54 53.436 c
94.087 53.436 l
f
100.777 55.084 m
100.777 55.632 100.798 56.415 100.047 56.415 c
99.32 56.415 99.331 55.564 99.331 55.084 c
h
99.331 54.197 m
99.331 53.524 99.352 52.518 100.047 52.518 c
100.607 52.518 100.719 53.055 100.719 53.524 c
102.322 53.524 l
102.3 52.909 102.099 52.405 101.718 52.058 c
101.347 51.709 100.788 51.51 100.047 51.51 c
98.008 51.51 97.74 52.752 97.74 54.523 c
97.74 56.068 97.964 57.392 100.047 57.392 c
102.175 57.392 102.412 56.013 102.355 54.197 c
99.331 54.197 l
f
103.117 57.278 m
103.757 57.278 l
103.757 58.175 l
105.336 58.881 l
105.336 57.278 l
106.154 57.278 l
106.154 56.304 l
105.336 56.304 l
105.336 53.279 l
105.336 52.851 105.324 52.574 105.84 52.574 c
105.942 52.574 106.042 52.574 106.12 52.595 c
106.12 51.62 l
105.908 51.599 105.684 51.565 105.304 51.565 c
103.935 51.565 103.757 52.47 103.757 52.819 c
103.757 56.304 l
103.117 56.304 l
103.117 57.278 l
f
80.093 40.002 m
80.093 48.092 l
82.817 48.092 l
84.083 42.59 l
84.105 42.59 l
85.449 48.092 l
88.083 48.092 l
88.083 40.002 l
86.436 40.002 l
86.436 46.242 l
86.412 46.242 l
84.856 40.002 l
83.242 40.002 l
81.763 46.242 l
81.74 46.242 l
81.74 40.002 l
f
90.704 41.761 m
90.704 41.357 90.771 40.865 91.285 40.865 c
92.217 40.865 92.071 42.118 92.071 42.735 c
91.285 42.701 90.704 42.77 90.704 41.761 c
93.618 41.054 m
93.618 40.706 93.663 40.349 93.696 40.002 c
92.227 40.002 l
92.159 40.751 l
92.137 40.751 l
91.801 40.169 91.344 39.891 90.659 39.891 c
89.561 39.891 89.157 40.706 89.157 41.693 c
89.157 43.564 90.601 43.642 92.071 43.62 c
92.071 44.057 l
92.071 44.538 92.003 44.887 91.432 44.887 c
90.884 44.887 90.838 44.472 90.838 44.023 c
89.292 44.023 l
89.292 44.707 89.504 45.144 89.874 45.401 c
90.232 45.672 90.749 45.772 91.353 45.772 c
93.359 45.772 93.618 44.91 93.618 43.877 c
93.618 41.054 l
f
96.451 45.088 m
96.474 45.088 l
96.632 45.346 96.821 45.514 97.033 45.614 c
97.26 45.727 97.516 45.772 97.807 45.772 c
98.556 45.772 99.22 45.322 99.22 44.538 c
99.22 40.002 l
97.64 40.002 l
97.64 43.9 l
97.64 44.403 97.549 44.797 97.046 44.797 c
96.541 44.797 96.451 44.403 96.451 43.9 c
96.451 40.002 l
94.871 40.002 l
94.871 45.66 l
96.451 45.66 l
96.451 45.088 l
f
101.795 41.761 m
101.795 41.357 101.862 40.865 102.379 40.865 c
103.309 40.865 103.164 42.118 103.164 42.735 c
102.379 42.701 101.795 42.77 101.795 41.761 c
104.709 41.054 m
104.709 40.706 104.754 40.349 104.789 40.002 c
103.318 40.002 l
103.253 40.751 l
103.231 40.751 l
102.896 40.169 102.436 39.891 101.753 39.891 c
100.652 39.891 100.25 40.706 100.25 41.693 c
100.25 43.564 101.695 43.642 103.164 43.62 c
103.164 44.057 l
103.164 44.538 103.097 44.887 102.525 44.887 c
101.975 44.887 101.931 44.472 101.931 44.023 c
100.386 44.023 l
100.386 44.707 100.598 45.144 100.967 45.401 c
101.326 45.672 101.841 45.772 102.446 45.772 c
104.453 45.772 104.709 44.91 104.709 43.877 c
104.709 41.054 l
f
108.061 41.054 m
108.63 41.054 108.708 41.648 108.708 42.848 c
108.708 44.091 108.653 44.797 108.072 44.797 c
107.476 44.797 107.374 44.382 107.374 42.657 c
107.374 42.129 107.296 41.054 108.061 41.054 c
110.29 45.66 m
110.29 39.765 l
110.29 39.374 110.311 37.826 108.136 37.826 c
106.959 37.826 105.953 38.131 105.919 39.509 c
107.465 39.509 l
107.465 39.274 107.499 39.072 107.599 38.938 c
107.702 38.791 107.881 38.713 108.126 38.713 c
108.519 38.713 108.708 39.082 108.708 39.655 c
108.708 40.741 l
108.687 40.741 l
108.453 40.303 108.003 40.08 107.488 40.08 c
105.751 40.08 105.83 41.67 105.83 42.949 c
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(Contingent Convertible \(Coco\) Bond Risk)Tj
/F1 1 Tf
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( investment in this particular type of bond may result in material losses to the Portfolio based on certain trigger events. )Tj
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(The existence of these trigger events creates a different type of risk from traditional bonds and may more likely result in a p)Tj
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(artial or total loss of value or alternatively )Tj
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(they may be converted into shares of the issuing company which may also have suffered a loss in value.)Tj
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()Tj
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(Counterparty risk)Tj
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( a party that the Portfolio transacts with may fail to meet its obligations which could cause losses.)Tj
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()Tj
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0 0 0 1 k
(Credit risk)Tj
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( the failure of a counterparty or an issuer of a nancial asset held within the Portfolio to meet its payment obligations will )Tj
48.322 0 TD
(have a negative impact on the )Tj
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(Portfolio.)Tj
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0 0 0 1 k
(Custodian risk)Tj
/F1 1 Tf
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( insolvency, breaches of duty of care or misconduct of a custodian or subcustodian responsible for the safekeeping of the Portf)Tj
50.711 0 TD
(olio's assets can result )Tj
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(in loss to the Portfolio.)Tj
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0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
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0 0 0 1 k
(Derivatives risk)Tj
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( derivative instruments are highly sensitive to changes in the value of the underlying asset that they are based on. Certain de)Tj
49.598 0 TD
(rivatives may result in )Tj
-56.3842 -1.3125 TD
(losses greater than the amount originally invested.)Tj
/F6 1 Tf
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()Tj
/F5 1 Tf
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0 0 0 1 k
(Emerging markets risk)Tj
/F1 1 Tf
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( emerging markets are likely to bear higher risk due to lower liquidity and possible lack of adequate nancial, legal, social, )Tj
48.817 0 TD
(political and )Tj
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(economic structures, protection and stability as well as uncertain tax positions.)Tj
/F6 1 Tf
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()Tj
/F5 1 Tf
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0 0 0 1 k
(Exchange rate risk)Tj
/F1 1 Tf
8 0 0 8 102.185 593.8892 Tm
( changes in exchange rates may reduce or increase the returns an investor might expect to receive independent of the performanc)Tj
52.266 0 TD
(e of such )Tj
-60.3516 -1.3125 TD
(assets. If applicable, investment techniques used to attempt to reduce the risk of currency movements \(hedging\), may not be ef)Tj
50.878 0 TD
(fective. Hedging also involves )Tj
-50.878 -1.3125 TD
(additional risks associated with derivatives.)Tj
/F6 1 Tf
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0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
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0 0 0 1 k
(High yield risk)Tj
/F1 1 Tf
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( high yield instruments, meaning investments which pay a high amount of income generally involve greater credit risk and sensit)Tj
51.04 0 TD
(ivity to economic )Tj
-57.296 -1.3125 TD
(developments, giving rise to greater price movement than lower yielding instruments.)Tj
/F6 1 Tf
6 0 0 6 27.5 538.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 538.3892 Tm
0 0 0 1 k
(Interest rate risk)Tj
/F1 1 Tf
8 0 0 8 94.6285 538.3892 Tm
( when interest rates rise, bond prices fall, reecting the ability of investors to obtain a more attractive rate of interest on)Tj
47.71 0 TD
( their money elsewhere. )Tj
-54.8511 -1.3125 TD
(Bond prices are therefore subject to movements in interest rates which may move for a number of reasons, political as well as e)Tj
51.096 0 TD
(conomic.)Tj
/F6 1 Tf
6 0 0 6 27.5 515.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 515.8892 Tm
0 0 0 1 k
(Leverage risk)Tj
/F1 1 Tf
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( the Portfolio may operate with a signicant amount of leverage. Leverage occurs when the economic exposure created by the use )Tj
52.433 0 TD
(of derivatives is )Tj
-58.2746 -1.3125 TD
(greater than the amount invested. A leveraged Portfolio may result in large uctuations in the value of the Portfolio and there)Tj
49.713 0 TD
(fore entails a high degree of risk )Tj
-49.713 -1.3125 TD
(including the risk that losses may be substantial.)Tj
/F6 1 Tf
6 0 0 6 27.5 482.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 482.8892 Tm
0 0 0 1 k
(Liquidity risk)Tj
/F1 1 Tf
8 0 0 8 82.3545 482.8892 Tm
( the Portfolio may not always nd another party willing to purchase an asset that the Portfolio wants to sell which could impac)Tj
50.267 0 TD
(t the Portfolio's ability to )Tj
-55.8738 -1.3125 TD
(meet redemption requests on demand.)Tj
/F6 1 Tf
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0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 460.3892 Tm
0 0 0 1 k
(Market risk)Tj
/F1 1 Tf
8 0 0 8 77.6285 460.3892 Tm
( the value of assets in the Portfolio is typically dictated by a number of factors, including the condence levels of the marke)Tj
49.044 0 TD
(t in which they are traded.)Tj
/F6 1 Tf
6 0 0 6 27.5 448.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 448.3892 Tm
0 0 0 1 k
(Operational risk)Tj
/F1 1 Tf
8 0 0 8 93.2175 448.3892 Tm
( material losses to the Portfolio may arise as a result of human error, system and/or process failures, inadequate procedures o)Tj
50.318 0 TD
(r controls.)Tj
/F6 1 Tf
6 0 0 6 27.5 436.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 436.3892 Tm
0 0 0 1 k
(Writing \(selling\) call options)Tj
/F1 1 Tf
8 0 0 8 136.202 436.3892 Tm
( in exchange for upfront cash at the time of selling the call option, the Portfolio may be limited to prot from an increase in)Tj
48.49 0 TD
( the market )Tj
-60.8278 -1.3125 TD
(value of stocks. In a rising market, the Portfolio could signicantly underperform the market, and the Portfolio's options stra)Tj
49.127 0 TD
(tegies may not fully protect it against )Tj
-49.127 -1.3125 TD
(declines in the value of the market.)Tj
/F5 1 Tf
8.5 0 0 8.5 27.5 276.8892 Tm
0.53 0.32 0.11 0 k
(Glossary)Tj
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27.5 269.389 m
567.5 269.389 l
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6 0 0 6 27.5 247.8892 Tm
()Tj
/F5 1 Tf
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0 0 0 1 k
(Beta)Tj
/F1 1 Tf
8 0 0 8 53.5565 247.8892 Tm
( Measures the sensitivity of the funds returns to the comparative benchmark index return \(annualised\). The nearer to 1.00, t)Tj
49.986 0 TD
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/F6 1 Tf
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0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
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(Commissions)Tj
/F1 1 Tf
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( Total amount paid to executing brokers in relation to dealing in buying and selling of investments in the Fund during year e)Tj
49.487 0 TD
(nding 30 November 2020.)Tj
/F6 1 Tf
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0.53 0.32 0.11 0 k
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/F5 1 Tf
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/F1 1 Tf
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( The return on a portfolio in excess of the benchmark/index return \(annualised\).)Tj
/F6 1 Tf
6 0 0 6 27.5 201.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
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0 0 0 1 k
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/F1 1 Tf
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( Measure of the actual deviation of the funds returns from the comparative benchmark index returns \(annualised\). A higher nu)Tj
51.155 0 TD
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-61.6015 -1.3125 TD
(means that the fund is taking greater risk against the benchmark.)Tj
/F6 1 Tf
6 0 0 6 27.5 178.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 178.8892 Tm
0 0 0 1 k
(Historical Volatility of Portfolio)Tj
/F1 1 Tf
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( Illustrates the dispersion of the funds realized monthly returns around the average monthly return, indicating how volatile)Tj
49.432 0 TD
( the )Tj
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(funds return is over time. The higher the number the more volatile the funds returns.)Tj
/F6 1 Tf
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0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
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0 0 0 1 k
(Net Asset Value)Tj
/F1 1 Tf
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( Represents the net assets of the fund \(ex-dividend\) divided by the total number of shares issued by the fund.)Tj
/F6 1 Tf
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0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
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0 0 0 1 k
(Ongoing Charges)Tj
/F1 1 Tf
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( The ongoing charges gure is based on the funds expenses during the previous 12 months, on a rolling basis. It excludes tra)Tj
50.54 0 TD
(nsaction costs and )Tj
-57.918 -1.3125 TD
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/F6 1 Tf
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0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
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0 0 0 1 k
(Other Expenses)Tj
/F1 1 Tf
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( Fees deduced from the Funds assets incurred as part of the Funds operations, including, where applicable, costs incurred b)Tj
50.652 0 TD
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-57.3797 -1.3125 TD
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/F6 1 Tf
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0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
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0 0 0 1 k
(Other Costs)Tj
/F1 1 Tf
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( Total amount of costs incurred by the Fund outside Commissions during year ending 30 November 2020. These may include, but n)Tj
52.262 0 TD
(ot limited to, market )Tj
-57.2196 -1.3125 TD
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/F6 1 Tf
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0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
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0 0 0 1 k
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/F2 1 Tf
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(2)Tj
/F1 1 Tf
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52.433 0 TD
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-53.2457 -1.3125 TD
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/F6 1 Tf
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0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
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0 0 0 1 k
(Swing pricing)Tj
/F1 1 Tf
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( The swing factor represents the factor in place month end and is subject to change on any Dealing Day depending on prevailin)Tj
51.433 0 TD
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/F6 1 Tf
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0.53 0.32 0.11 0 k
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/F5 1 Tf
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0 0 0 1 k
(Transactions costs)Tj
/F1 1 Tf
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( Total trading costs of transactions incurred by the fund, including Commissions during year ending 30 November 2020. Does no)Tj
51.429 0 TD
(t include trading )Tj
-59.573 -1.3125 TD
(spreads incurred on transactions.)Tj
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8 0 0 8 27.5 761.8892 Tm
0 0 0 1 k
-0.0313 Tc
0.0001 Tw
(This material is a nancial promotion and has been issued by Goldman Sachs International, authorised by the Prudential Regulati)Tj
47.4093 0 TD
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-47.4093 -1.3125 TD
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0 -1.375 TD
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47.3523 0 TD
(rovisions of law designed to promote the )Tj
-47.3523 -1.3125 TD
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(independence of nancial analysis and is not subject to a prohibition on trading following the distribution of nancial researc)Tj
45.7983 0 TD
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-45.7983 -1.375 TD
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(This information is intended for viewing only by the intended recipient and may not be reproduced or distributed to any person )Tj
46.4633 0 TD
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(in whole or in part without the prior written consent of )Tj
-46.4633 -1.3125 TD
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(GSI. Goldman Sachs International accepts no liability for the misuse or inappropriate distribution of this material.)Tj
/F5 1 Tf
0 -1.375 TD
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(Offering Documents)Tj
/F1 1 Tf
7.4925 0 TD
0.0001 Tw
(: This material is provided at your request for informational purposes only and does not constitute a solicitation in any juris)Tj
44.6833 0 TD
0 Tw
(diction in which such a solicitation is )Tj
-52.1758 -1.3125 TD
0.0001 Tw
(unlawful or to any person to whom it is unlawful. It only contains selected information with regards to the fund and does not c)Tj
46.0203 0 TD
0 Tw
(onstitute an offer to buy shares in the fund. Prior to an )Tj
-46.0203 -1.3125 TD
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(investment, prospective investors should carefully read the latest Key Investor Information Document \(KIID\) as well as the offe)Tj
46.4653 0 TD
(ring documentation, including but not limited to the )Tj
-46.4653 -1.3125 TD
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46.2383 0 TD
(n, prospectus, supplement, KIID and latest annual/semi-)Tj
-46.2383 -1.3125 TD
(annual report are available free of charge from the funds paying and information agent and/or from your nancial adviser and a)Tj
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(t www.gsam.com/kiids.)Tj
/F5 1 Tf
-46.9643 -1.375 TD
(Distribution of Shares)Tj
/F1 1 Tf
8.1455 0 TD
0.0001 Tw
(: Shares of the fund may not be registered for public distribution in a number of jurisdictions \(including but not limited to a)Tj
44.2983 0 TD
0 Tw
(ny Latin American, African or Asian )Tj
-52.4438 -1.3125 TD
0.0001 Tw
(countries\). Therefore, the shares of the fund must not be marketed or offered in or to residents of any such jurisdictions unle)Tj
45.5193 0 TD
0 Tw
(ss such marketing or offering is made in compliance with )Tj
-45.5193 -1.3125 TD
0.0001 Tw
(applicable exemptions for the private placement of collective investment schemes and other applicable jurisdictional rules and )Tj
46.8523 0 TD
0 Tw
(regulations.)Tj
/F5 1 Tf
-46.8523 -1.375 TD
0.0001 Tw
(Investment Advice and Potential Loss)Tj
/F1 1 Tf
14.04 0 TD
(: Financial advisers generally suggest a diversied portfolio of investments. The fund described herein does not represent a di)Tj
46.1273 0 TD
0 Tw
(versied )Tj
-60.1673 -1.3125 TD
0.0001 Tw
(investment by itself. This material must not be construed as investment or tax advice. Prospective investors should consult the)Tj
46.3503 0 TD
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(ir nancial and tax adviser before investing in order to )Tj
-46.3503 -1.3125 TD
0.0001 Tw
(determine whether an investment would be suitable for them.)Tj
/F5 1 Tf
0 -1.375 TD
(An investor should only invest if he/she has the necessary nancial resources to bear a complete loss of this investment.)Tj
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(Swing Pricing)Tj
/F1 1 Tf
5.3728 0 TD
(: Please note that the fund operates a swing pricing policy. Investors should be aware that from time to time this may result i)Tj
45.4633 0 TD
0 Tw
(n the fund performing differently compared )Tj
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q
1 i
27.5 554.389 540 21.5 re
W n
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8 0 0 8 27.5 558.8892 Tm
0 Tc
(t)Tj
ET
Q
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8 0 0 8 29.474 558.8892 Tm
0.0001 Tw
(o the reference benchmark based solely on the effect of swing pricing rather than price developments of underlying instruments.)Tj
-0.2467 -1.375 TD
0 Tw
(Fees are generally billed and payable at the end of each quarter and are based on average month-end market values during the qu)Tj
48.0743 0 TD
(arter.)Tj
-48.0743 -1.375 TD
0.0001 Tw
(Additional information is provided in our Form ADV Part-2 which is available at http://www.adviserinfo.sec.gov/IAPD/Content/Sea)Tj
47.5213 0 TD
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(rch/iapd_Search.aspx.)Tj
/F5 1 Tf
-47.5213 -1.375 TD
0.0001 Tw
(The relevant articles of association, prospectus, supplement and key investor information document \(KIID\) and latest annual/sem)Tj
48.1373 0 TD
(i-annual report \(as applicable\) are available free of )Tj
-48.1373 -1.3125 TD
(charge from the funds paying and information agents as listed below:)Tj
0 -1.375 TD
0 Tw
(Austria)Tj
/F1 1 Tf
2.7253 0 TD
0.0001 Tw
(: Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Wien, Austria.)Tj
/F5 1 Tf
-2.7253 -1.375 TD
0 Tw
(Belgium)Tj
/F1 1 Tf
3.1702 0 TD
0.0001 Tw
(: RBC Investor Services, Place Rogier II, 1210 Brussels, Belgium.)Tj
/F5 1 Tf
-3.1702 -1.375 TD
0 Tw
(Denmark)Tj
/F1 1 Tf
3.4473 0 TD
0.0001 Tw
(: Stockrate Asset Management, Mollevej 9 E2, DK-2990 Niva, Denmark.)Tj
/F5 1 Tf
-3.4473 -1.375 TD
0 Tw
(France)Tj
/F1 1 Tf
2.5895 0 TD
0.0001 Tw
(: RBC Investor Services Bank France, 105, rue Raumur, 75002 Paris, France.)Tj
/F5 1 Tf
-2.5895 -1.375 TD
0 Tw
(Germany)Tj
/F1 1 Tf
3.3912 0 TD
(: State Street Bank GmbH, Brienner Strasse 59, 80333 Munich, Germany.)Tj
/F5 1 Tf
-3.3912 -1.375 TD
(Greece)Tj
/F1 1 Tf
2.7565 0 TD
(: Piraeus Bank S.A., 4 Amerikis Street, 10564 Athens, Greece.)Tj
/F5 1 Tf
-2.7565 -1.375 TD
(Ireland)Tj
/F1 1 Tf
2.6702 0 TD
0.0001 Tw
(: RBC Investor Services Ireland Limited, George's Quay House, 43 Townsend Street, Dublin 2, Ireland.)Tj
/F5 1 Tf
-2.6702 -1.375 TD
0 Tw
(Italy)Tj
/F1 1 Tf
1.6217 0 TD
0.0001 Tw
(: Socit Gnrale Securities Services, Maciachini Center MAC 2, Via Benigno Crespi, 19/A, 20159 Milan, Italy; AllFunds Bank )Tj
46.8493 0 TD
0 Tw
(S.A. Filiale di Milano, Via Santa Margherita 7, 20121 )Tj
-48.471 -1.3125 TD
0.0001 Tw
(Milan, Italy; RBC Investor Services Bank Milan- Milan Branch, Cia Vittor Pisani, 26, 20154 Milan, Italy; State Street Bank S.pA)Tj
45.6843 0 TD
(., Via Col Moschin, 16 , 20136 Milan, Italy; BNP Paribas )Tj
-45.6843 -1.3125 TD
(Securities Services Succursale di Milano, Via Ansperto 5, 20121 Milan, Italy; Banca Sella, Piazza Gaudenzio Sella 1, 13900 Bie)Tj
46.4603 0 TD
0 Tw
(lla Bl., Italy.)Tj
/F5 1 Tf
-46.4603 -1.375 TD
(Luxembourg)Tj
/F1 1 Tf
4.6865 0 TD
(: State Street Bank International GmbH, Luxembourg Branch, 49, avenue J.F. Kennedy, L-1855 Luxembourg.)Tj
/F5 1 Tf
-4.6865 -1.375 TD
(Sweden)Tj
/F1 1 Tf
3.1465 0 TD
0.0001 Tw
(: Skandinaviska Enskilda Banken AB, through its entity Global Transaction Services, SEB Merchant Banking, Sergels Torg 2, ST MH)Tj
48.3503 0 TD
0 Tw
(1, SE-106 40 Stockholm, Sweden.)Tj
/F5 1 Tf
-51.4968 -1.375 TD
(Switzerland)Tj
/F1 1 Tf
4.5462 0 TD
0.0001 Tw
(: Swiss Representative of the fund is First Independent Fund Services Ltd, Klausstrasse 33, 8008 Zurich. Paying Agent of the fu)Tj
46.0733 0 TD
(nd in Switzerland is Goldman Sachs Bank AG, )Tj
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(Claridenstrasse 25, 8022 Zurich. The Key Investor Information Document \(KIID\) as well as the annual and semi-annual reports of )Tj
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(the fund may be obtained free of charge at the Swiss )Tj
-47.1293 -1.3125 TD
(Representative or Goldman Sachs Bank AG in Zurich.)Tj
0 -1.375 TD
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(Please note in addition for:)Tj
/F5 1 Tf
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(Australia)Tj
/F1 1 Tf
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(: This material is distributed in Australia and New Zealand by Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 )Tj
48.1263 0 TD
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(681, AFSL 228948 \(GSAMA\) and is )Tj
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/F5 1 Tf
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(Hong Kong)Tj
/F1 1 Tf
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(: This material has been issued or approved for use in or from Hong Kong by Goldman Sachs Asset Management \(Hong Kong\) Limited.)Tj
/F5 1 Tf
-4.1077 -1.375 TD
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(Netherlands)Tj
/F1 1 Tf
4.6562 0 TD
0.0001 Tw
(: The fund is included in the register kept by the Stichting Autoriteit Financile Markten.)Tj
/F5 1 Tf
-4.6562 -1.375 TD
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(Singapore)Tj
/F1 1 Tf
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(: This material has been issued or approved for use in or from Singapore by Goldman Sachs Asset Management \(Singapore\) Pte. Ltd)Tj
48.6303 0 TD
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(. \(Company Number: 201329851H\).)Tj
/F5 1 Tf
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(Spain)Tj
/F1 1 Tf
2.1778 0 TD
0.0001 Tw
(: The fund is a foreign UCITS registered with the CNMV registry with number 141 \(SICAV\), 913 \(SICAV II\), 305 \(PLC\). A full desc)Tj
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(ription and KIID for the fund and other mandatory )Tj
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(documentation is available free of charge from any of the authorised distributors of the fund listed in the Comisin Nacional d)Tj
45.9103 0 TD
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(el Mercado de Valores \(CNMV\) webpage at )Tj
-45.9103 -1.3125 TD
(www.cnmv.es.)Tj
/F5 1 Tf
0 -19.8125 TD
(Condentiality)Tj
/F1 1 Tf
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(No part of this material may, without GSAMs prior written consent, be \(i\) copied, photocopied or duplicated in any form, by an)Tj
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( 2021 Goldman Sachs. All rights reserved.)Tj
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(Registered and Principal Ofces:)Tj
/F5 1 Tf
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( Luxembourg domiciled Funds Registered Ofce:)Tj
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