Strategy And Objective

The Goldman Sachs International Equity ESG Fund (the Fund ) seeks long-term capital appreciation. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ( Net Assets ) in a diversified portfolio of equity investments in non-U.S. issuers that the Investment Adviser believes adhere to the Fund s environmental, social and governance ( ESG ) criteria. Such equity investments may include exchange-traded funds ( ETFs ), futures and other instruments with similar economic exposures. The Fund intends to have investments economically tied to at least three countries, not including the United States, and may invest in the securities of issuers in emerging market countries. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in approximately 30-50 companies that are considered by the Investment Adviser to be positioned for long-term capital appreciation. The Fund s ESG criteria are generally designed to exclude companies that are not included in the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ESG Universal Index or companies that are involved in, and/or derive significant revenue from, certain industries or product lines, including: gambling, alcohol, tobacco, coal, and weapons. In determining whether a company is involved in, and/or derives significant revenue from, the industries or product lines listed above, the Fund will use industry classifications assigned by a third-party service provider. Once the Investment Adviser determines that an issuer meets the Fund s ESG criteria, the Investment Adviser conducts a supplemental analysis of individual companies corporate governance factors and a range of environmental and social factors that may vary by sector. This supplemental analysis will be conducted alongside traditional fundamental, bottom-up financial analysis of individual companies, using traditional fundamental metrics. The Investment Adviser may engage in active dialogues with company management teams to further inform investment decision-making and to foster best corporate governance practices using its fundamental and ESG analysis. The Fund may invest in a company prior to completion of the supplemental analysis or without engaging with company management. Instances in which the supplemental analysis may not be completed prior to investment include but are not limited to initial public offerings ("IPOs"), in-kind transfers, corporate actions, and/or certain short-term holdings. The Investment Adviser may sell holdings for several reasons, including, among others, changes in a company s fundamentals or earnings, a company no longer meeting the Fund s ESG criteria, or a company otherwise failing to conform to the Investment Adviser s investment philosophy. The Fund expects to invest a substantial portion of its assets in the securities of issuers located in the developed countries of Western Europe and in Japan, but may also invest in securities of issuers located in emerging market countries. The Fund s investments in a particular developed country may exceed 25% of its investment portfolio. The Fund may also invest up to 20% of its Net Assets in equity investments that may not adhere to the Fund s ESG criteria and in fixed income securities, such as government, corporate and bank debt obligations. The Fund s performance benchmark index is the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net, USD, Unhedged); however the Fund uses the MSCI ACWI ESG Universal Index to seek to identify issuers that meet its ESG criteria.