Investing in Goldman Sachs Global Multi-Asset Income Portfolio

This material has been issued or approved for use in or from Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited, a licensed entity regulated by the Securities and Futures Commission (“SFC”) in Hong Kong.

Investors should not invest in the Portfolio based on this document alone. Prior to an investment, prospective investors should carefully read the latest Product Key Facts Statement (KFS) as well as the Hong Kong offering documents, including but not limited to the Portfolio’s prospectus which contains inter alia a comprehensive disclosure of applicable risks. The Portfolio's investment portfolio may fall in value due to the applicable risks. You may not get back the full amount of money you invest. Past performance information is not indicative of future performance, which may vary. The value of investments and the income from them can fluctuate and is not guaranteed.

Furthermore, this information should not be construed as financial research. It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research.

This information is intended for viewing only by the intended recipient and may not be reproduced or distributed to any person in whole or in part without the prior written consent of Goldman Sachs Asset Management (Hong Kong) Limited. Goldman Sachs Asset Management (Hong Kong) Limited accepts no liability for the misuse or inappropriate distribution of this material.

This document has not been reviewed by the SFC. The Portfolios provided in this document are authorised by the SFC under the SFC Code on Unit Trusts and Mutual Funds. SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

Distribution of Shares: Shares of the Portfolio may not be registered for public distribution in a number of jurisdictions (including but not limited to any Latin American, African or Asian countries). Therefore, the shares of the Portfolio must not be marketed or offered in or to residents of any such jurisdictions unless such marketing or offering is made in compliance with applicable exemptions for the private placement of collective investment schemes and other applicable jurisdictional rules and regulations.

Investment Advice and Potential Loss: Financial advisers generally suggest a diversified portfolio of investments. The fund described herein does not represent a diversified investment by itself. This material must not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before investing in order to determine whether an investment would be suitable for them.

An investor should only invest if he/she has the necessary financial resources to bear a complete loss of this investment.

Swing Pricing: Please note that the fund operates a swing pricing policy. Investors should be aware that from time to time this may result in the fund performing differently compared to the reference benchmark/comparative index based solely on the effect of swing pricing rather than price developments of underlying instruments.

CONFIDENTIALITY             

No part of this material may, without Goldman Sachs Asset Management’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.

Portfolio holdings may not represent current, future investments or all of the portfolio’s holdings. Future portfolio holdings may not be profitable

The Net Asset Value represents the net assets of the Portfolio (ex-dividend) divided by the total number of shares.

Stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do.

Overall Morningstar Ratings, Morningstar sector: © 2026 Morningstar, Inc. All Rights Reserved. The Information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 

This material has been issued or approved for use in or from Singapore by Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H).

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security. Views and opinions are current as of the date of this publication and may be subject to change, they should not be construed as investment advice.

Index Benchmarks

Indices are unmanaged. The figures for the index reflect the reinvestment of all income or dividends, as applicable, but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

The indices referenced herein have been selected because they are well known, easily recognized by investors, and reflect those indices that the Investment Manager believes, in part based on industry practice, provide a suitable benchmark against which to evaluate the investment or broader market described herein.

Capital is at risk.

There is no guarantee that objectives will be met.

Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur. 

Please note that for the purposes of the European Sustainable Finance Disclosure Regulation (“SFDR”), the product is an Article 8 product that promotes environmental and social characteristics. Please note that this material includes certain information on Goldman Sachs sustainability practices and track record, at an organizational and investment team level, which may not necessarily be reflected in the portfolio. Any ESG characteristics, views, assessments, claims or similar referenced herein (i) will be based on, and limited to, the consideration of specific ESG attributes or metrics related to a product, issuer or service and not their broader or full ESG profile, and unless stated otherwise, (ii) may be limited to a point of time assessment and may not consider the broader lifecycle of the product, issuer or service, and (iii) may not consider any potential negative ESG impacts arising from or related to the product, issuer or service. Please refer to the offering documents of any product(s) prior to investment, for details on how and the extent to which the product(s) takes ESG considerations into account on a binding or non-binding basis.

This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

The prospectus, information on sustainability-related aspects of the fund (such as the SFDR classification), and other legally required documents relating to the fund (containing information about the fund, the costs and the risks involved) are available on www.gsam. com/responsible-investing in the relevant languages of the countries where the fund is registered or notified for marketing purposes. Goldman Sachs Asset Management B.V. may decide to terminate the arrangements made for the marketing of the fund in accordance with article 93a UCITS Directive and article 32a AIFM Directive as implemented in Dutch law in article 2:121ca and 2:124.0a Wft. Information about investor rights and collective redress mechanisms are available on www.gsam.com/responsible-investing. Investment sustains risk. The decision to invest in a fund should take into account all the characteristics, objectives, and associated risks of a fund as described in the prospectus. The investment promoted concerns the acquisition of units or shares in a fund, and not in an underlying asset in which the fund invests. Please note that the value of any investment may rise or fall and that past performance is not indicative of future results and should in no event be deemed as such. A return on investment may increase or decrease as a result of currency fluctuation.

Documents providing further detailed information about the fund/s, including the articles of incorporation, prospectus, supplement and the Key Information Document (KID) or UK Key Investor Information Document (KIID) (as applicable), annual/semi-annual report (as applicable), and a summary of your investor rights, are available free of charge in English language and as required, in your local language by navigating to your local language landing page via am.gs.com/policies-and-governance and also from the fund’s paying and information agents. If GSAM B.V., the management company, decides to terminate its arrangement for marketing the fund/s in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules. Information about investor rights and collective redress mechanisms are available on am.gs.com/policies-and-governance.

Offering Documents

This material is provided at your request for informational purposes only and does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. It only contains selected information with regards to the fund and does not constitute an offer to buy shares in the fund. Prior to an investment, prospective investors should carefully read the latest Key Information Document (KID) or UK Key Investor Information Document (KIID) (as applicable) as well as the offering documentation, including but not limited to the fund’s prospectus which contains inter alia a comprehensive disclosure of applicable risks.

Distribution of Shares

Shares of the fund may not be registered for public distribution in a number of jurisdictions (including but not limited to any Latin American, African or Asian countries). Therefore, the shares of the fund must not be marketed or offered in or to residents of any such jurisdictions unless such marketing or offering is made in compliance with applicable exemptions for the private placement of collective investment schemes and other applicable jurisdictional rules and regulations.

Investment Advice and Potential Loss

Financial advisers generally suggest a diversified portfolio of investments. The fund described herein does not represent a diversified investment by itself. This material must not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before investing in order to determine whether an investment would be suitable for them. An investor should only invest if he/she has the necessary financial resources to bear a complete loss of this investment.

Swing Pricing

Please note that the fund operates a swing pricing policy. Investors should be aware that from time to time this may result in the fund performing differently compared to the reference benchmark based solely on the effect of swing pricing rather than price developments of underlying instruments.

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

Fund Characteristics

The Goldman Sachs Global Multi-Asset Income Portfolio (the “Portfolio”) seeks total returns consisting predominantly of income with the potential for capital appreciation by investing primarily in equity and fixed income securities, with a focus on higher income yielding securities.

Investment Policy: The Portfolio will, under normal circumstances, invest at least two thirds of its net assets in equity and/or equity related Transferable Securities and fixed income Transferable Securities of issuers located anywhere in the world. The Investment Adviser will generally seek to predominantly hedge the Portfolio’s currency exposure back to the US Dollar.

The Portfolio may not invest in excess of 20% of its net assets in mortgage and asset-backed securities. The Portfolio may invest up to 10% of its net assets in Permitted Funds (as defined in the Fund’s Prospectus). The Portfolio may invest up to 100% of its net assets in debt securities below Investment Grade. “Investment Grade” means, in respect of securities, securities rated at the time of investment at least BBB- by S&P or Fitch or Baa3 by Moody’s, except for commercial paper which must be rated at least A-3 by S&P, F-3 by Fitch or Prime-3 by Moody’s, or in the case of “unrated” securities, securities which are deemed to be of comparable credit quality by the Investment Adviser. The Portfolio may invest in debt instruments with loss-absorption features (“LAP”) which may be subject to contingent write-down or contingent conversion to ordinary shares on the occurrence of trigger event(s), including but not limited to CoCos, Tier 1 and Tier 2 capital instruments and senior non-preferred debts. The Portfolio’s expected total maximum investments in LAP is up to 20% of its net assets. The Portfolio may invest up to 25% of its net assets in convertible debt obligations, including up to 5% of its net assets in CoCos. The Portfolio may also use financial derivative instruments as part of its investment policy or for hedging purposes. In line with the UCITS requirements, the Portfolio will not have uncovered short positions. The Portfolio will not have directionally net short positions at Portfolio level. The long and short active currency, credit and interest rate positions implemented by the Portfolio may not be correlated with the underlying securities positions held by the Portfolio. Financial derivative instruments used may include, but are not limited to, foreign currency forward contracts, futures, options (on equity securities and markets, interest rates, credit and currencies), swaps (including equity swaps, interest rate swaps, credit default swaps and total return swaps) and credit linked instruments. In exceptional and temporary circumstances (including but not limited to, sharp downturn in financial markets, political or economic crisis), the Portfolio may hold up to 100% in liquid assets

(including but not limited to, deposits and Money Market Instruments), provided that the Investment Adviser considers this to be in the best interests of the shareholders of the Portfolio.

For the complete set of investment policies governing the management of the fund, please refer to the prospectus.

Type of Assets in Which Fund May Invest: The Portfolio invests across income-generating strategies including more traditional income drivers such as credit and higher dividend equities and access to non-traditional drivers such as high yield, real estate, infrastructure, emerging market debt, and covered call options.

Actively or Not Actively Managed Against Benchmark + Degree of Freedom from Benchmark: We do not actively manage this fund against benchmark. Therefore, the performance of the Portfolio and the Reference Portfolio/Benchmark may deviate. The Benchmark should not be relied on for comparison of the Portfolio’s performance as the Portfolio is not designed to track the Benchmark.

Leverage: The net derivative exposure may be up to 50% of the Portfolio’s net asset value. The expected Gross sum of notionals is 0-200%.

SFDR Classification: Article 6

Risks: The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because the Portfolio is not able to pay you. We have classified this Portfolio as 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level, and poor market conditions are unlikely to impact the Portfolio’s capacity to pay you.

Costs and charges: One-off costs upon entry or exit Entry costs: 5.50% of the amount you pay in when entering the investment. Exit costs: We do not charge an exit fee for this product, but the person selling you the product may do so. Ongoing costs taken each year. Management fees and other administrative or operating costs: 1.46% of the value of your investment per year. This percentage is based on actual costs over the last year. Transaction costs: 0.18% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. Incidental costs taken under specific conditions

Performance fees (and carried interest): There is no performance fee for this product.