The fund qualifies as a feeder fund, meaning that the fund invests substantially all of its assets in Goldman Sachs Commodity Enhanced (the master fund). The residual assets of the fund (up to 15%) are exclusively invested in ancillary liquid assets (e.g. money market instruments) or held as cash, as may be required from time to time for dealing, for liquidity purposes and the payment of costs and expenses of the fund. The fund has the same investment objectives and policy as the master fund. However, the performance of both the fund and the master fund may not be equal due, in particular, to costs and expenses incurred by the fund and residual assets investments. The master fund provides diversified exposure to commodity sectors such as Energy, Agriculture, Industrial Metal, Precious Metals and Live Cattle. The master fund uses active management with deviation limits maintained relative to the benchmark. Measured over a period of several years the master fund aims to beat the performance of the benchmark Bloomberg Commodity (TR) (hedged to EUR). The benchmark is a broad representation of our investment universe. The master fund also includes investments into securities that are not part of the benchmark universe. Investors should be aware that the index’s investment universe is concentrated and, as a result, the master fund is concentrated. This will typically result in a comparable composition and return profile of the master fund and its benchmark. The master fund's positions to the individual commodities are approximately equal to those of the benchmark. However the end date of the commodity contracts may deviate from the contract dates of which the benchmark is composed. The reason for this is that the master fund aims to minimize the “roll” loss, or maximize the “roll” return, with “roll” referring to renewing expiring commodity contracts. It also aims to benefit from holding earlier the futures contracts that passive products and traditional indices will buy during the next period as well as from the relative price differences of certain commodities that are part of the same value chain. The positions are determined by an in-house built mathematical model. There are strict risk controls in place to limit the risk of the master fund. The master fund mainly invests in short term US treasuries and instruments that generate the performance of the commodities. The fund will invest in a EUR hedged share class of the master fund. This EUR hedged share class will hedge the USD exposure of the master fund into EUR with the intention to remove all the currency risk. A currency hedge consists of taking an offsetting position in another currency. You can sell or buy your participation in this fund on each (working) day on which the value of the units is calculated, which for this fund occurs daily. The fund does not aim to provide you with a dividend. It will reinvest all earnings.