Goldman Sachs Emerging Markets Debt Portfolio Base USD Stable MDis

The Portfolio seeks to provide income and capital growth over the longer term. 1 As part of its investment process, the Investment Adviser will implement a multi-strategy approach to ESG which may consist of the application of exclusionary screens and the integration of ESG factors alongside traditional factors. 1 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. 1 The Portfolio will not invest more than one-third of its assets in other securities and instruments. Additionally, it will not invest more than 10% in convertibles (securities that can be converted into other types of securities). These convertibles may include contingent convertible bonds (“CoCos”) of banks, finance and insurance companies which have a particular risk profile as set out below. The Portfolio may, under certain circumstances, have limited holdings in shares and similar instruments. 1 The Portfolio may invest, up to 30%, in mainland China debt securities via the China Interbank Bond Market initiative. 1 The Portfolio may invest up to one-tenth of its assets in equity or equity related securities. 1 The Portfolio promotes environmental and/or social characteristics, however, does not commit to making any sustainable investments. The Portfolio uses derivatives as part of its 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 the Portfolio's exposure may be generated through the use of derivatives. A derivative instrument is a contract between two or more parties whose value depends on the rise and fall of the underlying asset. 1 Shares in the Portfolio may be redeemed daily (on each business day) on demand. 1 The Portfolio is actively managed and references the JPM EMBI - Global Diversified Index (Total Return Gross) (USD) (the “Benchmark”) for the purposes of setting discretionary internal risk thresholds and/or external risk thresholds which may reference deviations from the Benchmark. 1 The Investment Adviser has full discretion over the composition of the assets in the Portfolio. While the Portfolio will generally hold assets that are components of the Benchmark, it can invest in such components in different proportions, and it can hold assets which are not components of the Benchmark. Therefore returns may deviate materially from the performance of the specified reference Benchmark. 1 Income is distributed on a monthly basis. The Share Class seeks to distribute a stable level of income gross of management fees and operating expenses and therefore ongoing charges are effectively deducted from capital. You should be aware that this may result in an erosion of capital and may reduce future capital growth. Investors should be aware that, where ongoing charges are deducted from capital, this may have tax implications for an investor where income and capital gains are subject to different treatment and personal tax rates. Therefore, investors should seek their own tax advice before investing in such classes. In addition, as the stable distribution level is based on the projected gross income there is a risk that this may be greater than the actual gross income for the period and therefore this may result in a further distribution from capital and reduction in future capital growth. 1 The Portfolio currency is USD. The share class currency is USD. 1 For full investment objective and policy details see the Prospectus.