Fund Description

The fund was incepted in December 1997 and is managed by Goldman Sachs Asset Management International. The objective of the fund is to seek long-term capital appreciation. The fund invests, under normal circumstances, substantially all, and at least 80% of its net assets in a diversified portfolio of equity investments in emerging country issuers. The investment adviser may consider classifications by the World Bank, the International Finance Corporation or the United Nations and its agencies in determining whether a country is emerging or developed. Currently, emerging countries include, among others, most Latin and South American, African, Asian and Eastern European nations. Under normal circumstances, the fund maintains investments in at least six emerging countries, and will not invest more than 35% of its assets in securities of issuers in any one emerging country. Allocation of the fund's investments will depend upon the relative attractiveness of the emerging country markets and particular issuers. Dividends and distributions from net capital gains are declared and paid annually.