Fund Description

The fund seeks to achieve its objective primarily as a fund-of-funds, investing in a combination of underlying funds for which GSAM or an affiliate acts as investment adviser or principal underwriter and may also invest in unaffiliated ETFs. Underlying funds may focus on equities, fixed income or money market instruments, or alternatives such as real estate (including REITs), infrastructure, commodities, and currencies. Under normal conditions it targets about 80% equities and 20% fixed income (each +/-15%) and may allocate up to 20% to alternatives, with allocation measured at the time of each rebalance; the Investment Adviser generally rebalances approximately monthly but may rebalance more or less frequently at its discretion. It may also invest directly in securities and derivatives, invest globally across sizes, styles, and credit qualities including high yield, and uses the Growth Allocation Composite Index as its blended benchmark.