Fund Description

The fund was incepted in December 1992 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 companies that are organized outside the United States or whose securities are principally traded outside the United States. The fund intends to invest in companies with public stock market capitalizations that are larger than $1 billion at the time of investment. The fund may allocate its assets among countries as determined by the investment adviser from time to time provided that the fund's assets are invested in at least three foreign countries. The fund expects to invest a substantial portion of its assets in the securities of issuers located in the developed countries of Western Europe and in Japan. However, the fund may also invest in the securities of issuers located in Australia, Canada, New Zealand and in emerging countries. The fund may invest up to 20% of its net assets in fixed-income securities, such as government, corporate and bank debt obligations. Dividends and distributions from net capital gains are declared and paid annually.