MANAGEMENT SERVICES - PART B STATEMENT OF ADDITIONAL INFORMATION DATED JULY 29, 2015

Miscellaneous

The Trust, its Investment Advisers and principal underwriter have adopted codes of ethics under Rule 17j-1 of the Act that permit personnel subject to their particular codes of ethics to invest in securities, including securities that may be purchased or held by the Funds.

MANAGEMENT SERVICES

As stated in the Funds’ Prospectuses, GSAM, 200 West Street, New York, New York 10282, serves as the Investment Adviser to each Fund, except the Global Income Fund, pursuant to Management Agreements. GSAM is a wholly-owned subsidiary of The Goldman Sachs Group, Inc. and an affiliate of Goldman Sachs. Prior to the end of April, 2003, Goldman Sachs Asset Management, a business unit of the Investment Management Division of Goldman Sachs served as the investment adviser to the Enhanced Income Fund, Short Duration Tax-Free Fund, Government Income Fund, Dynamic Municipal Income Fund, Core Fixed Income Fund, High Yield Municipal Fund and High Yield Fund. On or about April 26, 2003, GSAM assumed investment advisory responsibilities for those Funds. GSAMI, Procession House, Christchurch Court, 10-15 Newgate Street, London, England EC1A7HD, an affiliate of Goldman Sachs, serves as Investment Adviser to Global Income Fund pursuant to Management Agreements. As a company with unlimited liability under the laws of England, GSAMI is regulated by the Investment Management Regulatory Organization Limited, a United Kingdom self-regulatory organization, in the conduct of its investment advisory business. GSAMI is also an affiliate of Goldman Sachs. See “Service Providers” in the Funds’ Prospectuses for a description of the applicable Investment Adviser’s duties to the Funds.

Founded in 1869, Goldman Sachs Group, Inc. is a publicly-held financial holding company and a leading global investment banking, securities and investment management firm. Goldman Sachs is a leader in developing portfolio strategies and in many fields of investing and financing, participating in financial markets worldwide and serving individuals, institutions, corporations and governments. Goldman Sachs is also among the principal market sources for current and thorough information on companies, industrial sectors, markets, economies and currencies, and trades and makes markets in a wide range of equity and debt securities 24 hours a day. The firm is headquartered in New York with offices in countries throughout the world. It has trading professionals throughout the United States, as well as in London, Frankfurt, Tokyo, Seoul, Sao Paulo and other major financial centers around the world. The active participation of Goldman Sachs in the world’s financial markets enhances its ability to identify attractive

investments. Goldman Sachs has agreed to permit the Funds to use the name “Goldman Sachs” or a derivative thereof as part of each Fund’s name for as long as each Fund’s Management Agreement (as described below) is in effect.

The Management Agreements provide that GSAM and GSAMI, in their capacity as Investment Advisers, may each render similar services to others so long as the services under the Management Agreements are not impaired thereby. The Funds’

Name of Trustee

2 Ms. Cassidy and Mr. Weaver began serving as Trustees effective February 1, 2015.

3 Includes compensation as “audit committee financial expert,” as defined in Item 3 of Form N-CSR.

4 Messrs. McNamara and Shuch are Interested Trustees, and as such, receive no compensation from the Funds or the Goldman Sachs Fund Complex.

5 Class A, Class C, Class IR and Class R Shares of the Long Short Credit Strategies Fund commenced operations on April 30, 2014.

6 Represents fees paid to each Trustee during the fiscal year ended March 31, 2015 from the Goldman Sachs Fund Complex.

Management Agreements were most recently approved by the Trustees of the Trust, including a majority of the Trustees of the Trust who are not parties to such agreement or “interested persons” (as such term is defined in the Act) of any party thereto (the

“non-interested Trustees”), on June 11, 2015 with respect to the Funds. These management arrangements were last approved by the shareholders of the Funds then in existence on April 21, 1997. The management arrangements for those Funds which commenced investment operations after April 21, 1997 were last approved by the initial sole shareholder of each such Fund prior to the Fund’s commencement of operations. A discussion regarding the Trustees’ basis for approving the Management Agreements for each Fund in 2014 is available in the Funds’ semi-annual reports for the period ended September 30, 2014, and a discussion regarding the Trustees’ basis for approving the Management Agreements for each Fund in 2015 will be available in the Funds’ semi-annual reports for the period ended September 30, 2015.

Each Management Agreement will remain in effect until June 30, 2016 and will continue in effect with respect to each Fund from year to year thereafter provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of such Fund or a majority of the Trustees of the Trust, and (ii) the vote of a majority of the non-interested Trustees of the Trust cast in person at a meeting called for the purpose of voting on such approval.

Each Management Agreement will terminate automatically if assigned (as defined in the Act). Each Management Agreement is also terminable at any time without penalty by the Trustees of the Trust or by vote of a majority of the outstanding voting securities of the applicable Fund on 60 days’ written notice to the applicable Investment Adviser and by the Investment Adviser on 60 days’

written notice to the Trust.

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Pursuant to the Management Agreements, the Investment Advisers are entitled to receive the fees set forth below, payable monthly based on each respective Fund’s average daily net assets. Also included below are the actual management fee rates paid by each Fund (after reflection of any voluntary management fee waivers, as indicated) for the fiscal year ended March 31, 2015:

Fund Contractual Rate

Actual Rate for the Fiscal Year Ended March 31, 2015

GSAM-Advised Funds

Enhanced Income Fund 0.25% on the first $1 billion 0.25%

0.23% on the next $1 billion 0.22% on the next $3 billion 0.22% on the next $3 billion 0.22% over $8 billion

High Quality Floating Rate Fund 0.40% on the first $1 billion 0.31%¹ 0.36% on the next $1 billion

0.34% on the next $3 billion 0.33% on the next $3 billion 0.32% over $8 billion

Short Duration Government Fund 0.50% on the first $1 billion 0.44%² 0.45% on the next $1 billion

0.43% on the next $3 billion 0.42% on the next $3 billion 0.41% over $8 billion

Short Duration Tax-Free Fund 0.40% on the first $1 billion 0.34%¹ 0.36% on the next $1 billion

0.34% on the next $3 billion 0.33% on the next $3 billion 0.32% over $8 billion

Government Income Fund 0.54% on the first $1 billion 0.53%¹ 0.49% on the next $1 billion

0.47% on the next $3 billion 0.46% on the next $3 billion 0.45% over $8 billion

Dynamic Municipal Income Fund 0.55% on the first $1 billion 0.40%¹ 0.50% on the next $1 billion

0.48% on the next $3 billion 0.47% on the next $3 billion 0.46% over $8 billion

U.S. Mortgages Fund 0.40% on the first $1 billion 0.34%¹ 0.36% on the next $1 billion

0.34% on the next $3 billion 0.33% on the next $3 billion 0.32% over $8 billion

Core Fixed Income Fund 0.40% on the first $1 billion 0.40%

0.36% on the next $1 billion

Short Duration Income Fund 0.40% on the first $1 billion 0.40%

0.36% on the next $1 billion 0.34% on the next $3 billion 0.33% on the next $3 billion 0.32% over $8 billion

Investment Grade Credit Fund 0.40% on the first $1 billion 0.34%¹ 0.36% on the next $1 billion

0.34% on the next $3 billion 0.33% on the next $3 billion 0.32% over $8 billion

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High Yield Municipal Fund 0.55% on the first $2 billion 0.53%

0.50% on the next $3 billion 0.48% on the next $3 billion 0.47% over $8 billion

High Yield Fund 0.70% on the first $2 billion 0.65%¹

0.63% on the next $3 billion 0.60% on the next $3 billion 0.59% over $8 billion

High Yield Floating Rate Fund 0.60% on the first $1 billion 0.55%

0.54% on the next $1 billion 0.51% on the next $3 billion 0.50% on the next $3 billion 0.49% over $8 billion

Strategic Income Fund 0.60% on the first $1 billion 0.50%

0.54% on the next $1 billion 0.51% on the next $3 billion 0.50% on the next $3 billion 0.49% over $8 billion

Emerging Markets Debt Fund 0.80% on the first $2 billion 0.80%

0.72% on the next $3 billion 0.68% on the next $3 billion 0.67% over $8 billion Local Emerging Markets Debt

Fund 0.90% on the first $2 billion 0.80%¹

0.81% on the next $3 billion 0.77% on the next $3 billion 0.75% over $8 billion

For the fiscal years ended March 31, 2015, March 31, 2014, and March 31, 2013, the amounts of the fees (net of fee waivers, as applicable) incurred by each Fund then in existence under its Management Agreement were as follows:

Fund Contractual Rate

Actual Rate for the Fiscal Year Ended March 31, 2015

Inflation Protected Securities Fund 0.33% on the first $1 billion 0.26%¹ 0.30% on the next $1 billion

Long Short Credit Strategies Fund 1.00% on the first $1 billion 1.00%

0.90% on the next $1 billion

Global Income Fund 0.65% on the first $1 billion 0.65%

0.59% on the next $1 billion 0.56% on the first $3 billion 0.55% on the next $3 billion 0.54% over $8 billion

1 The Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management rate of 0.34%, 0.34%, 0.31%, 0.26%, 0.44%, 0.34%, 0.40%, 0.80%, 0.53%, 0.80%, 0.88%, 0.42% and 0.65% as an annual percentage rate of average daily net assets of the U.S. Mortgages Fund, Investment Grade Credit Fund, High Quality Floating Rate Fund, Inflation Protected Securities Fund, Short Duration Government Fund, Short Duration Tax-Free Fund, Dynamic Municipal Income Fund, Local Emerging Markets Debt Fund, Government Income Fund, Dynamic Emerging Markets Debt Fund, Fixed Income Macro Strategies Fund, Bond Fund, and High Yield Fund, respectively. These waivers will remain in effect through at least July 29, 2016, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The management fee waivers may be modified or terminated by the Investment Adviser at its discretion and without shareholder approval after such date, although the Investment Adviser does not presently intend to do so. In the absence of such fee waivers, the management fees for the U.S. Mortgages Fund, Investment Grade Credit Fund, High Quality Floating Rate Fund, Inflation Protected Securities Fund, Short Duration Government Fund, Short Duration Tax-Free Fund, Dynamic Municipal Income Fund, Local Emerging Markets Debt Fund, Government Income Fund, Dynamic Emerging Markets Debt Fund, Fixed Income Macro Strategies Fund, Bond Fund and High Yield Fund would have been equal to 0.40%, 0.40%, 0.40%, 0.33%, 0.49%, 0.36%, 0.55%, 0.90%, 0.54%, 0.90%, 1.50 %, 0.45%, and 0.66%, respectively.

2 The Investment Adviser voluntarily agreed to waive a portion of its management fee equal on an annualized basis to 0.05% of the Short Duration Government Fund’s average daily net assets. This management fee waiver is temporary and may be modified or terminated at any time at the option of the Investment Adviser, without shareholder approval. In the absence of such fee waiver, the management fees for Short Duration Government Fund would have been equal to 0.49%.

Fund

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High Yield Municipal Fund 16,848,502 17,057,906 19,562,470

High Yield Fund 33,328,744 35,333,663 38,189,753

High Yield Floating Rate Fund 23,222,934 15,962,975 5,162,412

Strategic Income Fund 122,100,615 52,485,179 13,008,757

Emerging Markets Debt Fund 13,340,646 11,914,643 11,628,709

U.S. Mortgages Fund⁽⁷⁾ 856,324 919,261 1,106,737

Investment Grade Credit Fund⁽⁸⁾ 1,627,381 1,745,973 1,850,072 Inflation Protected Securities Fund⁽⁹⁾ 374,393 500,528 656,740 Local Emerging Markets Debt Fund⁽¹⁰⁾ 14,293,668 22,324,815 18,026,214

Dynamic Emerging Markets Debt Fund⁽¹¹⁾ 219,371 111,260 —

Long Short Credit Strategies Fund⁽¹²⁾ 2,637,657 4,695,550 — Fixed Income Macro Strategies Fund ⁽¹³⁾ 924,272 309,874 —

Bond Fund⁽¹⁴⁾ 1,199,006 1,347,917 1,596,068

(1) Had fee waiver arrangements not been in effect, Enhanced Income Fund would have paid advisory fees of $1,364,121 and

$1,170,196, respectively, for the fiscal years ended March 31, 2015 and March 31, 2013.

(2) Had fee waiver arrangements not been in effect, High Quality Floating Rate Fund would have paid advisory fees of $1,889,915,

$1,120,314 and $954,331, respectively, for the fiscal years ended March 31, 2015, March 31, 2014 and March 31, 2013.

(3) Had fee waiver arrangements not been in effect, Short Duration Government Fund would have paid advisory fees of $6,731,878,

$6,364,336 and $9,487,688, respectively, for the fiscal years ended March 31, 2015, March 31, 2014 and March 31, 2013.

(4) Had fee waiver arrangements not been in effect, Short Duration Tax-Free Fund would have paid advisory fees of $15,195,483,

$15,164,010 and $14,098,508, respectively, for the fiscal years ended March 31, 2015, March 31, 2014 and March 31, 2013.

(5) Had fee waiver arrangements not been in effect, Government Income Fund would have paid advisory fees of $2,545,113,

$3,558,942 and $4,351,722, respectively, for the fiscal years ended March 31, 2015, March 31, 2014 and March 31, 2013.

(6) Had fee waiver arrangements not been in effect, Dynamic Municipal Income Fund would have paid advisory fees of $2,823,576,

$2,971,904 and $3,421,334, respectively, for the fiscal years ended March 31, 2015, March 31, 2014 and March 31, 2013.

(7) Had fee waiver arrangements not been in effect, U.S. Mortgages Fund would have paid advisory fees of $1,007,440, $1,093,106 and $1,341,500, respectively, for the fiscal years ended March 31, 2015, March 31, 2014 and March 31, 2013.

Each Investment Adviser performs administrative services for the applicable Funds under the Management Agreement. Such administrative services include, subject to the general supervision of the Trustees of the Trust, (i) providing supervision of all aspects of the Funds’ non-investment operations (other than certain operations performed by others pursuant to agreements with the Funds);

(ii) providing the Funds, to the extent not provided pursuant to the agreement with the Trust’s custodian, transfer and dividend disbursing agent or agreements with other institutions, with personnel to perform such executive, administrative and clerical services as are reasonably necessary to provide effective administration of the Funds; (iii) arranging, to the extent not provided pursuant to such agreements, for the preparation, at the Funds’ expense, of each Fund’s tax returns, reports to shareholders, periodic updating of the Funds’ prospectuses and statements of additional information, and reports filed with the SEC and other regulatory authorities;

(iv) providing the Funds, to the extent not provided pursuant to such agreements, with adequate office space and certain related office equipment and services; and (v) maintaining all of the Funds’ records other than those maintained pursuant to such agreements.

As discussed in “Investment Objectives and Policies” above, the Fixed Income Macro Strategies Fund may pursue its

investment objective by investing in its Subsidiary. The Subsidiary has entered into a separate contract with GSAM whereby GSAM provides investment advisory and other services to the Subsidiary (the “Subsidiary Management Agreement”). In consideration of these services, the Subsidiary pays GSAM a management fee at the annual rate of 0.42% of its net assets. GSAM has contractually agreed to waive the advisory fee it receives from the Fund in an amount equal to the advisory fee paid to GSAM by the Subsidiary.

This waiver may not be terminated by GSAM and will remain in effect for as long as the Subsidiary Management Agreement is in place. The Subsidiary Management Agreement is terminable by either party, without penalty, on 60 days’ prior written notice, and shall terminate automatically in the event (i) it is “assigned” by GSAM (as defined in the Investment Advisers Act of 1940, as amended (the “Advisers Act”)); or (ii) the Management Agreement between the Trust, acting for and on behalf of the Fund and GSAM is terminated.

Portfolio Managers – Other Accounts Managed by the Portfolio Managers

The following table discloses other accounts within each type of category listed below for which the portfolio managers are jointly and primarily responsible for day to day portfolio management (unless otherwise noted, the information below is provided as of March 31, 2015).

For each portfolio manager listed below, the total number of accounts managed is a reflection of accounts within the strategy they oversee or manage, as well as accounts which participate in the sector in which they manage. There are multiple portfolio managers involved with each account.

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(8) Had fee waiver arrangements not been in effect, Investment Grade Credit Fund would have paid advisory fees of $1,914,566,

$2,076,243 and $2,242,512, respectively, for the fiscal years ended March 31, 2015, March 31, 2014 and March 31, 2013.

(9) Had fee waiver arrangements not been in effect, Inflation Protected Securities Fund would have paid advisory fees of $466,263,

$825,871 and $1,083,621, respectively, for the fiscal years ended March 31, 2015, March 31, 2014 and March 31, 2013.

(10) Had fee waiver arrangements not been in effect, Local Emerging Markets Debt Fund would have paid advisory fees of

$16,078,381, $24,385,263 and $19,985,286, respectively, for the fiscal years ended March 31, 2015, March 13, 2014 and March 31, 2013.

(11) The Dynamic Emerging Markets Debt Fund commenced operations on May 29, 2013. Had fee waiver arrangements not been in effect, Dynamic Emerging Markets Debt Fund would have paid advisory fees of $246,792 and $125,168, respectively, for the fiscal years ended March 31, 2015 and March 31, 2014.

(12) Institutional Shares of the Long Short Credit Strategies Fund commenced operations on March 24, 2014. Class A, Class C, Class IR and Class R Shares of the Fund commenced operations on April 30, 2014.

(13) The Fixed Income Macro Strategies Fund commenced operations on December 16, 2013. Had fee waiver arrangements not been in effect, Fixed Income Macro Strategies Fund would have paid advisory fees of $1,578,583 and $344,304, respectively, for the fiscal years ended March 31, 2015 and March 31, 2014.

(14) Had fee waiver arrangements not been in effect, Bond Fund would have paid advisory fees of $1,283,160 for the fiscal year ended March 31, 2015.

Name of PortfolioManager Number of Accounts Managed and Total Assets by Account TypeNumber of Accounts and Total Assets for Which Advisory Fee isRegistered Investment Companies Other Pooled Investment VehiclesOther AccountsRegistered Investment CompaniesOther Pooled Investment VehiclesNumber ofAccounts Assets Managed(mm) Number ofAccounts Assets Managed(mm) Number ofAccounts Assets Managed(mm) Number of Accounts Assets Managed(mm) Number ofAccounts Assets Managed(mm) N

Enhanced Income FundU.S. Fixed Income–Investment Management Team James McCarthy 19 $146,669 47 $96,185251 $55,890— $— — $— Dave Fishman 19 $146,669 47 $96,185251 $55,890— $— — $— High Quality Floating Rate FundU.S. Fixed Income–Investment Management Team James McCarthy 19 $146,669 47 $96,185251 $55,890— $— — $— Dave Fishman 19 $146,669 47 $96,185251 $55,890— $— — $— Short Duration Government FundU.S. Fixed Income–Investment Management Team James McCarthy 19 $146,669 47 $96,185251 $55,890— $— — $— Dave Fishman 19 $146,669 47 $96,185251 $55,890— $— — $— Short Duration Tax-Free Fund U.S. Fixed Income–Municipal Investment Management Team Ben Barber 37 $182,874 170 $120,9732,790 $183,045— $— 27$5,004Scott Diamond 37 $182,874 170 $120,9732,790 $183,045— $— 27$5,004Government Income FundU.S. Fixed Income–Investment Management Team Mark Van Wyk 63 $198,417 329 $165,2463,473 $309,755— $— 28$5,214Michael Swell 63 $198,417 329 $165,2463,473 $309,755— $— 28$5,214Dynamic MunicipalIncome FundU.S. Fixed Income–Municipal Investment Management

B-79 Team Ben Barber 37 $182,874 170 $120,9732,790 $183,045— $— 27$5,004Scott Diamond 37 $182,874 170 $120,9732,790 $183,045— $— 27$5,004U.S. MortgagesFundU.S. Fixed Income–Investment Management Team Tom Teles 63 $198,417 329 $165,2463,473 $309,755— $— 28$5,214Peter D. Dion 28 $33,102 202 $43,5271,146 $216,549— $— 28$5,214Christopher Creed 28 $33,102 202 $43,5271,146 $216,549— $— 28$5,214ChristopherHogan 28 $33,102 202 $43,5271,146 $216,549— $— 28$5,214Strategic Income FundU.S. Fixed Income–Investment Management Team Jonathan Beinner 63 $198,417 329 $165,2463,473 $309,755— $— 28$5,214Michael Swell 63 $198,417 329 $165,2463,473 $309,755— $— 28$5,214Core Fixed Income FundU.S. Fixed Income–Investment Management Team Jonathan A. Beinner 63 $198,417 329 $165,2463,473 $309,755— $— 28$5,214Michael Swell 63 $198,417 329 $165,2463,473 $309,755— $— 28$5,214

Name of PortfolioManager Number of Other Accounts Managed and Total Assets by Account TypeNumber of Accounts and Total Assets for Which Advisory Fee isRegistered Investment Companies Other Pooled Investment VehiclesOther AccountsRegistered Investment CompaniesOther Pooled Investment VehiclesNumber ofAccounts Assets Managed(mm) Number ofAccounts Assets Managed(mm) Number ofAccounts Assets Managed(mm) Number of Accounts Assets Managed(mm) Number ofAccounts Assets Managed(mm) N

Bond FundU.S. Fixed Income–Investment Management Team Jonathan A. Beinner 63 $198,417 329 $165,2463,473 $309,755— $— 28$5,214Michael Swell 63 $198,417 329 $165,2463,473 $309,755— $— 28$5,214Short Duration Income FundGlobal Liquidity Management Team Dave Fishman 19 $146,669 47 $96,185251 $55,890— $— — $— James McCarthy 19 $146,669 47 $96,185251 $55,890— $— — $— Investment Grade CreditFundU.S. Fixed Income–Investment Management Team Carolyn Sabat 28 $33,294 225 $52,1501,371 $218,265— $— 28$5,214Ben Johnson 28 $33,294 225 $52,1501,371 $218,265— $— 28$5,214Global Income FundGlobal Fixed Income–Investment Management Team Andrew Wilson 63 $198,417 329 $165,2463,473 $309,755— $— 28$5,214Iain Lindsay 63 $198,417 329 $165,2463,473 $309,755— $— 28$5,214High Yield MunicipalFundU.S. Fixed Income–Municipal Investment Management Team Ben Barber 37 $182,874 170 $120,9732,790 $183,045— $— 27$5,004Scott Diamond 37 $182,874 170 $120,9732,790 $183,045— $— 27$5,004High Yield Fund U.S. Fixed Income–HighYieldInvestment Management Team Rachel C. Golder 35 $42,292 238 $65,1211,418 $222,842— $— 28$5,214Michael Goldstein 26 $38,365 221 $55,4021,254 $173,252— $— 28$5,214Robert Magnuson 26 $38,365 221 $55,4021,254 $173,252— $— 28$5,214

B-80 High Yield Floating Rate Fund U.S. Fixed Income–HighYieldInvestment Management Team Michael Goldstein 26 $38,365 221 $55,4021,254 $173,252— $— 28$5,214Michael Chang 26 $38,365 221 $55,4021,254 $173,252— $— 28$5,214Jean Joseph 26 $38,365 221 $55,4021,254 $173,252— $— 28$5,214Emerging Markets DebtFundGlobal Fixed Income–Investment Management Team Samuel Finkelstein 63 $198,417 329 $165,2463,473 $309,755— $— 28$5,214Ricardo Penfold 35 $36,351 240 $55,0611,162 $204,530— $— 28$5,214Inflation Protected Securities FundU.S Fixed Income–Investment Management Team Matt Kaiser 22 $8,972 127 $24,892846 $185,674— $— 27$5,004Mark Van Wyk 63 $198,417 329 $165,2463,473 $309,755— $— 28$5,214

Assets are preliminary, in millions. B-81 Name of PortfolioManager Number of Other Accounts Managed and Total Assets by Account TypeNumber of Accounts and Total Assets for Which Advisory Fee iRegistered Investment Companies Other Pooled Investment VehiclesOther AccountsRegistered Investment CompaniesOther Pooled Investment VehiclesNumber ofAccounts Assets Managed(mm) Number ofAccounts Assets Managed(mm) Number ofAccounts Assets Managed(mm) Number of Accounts Assets Managed(mm) Number ofAccounts Assets Managed(mm)Local Emerging Markets DebtFundGlobal Fixed Income–Investment Management Team Samuel Finkelstein 63 $198,417 329 $165,2463,473 $309,755 — $—28$5,214Ricardo Penfold 35 $36,351 240 $55,0611,162 $204,530 — $— 28$5,214Dynamic Emerging Markets DebtFundGlobal Fixed Income–Investment Management Team Samuel Finkelstein 63 $198,417 329 $165,2463,473 $309,755 — $—28$5,214Yacov Arnopolin 35 $36,351 240 $55,0611,162 $204,530 — $— 28$5,214Long Short Credit Strategies FundLiberty Harbor Portfolio Management Team Salvatore Lentini 1 $200 5 $2,5272 $511— $—2$493Brenden McGovern 2 $1,111 6 $2,6262 $5111 $9112$493Fixed Income Macro Strategies FundFixed Income Portfolio Management Team Michael Swell 63 $198,417 329 $165,2463,473 $309,755 — $—28$5,214Jonathan Xiong 4 $1,067 106 $11,132252 $17,772 — $— 26$4,607

Conflicts of Interest. The Investment Adviser’s portfolio managers are often responsible for managing one or more of the Funds as well as other accounts, including proprietary accounts, separate accounts and other pooled investment vehicles, such as unregistered hedge funds. A portfolio manager may manage a separate account or other pooled investment vehicle which may have materially higher fee arrangements than the

In document PART B STATEMENT OF ADDITIONAL INFORMATION DATED JULY 29, 2015 (Page 149-171)