Bringing Alternatives Within Reach

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Bringing Alternatives

Within Reach

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Mutual funds pursuing alternative investment strategies,

also known as alternative mutual funds, open up additional

investment options by offering access to strategies

previously only available to large institutions, like pensions

and endowments, and certain individual investors.

Managed by Goldman Sachs Asset Management (GSAM),

the Goldman Sachs Multi-Manager Alternatives Fund is a

daily liquid mutual fund providing investors access to leading

alternative investment managers.

Note that alternative investing is not suitable for all investors and alternative mutual funds are not riskless investments, so investors can lose money. Please see page 14 for additional risk considerations.

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Alternative

Taking a different

approach

Familiar investments, differentiated strategies

Alternative strategies generally use traditional investments, like stocks and bonds, and apply a variety of non-traditional investment approaches, such as shorting, in an effort to provide differentiated returns. Alternative strategies can also invest in other asset classes, such as real estate or commodities.

An alternate path for generating returns

Alternative strategies may benefit from a more flexible investment approach, allowing them to potentially behave more independently than traditional investments. They often use this flexibility to seek more consistent returns over time, potentially offering an additional source of return and stability as investors try to reach long-term goals.

New options with a long history

For many years, alternatives have only been available to institutions, like pensions and endowments, and certain individual investors. But new developments in the mutual fund industry have provided options for nearly every investor to gain access to the differentiated return characteristics of alternative investments with the daily liquidity of mutual funds.

1_{As of December 31, 2015. Assets under supervision include assets under management and other client assets for which Goldman Sachs does not have}

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In today’s markets, experience

matters. With over $1 trillion in

assets under supervision, GSAM

is one of the largest investment

managers in the world, with

more than 30 years of experience

managing both alternatives and

mutual funds for clients globally.

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High-quality alternative

investments are hard to find.

We draw upon our deep, global

team with on-the-ground

strategy expertise and existing

relationships with over 500

investment managers to identify

leading investment opportunities

among thousands of potential

candidates on an ongoing basis.

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Selective

Finding the

right elements

2_{As of December 31, 2015.}

A big universe of options

In 2004, fewer than 100 alternative mutual funds existed. Today, there are over 600 funds, as classified by Morningstar. As the pool of alternative mutual funds continues to grow, investors evaluating these strategies need to approach the space through a focused lens.2

Not all funds are equal

The difference in performance between the top and bottom alternative investment managers can be significant, since investment skill and ability to implement vary. Selecting high-quality managers and avoiding the worst performers can have a big impact on returns, especially during times of market stress.

Past performance is not predictive

Yesterday’s winners can turn into tomorrow’s losers as markets evolve and conditions change. Picking alternative investment managers based on skill and capability can potentially yield more consistent results than simply chasing the best prior returns.

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Resilient

Adapting to

today’s environment

3_{GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.}

In today’s markets, change is constant

It’s impossible to know the future with any certainty, but investors should be prepared for a variety of possibilities. Staying nimble can be an advantage when conditions change unpredictably and when new opportunities unexpectedly arise.

Keeping up with the new, re-examining the old

The search for high-quality alternative investment managers is continuous, as new strategies emerge and existing strategies evolve. A constant review of the opportunities, in the context of today’s environment, helps inform decisions on what to keep and what to change.

Deliberate decisions, immediate action

While new ideas and directions must be considered carefully, actions need to be swift and definitive. Daily liquidity provides the ability to move quickly and decisively as the world changes.

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With change, comes opportunity.

GSMMX capitalizes on Goldman

Sachs’ real-time market insights,

investment experience and risk

management expertise, seeking

to identify opportunities in the

market cycle and manage portfolio

losses over time.

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A thoughtfully diversified portfolio

of alternatives may provide a

smoother investment experience

over various market cycles.

GSMMX is a comprehensive

multi-strategy, multi-manager

fund seeking to benefit from a

diverse lineup of managers across

the spectrum of liquid alternative

strategies in a single vehicle.

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Diversified

Completing the

balance

Diversification does not protect an investor from market risk and does not ensure a profit.

Access to a breadth of opportunities

A diversified multi-manager fund can offer investors a turn-key solution to building their alternatives allocation. This approach not only provides investors with potential for diversification, but also access to strategies that may benefit from a broad array of market developments.

Multiple leading investment managers

A multi-manager approach can offer access to several leading alternative investment managers. Each manager has a different skill set that contributes to the overall performance of the portfolio.

Balanced across a variety of strategies

Each alternative investment strategy has distinct drivers of returns and characteristics that can play different roles in a portfolio. Thoughtfully combining strategies can yield a portfolio with lower risk without materially reducing expected returns.

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GSMMX is a mutual fund that provides investors

access to a diverse group of leading alternatives

managers across a range of strategies. Combining

these investments from across the alternatives

universe, GSMMX continually seeks to adapt to

dynamic markets to deliver the potential benefits

of alternatives to investors.

GSMMX

The Comprehensive

Solution to Your

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The GSMMX Team

GSAM is a global asset manager overseeing more than $1 trillion of assets.

Our investment teams capitalize on the market insights, risk management

expertise and technology of Goldman Sachs.

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With more than 2,000 professionals across 34 offices worldwide, GSAM helps investors navigate today’s dynamic markets and identify the opportunities that shape their long-term investment goals. GSMMX is managed by a dedicated group of over 300 alternative investment specialists who seek to identify leading traditional and alternative investment managers from outside of Goldman Sachs.4

Kent Clark

Managing Director CIO overseeing GSMMX Portfolio Manager

25 years of industry experience

“Alternatives are incredibly dynamic and exciting places to invest. Our process is continually evolving to meet the changing nature of alternatives as we seek to deliver great portfolios to our investors.”

Ryan Roderick

Managing Director Portfolio Manager

“We look forward to extending the capabilities of our large team and our experience in manager selection, portfolio construction and risk

management to the daily liquid alternatives market.”

Jason Gottlieb

“We believe today’s complex markets require sophisticated investment techniques that can enhance a traditional portfolio, and bring investors closer to their long-term goals.”

Betsy Gorton

“We believe our dedicated alternatives expertise, combined with GSAM’s established mutual fund business, will provide a differentiated solution for our investors.”

4_{As of December 31, 2015. Assets under supervision include assets under management and other client assets for which Goldman Sachs does not have}

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Goldman Sachs Multi-Manager Alternatives Fund Risk Considerations

The Goldman Sachs Multi-Manager Alternatives Fund allocates its assets among multiple investment managers (“Underlying

Manag-ers”) who are unaffiliated with the Investment Adviser and who employ one or more non-traditional and alternative investment strat-egies. A strategy implemented by an Underlying Manager and/ or the use of quantitative models to implement that strategy may fail to produce the intended results. Different investment styles (e.g., “alternative”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. Investments in liquid alternatives expose investors to risks that have the potential to result in losses. These strategies involve risks that may not be present in more traditional (e.g., equity or fixed income) mutual funds. These strategies generally may seek sources of returns that perform differently from broader securities markets. However, correla-tions among different asset classes may shift over time, and if this occurs a fund’s performance may track broader markets. In addition, if returns are in fact uncorrelated to the broader securities markets, they may underperform those markets. For example, in periods of robust equity market returns, returns from the Fund may be lower or negative.

The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Fund’s investments in fixed income securities and loans are subject to the risks associated with debt securities generally, including credit, interest rate, liquidity, call and extension risk. Foreign and emerging market investments may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and adverse economic or political developments.

The use of alternative investment techniques such as shorting or leveraging creates an opportunity for increased returns but also creates the possibility for greater loss. Leverage increases a Fund’s sensitivity to market movements. Funds that use leverage can be expected to be more “volatile” than other funds that do not use leverage. This means if the instruments such a Fund buys decrease in market value, the value of the Fund’s shares will decrease by even more. Losses on short positions are potentially unlimited, since the positions lose value as the asset that was sold short increases in value. Taking short positions leverages a Fund’s assets, because the Fund is exposed to market movements beyond the amount of its actual investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large move-ment, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and liquidity risk. Over-the-counter transactions are subject to less government regulation and supervision.” At times, the Fund may be unable to sell certain of its illiquid invest-ments without a substantial drop in price, if at all.

The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders. The Fund’s investments in other pooled investment vehicles

subject it to additional expenses. The Fund is “non-diversified” and may invest more of its assets in fewer issuers than “diversified” funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater loss-es rloss-esulting from thloss-ese developments.

The Investment Adviser’s Alternative Investments & Manager Selection (“AIMS”) Group is responsible for making recommendations with respect to hiring, terminating, or replacing the Fund’s Underlying Managers, as well as the Fund’s asset allocations. With respect to the Fund, the AIMS Group applies a multifaceted process with respect to manager due diligence, portfolio construction, and risk management. The AIMS Group also manages additional pooled vehicles which have similar investment strategies to those of the Fund that are not offered to retail investors and are not registered under the Investment Company Act of 1940, as amended (the “Act”). Because these vehicles are not registered under the Act, they are subject to fewer regulatory restraints than the Fund (e.g., fewer trading constraints) and (i) may invest with managers other than the Fund’s Underlying Managers, (ii) may employ strategies that are not subject to the same constraints as the Fund, and (iii) may perform differently than the Fund despite their similar strategies.

There may be additional risks that the Fund does not currently foresee or consider material.

The investment program of the Fund is speculative, entails substantial risks and includes alternative investment techniques not employed by traditional mutual funds. The Fund should not be relied upon as a complete investment program. The Fund’s invest-ment techniques (if they do not perform as designed) may increase the volatility of performance and the risk of investinvest-ment loss, including the loss of the entire amount that is invested, and there can be no assurance that the investment objective of the Fund will be achieved.

A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your autho-rized dealer or from Goldman, Sachs & Co. by calling (retail - 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a fund’s objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.