Disclaimer

Terms and Conditions for the Retail Informational Website for Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong")

This Website including without limitation the information, functions and documents herein (the “Contents”), are intended exclusively for investors residing in Hong Kong (“Hong Kong Investors”). It is your responsibility to be aware of, to obtain all relevant regulatory approvals, licences, verifications and/or registrations under, and to observe all applicable laws and regulations of any relevant jurisdiction in connection with your entrance to this website. This Website and its Contents are made available on a confidential basis, for informational purposes only (the “Purpose”) and for the exclusive use of Hong Kong Investors. You undertake to keep this Website and its Contents as confidential and not to circulate the link to this Website or otherwise disclose any Contents to any third party. This Website is owned by Goldman Sachs Asset Management (Hong Kong) Limited, which is licensed by the Securities and Futures Commission (“SFC”) in the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong") pursuant to the Securities and Futures Ordinance (“SFO”) (Cap 571) (CE no: BFK567). This Website is administered by various companies within the Goldman Sachs Group, which shall collectively hereinafter be referred to as the "Firm".

You must read these Terms and Conditions for your own protection and benefit. When you have read the Terms and Conditions and provided you are entitled to view this Website according to these Terms and Conditions and any applicable laws and regulations, please click on the button below to acknowledge that you have read, understood and accept the Terms and Conditions and to proceed to the main part of the Website. If you are not a Hong Kong Investor or its authorised representative or if you are not in compliance with any of the provisions contained in the Terms and Conditions, you must not access this Website. You hereby represent that you understand and acknowledge that failure to comply with these Terms and Conditions may result in irreparable injury to the Firm for which monetary damages alone may not be an adequate remedy. You hereby agree that in the event of non-compliance with these Terms and Conditions you will indemnify and hold the Firm harmless against any liabilities (including all costs of investigation and defence) and other damages arising from any breach by you or by any of your delegates of these Terms and Conditions and the Firm may be entitled to specific performance and injunctive or other equitable relief as a remedy in addition to and not in lieu of any appropriate relief in the way of monetary damages.

The Contents are not intended to be accessed or used by any person or entity in any country or jurisdiction where this access or use is illegal or where the Firm will be under a legal obligation to register shares of any collective investment scheme or any offering of such shares. It is your responsibility to observe all applicable laws and regulations of any relevant jurisdiction.

CONTENTS NOT TO BE CONSTRUED AS A SOLICITATION, A RECOMMENDATION OR ADVICE

The funds referred to in this Website are authorized by the SFC for sale to the public in Hong Kong (the “Funds”). The SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits or performances of the scheme. It does not mean that the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. The material contained in this Website has not been reviewed by the SFC or any regulatory authority in Hong Kong.

Investment involves risk and may lose value. If you are considering making an investment, you are advised to obtain your own independent professional advice and to carefully consider all relevant risk factors. The price of units or shares and the income from them in relation to any investment may go down as well as up and any past performance is not indicative of future performance. The Firm does not guarantee the performance of the Funds.

An investment in the Funds often involves investing in international markets. In addition to the normal risks associated with investing, international investments involve the risk of losing all or part of any capital from unfavourable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. An investment in emerging markets also involves heightened other risks such as increased volatility and the possibility of lower trading volume.

Important information about the Funds is contained in the prospectus for the Funds which is available upon request from the Firm. BEFORE ACQUIRING THE SHARES OF ANY FUNDS BY PURCHASE OR EXCHANGE, IT IS YOUR RESPONSIBILITY TO READ THE FUNDS’ PROSPECTUS OR OFFERING MATERIALS, INCLUDING THE RISK FACTORS.

The Contents do not constitute an invitation to invest or a public offer of securities in the U.S., Hong Kong or elsewhere. The Contents are provided exclusively for the Purpose, at the Hong Kong Investor's request and they have not been prepared as an offer to trade any particular security referred in the Contents.

The Contents have been prepared for Hong Kong Investor informational purposes only without regard to the investment objectives, financial situation, or means of any particular person or entity, and the Firm is not soliciting any action based upon them. The Contents are not to be construed as a recommendation or a representation about the suitability or appropriateness of any securities; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy. Certain transactions, including those involving futures, options, and high-yield securities, give rise to substantial risk and are not suitable for all investors. Many of the products described on this Website involve significant risks. Transactions should not be entered without a full understanding of all such risks and an appropriate independent determination that such transactions are appropriate. The Contents may include forward-looking statements which are based on the Firm's current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. You should not construe any of the Contents as business, financial, investment, hedging, trading, legal, regulatory, tax, or accounting advice. The Firm will not treat users of this Website as its clients by virtue of them accessing it.

NON U.S. PERSON REPRESENTATION

The Contents are not available to U.S. persons or persons acting on their behalf. Therefore, you represent, warrant and covenant to the Firm that: (i) you are not acting for the account or benefit of a U.S. Person (as defined in Rule 902 of Regulation S under the U.S. Securities Act of 1933, as amended); (ii) you are not acting for the account or benefit of a person who is not a Non-United States Person (as defined in Rule 4.7 under the U.S. Commodity Exchange Act, as amended); (iii) you will not make the Contents available to, or offer or promote the sale of any interest in any securities to, any such U.S. Person or any person who is not such a Non-United States Person; and (iv) you will forthwith cease any use of the Contents for any purpose if any of the foregoing representations is no longer true.

DISCLAIMER OF WARRANTIES

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Opinions and/or estimates reflect a judgment at the original date of publication by the Firm and are subject to change without notice. The price, value of and income from any of the securities or financial instruments mentioned in this Website can fall as well as rise. Foreign currency denominated securities and financial instruments are subject to fluctuations in exchange rates that may have a positive or adverse effect on the value, price or income of such securities or financial instruments. Investors in securities, the values of which are influenced by currency volatility, effectively assume this risk. Valuations provided in the Website may be based upon a number of factors including, but not limited to, current prices quoted, valuation of underlying assets and market liquidity, as well as other assumptions (which are subject to change without notice) and publicly available information. All assumptions and estimates should not be relied upon for any investment decision. The Firm does not represent that any transaction can or could have been effected at such valuations. Any valuations are provided as a courtesy and are intended solely for your analysis.

This Website is subject to periodic update and revision. The Firm believes that the Contents are accurate as at the date of publication, however the Firm does not warrant that such Contents are accurate, current, or complete and it should not be relied upon as such, without regard to the date on which you may access the information. The Firm maintains the right to delete or modify information on this Website without prior notice. The Firm may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this Website. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them and the Firm is under no obligation to ensure that such reports are brought to your attention. The Firm makes no warranty whatsoever to you, express or implied, regarding the security of this Website.

BY ACCESSING THIS WEBSITE, YOU EXPRESSLY ACKNOWLEDGE AND AGREE THAT THE CONTENTS MADE AVAILABLE BY THE FIRM AND OUR THIRD PARTY PROVIDERS ARE ON AN "AS IS" BASIS, AND USED AT YOUR SOLE RISK. THE FIRM MAKES NO WARRANTY, EXPRESS OR IMPLIED, CONCERNING THIS WEBSITE. THE FIRM HEREBY EXPRESSLY DISCLAIMS TO THE EXTENT PERMITTED BY APPLICABLE LAW AND/OR REGULATION ALL WARRANTIES, EXPRESS, STATUTORY OR IMPLIED, REGARDING THIS WEBSITE AND ANY RESULTS TO BE OBTAINED FROM THE USE OF THIS WEBSITE, INCLUDING BUT NOT LIMITED TO ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR USE AND ALL WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING AND/OR USAGE OF TRADE OR THEIR EQUIVALENTS UNDER THE APPLICABLE LAWS AND/OR REGULATIONS OF ANY JURISDICTION. THE FIRM DOES NOT WARRANT OR GUARANTEE THE ACCURACY, TIMELINESS, SUITABILITY, CORRECTNESS, QUALITY, RELIABILITY, COMPLETENESS OR AVAILABILITY OF THIS WEBSITE OR THE INFORMATION OR RESULTS OBTAINED FROM USE OF THIS WEBSITE, OR THAT THIS WEBSITE OR ITS CONTENTS OR RESULTS WILL BE FREE FROM ERROR.

UNDER NO CIRCUMSTANCES AND UNDER NO THEORY OF ANY APPLICABLE LAW AND/OR REGULATION, TORT, CONTRACT, STRICT LIABILITY OR OTHERWISE, SHALL THE FIRM BE LIABLE TO ANYONE FOR ANY LOSS OR DAMAGES ARISING OUT OF OR IN CONNECTION WITH THE ACCESS OF, USE OF OR BROWSING IN THE WEBSITE OR RESULTING FROM INABILITY TO ACCESS OR USE THIS WEBSITE REGARDLESS OF WHETHER THEY ARE DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF ANY CHARACTER, INCLUDING DAMAGES FOR TRADING LOSSES OR LOSS OF PROFITS, BUSINESS, GOODWILL OR REPUTATION, OR FOR ANY CLAIM OR DEMAND BY ANY THIRD PARTY, EVEN IF THE FIRM KNEW OR HAD REASON TO KNOW OF THE POSSIBILITY OF SUCH DAMAGES, CLAIM OR DEMAND.

INTELLECTUAL PROPERTY

All intellectual property rights related to the Contents, including the information, trademarks, service marks, text, materials, images, logos, photographs and illustrations on this Website and regarding the lay-out and design thereof (such intellectual property rights referred as the “Intellectual Property”) are the property of the Firm or have been licensed to the Firm by the owner(s) of those rights. None of the Contents, nor any copy of it, may be altered in any way (including, for the avoidance of doubt, any removal of any copyright, trademark or any other notices that are provided to you in connection with the Contents), transmitted to, copied or distributed to any other party, without the prior express written permission of the Firm. All trademarks, service marks and logos used on this Website are trademarks or service marks or registered trademarks or service marks of the Firm or other entities.

The Firm reserves the right, at any time and from time to time, in the interests of its own editorial discretion and business judgment to add, modify, or remove any of the Contents. These Terms and Conditions are not intended to, and will not, transfer or grant any rights in or to the Intellectual Property other than those which are specifically described herein, and all rights not expressly granted herein are reserved by the Firm or, where applicable, the third party providers from whom the Firm has obtained the Intellectual Property.

LINKED WEBSITES

The Website may contain addresses or hyperlinks which lead you out of this Website. The Firm has not reviewed any such websites to which this Website may link, and is not responsible for the content of any websites or pages linked to or linking from this Website. Such addresses or hyperlinks (including addresses or hyperlinks to the Firm’s own website material) are provided solely for your convenience and information. Accessing such websites or following such links to any other websites or pages shall be at your own risk. The Firm has not tested any information, software, or products found on any such websites and therefore, the Firm makes no representations concerning their content or sponsors, or the suitability or appropriateness of the products or transactions described therein. The inclusion within this Website of addresses or hyperlinks which lead you out of this Website does not constitute an endorsement, authorization, sponsorship, or affiliation by the Firm with respect to any websites, its owners, or its providers. These websites have not been reviewed by the SFC or any regulatory authority in Hong Kong.

MONITORING BY THE FIRM

Your use of this Website may be monitored by the Firm or its service providers, and the resultant information may be used by the Firm for its internal business purposes or in accordance with the rules of any applicable regulatory or self-regulatory organization.

GOVERNING LAW AND JURISDICTION

The information provided on this Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject the Firm or its affiliates to any registration requirement within such jurisdiction or country. Each investment product and service referred to on this Website is intended to be made available only to residents in Hong Kong.

These Terms and Conditions shall be governed by, and shall be construed in accordance with, the laws of Hong Kong. The courts of Hong Kong shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with these Terms and Conditions and, for such purposes, you agree to submit to the jurisdiction of the courts of Hong Kong. Each party hereby waives any objection which it might at any time have to the courts of Hong Kong being nominated as the forum to hear and determine any proceedings and to settle any disputes and agrees not to claim that the courts of Hong Kong are not a convenient or appropriate forum..

INDEMNITY

Without prejudice to the foregoing, you will keep the Firm indemnified and harmless with respect to any liabilities (including all costs of investigation and defence) and other damages that directly or indirectly may derive from the failure to comply with the Terms and Conditions hereunder, including but not limited to any liability or damage that directly or indirectly may derive from any use of the Website which is not in accordance with the Purpose and/or any breach of these Terms and Conditions.

You expressly acknowledge that you have checked and confirm that you: (i) are a Hong Kong Investor or an authorised representative of a Hong Kong Investor; (ii) that you understand and accept the Terms and Conditions above and are legally entitled to view this Website; and (iii) understand that the information on the Website is not a promotion and that you will not treat it as such and that any information on the Website is not addressed specifically to you.

Should you not be a Hong Kong Investor or an authorised representative of a Hong Kong Investor or should you not be in compliance with any of the Terms and Conditions, you must immediately discontinue from using the Website and refrain from accessing any pages of the Website.

中華人民共和國香港特別行政區（「香港」）零售資訊網站的條款及細則

本網站包括但不限於此處所載資料、功能及文件（「網站內容」），擬僅供居住於香港的投資者（「香港投資者」）使用。閣下有責任了解及取得與閣下訪問本網站有關的任何相關司法管轄區內的所有相關監管許可、牌照、查證及／或註冊，以及遵守該司法管轄區的所有適用法律和法規。本網站及其網站內容乃以保密形式提供，僅作參考之用（「用途」），並且僅供香港投資者使用。閣下須承諾對本網站及其網站內容保密，不會傳播本網站的鏈接或以其他方式向任何第三方披露任何網站內容。本網站乃由根據《證券及期貨條例》（「證券及期貨條例」）（第571章）在中華人民共和國香港特別行政區（「香港」）獲得證券及期貨事務監察委員會（「證監會」）許可的高盛資產管理（香港）有限公司（中央編號：BFK567）所有。本網站由高盛集團旗下多家公司管理，在下文統稱為「公司」。

出於對閣下自身的保護及利益著想，閣下必須閱讀該等條款及細則。當閣下已經閱讀條款及細則且在閣下有權根據該等條款及細則以及任何適用法律和法規瀏覽本網站的情況下，請點擊下面的按鈕以確認閣下已閱讀、理解並接受條款及細則，並進入本網站的主頁。倘若閣下並非香港投資者或其授權代表，或者閣下未遵守條款及細則的任何規定，閣下不得訪問本網站。閣下特此聲明，閣下理解並承認，不遵守該等條款及細則可能會對公司造成不可挽回的損害，僅金錢賠償可能不足以作為補救措施。閣下特此同意，倘若不遵守該等條款及細則，閣下將賠償由閣下或閣下之任何代表因違反該等條款及細則而導致公司產生的任何債務（包括所有的調查及辯護費用）及其他損失，並保障公司不受損害，公司可有權獲得强制履行、禁止令或其他同等救濟作為額外補充，且並不能替代金錢賠償形式的任何適當救濟。

網站內容無意供任何國家或司法管轄區內的任何人士或實體訪問或使用，如訪問或使用網站內容在該等國家或司法管轄區屬違法，或將導致公司承擔登記任何集體投資計劃股份或發售該等股份的法律責任。閣下有責任遵守任何相關司法管轄區的所有適用法律和法規。

網站內容不得被理解為招攬、推介或建議

本網站所提述的基金已獲證監會認可在香港公開發售（「有關基金」）。證監會認可不等於對某計劃作出推介或認許，亦並非對該計劃的商業價值或表現作出保證，更不表示該計劃適合所有投資者，或認許該計劃適合任何特定投資者或特定類別的投資者。本網站所載的材料未經證監會或香港任何監管機構審閱。

投資涉及風險且可能招致損失。倘若閣下正在考慮投資，我們建議閣下自行取得獨立專業建議並仔細考慮所有相關風險因素。與任何投資相關的單位或股份價格及其收入可能下跌，亦可能上升，且任何過往表現並非對未來表現的指引。公司不保證有關基金的表現。

投資有關基金經常涉及投資國際市場。除一般投資風險外，國際投資亦會因貨幣價值的不利波動、公認會計原則的差異或其他國家的經濟或政治動盪，而承受損失全部或任何部分資金的風險。投資新興市場亦會增加其他風險，例如波動率增高及交易量較低的可能性。

有關基金的重要資料載於其基金章程，可於需要時向公司索取。在透過購買或交換獲得任何有關基金的股份之前，閣下有責任閱讀該有關基金的基金章程或發售材料，包括「風險因素」。

網站內容不構成在美國、香港或其他地方投資或公開發售證券的邀約。網站內容乃按香港投資者要求提供，僅供上述用途之用，編製該等內容並非作為買賣網站內容所提述的任何特定證券的要約。

網站內容乃為香港投資者編製，僅供其參考之用，並未考慮任何特定個人或實體的投資目標、財務狀況或方法，且公司亦並未基於此，招攬作出任何行動。網站內容不得被理解為對任何證券的合適性或適宜性的推介或聲明；或買賣要約；或買賣任何證券、金融產品或工具的要約招攬；或參與任何特定交易策略。若干交易（包括涉及期貨、期權及高收益證券的交易）會產生重大風險，並非適合所有投資者。本網站上所述的許多產品均涉及重大風險。在未全面了解所有有關風險，以及作出適宜的獨立決定認為交易屬適宜之前，閣下不應進行任何交易。網站內容可能包括基於公司當前投資觀點、預期及預測的前瞻性陳述。我們並無義務更新或修訂任何前瞻性陳述。實際結果可能與前瞻性陳述中的預期存在重大差異。閣下不應將任何網站內容理解為商業、金融、投資、對沖、交易、法律、監管、稅務或會計建議。公司不會因用戶訪問本網站而將其視為客戶。

非美國人士聲明

網站內容不向美國人士或其代表提供。因此，閣下向公司聲明、保證及承諾：(i)閣下並非為美國人士（定義見1933年《美國證券法》（經修訂）項下S規則第902條）的賬戶或為其利益行事；(ii)閣下並非為非美國人士（定義見《美國商品交易法》（經修訂）第4.7條）的賬戶或為其利益行事；(iii)閣下不會將網站內容提供予任何上述美國人士或任何並非上述非美國人士，或向該等人士發售或推銷任何證券中的任何權益；及(iv)倘若上述任何陳述不再適用，閣下須立即停止對任何網站內容的使用，無論出於任何目的。

免責聲明

過往表現不應作為對未來表現的指引或保證，以及並無對未來表現作出明示或隱含的表述或保證。意見及／或估計反映公司在最初發佈本網站日期的判斷，並可能隨時變更，恕不另行通知。本網站提及的任何證券或金融工具的價格、價值及收入均可能出現漲跌。外幣計價證券及金融工具受可能對該等證券或金融工具的價值、價格或收入產生正面或負面的匯率波動影響。價值受貨幣波動影響的證券的投資者實際上承擔了此風險。本網站提供的估值可能基於多種因素，包括但不限於目前報價、相關資產估值及市場流動性，以及其他假設（可能隨時更改，恕不另行通知）及公開可得的資料。任何投資決策都不應依賴所有假設及估計。公司並無表示任何交易可以或可能以該等估值實施。任何估值為善意提供，僅供閣下分析之用。

公司會對本網站進行定期更新及修訂，並相信網站內容截至發佈日止準確無誤。然而，公司並不就網站內容的準確性、實時性或完備性作出保證，因此不應在未考慮閣下訪問有關資料的日期的情況下倚賴網站內容。公司保留在不事先通知的情況下刪除或修改本網站資料的權利。公司可能已發佈與本網站所示資料不一致及所得結論存在差異的其他報告。該等報告反映編製報告的分析師的不同假設、觀點及分析方法，公司沒有義務確保閣下注意此類報告。公司並無就本網站的安全性向閣下作任何明示或隱含的保證。

訪問本網站，即表示閣下明確承認並同意，公司及我們第三方提供商所提供的網站內容均按「現狀」基準提供，並由閣下自行承擔使用風險。公司並無就本網站作任何明示或隱含的擔保。公司特此明確表示，在適用法律及／或法規准許的範圍內，並無就本網站及透過使用本網站獲取的任何結果作出任何明示、法定或隱含的保證，包括但不限於對特定用途或使用的適銷性、適當性的任何保證，以及任何司法管轄區的適用法律及／或法規下的履行過程、交易過程及／或交易使用或同等情況產生的任何保證。公司不保證或擔保本網站或透過使用本網站獲取的資料或結果的準確性、及時性、合適性、正確性、質素、可靠性、完備性或可用性，或本網站或其網站內容或結果不會出現錯誤。

在任何情況下根據任何適用法律及／或法規、侵權行為、合同、嚴格責任或其他約定，公司概不對於因訪問、使用或瀏覽本網站或因無法訪問或使用本網站而產生的，或與之相關的任何損失或損害向任何人承擔任何責任，無論該等損失或損害是否屬於直接、間接、特殊、偶然或後果性的，其中包括交易損失或利潤、業務、商譽或聲譽損失，或任何第三方提出的任何索償或索求，即使公司已知悉或有理由知悉該等損害、索償或索求的可能性。

知識產權

與網站內容相關的所有知識產權，包括本網站上的資料、文本、材料、圖像、商標、服務標記、徽標，照片及插圖，以及有關其佈局及設計（該等知識產權稱為「知識產權」），為公司的財產或已由該等產權的所有者授權予公司。事先未獲得公司明確的書面許可，網站內容或其任何副本均不得以任何方式（包括，為免生疑，刪除向閣下提供的與網站內容有關的任何版權、商標或任何其他通知）進行更改，不得傳播、複製或分發予任何其他方。本網站上使用的所有商標、服務標誌及徽標均為公司或其他實體的商標或服務標誌或註冊商標。

公司保留權利隨時及不時出於自主編輯及業務判斷的利益，增加、修改或刪除任何網站內容。該等條款及細則無意亦將不會轉讓或授出除本文明確規定以外的知識產權或與之有關的任何權利，而本文未明確授出的所有權利由公司（或如適用，由公司所獲得的知識產權的第三方提供商）保留。

鏈接網站

本網站可能含有引導閣下退出本網站的地址或超鏈接。公司尚未審查本網站可能鏈接的任何相關網站，並且不對鏈接本網站或本網站鏈接的任何網站或頁面的內容負責。該等地址或超鏈接（包括連接公司自身網站材料的地址或超鏈接）僅為了閣下方便及參考而提供。訪問該等網站或點擊該等鏈接進入任何其他網站或網頁產生的風險由閣下自行承擔。公司未對任何該等網站上發現的任何資料、軟件或產品進行測試，因此，公司不對其內容或贊助商或其中所述產品或交易的適用性或適當性作任何聲明。本網站所包含的導致閣下退出本網站的地址或超鏈接並不構成公司對任何有關網站、其所有者或提供商的認可、授權、贊助或從屬關係。該等網站未經證監會或香港任何監管機構審核。

公司監控

閣下對本網站的使用可能受公司或其服務提供商監控，由此產生的資料可由公司用於其內部業務目的，或由公司根據任何適用監管或自我監管機構的規則使用。

管轄法律及司法管轄權

在發佈或使用本網站提供之資料即屬違反法律和法規的任何司法管轄區或國家，或將導致公司或其任何聯屬機構受其註冊規定所規限的司法管轄區或國家，本網站所提供的資料不擬向該等司法管轄區或國家內的任何人士或實體發佈或供其使用。本網站所提及的每種投資產品及服務擬僅提供予香港居民。

該等條款及細則應受香港法律管轄並依據香港法律解釋。香港法院應當對審理及裁決任何可能由該等條款及細則引致的或與之有關的訴訟、起訴或訴訟程序，以及解決任何可能由該等條款及細則引致的或與之有關的爭端有非排他的管轄權，為此目的，閣下同意服從香港法院的管轄。各方在此放棄在任何時間反對香港法院被任命為審理及裁決一切訴訟以及解決一切爭端的法院之權利，並同意不會提出香港法院並非方便或合適的法院。

彌償

在不損害前述規定的前提下，閣下將賠償因未遵守本網站條款及細則而直接或間接產生的任何債務（包括調查及辯護的所有費用）及其他損失，並保障公司不受損害，包括但不限於由於不根據用途及／或違反該等條款及細則使用本網站，而直接或間接引致的任何債務或損失。

閣下明確承認，閣下已檢查並確認閣下：(i) 為香港投資者或香港投資者的授權代表；(ii) 閣下理解並接受上述條款及細則，並且在法律上有權瀏覽本網站；及(iii) 了解本網站上的資料並非推廣資料，且閣下不會將其視為推廣資料，並且本網站上的任何資料並非專門針對閣下個人。

倘若閣下並非香港投資者或香港投資者的授權代表，或者閣下未遵守任何條款及細則，閣下必須立即停止使用本網站並且不得再訪問本網站的任何頁面。

By clicking the "I Accept" button, you agree to abide by the terms and conditions listed below.

General

Investment involves risk. For more detailed information on the risks associated with an investment in the Portfolio, please refer to the Hong Kong offering documents including the Product Key Facts Statement (KFS).
Performance is shown as of the month end on NAV to NAV basis in denominated currency of the respective share class, with dividend reinvested.
The value of assets in the Portfolio is typically dictated by a number of factors, including political, market and general economic conditions. The Portfolio's investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Portfolio may suffer losses. There is no guarantee of the repayment of principal.
Material losses to the Portfolio may arise as a result of human error, system and/or process failures, inadequate procedures or controls.
Insolvency, breaches of duty of care or misconduct of a custodian or sub-custodian responsible for the safekeeping of the Portfolio’s assets can result in loss to the Portfolio.

For Goldman Sachs Emerging Markets Debt Portfolio:

The Portfolio is exposed to risks associated with financial derivative instruments which may lead to a significant loss by the Portfolio. There is no guarantee that the desired hedging instruments will be available or hedging techniques will achieve their desired result. In adverse situations, the use of hedging instruments may become ineffective in hedging and the Portfolio may suffer significant losses.

For Goldman Sachs All China Equity Portfolio, Goldman Sachs Emerging Markets Equity Portfolio, Goldman Sachs Future Economic Security Equity Portfolio, Goldman Sachs Global Future Health Care Equity Portfolio, Goldman Sachs Global Future Technology Leaders Equity Portfolio, Goldman Sachs Global Future Generations Equity Portfolio, Goldman Sachs India Equity Portfolio, Goldman Sachs Japan Equity Partners Portfolio, Goldman Sachs Japan Equity Portfolio, Goldman Sachs Emerging Markets CORE® Equity Portfolio, Goldman Sachs Europe CORE® Equity Portfolio, Goldman Sachs Global CORE® Equity Portfolio, Goldman Sachs Global Small Cap CORE® Equity Portfolio, Goldman Sachs US CORE® Equity Portfolio, Goldman Sachs US Small Cap CORE® Equity Portfolio, Goldman Sachs US Small Cap Equity Portfolio, Goldman Sachs Asia High Yield Bond Portfolio, Goldman Sachs Emerging Markets Corporate Bond Portfolio and Goldman Sachs Global High Yield Portfolio,Goldman Sachs Global Income Bond Portfolio and Goldman Sachs Global Securitised Income Bond Portfolio:

The Portfolio is exposed to risks associated with financial derivative instruments which may lead to a significant loss by the Portfolio.

For Goldman Sachs Global Multi-Asset Income Portfolio:

The Portfolio is exposed to risks associated with financial derivative instruments, including writing (selling) of covered call options, which may lead to a significant loss by the Portfolio.

For Goldman Sachs Asia High Yield Bond Portfolio, Goldman Sachs Emerging Markets Corporate Bond Portfolio, Goldman Sachs Emerging Markets Debt Portfolio and Goldman Sachs Global Income Bond Portfolio and Goldman Sachs Global Securitised Income Bond Portfolio:

The Portfolio invests in Emerging Markets (in specific regions or otherwise) which may involve increased risks and special considerations not typically associated with investment in more developed markets such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk, risks of nationalisation or expropriation of assets, and the likelihood of a high degree of volatility.

The Portfolio invests in Emerging Markets (in specific regions or otherwise) which may involve increased risks and special considerations not typically associated with investment in more developed markets such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk, risks of nationalisation or expropriation of assets, and the likelihood of a high degree of volatility. High market volatility and potential settlement difficulties in the markets may also result in significant fluctuations in the prices of the securities traded on Emerging Markets and thereby may adversely affect the value of the Portfolio.

For Goldman Sachs Asia High Yield Bond Portfolio, Goldman Sachs Global High Yield Portfolio, Goldman Sachs Global Multi-Asset Income Portfolio and Goldman Sachs Global Income Bond Portfolio:

The Portfolio's investments are concentrated in high-yield instruments and/or below Investment Grade or unrated securities of comparable credit quality. The value of the Portfolio may be more volatile than that of a fund having a more diverse portfolio of investments.

For Goldman Sachs All China Equity Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, investments in the PRC generally, ChiNext market and/or the Science and Technology Innovation Board, investment made through QFI Program, Stock Connect, RMB currency and conversion, PRC taxation, equity market, small-capitalisation/mid-capitalisation companies, regulatory/exchanges requirements/policies of the equity market in Emerging Markets (including the PRC), sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.
Effective March 10, 2021 the portfolio name changed from Goldman Sachs China Opportunity Equity Portfolio to Goldman Sachs All China Equity Portfolio.
The performance up to and including 2021 was achieved under circumstances that no longer apply, as the investment policy was changed in March 2021 to allow for increased exposure to China A-Shares.
The Reference Benchmark of the Portfolio was changed in March 2021 to reflect a change in the investment policy. The current Reference Benchmark has been applied to the performance history of the Portfolio back to inception.
Effective August 7, 2017, the Management Fee of all Base Classes changed from 1.75% per annum to 1.50% per annum.

For Goldman Sachs Emerging Markets Equity Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, equity market, small-capitalisation / mid-capitalisation companies, regulatory/exchanges requirements/policies of the equity market in Emerging Markets, investments in the PRC generally, investment made through QFI Program, Stock Connect, RMB currency and conversion, sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.
Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Broad Equity Portfolio to Goldman Sachs Emerging Markets Equity Portfolio.
Effective September 8, 2008, the Management Fee of all Base Classes changed from 1.50% per annum to 1.75% per annum.

For Goldman Sachs Emerging Markets CORE® Equity Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, equity market, small-capitalisation / mid-capitalisation companies, regulatory/exchanges requirements/policies of the equity market in Emerging Markets, CORE® strategy model, Snap and Close Share Classes, investments in the PRC generally, investment made through QFI Program, Stock Connect, RMB currency and conversion, sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.
Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets CORE® Equity Portfolio to Goldman Sachs Emerging Markets CORE® Equity Portfolio.
Effective July 13, 2017, the Management Fee of all Base Classes changed from 1.75% per annum to 1.35% per annum.

For Goldman Sachs Europe CORE® Equity Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, equity market, small-capitalisation/mid-capitalisation companies, CORE® strategy model, sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.
The investment returns are denominated in Euro. US/HK dollar-based investors are therefore exposed to fluctuations in the US/HK dollar / Euro exchange rate.

For Goldman Sachs Global CORE® Equity Portfolio:

The Portfolio is exposed to risks associated with currency, equity market, small-capitalisation/mid-capitalisation companies, regulatory/exchanges requirements/policies of the equity market in emerging markets, CORE® strategy model, Snap and Close Share Classes, sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.
The performance up to and including 2013 was achieved under circumstances that no longer apply, as the investment policy was changed since April 2013 whereby derivatives may be used for reasons other than hedging and/or efficient portfolio management.

For Goldman Sachs Global Small Cap CORE® Equity Portfolio:

The Portfolio's investments are concentrated in equity securities of small capitalisation companies. The stock of small-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general.
The Portfolio is exposed to risks associated with currency, concentration, equity market, regulatory/exchanges requirements/policies of the equity market in emerging markets, CORE® strategy model, Snap and Close Share Classes, sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.

For Goldman Sachs US Small Cap CORE® Equity Portfolio:

The Portfolio's investments are concentrated in equity securities of small capitalisation companies. The stock of small-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general.
The Portfolio is exposed to risks associated with currency, concentration, equity market, CORE® strategy model, Snap and Close Share Classes, sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.

For Goldman Sachs Global Future Economic Security Equity Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, technology sector, health care sector, Aerospace and Defense Industry, equity market, small-capitalisation / mid-capitalisation companies, regulatory/exchanges requirements/policies of the equity market in emerging markets, investments in the PRC generally, investment made through QFI Program, Stock Connect, RMB currency and conversion, sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.

For Goldman Sachs Global Future Health Care Equity Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, health care sector, equity market, small-capitalisation / mid-capitalisation companies, regulatory/exchanges requirements/policies of the equity market in emerging markets, investments in the PRC generally, investment made through QFI Program, Stock Connect, RMB currency and conversion, sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.
Effective January 8, 2021, the Management Fee of all Base Classes changed from 1.75% per annum to 1.50% per annum.

For Goldman Sachs Global Future Technology Leaders Equity Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, technology sector, equity market, small-capitalisation / mid-capitalisation companies, regulatory/exchanges requirements/policies of the equity market in emerging markets, investments in the PRC generally, investment made through QFI Program, Stock Connect, RMB currency and conversion, sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.

For Goldman Sachs Global Future Generations Equity Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, equity market, small-capitalisation / mid-capitalisation companies, regulatory/exchanges requirements/policies of the equity market in emerging markets, investments in the PRC generally, investment made through QFI Program, Stock Connect, RMB currency and conversion, sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.
Effective January 4, 2016, the portfolio name changed from Goldman Sachs Global Equity Unconstrained Portfolio to Goldman Sachs Global Millennials Equity Portfolio. Effective November 25, 2024, the portfolio name changed from Goldman Sachs Global Millennials Equity Portfolio to Goldman Sachs Global Future Generations Equity Portfolio.
The performance up to and including 2016 was achieved under circumstances that no longer apply, as the investment objective and investment policy were changed since January 2016 whereby the portfolio primarily invests in equity securities of companies that are beneficiaries from the behaviour of the Millennials generation, defined as individuals born between 1980 and 1999.
The Reference Benchmark of the Portfolio was changed in May 2016 following a change in the Portfolio’s investment objective and policies in January 2016. The current Reference Benchmark has been applied to the performance history of the Portfolio back to inception.

For Goldman Sachs India Equity Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, investments in India, equity market, small-capitalisation/mid-capitalisation companies, regulatory/exchanges requirements/policies of the equity market in Emerging Markets (including India), sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.

For Goldman Sachs Japan Equity Partners Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, equity market, small-capitalisation/mid-capitalisation, sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.

For Goldman Sachs Japan Equity Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, equity market, small-capitalisation/mid-capitalisation, sustainability risk, depositary receipts, Money Market Instruments, Snap and Close Share Classes, liquidity and counterparty.
Effective May 31, 2016 the portfolio name changed from Goldman Sachs Japan Portfolio to Goldman Sachs Japan Equity Portfolio.

For Goldman Sachs US CORE® Equity Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, equity market, small-capitalisation/mid-capitalisation companies, CORE® strategy model, Snap and Close Share Classes, sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.
Effective July 1, 2018, the Management Fee of all Base Share Classes and Other Currency Share Classes changed from 1.25% per annum to 1.00% per annum.

For Goldman Sachs US Small Cap Equity Portfolio:

The Portfolio's investments are concentrated in equity securities of small capitalisation companies. The stock of small-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general
The Portfolio is exposed to risks associated with currency, concentration, equity market, sustainability risk, depositary receipts, Money Market Instruments, liquidity and counterparty.
Effective March 10, 2021 the portfolio name changed from Goldman Sachs US Smaller Cap Equity Portfolio to Goldman Sachs US Small Cap Equity Portfolio.
The performance up to and including 2021 was achieved under circumstances that no longer apply, as the investment policy was changed in March 2021 to invest primarily in US small market capitalisation companies only and no longer in mid-market capitalisation companies.
The Reference Benchmark of the Portfolio was changed in March 2021 to reflect a change in the investment policy. The current Reference Benchmark has been applied to the performance history of the Portfolio back to inception.
Effective December 28, 2018, the Management Fee of all Base Share Classes changed from up to 1.75% per annum to 1.50% per annum.

For Goldman Sachs Asia High Yield Bond Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, credit, counterparty, interest rate, volatility, liquidity, downgrading, high yield instruments and/or below Investment Grade or unrated securities of comparable credit quality, sovereign debt, investments in debt instruments with loss-absorption features, RMB currency and conversion, sustainability risk, Money Market Instruments, valuation, credit rating and credit rating agency.
For Class Other Currency Shares (Gross MDist) (AUD-Hedged), the investment returns are denominated in Australian dollar. US/HK dollar based investors are therefore exposed to fluctuations in the US/HK dollar/Australian dollar exchange rate.
For Class Other Currency Shares (Gross MDist)(RMB-Hedged), the investment returns are denominated in Renminbi. US/HK dollar based investors are therefore exposed to fluctuations in the US/HK dollar/ Renminbi exchange rate.

For Goldman Sachs Emerging Markets Corporate Bond Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, credit, counterparty, interest rate, volatility, liquidity, downgrading, debt securities rated below Investment Grade or unrated securities of comparable credit quality, sovereign debt, investments in debt instruments with loss-absorption features, RMB currency and conversion, sustainability risk, Money Market Instruments, valuation, credit rating and credit rating agency.
Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Corporate Bond Portfolio to Goldman Sachs Emerging Markets Corporate Bond Portfolio.
For Class Other Currency Shares (Gross MDist) (AUD-Hedged), the investment returns are denominated in Australian dollar. US/HK dollar based investors are therefore exposed to fluctuations in the US/HK dollar/Australian dollar exchange rate.

For Goldman Sachs Emerging Markets Debt Portfolio:

The Portfolio is exposed to risks associated with currency, concentration, credit, counterparty, interest rate, volatility, liquidity, high expected leverage, downgrading, debt securities rated below Investment Grade or unrated securities of comparable credit quality, sovereign debt, investments in debt instruments with loss-absorption features, investment via the CIBM Direct Access, RMB currency and conversion, sustainability risk, Money Market Instruments, valuation, credit rating and credit rating agency.
Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Debt Portfolio to Goldman Sachs Emerging Markets Debt Portfolio.
For Class Base (Acc.) Shares, the performance of the reference benchmark prior to September 25, 2017 reflects a 1 day lag. The reference benchmark change on September 25, 2017 was due to an enhancement to the way the underlying assets in the portfolio are priced resulting in non-lag benchmarks being the most appropriate reference benchmark for this portfolio.

For Goldman Sachs Global High Yield Portfolio:

The Portfolio is exposed to risks associated with currency, credit, counterparty, interest rate, liquidity, downgrading, high yield instruments and/or below Investment Grade or unrated securities of comparable credit quality, sovereign debt, investments in debt instruments with loss-absorption features, sustainability risk, Money Market Instruments, valuation and credit rating.
The Bloomberg Barclays U.S. Corporate High Yield Bond Index - 2% Issuer Cap is the 2% Issuer Cap component of the Bloomberg Barclays U.S. Corporate High Yield Bond Index. The Bloomberg Barclays U.S. Corporate High Yield Bond Index covers the universe of USD-denominated, high yield, fixed rate corporate bond market.
For Class Other Currency Shares (MDist) (AUD-Hedged), the investment returns are denominated in Australian dollar. US/HK dollar based investors are therefore exposed to fluctuations in the US/HK dollar/Australian dollar exchange rate.

For Goldman Sachs Global Income Bond Portfolio:

The Portfolio is exposed to risks associated with currency, credit, counterparty, interest rate, volatility, liquidity, downgrading, debt securities rated below Investment Grade or unrated securities of comparable credit quality, sovereign debt, mortgage-backed securities and asset-backed securities, investments in debt instruments with loss-absorption features, RMB currency and conversion, sustainability risk, Money Market Instruments, valuation, credit rating and credit rating agency.
Effective January 8, 2021, the portfolio name changed from Goldman Sachs Global ESG Enhanced Income Bond Portfolio to Goldman Sachs ESG-Enhanced Global Income Bond Portfolio. Effective May 30, 2022, the portfolio name changed from Goldman Sachs ESG-Enhanced Global Income Bond Portfolio to Goldman Sachs Global Income Bond Portfolio.
Effective January 8, 2021, the Management Fee of all Base Classes and Other Currency Share Classes changed from up to 1.20% per annum to 1.00% per annum.
For Class Other Currency Shares (Gross MDist) (AUD-Hedged), the investment returns are denominated in Australian dollar. US/HK dollar based investors are therefore exposed to fluctuations in the US/HK dollar/Australian dollar exchange rate.

For Goldman Sachs Global Securitised Income Bond Portfolio:

The Portfolio may invest in Mortgage-backed securities, asset-backed securities and collateralised loan obligations either directly or indirectly via a financial index, including but not limited to index linked swaps which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities.
The Portfolio is exposed to risks associated with currency, credit, counterparty, interest rate, volatility, liquidity, downgrading, debt securities rated below Investment Grade or unrated securities of comparable credit quality, sovereign debt, mortgage-backed securities, asset-backed securities and collateralised loan obligations, sustainability risk, Money Market Instruments, valuation, credit rating and credit rating agency.
Effective January 30, 2023, the portfolio name changed from Goldman Sachs US Real Estate Balanced Portfolio to Goldman Sachs Global Securitised Income Bond Portfolio.
The performance up to and including 2023 was achieved under circumstances that no longer apply, as the investment objective and investment policy were changed since January 2023 whereby the portfolio primarily invests in asset backed securities of issuers around the world.
The Reference Benchmark of the Portfolio was changed in January 2023 following a change in the Portfolio’s investment objective and policies in January 2023. The current Reference Benchmark has been applied to the performance history of the Portfolio back to inception.
Effective January 30, 2023, the Management Fee of all Base Classes and Other Currency Share Classes changed from 1.50% per annum to 1.10% per annum.

For Goldman Sachs Global Multi-Asset Income Portfolio:

The Portfolio is exposed to risks associated with currency, equity market, small-capitalisation / mid-capitalisation companies, regulatory/exchanges requirements/policies of the equity market in Emerging Markets, RMB currency and conversion, sustainability risk, depositary receipts, Money Market Instruments, liquidity, counterparty, credit, interest rate, downgrading, high yield instruments and/or below Investment Grade or unrated securities of comparable credit quality, investments in debt instruments with loss-absorption features, valuation, credit rating, Tactical Exposures and dynamic asset allocation strategy.
For Class Other Currency Shares (Gross MDist) (AUD-Hedged), the investment returns are denominated in Australian dollar. US/HK dollar based investors are therefore exposed to fluctuations in the US/HK dollar/Australian dollar exchange rate.
For Class Other Currency Shares (Gross MDist)(RMB-Hedged), the investment returns are denominated in Renminbi. US/HK dollar based investors are therefore exposed to fluctuations in the US/HK dollar/ Renminbi exchange rate.
Effective December 28, 2018, the portfolio name changed from Goldman Sachs Global Income Builder Portfolio to Goldman Sachs Global Multi-Asset Income Portfolio.
The performance up to and including 2017 was achieved under circumstances that no longer apply, as the investment objective and investment policy were changed since April 2015 and August 2017 whereby the portfolio may seek to generate income through the writing of call options on equity securities or indices, and the portfolio’s currency exposure was hedged back to the US Dollar, respectively.
The Reference Benchmark of the Portfolio was changed in May 2016 and December 2018 to reflect changes in the strategic asset allocation of the Portfolio, and in August 2017 to reflect a change in the investment policy. The current Reference Benchmark has been applied to the performance history of the Portfolio back to inception.
Effective April 27, 2015, the Management Fee of all Base Classes and Other Currency Share Classes changed from up to 1.50% per annum to 1.25% per annum.

For Gross MDist:

The Portfolio may pay dividend out of gross income while charging/paying all or part of the Portfolio’s fees and expenses to / out of the capital of the Portfolio, resulting in an increase in distributable income for the payment of dividends by the Portfolio and therefore, the Portfolio may effectively pay dividend out of capital.
Capital/capital gains are generally expected to be retained although the board of directors of the Fund may at its discretion pay dividend out of the capital and/or effectively out of capital of the Portfolio.
Payment of dividends out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the net asset value per share.
Latest Dividend: See Historical Payments & Compositions for further details of the dividends payouts.

For MDist Class, Class Base (Close) Shares and Class Base (Snap) Shares:

Capital/capital gains are generally expected to be retained although the board of directors of the Fund may at its discretion pay dividend out of the capital of the Portfolio.
Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the net asset value per share.
-Latest Dividend: See Historical Payments & Compositions for further details of the dividends payouts.

一般

投資涉及風險。如欲進一步了解與投資於本投資組合相關的詳細風險資訊，請參閱香港發售文件，包括產品資料概要（KFS）。
所示表現以截至月底各自股份類別計值貨幣計算的資產淨值為基準，股息會滾存再作投資。
本投資組合的資產價值通常由多種因素決定，包括政治、市場及一般經濟狀況。本投資組合的投資價值可能因以下任一主要風險因素而下跌，因此閣下於本投資組合的投資可能遭受損失。概不保證償還本金。
人為失誤、系統及／或流程故障、程序或監控不充分可能導致本投資組合蒙受重大損失。
負責保管本投資組合資產的託管人或子託管人破產、違反審慎義務或行為不當會導致本投資組合承受損失。

適用於高盛新興市場債券投資組合：

本投資組合面臨涉及金融衍生工具的風險，可能導致本投資組合遭受重大損失。無法保證獲得理想的對沖工具或對沖技術將達到其理想結果。在不利情況下，在對沖中使用對沖工具可能變得無效並可能使本投資組合遭受重大損失。

適用於高盛全方位中國股票投資組合、高盛新興市場股票投資組合、高盛全球未來經濟安全股票投資組合、高盛全球未來醫療保健股票投資組合、高盛全球未來科技龍頭股票投資組合、高盛全球新世代股票投資組合、高盛印度股票投資組合、高盛日本股票投資組合、高盛日本綜合股票投資組合、高盛新興市場CORE®股票投資組合、高盛歐洲CORE®股票投資組合、高盛全球CORE®股票投資組合、高盛全球小型股CORE®股票投資組合、高盛美國CORE®股票投資組合、高盛美國小型股CORE®股票投資組合、高盛美國小型股投資組合、高盛亞洲高收益債券投資組合、高盛新興市場企業債券投資組合、高盛全球高收益債券投資組合、高盛全球收益債券投資組合和高盛全球證券化收益債券投資組合：

本投資組合面臨涉及金融衍生工具的風險，可能導致本投資組合遭受重大損失。

適用於高盛全球多元資產收益投資組合：

本投資組合面臨涉及金融衍生工具（包括沽出（賣出）備兌認購期權）的風險，可能導致本投資組合遭受重大損失。

適用於高盛亞洲高收益債券投資組合、高盛新興市場企業債券投資組合、高盛新興市場債券投資組合、高盛全球收益債券投資組合和高盛全球證券化收益債券投資組合：

本投資組合投資新興市場（指定地區或其他地區），可能面臨通常投資更成熟市場不會面臨的額外風險及特殊考慮因素，例如流動性風險、貨幣風險／管制、政治及經濟不確定性、法律和稅務風險、結算風險、託管風險、資產國有化或沒收的風險及高度波動的可能性。

適用於高盛全方位中國股票投資組合、高盛新興市場股票投資組合、高盛全球未來經濟安全股票投資組合、高盛全球未來醫療保健股票投資組合、高盛全球未來科技龍頭股票投資組合、高盛全球新世代股票投資組合、高盛印度股票投資組合、高盛新興市場CORE®股票投資組合、高盛全球CORE®股票投資組合、高盛全球小型股CORE®股票投資組合和高盛全球多元資產收益投資組合：

本投資組合投資新興市場（指定地區或其他地區），可能面臨通常投資更成熟市場不會面臨的額外風險及特殊考慮因素，例如流動性風險、貨幣風險／管制、政治及經濟不確定性、法律和稅務風險、結算風險、託管風險、資產國有化或沒收的風險及高度波動的可能性。該等市場的劇烈波動及潛在結算困難亦可能導致在新興市場買賣的證券價格大幅波動，從而對本投資組合價值造成負面影響。

適用於高盛亞洲高收益債券投資組合、高盛全球高收益投資組合、高盛全球多元資產收益投資組合和高盛全球收益債券投資組合：

本投資組合集中投資於高收益工具及／或低於投資級別或信貸質素相仿的未獲評級證券。本投資組合的價值或較擁有更多元投資組合的基金更為波動。

適用於高盛全方位中國股票投資組合：

本投資組合面臨的風險涉及貨幣、集中度、與投資中國相關的一般風險、與創業板及／或科技創新板相關的風險、透過合格境外機構投資者(QFI)計劃所作投資、互聯互通、人民幣貨幣及兌換、中國稅項、股票市場、小型／中型股公司、新興市場（包括中國）股市監管／交易所規定／政策、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。
2021年3月10日起，投資組合名稱由Goldman Sachs China Opportunity Equity Portfolio（高盛中國機遇股票投資組合）更改為高盛全方位中國股票投資組合。
本投資組合於2021年及其之前取得的業績表現是基於在當前已不再適用的情況，因其投資政策自2021年3月發生變化，使本投资组合可以增加中国A股的敞口。
本投資組合於2021年3月變更參考基準，以反映投資政策的改變。目前的參考基準已適用於本投資組合自成立以來的過往業績表現中。
2017年8月7日起，所有基準貨幣類的管理費由每年1.75%更改為每年1.50%。

適用於高盛新興市場股票投資組合：

本投資組合面臨的風險涉及貨幣、集中度、股票市場、小型／中型股公司、新興市場股市監管／交易所規定／政策、與投資中國相關的一般風險、透過合格境外機構投資者(QFI)計劃所作投資、互聯互通、人民幣貨幣及兌換、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。
2016年5月31日起，投資組合名稱由Goldman Sachs Growth & Emerging Markets Broad Equity Portfolio（高盛增長及新興市場廣泛股票投資組合）更改為高盛新興市場股票投資組合。
2008年9月8日起，所有基準貨幣類的管理費由每年1.50%更改為每年1.75%。

適用於高盛新興市場CORE®股票投資組合：

本投資組合面臨的風險涉及貨幣、集中度、股票市場、小型／中型股公司、新興市場股市監管／交易所規定／政策、CORE®策略模型、即時價和收盤價股份類別、與投資中國相關的一般風險、透過合格境外機構投資者(QFI)計劃所作投資、人民幣貨幣及兌換、互聯互通、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。
2016年5月31日起，投資組合名稱由Goldman Sachs Growth & Emerging Markets CORE® Equity Portfolio（高盛增長及新興市場CORE®股票投資組合）更改為高盛新興市場CORE®股票投資組合。
2017年7月13日起，所有基準貨幣類的管理費由每年1.75%更改為每年1.35%。

適用於高盛歐洲CORE®股票投資組合：

本投資組合面臨的風險涉及貨幣、集中度、股票市場、小型／中型股公司、CORE®策略模型、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。
投資回報以歐元計值。因此，以美元／港元為基準的投資者可能面臨美元／港元／歐元匯率的波動。

適用於高盛全球CORE®股票投資組合：

本投資組合面臨的風險涉及貨幣、股票市場、小型／中型股公司、新興市場股市監管／交易所規定／政策、CORE®策略模型、即時價和收盤價股份類別、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。
本投資組合於2013年及其之前取得的業績表現是基於在當前已不再適用的情況，因其投資政策自2013年4月發生變化，衍生工具自此可用於對沖及／或有效投資組合管理以外之目的。

適用於高盛全球小型股CORE®股票投資組合：

本投資組合的投資集中於小型股公司的股本證券。整體上，相較於大型股公司，小型股公司股票的流動性可能較低，其價格受到不利經濟發展的影響更容易不穩定。
本投資組合面臨的風險涉及貨幣、集中度、股票市場、新興市場股市監管／交易所規定／政策、CORE®策略模型、即時價和收盤價股份類別、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。

適用於高盛美國小型股CORE®股票投資組合：

本投資組合的投資集中於小型股公司的股本證券。整體上，相較於大型股公司，小型股公司股票的流動性可能較低，其價格受到不利經濟發展的影響更容易不穩定。
本投資組合面臨的風險涉及貨幣、集中度、股票市場、CORE®策略模型、即時價和收盤價股份類別、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。

適用於高盛全球未來經濟安全股票投資組合：

本投資組合面臨的風險涉及貨幣、集中度、科技行業、醫療保健、航天及國防工業、股票市場、小型／中型股公司、新興市場股市監管／交易所規定／政策、與投資中國相關的一般風險、透過合格境外機構投資者(QFI)計劃所作投資、互聯互通、人民幣貨幣及兌換、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。

適用於高盛全球未來醫療保健股票投資組合：

本投資組合面臨的風險涉及貨幣、集中度、醫療保健行業、股票市場、小型／中型股公司、新興市場股市監管／交易所規定／政策、與投資中國相關的一般風險、透過合格境外機構投資者(QFI)計劃所作投資、互聯互通、人民幣貨幣及兌換、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。
2021年1月8日起，所有基準貨幣類股份的管理費由每年1.75%更改為每年1.50%。

適用於高盛全球未來科技龍頭股票投資組合：

本投資組合面臨的風險涉及貨幣、集中度、科技行業、股票市場、小型／中型股公司、新興市場股市監管／交易所規定／政策、與投資中國相關的一般風險、透過合格境外機構投資者(QFI)計劃所作投資、互聯互通、人民幣貨幣及兌換、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。

適用於高盛全球新世代股票投資組合：

本投資組合面臨的風險涉及貨幣、集中度、股票市場、小型／中型股公司、新興市場股市監管／交易所規定／政策、與投資中國相關的一般風險、透過合格境外機構投資者(QFI)計劃所作投資、互聯互通、人民幣貨幣及兌換、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。
2016年1月4日起，投資組合名稱由Goldman Sachs Global Equity Unconstrained Portfolio（高盛全球靈活策略股票投資組合）更改為高盛全球千禧世代股票投資組合。2024年11月25日起，投資組合名稱由高盛全球千禧世代股票投資組合更改為高盛全球新世代股票投資組合。
本投資組合於2016年及其之前取得的業績表現是基於在當前已不再適用的情況，因其投資目標及投資政策自2016年1月發生變化，投資組合自此主要投資於可受益於千禧世代（指1980年至1999年間出生的人）行為的公司的股本證券。
2016年1月改變投資目標及政策後，本投資組合於2016年5月變更參考基準。目前的參考基準已適用於本投資組合自成立以來的過往業績表現中。

適用於高盛印度股票投資組合：

本投資組合面臨的風險涉及貨幣、集中度、投資印度、股票市場、小型／中型股公司、新興市場（包括印度）股市監管／交易所規定／政策、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。

適用於高盛日本股票投資組合：

本投資組合面臨的風險涉及貨幣、集中度、股票市場、小型／中型股公司、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。

適用於高盛日本綜合股票投資組合：

本投資組合面臨的風險涉及貨幣、集中度、股票市場、小型／中型股公司、可持續性風險、存託憑證、貨幣市場工具、即時價和收盤價股份類別、流動性和交易對手。
2016年5月31日起，投資組合名稱由Goldman Sachs Japan Portfolio（高盛日本投資組合）更改為高盛日本綜合股票投資組合。

適用於高盛美國CORE®股票投資組合：

本投資組合面臨的風險涉及貨幣、集中度、股票市場、小型／中型股公司、CORE®策略模型、即時價和收盤價股份類別、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。
2018年7月1日起，所有基準貨幣類股份及其他貨幣類股份的管理費由每年1.25%更改為每年1.00%。

適用於高盛美國小型股投資組合：

本投資組合的投資集中於小型股公司的股本證券。整體上，相較於大型股公司，小型股公司股票的流動性可能較低，其價格受到不利經濟發展的影響更容易不穩定。
本投資組合面臨的風險涉及貨幣、集中度、股票市場、可持續性風險、存託憑證、貨幣市場工具、流動性和交易對手。
2021年3月10日起，投資組合名稱由Goldman Sachs US Smaller Cap Equity Portfolio（高盛美國較小型股投資組合）更改為Goldman Sachs US Small Cap Equity Portfolio（高盛美國小型股投資組合）。
本投資組合於2021年及其之前取得的業績表現是基於在當前已不再適用的情況，因其投資政策自2021年3月發生變化，使本投资组合主要投資於於美國小型股公司，而不再投資於美國中型股公司。
本投資組合於2021年3月變更參考基準，以反映投資政策的改變。目前的參考基準已適用於本投資組合自成立以來的過往業績表現中。
2018年12月28日起，所有基準貨幣類股份的管理費由每年最多1.75%更改為每年1.50%。

適用於高盛亞洲高收益債券投資組合：

本投資組合面臨的風險涉及貨幣、集中度、信貸、交易對手、利率、波動、流動性、評級下調、高收益工具及／或低於投資級別或信貸質素相仿的未獲評級證券、主權債務、投資於具有吸收虧損特點的債務工具、人民幣貨幣及兌換、可持續性風險、貨幣市場工具、估值、信貸評級和信貸評級機構。
其他貨幣（總收益按月派息）（澳元對沖）類股份投資回報以澳元計值。因此，以美元／港元為基準的投資者可能面臨美元／港元／澳元匯率的波動。
其他貨幣（總收益按月派息）（人民幣對沖）類股份投資回報以人民幣計值。因此，以美元／港元為基準的投資者可能面臨美元／港元／人民幣匯率的波動。

適用於高盛新興市場企業債券投資組合：

本投資組合面臨的風險涉及貨幣、集中度、信貸、交易對手、利率、波動、流動性、評級下調、低於投資級別的債務證券或信貸質素相仿的未獲評級證券、主權債務、投資於具有吸收虧損特點的債務工具、人民幣貨幣及兌換、可持續性風險、貨幣市場工具、估值、信貸評級和信貸評級機構。
2016年5月31日起，投資組合名稱由Goldman Sachs Growth & Emerging Markets Corporate Bond Portfolio（高盛增長及新興市場企業債券投資組合）更改為高盛新興市場企業債券投資組合。
其他貨幣（總收益按月派息）（澳元對沖）類股份投資回報以澳元計值。因此，以美元／港元為基準的投資者可能面臨美元／港元／澳元匯率的波動。

適用於高盛新興市場債券投資組合：

本投資組合面臨的風險涉及貨幣、集中度、信貸、交易對手、利率、波動、流動性、高預期槓桿、評級下調、低於投資級別的債務證券或信貸質素相仿的未獲評級證券、主權債務、投資於具有吸收虧損特點的債務工具、透過內地銀行間債券市場(CIBM)直接進入計劃的投資、人民幣貨幣及兌換、可持續性風險、貨幣市場工具、估值、信貸評級和信貸評級機構。
2016年5月31日起，投資組合名稱由Goldman Sachs Growth & Emerging Markets Debt Portfolio（高盛增長及新興市場債券投資組合）更改為高盛新興市場債券投資組合。
就基準貨幣（累積）類股份而言，2017年9月25日前參考基準的表現反映了1日之滯後。於2017年9月25日發生的參考基準變化是由該投資組合的標的資產價格釐定方式改善而致，使非滯後基準成為了該投資組合最合適的參考基準。

適用於高盛全球高收益債券投資組合：

本投資組合面臨的風險涉及貨幣、信貸、交易對手、利率、流動性、評級下調、高收益工具及／或低於投資級別或信貸質素相仿的未獲評級證券、主權債務、投資於具有吸收虧損特點的債務工具、可持續性風險、貨幣市場工具、估值和信貸評級。
彭博巴克萊美國公司高收益債券指數—2%發行人上限指彭博巴克萊美國公司高收益債券指數的2%發行人上限部分。彭博巴克萊美國公司高收益債券指數涵蓋美元計值高收益定息企業債券市場的範疇。
其他貨幣（按月派息）（澳元對沖）類股份投資回報以澳元計值。因此，以美元／港元為基準的投資者可能面臨美元／港元／澳元匯率的波動。

適用於高盛全球收益債券投資組合：

本投資組合面臨的風險涉及貨幣、信貸、交易對手、利率、波動、流動性、評級下調、低於投資級別的債務證券或信貸質素相仿的未獲評級證券、主權債務、按揭抵押證券及資產抵押證券、投資於具有吸收虧損特點的債務工具、人民幣貨幣及兌換、可持續性風險、貨幣市場工具、估值、信貸評級和信貸評級機構。
2021年1月8日起，投資組合名稱由Goldman Sachs Global ESG Enhanced Income Bond Portfolio（高盛全球ESG增强收益債券投資組合）更改為Goldman Sachs ESG-Enhanced Global Income Bond Portfolio（高盛ESG增强全球收益債券投資組合）。2022年5月30日起，投資組合名稱由Goldman Sachs ESG-Enhanced Global Income Bond Portfolio（高盛ESG增强全球收益債券投資組合）更改為高盛全球收益債券投資組合。

2021年1月8日起，所有基準貨幣類股份及其他貨幣類股份的管理費由每年最多1.20%更改為每年1.00%。

其他貨幣（總收益按月派息）（澳元對沖）類股份投資回報以澳元計值。因此，以美元／港元為基準的投資者可能面臨美元／港元／澳元匯率的波動。

適用於高盛全球證券化收益債券投資組合：

本投資組合可直接或間接透過金融指數（包括但不限於指數掛鈎掉期）投資於按揭抵押證券、資產抵押證券及貸款抵押證券，該等證券可能流動性極低且價格容易出現大幅波動。與其他債務證券相比，該等工具可能會面臨更高的信貸、流動性及利率風險。該等工具往往面臨延期及提前償付風險，以及標的資產相關付款責任無法履行的風險，該等風險可能對證券的回報產生不利影響。
本投資組合面臨的風險涉及貨幣、信貸、交易對手、利率、波動、流動性、評級下調、低於投資級別的債務證券或信貸質素相仿的未獲評級證券、主權債務、可持續性風險、貨幣市場工具、估值和信貸評級。
2023年1月30日起，投資組合名稱由Goldman Sachs US Real Estate Balanced Portfolio（高盛美國房地產平衡型投資組合）更改為Goldman Sachs Global Securitised Income Bond Portfolio（高盛全球證券化收益債券投資組合）。
本投資組合於2023年及其之前取得的業績表現是基於在當前已不再適用的情況，因其投資政策自2023年1月發生變化，使本投资组合主要投資於世界各地的發行人發行的資產抵押證券。
本投資組合於2023年1月變更參考基準，以反映投資政策的改變。目前的參考基準已適用於本投資組合自成立以來的過往業績表現中。
2023年1月30日起，所有基準貨幣類股份及其他貨幣類股份的管理費由每年1.50%更改為每年1.10%。

適用於高盛全球多元資產收益投資組合：

本投資組合面臨的風險涉及貨幣、股票市場、小型／中型股公司、新興市場股市監管／交易所規定／政策、人民幣貨幣及兌換、可持續性風險、存託憑證、貨幣市場工具、流動性、交易對手、信貸、利率、評級下調、高收益工具及／或低於投資級別或信貸質素相仿的未獲評級證券、投資於具有吸收虧損特點的債務工具、估值、信貸評級、戰術性持倉和動態資產配置策略。
其他貨幣（總收益按月派息）（澳元對沖）類股份投資回報以澳元計值。因此，以美元／港元為基準的投資者可能面臨美元／港元／澳元匯率的波動。
其他貨幣（總收益按月派息）（人民幣對沖）類股份投資回報以人民幣計值。因此，以美元／港元為基準的投資者可能面臨美元／港元／人民幣匯率的波動。
2018年12月28日起，投資組合名稱由Goldman Sachs Global Income Builder Portfolio（高盛全球收益創造投資組合）更改為高盛全球多元資產收益投資組合。
本投資組合於2017年及其之前取得的業績表現是基於在當前已不再適用的情況，因其投資目標和投資政策自2015年4月和2017年8月發生變化，分別為投資組合可透過沽出股本證券或指數的認購期權來獲取收益，以及投資組合的貨幣敞口對沖至美元。
本投資組合於2016年5月及2018年12月變更參考基準，以反映本投資組合的戰略資產配置的變動，並於2017年8月變更參考基準，以反映投資政策的變動。目前的參考基準已適用於本投資組合自成立以來的過往業績表現中。
2015年4月27日起，所有基準貨幣類股份及其他貨幣類股份的管理費由每年最多1.50%更改為每年1.25%。

適用於總收益按月派息類：

本投資組合可從總收益派息，同時向／從本投資組合資本支取／撥付本投資組合的全部或部分費用及開支，從而增加可供本投資組合支付股息的收益，因此，本投資組合實際上可從資本中支付股息。
雖然基金董事會可酌情決定從資本中及／或實際上從本投資組合資本中派付股息，但一般預期會保留資本／資本利得。
從資本中及／或實際上從資本中支付股息相當於返還或提取投資者的部分投資本金或該投資本金應佔的任何資本利得。任何該等分派均可能導致每股資產淨值立即減少。
最新股息：有關派息的更多詳情，請參閱股息構成資料。

適用於按月派息類、基準貨幣（收盤價）類股份及基準貨幣（即時價）類股份：