New Goldman Sachs Fund Brings Alternative Investments Within Reach of Individual Investors

  New Goldman Sachs Fund Brings Alternative Investments Within Reach of
  Individual Investors

Business Wire

NEW YORK -- May 16, 2013

Individual investors are increasingly seeking access to alternative
investments to help diversify returns and reduce risk in their portfolios.
However, achieving this exposure has traditionally been difficult, with
investors requiring resources for manager selection, expertise in risk
management, and an ability to efficiently access such opportunities. We
believe this has left many individual investors’ portfolios and retirement
accounts underweight alternatives, relative to their institutional

To bring alternative investments to a wider investor base, Goldman Sachs Asset
Management (“GSAM”) today announced the launch of the Goldman Sachs
Multi-Manager Alternatives Fund (Class A Share: GMAMX) (the “Fund”), which
offers exposure to a range of alternative and non-traditional investment
strategies within the convenient structure of a mutual fund. The Fund expects
to invest in a wide range of strategies, including equity long-short, dynamic
equity, event-driven and credit, relative value, tactical-trading, and
opportunistic fixed income strategies.

“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,” said Jason Gottlieb, the Fund’s co-portfolio
manager. “We are excited to offer investors the Goldman Sachs Multi-Manager
Alternatives Fund to complement core portfolio holdings, by providing a
comprehensive alternative investment solution that may improve risk-adjusted
returns and diversify a portfolio.”

Co-portfolio managers for the Fund, Jason Gottlieb and Ryan Roderick, sit
within GSAM’s Alternative Investments & Manager Selection (“AIMS”) Group. With
over 275 professionals across 10 offices around the world, the AIMS Group
provides manager diligence, portfolio construction, risk management, and
liquidity solutions to investors, drawing on Goldman Sachs’ market insights
and risk management expertise^1. AIMS manages over $120 billion of client
assets for the world’s leading sovereign wealth funds, pension plans,
governments, financial institutions, endowments, foundations and family

1. Subject to legal, internal, regulatory and Chinese Wall restrictions.
2. Assets as of December 2012. Personnel and offices as of April 2013.

“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,” said co-portfolio manager Ryan
Roderick. “We believe our dedicated alternatives expertise, combined with
GSAM’s established mutual fund business, will provide a differentiated
solution for our investors.”

The Fund is offered in Class A and Class C Shares, both with $1,000 minimum
initial investments. It also offers Institutional, Class R and Class IR

Goldman Sachs Asset Management is the asset management arm of The Goldman
Sachs Group, Inc. (NYSE: GS), which manages $860 billion as of March 31, 2013.
Goldman Sachs Asset Management has been providing discretionary investment
advisory services since 1988 and has investment professionals in all major
financial centers around the world. The company offers investment strategies
across a broad range of asset classes to institutional and individual clients
globally. Founded in 1869, Goldman Sachs is a leading global investment
banking, securities and investment management firm that provides a wide range
of financial services to a substantial and diversified client base that
includes corporations, financial institutions, governments and high-net-worth

The Goldman Sachs Multi-Manager Alternatives Fund allocates its assets among
multiple investment managers (“Underlying Managers”) who are unaffiliated with
the Investment Adviser and who employ one or more non-traditional and
alternative investment strategies. 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. 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. At times, the
Fund may be unable to sell certain of its illiquid investments without a
substantial drop in price, if at all. 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.
Derivative instruments may involve a high degree of financial risk, including
the risk that a small movement in the price of the underlying security or
benchmark may result in a disproportionately large movement, unfavorable or
favorable, in the price of the derivative instrument; the risk of default by a
counterparty; and liquidity risk. Over-the-counter transactions are subject to
less government regulation and supervision. The Fund is subject to the risks
associated with short selling of securities, which involves leverage of the
Fund’s assets and presents various other risks. 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

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.

A summary prospectus, if available, or a Prospectus for the Fund containing
more information may be obtained from your authorized dealer or from Goldman,
Sachs & Co. by calling 1-800-526-7384. 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 contain this and other
information about the Fund. To learn more, visit

Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds.


No part of this material may, without GSAM’s prior written consent, be (i)
copied, photocopied or duplicated in any form, by any means, or (ii)
distributed to any person that is not an employee, officer, director, or
authorized agent of the recipient.

Compliance Code: 99321.MF.MED.TMPL/5/2013

Date of first use: May 14, 2013

© 2013 Goldman Sachs. All Rights Reserved.


Goldman Sachs Asset Management
Andrea Raphael, 212-357-0025
Konstantin Shishkin, 212-445-8462
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