Goldman Sachs US Equity ESG Portfolio IS Acc GBP 

The Portfolio seeks long-term capital appreciation by investing primarily in a concentrated portfolio of equity securities of US companies that the Investment Adviser believes adhere to the Portfolio’s environmental, social and governance (“ESG”) criteria, exhibit a strong or improving ESG leadership, a strong industry position and financial resiliency relative to their regional peers. The Portfolio will, under normal circumstances, invest at least two thirds of its net assets in a concentrated portfolio of equity and/or equity related Transferable Securities and Permitted Funds which provide exposure to companies that are domiciled in, or which derive the predominant proportion of their revenues or profits from the US. These companies are expected to exhibit strong or improving environmental, social and governance (ESG) leadership, a strong industry position and financial resiliency relative to their regional peers. The Portfolio will typically invest in 30- 50 companies.