The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (Net Assets) in equity investments in U.S. and non-U.S. companies that Goldman Sachs Asset Management, L.P. (GSAM or the Investment Adviser) believes are associated, at the time the investment is first added to the Funds portfolio, with seeking to address environmental problems. Securities or other instruments that provide exposure (directly or indirectly) to such companies are treated as such investments for purposes of this policy. Equity investments may include common stock, preferred stock, warrants and other rights to acquire stock, American depositary receipts (ADRs), European depositary receipts (EDRs), and global depositary receipts (GDRs), underlying funds (including exchange-traded funds (ETFs)), and futures, forwards, options and other instruments with similar economic exposures. The Fund may invest in underlying ETFs, exchange-traded products (ETPs) and/or money market funds, including those that currently exist or that may become available for investment in the future for which the Investment Adviser or an affiliate now or in the future acts as investment adviser or principal underwriter.