» Features of the Fund
» Investment requirements and fees
» Suitable investors
» Applications and contacts

Addressing the growing demand for funds able to provide more than benchmark-like returns on a net basis and in all market conditions, the Goldman Sachs Core Plus Australian Fixed Income Fund (‘Core Plus’) targets a substantially higher level of active returns than typical Australian fixed income funds. It employs a much wider opportunity set to generate excess returns, while maintaining Australian benchmark exposure (UBS Composite Bond Index – All Maturities A$). This makes Core Plus an appropriate replacement for existing core Australian fixed income holdings. The investment management of the Fund has been delegated to Goldman Sachs Asset Management & Partners Australia Pty Ltd (‘GSAM&PA’), which will invest to achieve exposure to Australian fixed income markets.

In turn, GSAM&PA has appointed Goldman Sachs Asset Management International to implement, in conjunction with Goldman Sachs Asset Management, L.P. and Goldman Sachs Asset Management Co., Ltd (together, ‘GSAM’), a broad range of investment strategies across a variety of global markets. GSAM’s global Fixed Income and Currency Team has primary responsibility for managing these strategies.

Core Plus offers investors the following advantages:

Access to a globally integrated, experienced team with a proven track record of generating excess returns
Significant excess return potential from a wide opportunity set
Compelling diversification and risk/reward benefits.

Features of the Fund

Inception date	23 August 2007
APIR code	JBW0038AU
Investment objective	The Fund seeks to achieve over the medium term (3–5+ years), a return in excess of the UBS Composite Bond Index (All Maturities), in Australian dollars by investing in fixed income securities, a range of managed investment schemes, derivative instruments and cash.
Benchmark	UBS Composite Bond Index (All maturities) in Australian dollars (A$)
Asset allocation	The investment structure of the Fund consists of: Australian fixed income exposure Goldman Sachs Asset Management & Partners Australia Pty Ltd seeks to construct a portfolio that closely reflects the benchmark. Generally this exposure to Australian fixed income markets is expected to reflect the duration, yield curve and sector risk parameters of the benchmark. Strategies to target excess returns The investment manager responsible for the excess return strategies, Goldman Sachs Asset Management International, seeks to implement a broad range of top-down and bottom-up investment strategies across a variety of global markets. These excess return strategies are intended to be uncorrelated with the Fund’s benchmark and therefore performance is not intended to follow the benchmark.
Recommended investment time frame	3 to 5 years +
Variability of returns	Low – Medium
Unit pricing	Daily
Contributions	Daily
Withdrawals	Daily
Distributions	Quarterly

Investment requirements and fees

Minimum initial investment^†	$50,000
Minimum investment balance (whichever is less)	1,000 units or $1,000
Estimated management cost	0.79% p.a.
Contribution fee	Not applicable
Withdrawal fee	Not applicable
^†Or such lesser amount as the Manager may agree from time to time.

Suitable investors

Core Plus is an appropriate replacement for core Australian fixed income holdings and so is a suitable investment for all investors in this asset class. Core Plus targets 100% exposure to the key risk parameters of the major Australian fixed income benchmark, the UBS Composite Bond Index (all maturities, A$). Investors gain exposure to the diversification benefits of the benchmark while at the same time have access to the proven excess return potential of a globally integrated team operating within a wide opportunity set.

Applications and contacts

Investment into the Fund can be made by Australian resident investors only. Applications can be made by completing the relevant application form attached to the Product Disclosure Statement. To apply, investors must complete the Application Form and the Client Identification Form (if required).

Team	Phone	Email
Fund Services team	1800 034 494	fst@gs.com.au

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Important notices and disclosures

All units in the range of Goldman Sachs registered managed investment schemes in Australia (‘Funds’) are issued by Goldman Sachs & Partners Australia Managed Funds Limited ABN 63 005 885 567 AFSL 230251 (‘GS&PAMF’). Prior to investing in any of the Funds you should obtain and consider the product disclosure statement (‘PDS’) for the relevant Fund, available by contacting our Fund Services team on 1800 034 494 or from our website www.gs.com.au/funds. This document contains general financial product advice only. In preparing this document, GS&PAMF did not take into account the investment objectives, financial situation and particular needs (‘financial circumstances’) of any particular person. Accordingly, before acting on any advice contained in this document, you should assess whether the advice is appropriate in light of your own financial circumstances or contact your adviser. GS&PAMF manages each of these funds and will receive fees as set out in the relevant PDS. This document has been prepared by GS&PAMF. It is not a product of the Goldman Sachs & Partners Australia Investment Research. To the extent that this document discusses general market activity, industry or sector trends, or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent it includes references to specific securities, those references do not constitute a recommendation to buy, sell or hold such security, and the information may not be current. GS&PAMF believes that the information contained in this document is correct and that any estimates, opinions, conclusions or recommendations contained in this document are reasonably held or made as at the time of compilation. However, no warranty is made as to the accuracy or reliability of any estimates, opinions, conclusions, recommendations (which may change without notice) and, to the maximum extent permitted by law, GS&PAMF and its related bodies corporate disclaim all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this document. Goldman Sachs is a registered trade mark of Goldman, Sachs & Co.