Fund Description

The fund was incepted in October 1999 and is managed by Goldman Sachs Asset Management. The objective of the fund is to seek long-term growth of capital. The fund invests at least 80% of its net assets in equity investments in ''Internet Tollkeeper'' companies. Internet Tollkeeper companies are companies in the media, telecommunications, technology and internet sectors which provide access, infrastructure, content and services to internet companies and internet users. The fund seeks to achieve its investment objective by investing in equity investments in companies that the investment adviser believes will benefit from the growth of the Internet by providing access, infrastructure, content and services to Internet companies and customers. The fund may also invest up to 20% of its total assets in other companies whose rapid adoption of an Internet strategy is expected to improve their cost structure, revenue opportunities or competitive advantage and Internet-based companies that the investment adviser believes exhibit a sustainable business model. Although the fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its total assets in foreign securities, including securities of issuers in emerging markets or countries and securities quoted in foreign currencies. Dividends and capital gains are distributed annually.