AN
INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT AND IS NOT INSURED BY THE
FEDERAL DEPOSIT
INSURANCE
CORPORATION OR ANY OTHER GOVERNMENT AGENCY. AN INVESTMENT IN THE FUND
INVOLVES
INVESTMENT RISKS, AND YOU MAY LOSE MONEY IN THE
FUND. |
|
|
|
Class
P |
Management
Fees |
|
Distribution
and/or Service (12b-1) Fees |
|
Other
Expenses |
|
All
Other Expenses |
|
Deferred/Current
Income Tax Expenses1 |
|
Total
Annual Fund Operating Expenses |
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
P Shares |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Year |
5
Years |
Since
Inception |
Inception
Date | |
Class
P Shares |
|
|
|
|
Returns
Before Taxes |
|
|
|
|
Returns
After Taxes on Distributions |
|
|
|
|
Returns
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
Alerian
MLP Index (Total Return, Unhedged, USD) (reflects no deduction for fees or
expenses) |
|
|
|
|
Portfolio
Management |
Buying
and Selling Fund Shares |
Tax
Information |
Payments
to Broker-Dealers and
Other
Financial Intermediaries |
|
|
|
Class
P |
Management
Fees |
|
Other
Expenses |
|
Acquired
Fund Fees and Expenses |
|
Total
Annual Fund Operating Expenses |
|
Fee
Waiver and Expense Limitation1 |
( |
Total
Annual Fund Operating Expenses After Fee Waiver and Expense
Limitation |
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
P Shares |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Year |
5
Years |
Since
Inception |
Inception
Date | |
Class
P Shares |
|
|
|
|
Returns
Before Taxes |
|
|
|
|
Returns
After Taxes on Distributions |
|
|
|
|
Returns
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
Alerian
Midstream Energy Select Index (Total Return, Unhedged, USD) (reflects no
deduction for
fees
or expenses) |
|
|
|
|
Portfolio
Management |
Buying
and Selling Fund Shares |
Tax
Information |
Payments
to Broker-Dealers and
Other
Financial Intermediaries |
INVESTMENT
OBJECTIVE |
PRINCIPAL
INVESTMENT STRATEGIES |
ADDITIONAL
PERFORMANCE INFORMATION |
OTHER
INVESTMENT PRACTICES AND
SECURITIES |
10
Percent of total assets (including securities lending collateral) (italic
type)
10 Percent
of net assets (excluding borrowings for investment purposes) (roman
type)
•
No specific percentage limitation on usage; limited only by the objectives
and strategies of the Fund |
MLP
Energy
Infrastructure
Fund |
Energy
Infrastructure
Fund |
Investment
Practices |
|
|
Borrowings |
33 1∕3 |
33 1∕3 |
Credit,
Equity, Index, Interest Rate and Total Return Swaps and Options on
Swaps |
• |
• |
Custodial
Receipts and Trust Certificates |
• |
• |
Futures
Contracts and Options and Swaps on Futures Contracts |
• |
• |
Illiquid
Investments* |
15 |
15 |
Interest
Rate Caps, Floors and Collars |
• |
• |
Investment
Company Securities (including ETFs)1 |
10 |
10 |
Mortgage
Dollar Rolls |
• |
• |
Options2 |
• |
• |
Preferred
Stock, Warrants and Stock Purchase Rights |
• |
• |
Repurchase
Agreements |
• |
• |
Securities
Lending3 |
|
33 1∕3 |
Short
Sales Against the Box |
25 |
25 |
Unseasoned
Companies |
• |
• |
When-Issued
Securities and Forward Commitments |
• |
• |
10 Percent
of total assets (including securities lending collateral) (italic
type)
10 Percent
of net assets (including borrowings for investment purposes) (roman
type)
• No
specific percentage limitation on usage; limited only by the objectives
and strategies of the Fund |
MLP
Energy
Infrastructure
Fund |
Energy
Infrastructure
Fund |
Investment
Securities |
|
|
Bank
Obligations1 |
• |
• |
Commodity-Linked
Derivatives Instruments |
• |
• |
Convertible
Securities |
• |
• |
Corporate
Debt Obligations |
• |
• |
Depository
Receipts |
• |
• |
Derivatives |
• |
• |
Emerging
Country Securities |
• |
• |
Equity
Investments |
• |
• |
Fixed
Income Securities |
• |
• |
Foreign
Securities |
• |
• |
Master
Limited Partnerships (“MLPs”) Investments |
• |
25 |
Non-Investment
Grade Fixed Income Securities2 |
• |
• |
Pre-IPO
Investments (including late-stage private equity
securities) |
• |
• |
Private
Investment in Public Equities (“PIPEs”) |
• |
• |
Real
Estate Investment Trusts (“REITs”) |
• |
• |
Special
Purpose Acquisition Companies (“SPACs”) |
• |
• |
Structured
Securities (which may include equity linked notes)3 |
• |
• |
Swaps
and Options on Swaps |
• |
• |
Temporary
Investments |
• |
• |
U.S.
Government Securities |
• |
• |
✓ Principal
Risk
• Additional
Risk |
MLP
Energy
Infrastructure
Fund |
Energy
Infrastructure
Fund |
Commodity
Sector |
• |
• |
Credit/Default |
✓ |
✓ |
Cybersecurity |
• |
• |
Derivatives |
✓ |
✓ |
Dividend-Paying
Investments |
✓ |
✓ |
Emerging
Countries |
• |
• |
Energy
Sector |
✓ |
✓ |
Foreign |
✓ |
✓ |
Infrastructure
Company |
✓ |
✓ |
Initial
Public Offering (“IPO”) |
• |
• |
Interest
Rate |
✓ |
✓ |
Investment
Style |
✓ |
✓ |
Large
Shareholder Transactions |
✓ |
✓ |
Liquidity |
✓ |
✓ |
Management |
• |
• |
Market |
✓ |
✓ |
Master
Limited Partnership |
✓ |
✓ |
Mid-Cap
and Small-Cap |
✓ |
✓ |
Natural
Resources |
• |
• |
NAV |
• |
• |
Non-Diversification |
✓ |
✓ |
Non-Investment
Grade Fixed Income Securities |
• |
• |
Other
Investment Companies |
• |
✓ |
Portfolio
Turnover Rate Risk |
✓ |
|
Pre-IPO
Investments |
• |
• |
Private
Investment in Public Equities |
✓ |
✓ |
Special
Purpose Acquisition Companies (“SPACs”) |
✓ |
✓ |
Stock |
✓ |
✓ |
Strategy |
✓ |
|
Tax |
✓ |
✓ |
U.S.
Government Securities |
• |
• |
INVESTMENT
ADVISER |
Investment
Adviser |
Funds |
Goldman
Sachs Asset Management, L.P. (“GSAM”)
200
West Street
New
York, NY 10282 |
MLP
Energy Infrastructure Fund
Energy
Infrastructure Fund |
MANAGEMENT
FEES AND OTHER EXPENSES |
Fund |
Contractual
Management
Fee
Annual
Rate |
Average
Daily
Net
Assets |
Actual
Rate
For
the Fiscal
Period
Ended
November
30, 2023* |
MLP
Energy Infrastructure Fund |
1.00% |
First $1
Billion |
0.97% |
|
0.90% |
Next $1
Billion |
|
|
0.86% |
Next $3
Billion |
|
|
0.84% |
Next $3
Billion |
|
|
0.82% |
Over $8
Billion |
|
Energy
Infrastructure Fund |
1.00% |
First $1
Billion |
1.00% |
|
0.90% |
Next $1
Billion |
|
|
0.86% |
Next $3
Billion |
|
|
0.84% |
Next $3
Billion |
|
|
0.82% |
Over $8
Billion |
|
FUND
MANAGERS |
Name
and Title |
Fund
Responsibility |
Years
Primarily
Responsible |
Five
Year Employment History |
Kyri
Loupis
Managing
Director |
Portfolio
Manager—
MLP
Energy Infrastructure
Energy
Infrastructure |
Since
2013
2017 |
Mr.
Loupis joined the Investment Adviser in 2009 and is a portfolio
manager
and head of the Energy & Infrastructure Team. |
Matthew
Cooper
Vice
President |
Portfolio
Manager—
MLP
Energy Infrastructure
Energy
Infrastructure |
Since
2014
2017 |
Mr.
Cooper joined the Investment Adviser in 2013 and is a portfolio
manager
for the Energy & Infrastructure Team. |
Christopher
A. Schiesser
Vice
President |
Portfolio
Manager—
MLP
Energy Infrastructure |
Since
2023 |
Mr.
Schiesser joined the Investment Adviser in 2015 and is a
portfolio
manager for the Energy & Infrastructure Team. |
Akif
Irfan
Vice
President |
Portfolio
Manager—
Energy
Infrastructure |
Since
2023 |
Mr.
Irfan joined the Investment Adviser in 2011 and is a portfolio
manager
for the Energy & Infrastructure
Team. |
DISTRIBUTOR
AND TRANSFER AGENT |
ACTIVITIES
OF GOLDMAN SACHS AND ITS AFFILIATES AND OTHER
ACCOUNTS
MANAGED BY GOLDMAN SACHS |
Important
Notice: |
Class
P Shares generally are available to the following
investors: |
◼Clients
of the Goldman Sachs Private Wealth Management business unit (“GS PWM”)
that custody their positions at
Goldman
Sachs & Co. LLC (“Goldman Sachs”); |
◼Clients
of The Goldman Sachs Trust Company, N.A. or The Goldman Sachs Trust
Company of Delaware (collectively, the
“Trust
Companies”) that custody their positions at Goldman
Sachs; |
◼Clients
of The Ayco Company, L.P. (“Ayco”) that either custody their positions at
Goldman Sachs or with certain
intermediaries
that are authorized to offer Class P Shares (“Authorized Institutions”)
(such clients of GS PWM, the Trust
Companies,
and Ayco are collectively referred to herein as “GS Clients”);
or |
◼Other
investors at the discretion of Goldman Sachs Trust’s (the “Trust”)
officers. |
You
may only purchase Class P Shares in accordance with the eligibility
criteria described above. If you are a GS Client and
propose
to transfer your shares to another institution for any reason, or if you
are no longer a GS Client, you may be required to
redeem
your shares of the Fund, or at the discretion of the Trust’s officers, you
may be able hold Class P Shares through another
institution,
which must be an Authorized Institution and the basis on which you hold
such Class P Shares may be limited to hold
and
redeem only. If available in such circumstances, in the alternative you
may be able to choose to exchange your shares of the
Fund
for a different share class offered by the Fund or another Goldman Sachs
Fund, which may be offered in another
Prospectus.
There is no guarantee that a different share class offered by the Fund
will be available to clients of the institution to
which
you intend to transfer your shares or that an option to exchange will be
made available. Moreover, the shares you receive
in
any exchange are subject to different (and possibly higher) fees and
expenses (which affect performance). Information
regarding
these other share classes may be obtained from the institution to which
you intend to transfer your shares or from the
Transfer
Agent by calling the number on the back cover of the
Prospectus. |
A
redemption is a taxable transaction for federal income tax purposes, and
may also be subject to state and local taxes. You
should
consult your tax adviser concerning the potential tax consequences of
investing in Class P Shares. None of the Trust, the
Investment
Adviser, Goldman Sachs, the Trust Companies, Ayco or an Authorized
Institution will be responsible for any loss in
an
investor’s account or tax liability resulting from a redemption or
exchange of Class P Shares. For more information about
exchanges,
please see “How to Sell Shares—Can I Exchange My Investment From One
Goldman Sachs Fund To Another
Goldman
Sachs Fund.” |
How
To Buy Shares |
NAV
= |
(Value
of Assets of the Class)
–
(Liabilities of the Class) |
|
Number
of Outstanding Shares of the
Class |
How
To Sell Shares |
Shareholder
Services |
Restrictions
on Excessive Trading
Practices |
DISTRIBUTIONS |
SALES
AND EXCHANGES |
OTHER
INFORMATION |
A. General
Portfolio Risks |
B. Other
Portfolio Risks |
C. Portfolio
Securities and Techniques |
|
Goldman
Sachs MLP Energy Infrastructure Fund | |||||||||
|
Class
P Shares | |||||||||
|
Year
Ended November 30, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per
Share Data* |
|
|
|
|
| |||||
Net
asset value, beginning of year |
$30.56 |
$23.92 |
$17.91 |
$27.05 |
$32.85 | |||||
Net
investment income (loss)(a) |
(0.03
) |
0.03 |
(0.05
)(b) |
(0.08
) |
(0.20
) | |||||
Net
realized and unrealized gain (loss) |
4.74 |
8.31 |
7.56 |
(8.12
) |
(3.10
) | |||||
Total
from investment operations |
4.71 |
8.34 |
7.51 |
(8.20
) |
(3.30
) | |||||
Distributions
to shareholders from net investment income |
(2.12
) |
(1.70
) |
(1.50
) |
— |
(0.15
) | |||||
Distributions
to shareholders from return of capital |
— |
— |
— |
(0.94
) |
(2.35
) | |||||
Total
distributions |
(2.12
) |
(1.70
) |
(1.50
) |
(0.94
) |
(2.50
) | |||||
Net
asset value, end of year |
$33.15 |
$30.56 |
$23.92 |
$17.91 |
$27.05 | |||||
Total
return(c) |
16.25
% |
35.43
% |
42.40
% |
(27.55
)% |
(10.73
)% | |||||
Net
assets, end of year (in 000s) |
$1,209,941 |
$1,051,583 |
$772,491 |
$526,900 |
$843,448 | |||||
Ratio
of net expenses to average net assets after tax expense(d) |
2.07
% |
2.21
% |
0.04
% |
2.23
% |
1.27
% | |||||
Ratio
of total expenses to average net assets after tax expense(d) |
2.07
% |
2.21
% |
0.05
% |
2.26
% |
1.27
% | |||||
Ratio
of net expenses to average net assets before tax
expense |
1.06
% |
1.07
% |
1.08
% |
1.10
% |
1.04
% | |||||
Ratio
of net investment income (loss) to average net assets(e) |
(0.11
)% |
0.12
% |
(0.23
)% |
(0.38
)% |
(0.61
)% | |||||
Portfolio
turnover rate(f) |
102
% |
117
% |
166
% |
139
% |
51
% |
* |
On
June 5, 2020, the MLP Energy Infrastructure Fund effected a 5-for-1
reverse share split. All per share data prior to June 5, 2020 has been
adjusted to
reflect
the reverse share split. |
(a) |
Calculated
based on the average shares outstanding methodology.
|
(b) |
Reflects
income recognized from special dividends which amounted to $0.04 per share
and 0.16% of average net assets. |
(c) |
Assumes
investment at the NAV at the beginning of the year, reinvestment of all
dividends and distributions, a complete redemption of the investment at
the
NAV
at the end of the year and no sales or redemption charges (if any). Total
returns would be reduced if a sales or redemption charge was taken into
account.
Returns do not reflect the impact of taxes to shareholders relating to
Fund distributions or the redemption of Fund
shares. |
(d) |
Current
and deferred tax expense/benefit for the ratio calculation is derived from
the net investment income (loss), and realized and unrealized gains
(losses). |
(e) |
Current
and deferred tax benefit for the ratio calculation is derived from net
investment income (loss) only. |
(f) |
The
Fund's portfolio turnover rate is calculated in accordance with regulatory
requirements, without regard to transactions involving short term
investments
and
certain derivatives. If such transactions were included, the Fund's
portfolio turnover rate may be
higher. |
|
Goldman
Sachs Energy Infrastructure Fund | |||||||||
|
Class
P Shares | |||||||||
|
Year
Ended November 30, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per
Share Data |
|
|
|
|
| |||||
Net
asset value, beginning of year |
$11.60 |
$9.58 |
$7.18 |
$8.64 |
$9.26 | |||||
Net
investment income(a) |
0.19 |
0.11 |
0.10 |
0.06 |
0.17 | |||||
Net
realized and unrealized gain (loss) |
0.78 |
2.71 |
2.71 |
(1.17
)(b) |
(0.38
)(b) | |||||
Total
from investment operations |
0.97 |
2.82 |
2.81 |
(1.11
) |
(0.21
) | |||||
Distributions
to shareholders from net investment income |
(0.47
) |
(0.40
) |
(0.41
) |
(0.05
) |
(0.25
) | |||||
Distributions
to shareholders from net realized gains |
(0.30
) |
(0.40
) |
— |
(0.05
) |
— | |||||
Distributions
to shareholders from return of capital |
— |
— |
— |
(0.25
) |
(0.16
) | |||||
Total
distributions |
(0.77
) |
(0.80
) |
(0.41
) |
(0.35
) |
(0.41
) | |||||
Net
asset value, end of year |
$11.80 |
$11.60 |
$9.58 |
$7.18 |
$8.64 | |||||
Total
return(c) |
9.09
% |
31.22
% |
39.13
% |
(12.74
)% |
(2.46
)% | |||||
Net
assets, end of year (in 000s) |
$309,469 |
$296,933 |
$213,647 |
$160,821 |
$64,970 | |||||
Ratio
of net expenses to average net assets |
1.09
% |
1.09
% |
1.09
% |
1.09
% |
1.10
% | |||||
Ratio
of total expenses to average net assets |
1.15
% |
1.16
% |
1.16
% |
1.33
% |
1.92
% | |||||
Ratio
of net investment income to average net assets |
1.77
% |
1.04
% |
1.10
% |
0.84
% |
1.78
% | |||||
Portfolio
turnover rate(d) |
41
% |
56
% |
58
% |
121
% |
59
% |
(a) |
Calculated
based on the average shares outstanding methodology.
|
(b) |
Calculation
of the net gain (loss) per share (both realized and unrealized) does not
correlate to the aggregate realized and unrealized gain (loss) presented
in
the Statement
of Operations due to the timing of subscriptions and redemptions of Fund
shares in relation to fluctuations in the market value of the
portfolio. |
(c) |
Assumes
investment at the NAV at the beginning of the year, reinvestment of all
dividends and distributions, a complete redemption of the investment at
the
NAV
at the end of the year and no sales or redemption charges (if any). Total
returns would be reduced if a sales or redemption charge was taken into
account.
Returns do not reflect the impact of taxes to shareholders relating to
Fund distributions or the redemption of Fund
shares. |
(d) |
The
Fund's portfolio turnover rate is calculated in accordance with regulatory
requirements, without regard to transactions involving short term
investments.
If
such transactions were included, the Fund's portfolio turnover rate may be
higher. |
FOR
MORE INFORMATION |
|
|
|
◼ By
telephone: |
1-800-621-2550 |
|
◼ By
mail: |
Goldman
Sachs Funds
71
South Wacker Drive, Suite 1200
Chicago,
IL 60606 |
|
◼ On
the Internet: |
SEC
EDGAR database – http://www.sec.gov |
|