Individual Investors | Goldman Sachs Asset Management (2024)

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The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit thefund pagesfor the most recent month-end returns. The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.Shares of some of the funds may be subject to a redemption fee. Please refer to the shareholder guide and current prospectus for the Fund, accessible from the literature section, for additional pricing information.

Performance reflects cumulative total returns for periods of less than one year and average annual total returns for periods of greater than one year. Since inception returns for periods of less than one year are cumulative. All Fund performance data reflect the reinvestment of distributions.

Mutual funds are subject to various risks, as described fully in each Fund’s prospectus. These are not all the risks factors. Additional risk factors may apply for each Fund. There can be no assurance that the Funds will achieve their investment objectives. The Funds may be subject to style risk, which is the risk that the particular investing style of the Fund (i.e., growth or value) may be out of favor in the marketplace for various periods of time.Equity securitiesare more volatile than fixed income securities and subject to greater risks.Investments infixed income securitiesare subject to the risks associated with debt securities generally including credit, liquidity and interest rate risk. High yield, lower rated investmentsinvolve greater price volatility, are less liquid and present greater risks than higher rated fixed income securities.Foreign and emerging markets investmentsmay be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The Fund is also subject to the risk that the issuers ofsovereign debtor the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in bonds of similar projects or in particular types ofmunicipal securities. Income from municipal securities is generally free from federal taxes and state taxes for residents of the issuing state. While the interest income is tax-free, capital gains, if any, will be subject to taxes. Income for some investors may be subject to the federal Alternative Minimum Tax (AMT). The Fund may invest in loans directly, through loan assignments, or indirectly, by purchasing participations or sub-participations from financial institutions. Indirect purchases may subject the Fund to greater delays, expenses and risks than direct obligations in the case that a borrower fails to pay scheduled principal and interest.Derivative instrumentsmay involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and liquidity risk.Investments in MLPsare subject to certain risks, including risks related to limited control and limited rights to vote, potential conflicts of interest, cash flow risks, dilution risks,limited liquidityand risks related to the general partner’s right to force sales at undesirable times or prices. MLPs are also subject to risks relating to theircomplex taxstructure, including the risk that an MLP could lose its tax status as a partnership, resulting in a reduction in the value of the Fund’s investment in the MLP and lower income to the Fund. The Fund’s strategy of investing primarily in MLPs, resulting in its beingtaxed as a regular corporation, or “C” corporation, involves complicated and in some cases unsettled accounting, tax and valuation issues. Many MLPs in which the Fund invests operate facilities within the energy sector and are also subject to risks affecting that sector. Because the Fund concentrates its investments in theenergy sector, the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting industries within that sector than if its investments were more diversified across different industries. Thesecurities of mid- and small-capitalization companiesinvolve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Investments inforeign securitiesentail special risks such as currency, political, economic, and market risks. These risks are heightened in emerging markets.Investments in the Liquid Alternative Fundsexpose investors to risks that have the potential to result in losses.These strategies involve risks that may not be present in more traditional (e.g., equity or fixed income) mutual funds.These Funds generally may seek sources of returns that perform differently from broader securities markets. However, correlations among different asset classes may shift over time, and if this occurs a Fund’s performance may track broader markets. In addition, if returns are in fact uncorrelated to the broader securities markets, a Fund may underperform those markets. For example, in periods of robust equity market returns, returns from a Fund may be lower or negative.The use of alternative investment techniques such as shorting or leveraging creates an opportunity for increased returns but also creates the possibility for greater loss.Leverageincreases a Fund’s sensitivity to market movements. Funds that use leverage can be expected to be more “volatile” than other funds that do not use leverage. This means if the instruments such a Fund buys decrease in market value, the value of the Fund’s shares will decrease by even more.Losses onshort positionsare potentially unlimited, since the positions lose value as the asset that was sold short increases in value. Taking short positions leverages a Fund’s assets, because the Fund is exposed to market movements beyond the amount of its actual investments.Derivative instrumentsmay involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and liquidity risk.There is risk thatalternative funds hold investments that may be difficult to value and as a result thevalues used by alternative funds to price investments may be different from those used byothers toprice the sameinvestments. Attimes, a Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all.There is also the risk that funds will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons.There may be additional risks that the Funds do not currently foresee or consider material.Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs whose underlying properties are concentrated in a particular industry or geographic region are also subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors.Target Date portfoliosare subject to the risk factors of the underlying funds in direct proportion to its investments in those underlying funds, and the ability of each Portfolio to meet its investment objective is directly related to the ability of the underlying funds to meet their investment objectives, as well as the allocation among those underlying funds by the Investment Adviser. An underlying fund is subject to the risks associated with its investments, including (as applicable) those associated with equity, fixed income, foreign and money market investments generally. From time to time, the underlying funds in which each Portfolio invests, and the size of the investments in the underlying funds, may change. Because each Portfolio is subject to the underlying fund expenses as well as its own expenses, the cost of investing in each Portfolio may be higher than investing in a mutual fund that only invests directly in stocks and bonds. Certain shareholders, including clients or affiliates of the Investment Adviser, may from time to time own or control a significant percentage of an underlying fund’s shares. Redemptions by these shareholders of their shares of that underlying fund may impact the underlying fund’s liquidity and net asset value. In addition, each Portfolio may invest directly in derivative instruments, including futures, swaps, options and forward contracts. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk.

Exchange-Traded Funds are subject to risks similar to those of stocks. Investment returns may fluctuate and are subject to market volatility, so that an investor’s shares, when redeemed, or sold, may be worth more or less than their original cost. ETFs may yield investment results that, before expenses, generally correspond to the price and yield of a particular index. There is no assurance that the price and yield performance of the index can be fully matched. Please see GSAMFunds.com/ETFs for additional risk considerations.

ETF shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.

*Dividends are not guaranteed and a company’s future ability to pay dividends may be limited.

³NAV: The NAV (Net Asset Value) represents the net assets of the Fund (ex-dividend) divided by the total number of shares. The expense ratios of the funds, both with and without any waivers and expense limitations, are as set forth above. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratio may increase without shareholder approval.

The Morningstar Analyst Rating^TM is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s conviction in a fund’s prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.

A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail - 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund.

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Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

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NOT FDIC-INSURED | May Lose Value | No Bank Guarantee