Past performance does not guarantee future results. Learn more about mutual funds at fidelity.com. There can be no assurance that the Funds will achieve their investment objectives. For example, in periods of robust equity market returns, returns from a Fund may be lower or negative. 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. It contains information which prospective investors ought to know before This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investments in MLPs are 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 liquidity and risks related to the general partner’s right to force sales at undesirable times or prices. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. 3NAV: The NAV (Net Asset Value) represents the net assets of the Fund (ex-dividend) divided by the total number of shares. The performance shown above reflects any waivers or reimbursements that were in effect for all or a portion of the periods shown. Prospective investors should review the Prospectus carefully and consult their financial adviser before investing to determine that an investment in the Funds would be suitable for them. Note: Separate multiple email address with a comma or semicolon. Equity funds are subject to the risk of rising and falling stock prices and have tended to be more volatile than funds that invest in fixed income securities. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Retail Funds: You could lose money by investing in the Fund. Morningstar Prospectus Objective Min Initial Purchase Min Subsequent Purchase Min IRA Purchase: Expense Ratio: 12b-1: Sales Charge: Available to New Shareholders : Available to Existing Shareholders: Exchange In Eligible: Foreign Purchase Eligible: Goldman Sachs Funds: G S FINANCIAL SQUARE GOVERNMENT SELECT: 38142Y716: GSGXX: Mutual Fund $ - $ - $ - None: No: Yes: 0: Y: Goldman Sachs Funds… (iv) Securities that will mature, or are subject to a demand feature that is exercisable and payable, within five business days. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. If you would like a preprinted copy of the prospectus… For more performance data, please visit our Disclosure Document page. Please visit our Web site at: www.GSAMFUNDS.com to obtain the most recent month-end returns. In an effort to distinguish funds by what they own, as well as by their prospectus objectives and styles, Morningstar developed the Morningstar Categories. The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth below. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. dated , 2021 of GS Finance Corp. and The Goldman Sachs Group, Inc. with … The Fund’s prospectus and summary prospectus contain this and other important information about the Fund, which can be obtained by visiting the GS Fund information page or calling Goldman, Sachs & Co. at +1 (800) 526-7384. Bond funds fluctuate in value with changes in interest rates, and lower-rated bonds involve higher credit risk and may be speculative investments. NOT FDIC-INSURED | May Lose Value | No Bank Guarantee. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. The 30-Day Standardized Unsubsidized Yield does not reflect any applicable expense reductions. GOLDMAN SACHS FUNDS - PLC/English AR 124296 2 Directors’ Report The Directors present to the shareholders their annual report together with the financial statements of Goldman Sachs Funds Plc. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The returns represent past performance. Effective as of the close of business on November 16, 2018, the International Small Cap Insights Fund is generally closed to new investors. An undertaking for collective investment organised under the laws of the Grand Duchy of Luxembourg (S.I.C.A.V) This Prospectus is only valid if accompanied by the relevant Supplement(s) referable to the Portfolio in which … Prospectus . Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. 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. While the prospectus objective identifies a fund's investment goals based on the wording in the fund prospectus, the Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings (portfolio and other statistics over the past three years). 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. When waivers or reimbursements are in place, the Fund's operating expenses are reduced and the Fund's yield and total returns to the shareholder are increased. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Diversification does not protect an investor from market risk and does not ensure a profit. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place at least through the dates found below and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling … Please see GSAMFunds.com/ETFs for additional risk considerations. • April 30, 2020: Variable Insurance Trust Core Fixed Income, Variable Insurance Trust High Quality Floating Rate, Variable Insurance Trust Equity Index, Variable Insurance Trust Large Cap Value, Variable Insurance Trust Mid Cap Value, Variable Insurance Trust Growth Opportunities, Variable Insurance Trust International Equity Insights, Variable Insurance Trust Government Money Market, Variable Insurance Trust Multi-Strategy Alternatives Portfolio, Variable Insurance Trust Strategic Growth, Variable Insurance Trust Small Cap Equity Insights, Variable Insurance Trust U.S. Equity Insights and Variable Insurance Trust Global Trends Allocation. Investments in fixed income securities are subject to the risks associated with debt securities generally including credit, liquidity and interest rate risk. The expense ratios of the funds, both with and without any waivers and expense limitations, are as set forth above. For further information with regards to share classes offered for the Fund investors are referred to the latest prospectus and fund supplement. Visit the GSAM Muni Center – where you can find our municipal bond funds and high caliber market insights. Please consider a Fund's objectives, risks, charges and expenses before investing. These Funds generally may seek sources of returns that perform differently from broader securities markets. 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. Because the Fund concentrates its investments in the energy 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. Visit the GSAM Muni Center – where you can find our municipal bond funds and high caliber market insights. 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. Funds that use leverage can be expected to be more “volatile” than other funds that do not use leverage. Mutual funds are subject to various risks, as described fully in each Fund’s prospectus. Income may be subject to state and local taxes. However, correlations among different asset classes may shift over time, and if this occurs a Fund’s performance may track broader markets. If this occurs, the expense ratio may increase without shareholder approval. Shares of the Goldman Sachs Funds are issued solely on the basis of information set out in the current Prospectus of the Goldman Sachs Funds, plc, which is available free of charge at the Funds' principal office. Please refer to the shareholder guide and current prospectus for the Fund, accessible from the literature section, for additional pricing information. Prospectus Supplement to the Prospectus dated July 10, 2017. The Fund invests in US TIPS bonds and similar inflation protected securities, and the 30-Day Standardized Yield of the Fund, as quoted above, includes the positive or negative income effect on those bonds of changes in the rate of inflation. Exchange-Traded Funds are subject to risks similar to those of stocks. Yields will fluctuate as market conditions change. Stay on top of the latest market developments, key themes, and investment ideas affecting your portfolio and practices. As at the date of this Prospectus there are four Supplements (Supplements I - IV), each of … All rights reserved. Our Company; Vision; Team; Our Clients; Job Opportunities-Internships; Sample Documents; Partnership Program; Investment Documents. Taking short positions leverages a Fund’s assets, because the Fund is exposed to market movements beyond the amount of its actual investments. These returns reflect the maximum initial sales charge for Class A shares and CDSC for class B and C shares. High yield, lower rated investments involve greater price volatility, are less liquid and present greater risks than higher rated fixed income securities. This number is then annualized. Choosing the right asset classes for your portfolio can be difficult. 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 of municipal securities. Prospectus Institutional Shares April 29, 2020 GOLDMAN SACHS VARIABLE INSURANCE TRUST Goldman Sachs Mid Cap Value Fund BeginningonorafterJanuary1,2021,youmaynot receivepapercopiesoftheFund’sannual IMPORTANT NOTICE REGARDING FUND REORGANIZATION . 5 stars are assigned to the top 10%; 4 stars to the next 22.5%; 3 stars to the next 35%; 2 stars to the next 22.5%; and 1 star to the bottom 10%. A new or smaller fund may buy smaller-sized bonds known as “odd lots”, which may be sold at a discount to similar “round lot” bonds, that the fund may not buy as the fund grows in size. When inflation factors increase, we expect the Fund's 30-Day Standardized Yield to be higher than if the effects of inflation were excluded, and when the inflation factors decrease, we expect the Fund's 30-Day Standardized Yield to be lower than if the effects of inflation were excluded. Losses on short positions are potentially unlimited, since the positions lose value as the asset that was sold short increases in value. Without waivers and/or reimbursements, yields would be reduced. Prospectus, Summary Prospectuses and Statement of Additional Information (“SAI”), each dated December 27, 2019, each as supplemented to date. A review of the performance of the Company is contained in the Analyze the Fund Goldman Sachs Income Builder Fund Class A having Symbol GSBFX for type mutual-funds and perform research on other mutual funds. There may be additional risks that the Funds do not currently foresee or consider material. The information and services provided on this web site are intended for persons in the US only. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. Learn more about mutual funds at fidelity.com. Past performance does not guarantee future results. Minimum to Invest 3. © 2021 Goldman Sachs. Goldman Sachs Funds SICAV November 2009 3 Goldman Sachs Asset Management Introduction This Simplified Prospectus contains only key information relating to the Specialist Portfolios and Money Market Portfolios of Goldman Sachs Funds, S.I.C.A.V., (the “Fund”) managed by Goldman Sachs … The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Your browser is out of date. Relatively small changes in the rate of inflation can have significant positive or negative impacts on the 30-Day Standardized Yield of the Fund. The GS ActiveBeta ETFs are newly organized and do not have an operating history. Turnover Rate. Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. An undertaking for collective investment organised under the laws of the Grand Duchy of Luxembourgorganised as a société d’investissement à capital variable (S.I.C.A.V.) Data shown is as of most recent month end. Mid Cap Value and MLP Energy Infrastructure: The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth below according to the most recent publicly available Prospectus. Investments in the Liquid Alternative Funds expose investors to risks that have the potential to result in losses. Prospectus Writing; Private Placement Memorandum; Offering Memorandum; Hedge Funds & Mutual Funds; Information Memorandum; Bond Offerings; 144A & Reg S Offerings; IPO & Stock Exchange Listing; Registration and Filing; Valuations ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Goldman Sachs Large Cap Value Fund – Service Shares Before you invest, you may want to review the Goldman Sachs Large Cap Value Fund’s (the “Fund”) Prospectus, which contains more information about the Fund and its risks. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The prospectus contains this and other information about the Fund. Government Funds: You could lose money by investing in the Fund. The yields and returns for the Goldman Sachs Money Market Funds listed are calculated by Goldman Sachs Asset Management. Many MLPs in which the Fund invests operate facilities within the energy sector and are also subject to risks affecting that sector. Learn more about mutual funds at … 6 summary prospectus — goldman sachs tactical tilt implementation fund pay principal later than expected) and “prepayment risk” ( i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to … The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Please read the prospectus carefully before investing. The Fund’s strategy of investing primarily in MLPs, resulting in its being taxed as a regular corporation, or “C” corporation, involves complicated and in some cases unsettled accounting, tax and valuation issues. (the “Company”) for the year ended 31 December 2019. Business Review The results of operations are set out on page 44. The prospectus contains this and other information about the Fund. Prospectus Goldman Sachs Funds, plc (an investment company with variable capital incorporated with limited liability in Ireland with registered number 252159 and established as an umbrella fund with segregated liability between its sub-funds under the European Communities (Undertakings for Collective Investment in Transferable Securities) At times, a Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. There is risk that alternative funds hold investments that may be difficult to value and as a result the values used by alternative funds to price investments may be different from those used by others to price the same investments. It has known security flaws and may not display all features of this and other websites, GS GQG Partners International Opportunities Fund, GS Access Investment Grade Corporate Bond ETF, See Glossary for definition of terms used in reference to Products. 2Market Value NAV: Net asset value per share based on available market quotations of the Funds’ securities as provided by a third party pricing vendor or broker as of 3:00 p.m. Eastern Time on the date stated. $1,000.00. Morningstar only rates funds with at least a 3-year history. Derivative instruments may involve a high degree of financial risk. Minimum to Invest 3. Please accept our apologies. Derivative instruments may involve a high degree of financial risk. No results match your criteria. Weekly Liquid Assets includes (i) Cash; (ii) Direct obligations of the U.S. Government; (iii) Government securities that are issued by a person controlled or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by the Congress of the United States that: (A) Are issued at a discount to the principal amount to be repaid at maturity without provision for the payment of interest; and (B) Have a remaining maturity date of 60 days or less; or. The Fund is also subject to the risk that the issuers of sovereign debt or the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. For example, during periods of low interest rates, the investment adviser may voluntarily waive certain fees and expenses in order to preserve a positive distribution yield for Fund shareholders, as determined in the sole discretion of the adviser. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that any fund, including a fund with high or unusual performance for one or more periods of time, will perform similarly in the future. This number is then annualized. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. the Fund or from Goldman Sachs International, at their respective addresses which are set out in the “Directory” on page 1 of the Prospectus. Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds. ETFs may yield investment results that, before expenses, generally correspond to the price and yield of a particular index. Analyze the Fund Goldman Sachs Capital Growth Fund Class A having Symbol GSCGX for type mutual-funds and perform research on other mutual funds. Turnover Rate. The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. ; or (iv) Amounts receivable and due unconditionally within one business day on pending sales of portfolio securities. All positions are marked at “round lot” prices in calculating NAV and performance. About Prospectus. Learn more about why portfolio construction matters below. MLPs are also subject to risks relating to their complex tax structure, 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. • October 31, 2020: Small Cap Growth, • December 27, 2020: Blue Chip, Capital Growth, Concentrated Growth, Enhanced Dividend Global Equity Portfolio, Equity Income, Flexible Cap, Focused Value, Global Managed Beta, Growth Opportunities, Large Cap Value, Small Cap Value, Small/Mid Cap Growth, Small/Mid Cap Value, Strategic Factor Allocation, Strategic Growth, Tactical Tilt Overlay, Target Date Retirement, Target Date 2025, Target Date 2030, Target Date 2035, Target Date 2040, Target Date 2045, Target Date 2050, Target Date 2055, Target Date 2060, Tax-Advantaged Global Equity Portfolio and Technology Opportunities, • February 28, 2021: China Equity, Emerging Markets Equity, Emerging Markets Equity Insights, ESG Emerging Markets Equity, GQG Partners International Opportunities, Imprint Emerging Markets Opportunities, Income Builder, International Equity ESG, International Equity Income, International Equity Insights, International Small Cap Insights, Large Cap Growth Insights, Large Cap Value Insights, Multi-Manager Alternatives,  Multi-Manager Global Equity, Multi-Manager Non-Core Fixed Income, Multi-Manager Real Assets Strategy, Rising Dividend Growth, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights. 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