Class
A: GLPAX Class C: GLPCX Institutional: GMLPX Class
IR: GLPIX Class R: GLPRX
Before you invest, you may want to review the
Goldman Sachs MLP Energy Infrastructure Fund’s (the “Fund”) Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus and other information about the Fund, including the
Statement of Additional Information (“SAI”) and most recent annual reports to shareholders, online at www.goldmansachsfunds.com/summaries. You can also get this information at no cost by calling 800-621-2550 for Institutional shareholders,
800-526-7384 for all other shareholders or by sending an e-mail request to gs-funds-document-requests@gs.com. The Fund’s Prospectus and SAI, both dated March 25, 2013, are incorporated by reference into this Summary Prospectus.
The Fund seeks total return through current income and capital appreciation.
|
|
|
|
|
FEES AND EXPENSES OF THE FUND
|
|
|
This table describes the fees and expenses that you may pay if you buy and hold shares
of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is
available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 38 of this Prospectus and “Other Information Regarding Maximum Sales
Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-66 of the Fund’s SAI.
SHAREHOLDER
FEES
(fees paid directly from your investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
Class C
|
|
|
Institutional
|
|
|
Class IR
|
|
Class R
|
|
|
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
|
|
|
5.50
|
%
|
|
|
None
|
|
|
|
None
|
|
|
None
|
|
|
None
|
|
|
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase
price or sale proceeds)
1
|
|
|
None
|
|
|
|
1.00
|
%
|
|
|
None
|
|
|
None
|
|
|
None
|
|
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of
your investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
Class C
|
|
|
Institutional
|
|
|
Class IR
|
|
|
Class R
|
|
|
Management Fees
|
|
|
1.00
|
%
|
|
|
1.00
|
%
|
|
|
1.00
|
%
|
|
|
1.00
|
%
|
|
|
1.00
|
%
|
|
Distribution and Service (12b-1) Fees
|
|
|
0.25
|
%
|
|
|
1.00
|
%
|
|
|
None
|
|
|
|
None
|
|
|
|
0.50
|
%
|
|
Other Expenses
2
|
|
|
0.63
|
%
|
|
|
0.63
|
%
|
|
|
0.48
|
%
|
|
|
0.63
|
%
|
|
|
0.63
|
%
|
|
Deferred Income Tax Expenses
3
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
Total Annual Fund Operating Expenses
|
|
|
1.88
|
%
|
|
|
2.63
|
%
|
|
|
1.48
|
%
|
|
|
1.63
|
%
|
|
|
2.13
|
%
|
|
Expense Limitation
4
|
|
|
(0.38
|
)%
|
|
|
(0.38
|
)%
|
|
|
(0.38
|
)%
|
|
|
(0.38
|
)%
|
|
|
(0.38
|
)%
|
|
Total Annual Fund Operating Expenses After Expense Limitation
|
|
|
1.50
|
%
|
|
|
2.25
|
%
|
|
|
1.10
|
%
|
|
|
1.25
|
%
|
|
|
1.75
|
%
|
|
1
|
A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.
|
|
2
|
The Fund’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the first fiscal year.
|
|
3
|
The Fund has not yet commenced investment operations. Because it cannot be predicted whether the Fund will incur a benefit or expense, a deferred
income tax expense of 0.00% has been assumed. The Fund accrues deferred tax liability for its future tax liability associated with the capital appreciation of its investments, distributions it receives on interests of master limited partnerships
considered to be a return of capital, and for any net operating gains. The Fund’s accrued deferred tax liability, if any, is reflected each day in the Fund’s net asset value per share. The Fund’s deferred tax liability will depend
upon income, gains, losses, and deductions the Fund is allocated from its master limited partnership investments and on the Fund’s realized and unrealized gains and losses, and may vary greatly from year to year. Therefore, any estimate of
deferred tax liability cannot be reliably predicted from year to year.
|
|
4
|
The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and
expenses, taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.064% of the Fund’s average daily net assets through at least March 25, 2014, and prior to such date the
Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Fund’s “Other Expenses” may be further reduced by any custody and transfer agency fee credits received by the Fund.
|
2 SUMMARY PROSPECTUS — GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND
This Example is intended to help you compare the cost of investing in the Fund with the
cost of investing in other mutual funds.
This Example assumes that you invest $10,000 in Class A, Class C, Institutional, Class IR and/or
Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return
each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions
your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year
|
|
|
3 Years
|
|
|
Class A Shares
|
|
$
|
695
|
|
|
$
|
1,074
|
|
|
Class C Shares
|
|
|
|
|
|
|
|
|
|
— Assuming complete redemption at end of period
|
|
$
|
328
|
|
|
$
|
782
|
|
|
— Assuming no redemption
|
|
$
|
228
|
|
|
$
|
782
|
|
|
Institutional Shares
|
|
$
|
113
|
|
|
$
|
431
|
|
|
Class IR Shares
|
|
$
|
128
|
|
|
$
|
477
|
|
|
Class R Shares
|
|
$
|
178
|
|
|
$
|
631
|
|
The Fund pays transaction costs when it buys and sells securities or instruments (i.e.,
“turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders. High portfolio turnover may result in the
Fund’s recognition of gains (losses) that will increase (decrease) the Fund’s tax liability and thereby impact the amount of the Fund’s after-tax distributions. In addition, high portfolio turnover may increase the Fund’s current
and accumulated earnings and profits, resulting in a greater portion of the Fund’s distributions being treated as taxable dividends for federal income tax purposes. These costs are not reflected in the annual fund operating expenses or in the
expense example above, but are reflected in the Fund’s performance.
The Fund invests, under normal circumstances, at least 80% of its net assets plus any
borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in energy infrastructure master limited partnership (“MLP”) investments. The Fund’s MLP investments may include, but are not limited to:
MLPs structured as limited partnerships (“LPs”) or limited liability companies (“LLCs”); MLPs that are taxed as “C” corporations; institutional units (“I-Units”) issued by MLP affiliates; “C”
corporations that hold significant interests in MLPs; and other equity and fixed income securities and derivative instruments, including pooled investment vehicles and exchange-traded notes (“ETNs”), that provide exposure to MLPs. Energy
infrastructure MLPs own and operate assets that are used in the energy sector, including assets used in exploring, developing, producing, generating, transporting (including marine), transmitting, terminal operation, storing, gathering, processing,
refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or electricity, or that provide energy-related equipment or services. The Fund’s MLP investments may be of any capitalization
size.
MLPs formed as LPs or LLCs are generally treated as partnerships for U.S. federal income tax purposes. To be treated as a partnership
for U.S. federal income tax purposes, an MLP must derive at least 90% of its gross income for each taxable year from qualifying sources, including activities such as the exploration, development, mining, production, processing, refining,
transportation, storage and certain marketing of mineral or natural resources. MLPs are generally publicly traded, are regulated by the Securities and Exchange Commission (“SEC”) and must make public filings like any publicly traded
corporation. The Fund may also invest in privately placed securities of publicly traded MLPs.
Many of the MLPs in which the Fund invests
operate oil, gas or petroleum facilities, or other facilities within the energy sector. The Fund intends to concentrate its investments in the energy sector, with a focus on “midstream” energy infrastructure MLPs. Midstream MLPs are
generally engaged in the treatment, gathering, compression, processing, transportation, transmission, fractionation, storage and terminalling of natural gas, natural gas liquids, crude oil, refined products or coal. Midstream MLPs may also operate
ancillary businesses including marketing of energy products and logistical services. The Fund may also invest in “upstream” and “downstream” MLPs. Upstream MLPs are primarily engaged in the exploration, recovery, development and
production of crude oil, natural gas and natural gas liquids. Downstream MLPs are primarily engaged in the processing, treatment, and refining of natural gas liquids and crude oil. The MLPs in which the Fund invests may also engage in owning,
managing and transporting alternative energy assets, including alternative fuels such as ethanol, hydrogen and biodiesel.
The Fund may also
invest up to 20% of its Net Assets in non-MLP investments, including, without limitation, securities of corporations that operate in the energy sector or that hold energy assets.
The Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. Accordingly, unlike traditional open-end mutual funds, the Fund is subject to U.S. federal
income tax on its taxable income at the graduated rates applicable to corporations (currently a maximum rate of 35%) as well as state and local income taxes.
THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (“INVESTMENT COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED
MUTUAL FUNDS.
3 SUMMARY PROSPECTUS — GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND
|
|
|
|
|
PRINCIPAL RISKS OF THE FUND
|
|
|
Loss of money is a risk of investing in the Fund. An investment in the Fund is not a
bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will
achieve its investment objective.
Investment in the Fund involves substantial risks which prospective investors should consider carefully
before investing.
Energy Sector Risk
.
The Fund concentrates its investments in the energy sector, and will therefore be
susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are
subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting,
processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may
adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.
Liquidity Risk.
The Fund may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may
be more difficult to value. Liquidity risk may also refer to the risk that the Fund 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. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.
Market Risk.
The value of the instruments in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/ or general
economic conditions throughout the world due to increasingly interconnected global economies and financial markets.
Master Limited
Partnership Risk.
Investments in securities of an MLP involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential
conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.
Certain MLP securities may trade in lower volumes due to their smaller capitalizations, and may be subject to more abrupt or erratic price movements and lower market liquidity. MLPs are generally considered interest-rate sensitive investments.
During periods of interest rate volatility, these investments may not provide attractive returns.
Mid-Cap and Small-Cap Risk.
The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may
lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk.
The Fund is
non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its
portfolio, and may be more susceptible to greater losses because of these developments.
Stock Risk.
Stock prices have
historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.
Strategy Risk.
The Fund’s strategy of investing primarily in MLPs, resulting in its being taxed as a regular corporation, or a “C” corporation, rather than as a regulated
investment company for U.S. federal income tax purposes, is a relatively new investment strategy for mutual funds. This strategy involves complicated and in some cases unsettled accounting, tax and valuation issues that may result in unexpected and
potentially significant consequences for the Fund and its shareholders.
Tax Risk.
Tax risks associated with investments in the
Fund include but are not limited to the following:
|
|
¡
|
|
MLP Tax Risk. MLPs are generally treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the
partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being
treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income. This would have the effect of reducing the
amount of cash available for distribution by the MLP and could result in a reduction in the value of the Fund’s investment in the MLP and lower income to the Fund.
|
To the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the
interests of the MLP will be reduced, which may increase the Fund’s tax liability upon the sale of the interests in the MLP or upon subsequent distributions in respect of such interests.
|
|
¡
|
|
Fund Structure Risk. Unlike traditional mutual funds that are structured as regulated investment companies for U.S. federal income tax purposes, the
Fund will be taxable as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. This means the Fund generally will be subject to U.S. federal income tax on its taxable income at the rates applicable to corporations
(currently a maximum rate of 35%), and will also be subject to state and local income taxes.
|
4 SUMMARY PROSPECTUS — GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND
|
|
¡
|
|
Tax Estimation/NAV Risk. In calculating the Fund’s daily net asset value (“NAV”), the Fund will, among other things, account for its
current taxes and deferred tax liability and/or asset balances. The Fund will accrue a deferred income tax liability balance, at the then effective statutory U.S. federal income tax rate (currently 35%) plus an estimated state and local income tax
rate, for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on interests of MLPs considered to be return of capital and for any net operating gains. Any deferred tax
liability balance will reduce the Fund’s NAV. The Fund may also accrue a deferred tax asset balance, which reflects an estimate of the Fund’s future tax benefit associated with net operating losses and unrealized losses. Any deferred tax
asset balance will increase the Fund’s NAV. The Fund will rely to some extent on information provided by MLPs, which may not be provided to the Fund on a timely basis, to estimate current taxes and deferred tax liability and/or asset balances
for purposes of financial statement reporting and determining its NAV. The daily estimate of the Fund’s current taxes and deferred tax liability and/or asset balances used to calculate the Fund’s NAV could vary dramatically from the
Fund’s actual tax liability or benefit, and, as a result, the determination of the Fund’s actual tax liability or benefit may have a material impact on the Fund’s NAV. From time to time, the Fund may modify its estimates or
assumptions regarding its current taxes and deferred tax liability and/or asset balances as new information becomes available, which modifications in estimates or assumptions may have a material impact on the Fund’s NAV. Shareholders who redeem
their shares at a NAV that is based on estimates of the Fund’s current taxes and deferred tax liability and/or asset balances may benefit at the expense of remaining shareholders (or remaining shareholders may benefit at the expense of
redeeming shareholders) if the estimates are later revised or ultimately differ from the Fund’s actual tax liability and/or asset balances.
|
As the Fund had not yet commenced investment operations as of the date of this
Prospectus, there is no performance information quoted for the Fund.
Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the
“Investment Adviser” or “GSAM”).
Portfolio Managers:
Kyri Loupis, Managing Director, has managed the Fund
since 2013; and Ganesh V. Jois, CFA, Vice President, has managed the Fund since 2013.
|
|
|
|
|
BUYING AND SELLING FUND SHARES
|
|
|
The minimum initial investment for Class A and Class C Shares is, generally,
$1,000. The minimum initial investment for Institutional Shares is, generally, $1,000,000 for individual or certain institutional investors, alone or in combination with other assets under the management of the Investment Adviser and its affiliates.
There is no minimum for initial purchases of Class IR and Class R Shares. Those share classes with a minimum initial investment requirement do not impose it on certain employee benefit plans, and Institutional Shares do not impose it on certain
investment advisers investing on behalf of other accounts.
The minimum subsequent investment for Class A and Class C shareholders is $50,
except for certain employee benefit plans, for which there is no minimum. There is no minimum subsequent investment for Institutional, Class IR or Class R shareholders.
You may purchase and redeem (sell) shares of the Fund on any business day through certain banks, trust companies, brokers, dealers, investment advisers and other financial institutions (“Authorized
Institutions”).
The Fund is treated as a regular corporation, or “C” corporation, for U.S.
federal, state and local income tax purposes. The Fund will make distributions that will be treated for U.S. federal income tax purposes as (i) first, taxable dividends to the extent of your allocable share of the Fund’s earnings and
profits, (ii) second, non-taxable returns of capital to the extent of your tax basis in your shares of the Fund (for the portion of those distributions that exceed the Fund’s earnings and profits) and (iii) third, taxable gains (for
the balance of those distributions). Dividend income will be treated as “qualified dividends” for federal income tax purposes, subject to favorable capital gain tax rates, provided that certain requirements are met. Unlike a regulated
investment company, the Fund will not be able to pass-through the character of its recognized net capital gain by paying “capital gain dividends.” Although the Fund expects that a significant portion of its distributions will be treated as
nontaxable return of capital and gains, combined, no assurance can be given in this regard. Additionally, a sale of Fund shares is a taxable event for shares held in a taxable account.
|
|
|
|
|
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
|
|
|
If you purchase the Fund through an Authorized Institution, the Fund and/or its related
companies may pay the Authorized Institution for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Authorized Institution and your salesperson to recommend the Fund over another
investment. Ask your salesperson or visit your Authorized Institution’s website for more information.
MLPEISUM13
Dell (NASDAQ:DELL)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Dell (NASDAQ:DELL)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
