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Class P: GMNPX

Before investing, you should read the prospectus for Goldman Sachs MLP Energy Infrastructure Fund (the “Fund”), which contains the following
More information about the fund and its risks. The prospectus for the fund, reports to the shareholders and other information about the fund can be found online at
https://www.gsam.com/content/gsam/us/en/advisors/fund-center/summary-prospectuses.html. You can also get this information for free by calling 800-621-2550, or by sending a E-mail request to [email protected]. The
The prospectus for the Fund and the Declaration of Additional Information (“SAI”) dated March 27, 2020, as amended so far, are incorporated by reference in this summary prospectus.

We intend to stop sending paper copies of the Fund's annual and semi-annual shareholder reports as of January 1, 2021
by post, unless you specifically request paper copies of the reports from the Fund or your financial intermediary. Instead, the reports are made available on a website and you will be notified by email each time a report is published
with a website link to access the report.

If you have already chosen to receive shareholder reports electronically, this will not affect you
change and you don't have to take any action. You can at any time choose to receive reports and certain communications from the Fund electronically by calling the toll-free number below or by contacting your financial intermediary.

You can receive all future shareholder reports on paper free of charge. If you hold units of the fund directly with the transfer agent of the fund,
You can inform the transfer agent that you would like to receive paper copies of reports by calling toll free 800-621-2550 for class P shareholders if you hold shares of
Contact your financial intermediary through a financial intermediary to make this choice. Your choice to receive paper reports applies to all Goldman Sachs funds held in your account when you invest over your funds
Intermediaries or any Goldman Sachs Funds held with the Fund's Transfer Agent when you invest directly with the Transfer Agent.


The Fund seeks total return through current income and capital appreciation.


This table describes the fees and expenses you may pay in buying and holding shares in the Fund.

ANNUAL OPERATING COSTS OF THE FUND (expenses you pay each year as a percentage of the value of your investment)

Class P.

Management fees

0.95 %.

Other issues

0.09 %.

Deferred income tax expenses 1

0.23 %.

Annual total cost of ownership of the fund

1.27 %.


The fund creates a deferred tax liability / tax credit for its future tax liability in connection with the capital
Appreciation of its investments, distributions on shares of master limited partnerships that are considered a return on capital and for any net operating income. Any accrued deferred tax liability of the fund is reflected in each case
Day in the Fund's Net Asset Value (“NAV”) per Share. The Fund's deferred tax liability / benefit depends on the income, gains, losses and deductions the Fund receives from its master limited partnerships and beyond
The Fund's realized and unrealized gains and losses can vary widely from year to year. Therefore, an estimate of the deferred tax liability / benefit cannot be reliably predicted from year to year.

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds
Investment funds.

This example assumes that you invest $ 10,000 in Class P Shares of the Fund for the periods indicated and then redeem all of your Shares
Class P Shares at the end of these periods. The example also assumes that your investment has a return of 5% each year and that the operating costs of the fund remain the same. Although your actual cost may be higher or lower based on these
Assumptions your costs would be:

1 year 3 years 5 years ten years

Class P.

$ 129 $ 403 $ 697 $ 1.534


The fund pays transaction costs when it buys and sells securities or instruments (i.e.
about ”his portfolio). A high portfolio turnover rate can lead to increased transaction costs, including brokerage commissions that must be borne by the Fund and the Fund



its shareholders. High portfolio turnover may cause the Fund to recognize the gains (losses) that cause it
Increase (decrease) in the tax liability of the fund and thus affect the amount of the fund after the tax Distributions. In addition, a high portfolio turnover can change the current and
cumulative gains and income, which results 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 Fund's annual operating costs or in the
The cost example above, but is reflected in the fund's performance. The Fund's portfolio turnover rate for the year ended November 30, 2019 was 51% of the average value of its portfolio.


The Fund will, under normal circumstances, invest at least 80% of its net assets plus any credit for investments
US and US purposes (measured at the time of purchase) (“Net Assets”) Non-USA. Stocks or fixed income securities issued by energy infrastructure companies, including master limited partnerships
("MLPs") and "C" companies ("C-Corps"). The fund's investments in MLPs account for at least 25% of the fund's total assets, measured at the time of purchase.
The fund intends to focus its investments on the energy sector.

The fund's 80% policy, discussed above, applies
Investments in energy infrastructure companies include the US and Non-USA. Issuers who: (i) are classified by a third party as operating in oil and gas storage and transportation Sub-industries; (ii) are part of the Fund's specified benchmark; or (iii) have committed or derived at least 50% of their assets, income, sales or profits for the traditional or alternative midstream
(Energy Infrastructure) Companies, which include companies that deal with treatment, collection, compression, processing, transportation, transfer, fractionation, storage, termination, wholesale marketing, liquefaction / regasification
from natural gas, natural gas liquids, crude oil, refined products or other energy sources as well as from companies that own, store and transport alternative energy sources such as renewable energies (wind, sun, hydrogen, geothermal energy, biomass)
and alternative fuels (ethanol, hydrogen, biodiesel).

The fund's MLP investments may include MLPs that are structured as limited partnerships
("LPs") or Limited Liability Companies ("LLCs"); MLPs That Are Taxed As C Corps; institutional units ("I units") issued by MLP subsidiaries;
private investments in public stocks ("PIPEs") issued by MLPs; and other US and Non-USA. Equity and fixed income securities and derivative instruments, including pooled investment vehicles and
Exchange Traded Notes ("ETNs") that offer exposure to MLPs.

The fund can also invest up to 20% of its net assets in Non-energy Infrastructure investments, including US stocks and fixed income securities, and Non-USA. Companies. These investments can include issuers in the upstream area
downstream sectors of the energy value chain. Upstream energy companies are primarily involved in the exploration, extraction, development and production of crude oil, natural gas and natural gas liquids. Downstream energy companies are primarily
engaged in refining and retailing of natural gas liquids and crude oil.

The fund's investments can be of any credit rating and term
or capitalization size. The Fund may also invest in derivatives, including options, futures, forwards, swaps, options on swaps, structured securities and other derivative instruments. While the Fund may invest in derivatives for hedging purposes,
The Fund generally does not intend to hedge its exposures. The fund's investments in derivatives, pooled investment instruments and other investments count towards the 80% policy of the fund, provided they have economic characteristics
similar to the investments included in this policy. The fund may also invest in privately held companies and companies that have only recently been publicly traded. The Fund may invest in stocks, warrants and other special purpose securities
Acquisition Companies ("SPACs").

The Fund is treated as a corporation or "C" company for US federal income tax
Purposes. Correspondingly in contrast to traditional open end Mutual Fund, the Fund is subject to US federal income tax on its taxable income at the rates applicable to both corporate (21% rate) and state
and local income taxes.


The means
The benchmark index is the Alerian MLP Index (Total Return, Unhedged, USD). The Alerian MLP Index (Total Return, Unhedged, USD) is the leading indicator for MLPs in the energy infrastructure and is limited. suitable for swimmers,
capitalization-weighted index, the constituents of which derive most of their cash flow from midstream energy commodity activities.


Loss of money is a risk of investing in the Fund. An investment in the Fund is not and is not a bank deposit
insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or a government agency. The Fund should not be viewed as a complete investment program. There can be no guarantee that the Fund will achieve its investment
Goal setting. Investing in the Fund involves significant risks, which potential investors should consider carefully before investing. The Fund's main risks are listed below in alphabetical order and not in order of importance or importance
possible exposure.

Credit / Default Risk. An issuer or guarantor of fixed income securities or instruments held by the Fund (possibly)
low creditworthiness) cannot meet his obligation to pay interest and to repay the capital or any other obligation. The creditworthiness of the portfolio securities or instruments of the Fund may meet the creditworthiness requirements of the Fund
at the time of purchase but deteriorate afterwards, and such deterioration can occur quickly. In certain cases, the downgrade or failure of an individual holding or a guarantor of holding of the Fund may affect the Fund's liquidity
and have the potential to cause a significant deterioration in net asset value. These risks are more pronounced in connection with the Fund's investments in Non-investment fixed income securities with grade.


Derivative risk. Use of futures, swaps, options on swaps and other derivatives by the Fund
Instruments can lead to losses. These instruments, which may present additional and greater risks than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile and heavy
Price and leverage so that small changes in the value of the underlying instruments can result in disproportionate losses for the Fund. Certain derivatives are also subject to counterparty risk, the risk that the other party may be in the
The transaction will fail to meet its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investing in more traditional stocks and shares

Risk of a dividend-paying investment. The Fund's investments in dividend-paying securities could cause the Fund
Underperformance of other funds. Securities that pay dividends as a group can fall out of favor with the market and cause those securities to outperform securities that do not pay dividends. Depending on market conditions and political and legislative
In response to such conditions, dividend-paying securities that meet the Fund's investment criteria may not be generally available and / or may only be concentrated in a few sectors of the market. In addition, issuers who have regularly paid dividends
or distributions to shareholders may no longer be made at the same level or at all in the future. This can limit the Fund's ability to generate ongoing income.

Energy sector risk. The Fund focuses its investments in the energy sector and is therefore susceptible to adverse economic, commercial and business problems.
social, political, environmental, regulatory or other developments that affect this sector. The energy sector has experienced significant price volatility in the past. MLPs, energy infrastructure companies and other companies active in the energy sector
The sector is subject to specific risks, including but not limited to: fluctuations in commodity prices and / or interest rates; increased government or environmental regulation; reduced availability of natural gas or other goods for transport,
Processing, storage or delivery; declining domestic or foreign production; Slowing down of new construction; extreme weather or other natural disasters; and threatened terrorist attacks on energy plants. Energy companies can be significant
Effects on the supply and demand for certain energy products (such as oil and natural gas) that can lead to over- or under-production. In addition, changes in the regulatory environment can have negative effects on energy companies
their profitability. Over time, depletion of natural gas and other energy reserves can also affect the profitability of energy companies.

In times of heightened volatility, energy producers burdened with debt can apply for bankruptcy relief. Insolvency laws can allow the revocation or renegotiation of contracts between energy producers and MLPs / energy infrastructure companies.
This could dramatically affect the ability of MLPs / energy infrastructure companies to pay distributions to their investors, including the Fund, which in turn could affect and dramatically affect the Fund's ability to pay dividends
Value of the Fund's investments.

Foreign risk. Foreign securities may be subject to the risk of loss due to the greater or lesser number of foreign securities
government regulation, less public information and less economic, political and social stability in the countries in which the fund invests. The imposition of exchange controls, sanctions, seizures, trade restrictions (including tariffs) and
Other United States and other government restrictions or problems with the registration, processing or custody of shares may also result in losses. The foreign risk also harbors the risk of negative exchange rate fluctuations.
This may cause the value of securities denominated in that foreign currency (or other instruments through which the Fund is exposed in foreign currencies) to decline in value. Exchange rates can fluctuate significantly over short periods of time
from time.

Infrastructure Company Risk. Infrastructure companies are vulnerable to several factors that can negatively affect them
Businesses or operations, including costs related to compliance with and changes to environmental, government and other regulations, rising interest costs related to capital development and improvement programs, government budget
Restrictions affecting publicly funded projects, the impact of general economic conditions around the world, concerns about overcapacity and exhaustion, increased competition from other service providers, uncertainties about the
Availability of fuel and other natural resources at reasonable prices, effects of energy conservation measures, unfavorable tax laws or accounting policies, and high leverage. Infrastructure companies will also be affected by innovations in
Technology that could or may make the way a company delivers a product or service obsolete and natural artificially produced Disasters.

Interest rate risk. If interest rates rise, any fixed income securities or instruments in the Fund (including inflation-linked securities) will be held
Securities) will usually lose value. Long-term fixed income securities or instruments typically have more price volatility than short-term fixed income securities or instruments because of this risk. A variety of market factors can be
Interest rate hikes, including central bank monetary policy, cause rising inflation and changes in general economic conditions. The risks associated with changes in interest rates can have unpredictable effects on the markets and those of the Fund
Investments. Fluctuations in interest rates can also affect the liquidity of the fixed income securities and instruments held by the Fund.

Style risk. Different investment styles (e.g. “growth”, “value” or “quantitative”) tend to shift in and out of favor depending on market and economic conditions as well as investor sentiment. The deposit
may outperform or undercut other funds that invest in similar asset classes but use different investment styles. The Fund intends to employ a mix of growth and value investment styles, both of which may fall, depending on market conditions
falling out of favor from time to time. Growth stocks may be more volatile than other stocks because they are more sensitive to investors' perceptions of the issuer's earnings potential growth. Investors often expect growth companies
to increase their income at a certain rate. If these expectations are not met, investors can overly penalize stocks, even if profits are absolutely so high.


Because growth companies typically invest a large portion of their profits in their business, growth stocks may be absent
the dividends of some value stocks, which can cushion stock prices in a falling market. Growth-oriented funds tend to underperform when value investments are preferred. Value stocks are those that are undervalued compared to their peers due to being undervalued
adverse business developments or other factors.

Risk of transactions with major shareholders. The Fund may have an adverse effect in certain circumstances
Major shareholders buy or redeem large amounts of shares in the fund. Such redemptions by major shareholders, which may be quick or unexpected, may result in the Fund selling portfolio securities at times when it would otherwise not
can have a negative impact on the net asset value and liquidity of the fund. Similarly, large holdings of Shares in the Fund may adversely affect the performance of the Fund by delaying the investment of new cash or otherwise holding large amounts of cash
Position than it normally would. These transactions can also expedite the realization of taxable income for the Fund and Unitholders if such sales of investments result in a profit and may also increase transaction costs. In addition, a great one
A repayment could result in the running costs of the fund being spread over a smaller asset base, which leads to an increase in the fund's expense ratio.

Liquidity risk. The Fund may make investments that are illiquid or become less liquid due to market developments or adverse effects
Perception of investors. 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 permitted period due to unusual market conditions
unusually high volume of redemption requests or for other reasons. In order to meet redemption requests, the Fund may be forced to sell securities at an inconvenient time and / or under unfavorable conditions. Redemptions by major shareholders can have a negative impact
Effects on a Fund's Liquidity.

Market risk. The value of the securities in which the Fund invests may rise or fall in response to their value
Prospects of individual companies, specific sectors or governments and / or general economic conditions around the world due to increasingly interconnected global economies and financial markets. Events like war, acts of terrorism, social
Civil unrest, natural disasters, the spread of infectious diseases or other public health threats could also have a material impact on the Fund and its investments.

Master Limited Partnership Risk. Investments in securities of an MLP involve risks that are different from investments in common stocks, including risks
in connection with limited control and limited voting rights in matters affecting MLP. Certain MLP securities may be traded in smaller volumes due to their lower capitalization and be exposed to more abrupt or irregular price movements and a smaller market
Liquidity. MLPs are generally considered to be interest-sensitive investments that generally rely on the capital markets to finance investments and growth opportunities. In times of interest rate volatility, access to the capital markets is restricted
and / or low commodity prices, these investments may not offer attractive returns.

Mid-cap and Little hat Risk. Investing in Mid-capitalization Small capitalization companies face greater risk than companies associated with larger, more established companies

These securities may be subject to more abrupt or erratic price movements and may not have adequate market liquidity and these issuers are often affected
are exposed to greater business risks.

Nondiversification Risk. The fund is
not diversified, This means that it is allowed to invest a larger percentage of its assets in fewer issuers than in diversified mutual funds. As a result, the Fund may be more susceptible to adverse developments
This affects every single issuer that is held in its portfolio and, as a result of these developments, may be more susceptible to major losses.

Other investment
Corporate risk. By investing indirectly in other investment companies (including ETFs) through the Fund, investors will incur a proportion of the costs of the other investment companies held by the Fund (including operating costs)
and investment management fees) in addition to the regular fees payable by the Fund. In addition, the fund is influenced in direct proportion to the level of the investment policy, practice and performance of these investment companies
Assets that the fund invests in it.

Private investment in public equity risk. The fund can carry out PIPE transactions. PIPE transactions
Typically, securities are purchased directly from a publicly traded company or its affiliates in a private placement, usually at a discount to the market price of the company's common stock. With a PIPE transaction, the
The Fund can bear the price risk from the time of pricing to the time of closing. Equity issued in this manner is often subject to transfer restrictions and is therefore less liquid than equity issued through a registered public offering. To the
For example, the fund may fail lock up Agreements that prohibit transfers for a specified period of time. In addition, because the sale of the securities in a PIPE transaction is not registered under the
Securities Act, the securities are "restricted" and cannot be immediately resold to the public markets. The Fund may enter into a registration rights agreement with the issuer under which the issuer undertakes to submit a resale
Registration statement that enables the fund to publicly resell its securities. However, the ability of the Fund to freely transfer shares depends, among other things, on the willingness of the SEC to declare the resale registration
Declaration effective and the issuer's right to suspend the Fund's use of the registration notice for resale if the issuer is pursuing a transaction or other material not public Event occurs.
Accordingly, PIPE Securities may be subject to risks associated with illiquid investments.

Special Purpose Acquisition Company Risk. The
The Fund may invest in stocks, warrants and other securities of SPACs. SPACs are essentially blank check companies with no operating history or ongoing business that are not seeking acquisitions. The value of a SPAC's securities is particular
dependent on management's ability to identify and complete a profitable acquisition. There is no guarantee that the SPACs in which the Fund invests will make any acquisition or that any acquisitions will be made by the SPACs in which the
Fund investments will be profitable. The values ​​of investments in SPACs can be very volatile and these investments can also have little or no liquidity.

Equity risk. Share prices have risen and fallen historically in periodic cycles. The US and overseas stock markets have seen periods of time
significant price volatility in the past and possibly again in the future.


Strategy risk. The fund's strategy of investing primarily in MLPs led to its existence
Taxing as a corporation or "C" company rather than a regulated investment company for US federal income tax purposes is a relatively new investment strategy for funds. This strategy involves complicated bookkeeping, taxes and
Valuation problems. The volatility of the Net Asset Value may occur due to the use of estimates at different times during a given year, which could lead to unexpected and potentially material consequences for the Fund and its Unitholders.

Tax risk. The tax risks associated with investing in the Fund include:

MLP tax risk. MLPs are generally treated as partnerships for US federal income tax purposes. Partnerships do not pay any US federal income
Tax on partnership level. Rather, each partner is assigned a share of the income, gains, losses, deductions and expenses of the partnership. A change in the applicable tax law or a change in the underlying business mix of a particular MLP can lead to this
An MLP is treated as a corporation for US federal income tax purposes, which would result in the MLP paying US federal income tax (as well as state and local income taxes) on its taxable income. This would have the effect of
A reduction in the amount of money available for the distribution by the MLP could lead to a reduction in the value of the fund's investment in the MLP and to lower income for the fund. If there is a distribution received by the fund from an MLP
Als Kapitalrendite behandelt, kann die angepasste Steuerbasis des Fonds im Interesse des MLP reduziert werden, was zu einer Erhöhung des Einkommens- oder Gewinnbetrags (oder einer Verringerung des Verlustbetrags) führt, der von der Fonds
für steuerliche Zwecke beim Verkauf solcher Anteile oder bei späteren Ausschüttungen in Bezug auf solche Anteile. Darüber hinaus kann jede Rückzahlung der vom MLP erhaltenen Kapitalausschüttung erfordern, dass der Fonds seinen Charakter neu formuliert
Ausschüttungen und Änderung von zuvor veröffentlichten Aktionärssteuerberichten. Darüber hinaus könnte eine Änderung des geltenden Steuerrechts oder eine Änderung des zugrunde liegenden Geschäftsmix eines bestimmten MLP dazu führen, dass eine MLP-Investition als Kapitalgesellschaft für die USA behandelt wird.
Zwecke der Bundeseinkommensteuer, die zu einer Wertminderung der Anlage des Fonds in den MLP und zu niedrigeren Erträgen für den Fonds führen könnten.

Investition in MLP C-Unternehmen. Wie oben erläutert, kann der Fonds in MLPs investieren, die als C-Unternehmen besteuert werden. Solche MLPs sind verpflichtet, Bundeseinkommen zu zahlen
Die Steuer auf ihr zu versteuerndes Einkommen zum Körperschaftsteuersatz und die Menge an Bargeld, die zur Verteilung durch solche MLPs zur Verfügung steht, würde im Allgemeinen um eine solche Steuer reduziert. Darüber hinaus würden vom Fonds erhaltene Ausschüttungen unter der Bundeseinkommensteuer besteuert
Gesetze, die auf Unternehmensdividenden anwendbar sind (als Dividendenerträge, die möglicherweise von den erhaltenen Unternehmensdividenden, der Kapitalrückzahlung oder dem Kapitalgewinn abhängig sind). Investitionen in MLPs, die als C-Unternehmen besteuert werden, könnten daher zu einer Reduzierung der
Wert Ihrer Anlage in den Fonds und geringere Erträge im Vergleich zu Anlagen in MLPs, die steuerlich als Personengesellschaften eingestuft sind.

Strukturrisiko. Im Gegensatz zu herkömmlichen Investmentfonds, die für Zwecke der US-Bundeseinkommensteuer als regulierte Investmentgesellschaften strukturiert sind, ist der Fonds für US-Bundeseinkommen als reguläre Gesellschaft oder C-Gesellschaft steuerpflichtig
Steuerzwecke. Dies bedeutet, dass der Fonds im Allgemeinen der US-Bundeseinkommensteuer auf sein zu versteuerndes Einkommen zu den für Unternehmen geltenden Sätzen (mit einem Satz von 21%) sowie der staatlichen und lokalen Einkommensteuer unterliegt.

Steuerschätzung / NAV-Risiko. Bei der Berechnung des täglichen Nettoinventarwerts des Fonds berücksichtigt der Fonds unter anderem seine aktuellen Steuern und Steuern
Latente Steuerschuld und / oder Vermögensguthaben. Der Fonds wird einen latenten Ertragsteuerverbindlichkeitssaldo zum jeweils gültigen gesetzlichen US-Bundeseinkommensteuersatz (mit einem Satz von 21%) zuzüglich eines geschätzten staatlichen und lokalen Einkommensteuersatzes für seine Zwecke bilden
Zukünftige Steuerschuld im Zusammenhang mit dem Kapitalzuwachs seiner Anlagen und den vom Fonds erhaltenen Ausschüttungen auf Zinsen von MLPs, die als Kapitalrendite und für etwaige Nettobetriebsgewinne angesehen werden. Ein latenter Steuerschuldbetrag
wird den Nettoinventarwert des Fonds senken. Der Fonds kann auch einen latenten Steueranspruch bilden, der eine Schätzung des künftigen Steuervorteils des Fonds widerspiegelt, der mit Nettobetriebsverlusten und nicht realisierten Verlusten verbunden ist. Jeder latente Steueranspruch wird
den Nettoinventarwert des Fonds erhöhen. In dem Umfang, in dem der Fonds über einen Saldo aus latenten Steuern verfügt, wird geprüft, ob eine Wertberichtigung erforderlich ist, die den Wert eines Teils oder des gesamten Saldos aus latenten Steuern ausgleichen würde. The
Der Fonds stützt sich in gewissem Umfang auf Informationen von MLPs, die dem Fonds möglicherweise nicht rechtzeitig zur Verfügung gestellt werden, um die laufenden Steuern und die latenten Steuerschulden und / oder Vermögensguthaben für Zwecke der Bilanzberichterstattung und zu schätzen
Bestimmung des Nettoinventarwerts. Die tägliche Schätzung der aktuellen Steuern und latenten Steuerschulden und / oder Vermögensguthaben des Fonds, die zur Berechnung des Nettoinventarwerts des Fonds verwendet werden, kann erheblich von der tatsächlichen Steuerschuld oder dem tatsächlichen Nutzen des Fonds abweichen
Infolgedessen kann die Bestimmung der tatsächlichen Steuerschuld oder des tatsächlichen Steuervorteils des Fonds einen wesentlichen Einfluss auf den Nettoinventarwert des Fonds haben. Von Zeit zu Zeit kann der Fonds seine Schätzungen oder Annahmen in Bezug auf seine aktuellen Steuern und latenten Steuern ändern
Verbindlichkeiten und / oder Vermögensguthaben, sobald neue Informationen verfügbar werden. Diese Änderungen der Schätzungen oder Annahmen können einen wesentlichen Einfluss auf den Nettoinventarwert des Fonds haben. Aktionäre, die ihre Aktien zu einem Nettoinventarwert zurückgeben, der auf Schätzungen des
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.

The “Tax Cuts and Jobs Act” (the “Act”) reduced the
general statutory U.S. federal corporate income tax rate from 35% to 21%, limited the use of net operating losses to offset future taxable income, placed limitations on the deductibility of interest expense, repealed the corporate alternative
minimum tax, and made other changes which may have effects on the Fund and on the MLPs in which the Fund invests. The Fund will take into account the impact of such changes in law in determining its current taxes and deferred tax liability and/or
asset balances.


The bar chart and table below provide an indication of the risks of investing in the Fund by showing:
(a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index. The
Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at
https://www.gsam.com/content/dam/gsam/pdfs/us/en/fund-resources/monthly-highlights/retail-fund-facts.pdf?sa=n&rd=n or by calling the phone number on the back cover of the Prospectus.



For the period ended

December 31, 2019

1 Year Schon seit

Class P Shares (Inception 4/16/18)

Returns Before Taxes

7.31% -2.17%

Returns After Taxes on Distributions

7.10% -2.52%

Returns After Taxes on Distributions and Sale of Fund Shares

4.26% -1.71%

Alerian MLP Index (Total Return, Unhedged, USD)
(reflects no deduction for fees or expenses)

6.56% -1.37%

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. zusätzlich after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.


Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or

Portfolio Managers: Kyri Loupis, Managing Director, has managed the Fund since 2013; Ganesh V. Jois, CFA, Managing
Director, has managed the Fund since 2013; and Matthew Cooper, Vice President, has managed the Fund since 2014.


The Fund does not impose minimum purchase requirements for initial or subsequent investments in Class P

You may purchase and redeem (sell) Class P Shares of the Fund on any business day through the Goldman Sachs Private Wealth Management
business unit, The Goldman Sachs Trust Company, N.A., The Goldman Sachs Trust Company of Delaware, The Ayco Company, L.P. or with certain intermediaries that are authorized to offer Class P Shares.

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.


If you purchase the Fund through an intermediary that is authorized to offer Class P Shares, the Fund and/or
its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediary and your salesperson to recommend the Fund over another investment. Fragen
your salesperson or visit your intermediary’s website for more information.