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   In The Spotlight
   
   TAX-ADVANTAGED STRATEGIES
   
   For two decades, we've stood by the idea that it's what you keep that counts.
   Learn more about how our tax-advantaged solutions could work for you.
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   PERSPECTIVES
   
   As we near the end of 2023, parts of the macroeconomic picture are coming
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SEPARATELY MANAGED ACCOUNTS


UNMATCHED INSIGHTS. TAILOR-MADE STRATEGIES.

Goldman Sachs Asset Management Separately Managed Accounts (SMAs) offer
customized investment solutions to fit your clients' unique needs.


SEPARATELY MANAGED ACCOUNTS


UNMATCHED INSIGHTS. TAILOR-MADE STRATEGIES.

Goldman Sachs Asset Management Separately Managed Accounts (SMAs) offer
customized investment solutions to fit your clients' unique needs.
Read More


ASSET MANAGEMENT OUTLOOK 2024


EMBRACING NEW REALITIES

As the new year approaches, new realities are taking shape. To help investors
navigate these changes, we aim to identify the most meaningful market trends and
investment opportunities of 2024.


ASSET MANAGEMENT OUTLOOK 2024


EMBRACING NEW REALITIES

As the new year approaches, new realities are taking shape. To help investors
navigate these changes, we aim to identify the most meaningful market trends and
investment opportunities of 2024.
Read More


ALTERNATIVES


THE VALUE OF AN ALTERNATIVE PERSPECTIVE


ALTERNATIVES


THE VALUE OF AN ALTERNATIVE PERSPECTIVE

Learn More


SEPARATELY MANAGED ACCOUNTS


UNMATCHED INSIGHTS. TAILOR-MADE STRATEGIES.

Goldman Sachs Asset Management Separately Managed Accounts (SMAs) offer
customized investment solutions to fit your clients' unique needs.


SEPARATELY MANAGED ACCOUNTS


UNMATCHED INSIGHTS. TAILOR-MADE STRATEGIES.

Goldman Sachs Asset Management Separately Managed Accounts (SMAs) offer
customized investment solutions to fit your clients' unique needs.
Read More


ASSET MANAGEMENT OUTLOOK 2024


EMBRACING NEW REALITIES

As the new year approaches, new realities are taking shape. To help investors
navigate these changes, we aim to identify the most meaningful market trends and
investment opportunities of 2024.


ASSET MANAGEMENT OUTLOOK 2024


EMBRACING NEW REALITIES

As the new year approaches, new realities are taking shape. To help investors
navigate these changes, we aim to identify the most meaningful market trends and
investment opportunities of 2024.
Read More


 1. Who We Are: One of the World’s Leading Asset Managers
 2. Market Know-How Edition 1 2022: Supply Change
 3. SMA

Who We Are: One of the World’s Leading Asset Managers
Market Know-How Edition 1 2022: Supply Change
SMA
X
See All Results


Featured Funds

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slide 2 of 10
 * GEMAX GS Emerging Markets Equity Fund
   GS Emerging Markets Equity Fund
   NAV as of 01.25.24 19.52 USD
 * GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF
   Goldman Sachs Nasdaq-100 Core Premium Income ETF
   NAV as of 01.25.24 45.28 USD
 * GPIX Goldman Sachs S&P 500 Core Premium Income ETF
   Goldman Sachs S&P 500 Core Premium Income ETF
   NAV as of 01.25.24 44.86 USD
 * GSMIX GS Dynamic Municipal Income Fund
   GS Dynamic Municipal Income Fund
   NAV as of 01.25.24 15.22 USD
 * GCFIX GS Core Fixed Income Fund
   GS Core Fixed Income Fund
   NAV as of 01.25.24 9.13 USD
 * GSIHX GS GQG Partners International Opportunities Fund
   GS GQG Partners International Opportunities Fund
   NAV as of 01.25.24 20.20 USD
 * GSPAX GS US Equity Dividend and Premium Fund
   GS US Equity Dividend and Premium Fund
   NAV as of 01.25.24 15.24 USD
 * GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF
   Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF
   NAV as of 01.25.24 96.36 USD
 * GARTX GS Absolute Return Tracker Fund
   GS Absolute Return Tracker Fund
   NAV as of 01.25.24 9.04 USD
 * GSBFX GS Income Builder Fund
   GS Income Builder Fund
   NAV as of 01.25.24 24.20 USD
 * GEMAX GS Emerging Markets Equity Fund
   GS Emerging Markets Equity Fund
   NAV as of 01.25.24 19.52 USD
 * GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF
   Goldman Sachs Nasdaq-100 Core Premium Income ETF
   NAV as of 01.25.24 45.28 USD

See More See Less

 * Recent Insights
 * Featured Funds & Strategies
 * Resources
   Talk to Us


RECENT INSIGHTS

Asset Management Perspectives


COMING INTO FOCUS

In this edition, we explore how investors may establish a clear line of sight on
potential investment opportunities—from private credit portfolio construction
and value creation in private equity, to divergence in commercial real estate,
and AI opportunities in healthcare.

Read More
slide 1 to 2 of 3
 * GSAM Featured Insights
   
   STAYING THE COURSE IN PRIVATE MARKETS
   
   Amidst shifting market dynamics, we surveyed more than 200 limited partners
   and general partners (GPs) across private market strategies to get their
   views on the alternative investment landscape. Read More
 * Market Know-How
   
   MARKET KNOW-HOW 4Q2023: MICRO-SCOPE
   
   Many predicted a technical recession, earnings recession, or both heading
   into this year, reflected by portfolios positioned tactically defensive. In
   reality, growth has surprised to the upside, inflation has moderated, and
   investor sentiment has been overtly risk on. Though the direction of monetary
   policy remains uncertain, growth risks have partially faded, and thus, we
   feel that now is the time to focus on long-term positioning.
   
   Read More
 * GSAM Perspectives
   
   BALANCING ACT: BUILDING PRIVATE CREDIT PORTFOLIOS
   
   Understanding different sources of return and risk across strategies and
   carefully considering manager diversification are critical in private credit
   portfolio construction. Read More


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FEATURED FUNDS & STRATEGIES


BROWSE MUTUAL FUNDS BY ASSET CLASS

 * Alternatives
 * Commodities
 * Equity
 * Fixed Income
 * Money Markets
 * Portfolio Solutions
 * Real Estate / Infrastructure


VIEW INVESTMENT VEHICLES



 * Exchange-Traded Funds
 * Separately Managed Accounts
 * Model Portfolios
 * Variable Insurance
 * Closed-End Funds
 * Interval Funds

See All Funds

--------------------------------------------------------------------------------

 1. Equity
 2. Fixed Income
 3. Other

slide 1 to 3 of 3


GSIHX

A


GS GQG PARTNERS INTERNATIONAL OPPORTUNITIES FUND

Seeks long-term capital appreciation.

--------------------------------------------------------------------------------

Overall Morningstar Rating as of 12.31.23

 * 
 * 
 * 
 * 
 * 

YTD Total Returns at NAV as of

21.64%

NAV as of 01.25.24

20.20 USD

View Fund Detail


GSPAX

A


GS US EQUITY DIVIDEND AND PREMIUM FUND

Seeks to maximize income and total returns

--------------------------------------------------------------------------------

Overall Morningstar Rating as of 12.31.23

 * 
 * 
 * 
 * 

YTD Total Returns at NAV as of

21.04%

NAV as of 01.25.24

15.24 USD

View Fund Detail


GSLC


GOLDMAN SACHS ACTIVEBETA U.S. LARGE CAP EQUITY ETF

Seeks to provide investment results that closely correspond to the performance
of the Fund Index.

--------------------------------------------------------------------------------

Since Inception NAV total returns as of 12.31.23

12.37%

NAV as of 01.25.24

96.36 USD

View Fund Detail




slide 1 to 3 of 3


GSMTX

Institutional


GS DYNAMIC MUNICIPAL INCOME FUND

Seeks a high level of current income that is exempt from regular federal income
tax

--------------------------------------------------------------------------------

Overall Morningstar Rating as of 12.31.23

 * 
 * 
 * 
 * 
 * 

YTD Total Returns at NAV as of

7.03%

NAV as of 01.25.24

15.21 USD

View Fund Detail


GCFIX

A


GS CORE FIXED INCOME FUND

Seeks total return consisting of capital appreciation and income that exceeds
the benchmark

--------------------------------------------------------------------------------

Overall Morningstar Rating as of 12.31.23

 * 
 * 
 * 

YTD Total Returns at NAV as of

5.99%

NAV as of 01.25.24

9.13 USD

View Fund Detail


GIGB


GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

The Fund seeks to provide investment results that closely correspond, before
fees and expenses, to the performance of the FTSE Goldman Sachs Investment Grade
Corporate Bond Index (the “Index”).

--------------------------------------------------------------------------------

Since Inception NAV total returns as of 12.31.23

1.90%

NAV as of 01.25.24

45.85 USD

View Fund Detail




slide 1 to 3 of 3


GARTX

A


GS ABSOLUTE RETURN TRACKER FUND

Seeks to deliver long-term total return consistent with investment results that
approximate the return and risk patterns of a diversified universe of hedge
funds.

--------------------------------------------------------------------------------

Overall Morningstar Rating as of 12.31.23

 * 
 * 
 * 
 * 

YTD Total Returns at NAV as of

10.45%

NAV as of 01.25.24

9.04 USD

View Fund Detail


GSBFX

A


GS INCOME BUILDER FUND

Seeks to provide income and capital appreciation

--------------------------------------------------------------------------------

Overall Morningstar Rating as of 12.31.23

 * 
 * 
 * 
 * 

YTD Total Returns at NAV as of

10.43%

NAV as of 01.25.24

24.20 USD

View Fund Detail


GEMAX

A


GS EMERGING MARKETS EQUITY FUND

Seeks long-term capital appreciation

--------------------------------------------------------------------------------

Overall Morningstar Rating as of 12.31.23

 * 
 * 

YTD Total Returns at NAV as of

6.26%

NAV as of 01.25.24

19.52 USD

View Fund Detail




Click on Fund Details above for standardized quarterly performance,  mutual fund
fees and full Morningstar disclosure.

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. All returns assume reinvestment of dividends and capital
gains. Current performance may be lower or higher than the performance quoted
above. For the most recent month-end performance, click on the fund names. 

The Morningstar RatingTM is calculated for funds with at least a 3-year history
based on a risk-adjusted return measure that accounts for variation in a fund’s
monthly excess returns. Exchange-traded funds and open-ended mutual funds are
considered a single population. In each category, the top 10% = 5 stars, next
22.5% = 4 stars, next 35% = 3 stars, next 22.5% = 2 stars, and bottom 10% = 1
star. Overall rating is derived from a weighted average of the returns
associated with its 3-, 5-, and 10-year (if applicable) rating, excluding all
sales charges. Weights are based on the # of months of total returns: 100%
3-year rating for 36-59 months, 60% 5-year rating/40% 3-year rating for 60-119
months, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or
more months. Rankings for other share classes may vary. 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 our Web site at: www.GSAM.com to obtain the most recent month end
return.


FAVORITE FUNDS

You have not added any funds to your favorites yet.

See All Funds

Click on Fund Details above for standardized quarterly performance and mutual
fund fees. Performance data quoted represents past performance and is no
guarantee of future results.


RESOURCES

--------------------------------------------------------------------------------


INNOVATIVE ETF INVESTING

 

Our Exchange-Traded Funds (ETFs) draw on GSAM's global reach and history of
innovation to offer investors the performance potential of active investing with
the efficiency -and low cost- of passive strategies.


Visit ETF Center

--------------------------------------------------------------------------------


MUNICIPAL BONDS: STAY AHEAD OF THE CURVE

 

The municipal bond market is vast and fragmented. We bring decades of experience
to help you and your clients piece it together. Check out the latest insights
and resources. Want to learn more?


Visit Muni Center

--------------------------------------------------------------------------------


MARKET INSIGHTS

 

Stay on top of the latest market developments, key themes, and investment ideas
affecting your portfolio and practices.

Visit Page



--------------------------------------------------------------------------------


CUSTOMER RELATIONSHIP SUMMARY

 

To learn more about our relationship with clients and the services we provide,
please review our Customer Relationship Summary.


Read CRS Form

Committed to providing you with the insights you need to build your practice.

Talk to Us
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Welcome to Goldman Sachs for Financial Intermediaries.

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LIBOR and several other benchmark interest rates will likely soon stop being
published and be replaced by an alternative rate, or will be subject to
substantial reform. To learn more about the interest rate benchmark transition
notice click here.

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 the fund pages for 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
securities are more volatile than fixed income securities and subject to greater
risks. Investments in fixed income securities are subject to the risks
associated with debt securities generally including credit, liquidity and
interest rate risk.  High yield, lower rated investments involve greater price
volatility, are less liquid and present greater risks than higher rated fixed
income securities. Foreign and emerging markets investments may 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 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. 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. 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
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; risks of default by a counterparty; and
liquidity risk. 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. 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. 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. 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 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. The securities of mid- and
small-capitalization companies involve greater risks than those associated with
larger, more established companies and may be subject to more abrupt or erratic
price movements. Investments in foreign securities entail special risks such as
currency, political, economic, and market risks. These risks are heightened in
emerging markets. Investments in the Liquid Alternative Funds expose 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. Leverage increases 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 on short positions are 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 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;
risks of default by a counterparty; and liquidity risk. 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. 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 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 portfolios are 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 RatingTM 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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