Fund's NAV and liquidity. Similarly, large
Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate
the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a
smaller asset base, leading to an increase in the Fund's expense ratio.
Liquidity Risk.
The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult
to value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell
one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect the Fund’s ability to maintain a stable $1.00 share price. 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. Liquidity risk may be the result of, among other
things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other
circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.
Market Risk. The market value of the securities 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. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could
also significantly impact the Fund and its investments.
Municipal Securities Risk. Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business or political developments if
it invests a substantial portion of its assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal
securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully
taxable at the federal level and may be subject to tax at the state level.
Stable NAV Risk. The Fund may not be able to maintain a stable $1.00 share price at all times. If any money market fund that intends to maintain a stable NAV fails to do so (or if there is a perceived threat of
such a failure), other such money market funds, including the Fund, could be subject to increased redemption activity, which could adversely affect the Fund’s NAV. Shareholders of the Fund should not rely on or expect the Investment Adviser or
an affiliate to purchase distressed assets from the Fund, make capital infusions into the Fund, enter into capital support agreements with the Fund or take other actions to help the Fund maintain a stable $1.00 share price.
U.S. Government Securities Risk. The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain
U.S. Government Securities, including securities issued by the
Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed
by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S.
Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
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 Resource Shares from year to year; and (b) the average annual total returns of the Fund’s Resource Shares. The
Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. Updated performance information is available
at no cost at www.gsamfunds.com/performance or by calling 1-800-621-2550.
CALENDAR YEAR
The total return
illustrated in the table above for the 9-month period ended September 30, 2020 was 0.25%.
During
the periods shown in the chart above: |
Returns
|
Quarter
ended |
Best
Quarter Return |
0.46%
|
March
31, 2019 |
Worst
Quarter Return |
0.02%
|
December
31, 2016 |
AVERAGE
ANNUAL TOTAL RETURN |
For
the period ended December 31, 2019 |
1
Year |
Since
Inception |
Resource
Shares (Inception 5/31/2016) |
1.63%
|
0.95%
|
Goldman Sachs
Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or “GSAM”).
Buying
and Selling Fund Shares |
Generally, Resource Shares may be purchased only
through certain intermediaries that have a relationship with Goldman Sachs & Co. LLC (“Goldman Sachs”), including banks, trust companies, brokers, registered investment advisers and other financial institutions
(“Intermediaries”) that have agreed to provide certain administration and personal and account maintenance services to their customers who are the beneficial owners of Resource Shares. The minimum initial investment requirement
imposed upon Intermediaries for the purchase of Resource Shares is generally $10 million, and there is no minimum