GS Dynamic Municipal Income Fund

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. 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.

• July 29, 2023: Bond, Core Fixed Income, Dynamic Municipal Income, Emerging Markets Debt, Global Core Fixed Income, Government Income, High Yield, High Yield Floating Rate, High Yield Municipal, Income, Inflation Protected Securities, Investment Grade Credit, Local Emerging Markets Debt, Long Short Credit Strategies, Short Duration Government, Short Duration Income, Short Duration Tax-Free, Short-Term Conservative Income, Strategic Income and U.S. Mortgages

• December 29, 2023: Large Cap Core, Concentrated Growth, Enhanced Dividend Global Equity Portfolio, Equity Income, Flexible Cap, Focused Value, Global Managed Beta, Mid Cap Growth, Large Cap Value, Mid Cap Value, Small Cap Growth, Small Cap Value, Small/Mid Cap Growth, Small/Mid Cap Value, Strategic Factor Allocation, Strategic Growth, Strategic Volatility Premium, Tactical Tilt Overlay, Tax-Advantaged Global Equity Portfolio, Technology Opportunities and US Equity ESG

• February 28, 2024: China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, Emerging Markets Equity Insights, ESG Emerging Markets Equity, GQG Partners International 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

• March 29, 2024: Clean Energy Income and Energy Infrastructure

• April 28, 2024: Absolute Return Tracker, Balanced Strategy Portfolio, Commodity Strategy, Dynamic Global Equity, Global Infrastructure, Global Real Estate Securities, Growth and Income Strategy Portfolio, Growth Strategy Portfolio, International Equity Dividend and Premium, International Tax-Managed Equity, Managed Futures Strategy, Real Estate Securities, Satellite Strategies Portfolio, U.S. Equity Dividend and Premium and U.S. Tax-Managed Equity

Enhanced Income 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.

Variable Insurance Trust

• April 28, 2024: Variable Insurance Trust Core Fixed Income, Variable Insurance Trust Large Cap Value, Variable Insurance Trust Mid Cap Value, Variable Insurance Trust Mid Cap Growth, 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, Variable Insurance Trust Global Trends Allocation, Variable Insurance Trust S&P 500 Buffered – Jan/Jul, Variable Insurance Trust S&P 500 Buffered – Mar/Sep and Variable Insurance Trust S&P 500 Buffered – May/Nov

• March 29, 2024: Clean Energy Income and Energy Infrastructure

Variable Insurance Trust

The information and services provided on this web site are intended for persons in the US only. Non-US persons are directed to our audience selection page.

In an effort to distinguish funds by what they own, as well as by their prospectus objectives and styles, Morningstar developed the Morningstar Categories. 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 performance of a new or smaller fund near its inception date may not represent how the fund will perform in the future. 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. All positions are marked at “round lot” prices in calculating NAV and performance. 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 material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. 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 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 (retail—1-800-526-7384) (institutional—1-800-621-2550).

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

- No Bank Guarantee

- May Lose Value

- NOT FDIC-INSURED

Goldman Sachs 529 Plan

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GS Dynamic Municipal Income Fund

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