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Understanding the Structure of the Goldman Sachs Mutual Funds

September 26, 2008

Q. What is the relationship of the Goldman Sachs Mutual Funds to Goldman Sachs?
A.

Goldman Sachs Funds are separate legal entities, independent of the parent company and the firm’s
broker/dealer. Goldman Sachs affiliates provide critical advisory, distribution and other services to the
Goldman Sachs Funds in exchange for fees.

  • Goldman Sachs Trust (“GST”) and Goldman Sachs Variable Insurance Trust (“GSVIT”) contract with Goldman Sachs Asset Management, L.P. (“GSAM”) for advisory services and Goldman Sachs & Co. (“GS&Co”) for distribution services. 
  • GS&Co. provides various other services to the Goldman Sachs Funds on a contractual basis. 
  • GSAM and GS&Co. are subsidiaries of Goldman Sachs Group Inc. (“Goldman Sachs”). The Goldman Sachs Funds are not.
Q. What is the structure of the Goldman Sachs Funds?
A.

Under the U.S. Congress’s Investment Company Act of 1940, registered open-end mutual funds exist as legal entities separate and distinct from their investment advisers and distributors. 

  • Each Goldman Sachs Fund is a series of the GST or the GSVIT.
  • GST and GSVIT are stand-alone legal entities owned by the shareholders of the Funds.
  • The Goldman Sachs Funds have their own independent board of directors (the “Funds Board”) responsible for approving the advisory and distribution agreements of the Funds.
  • Each Goldman Sachs Fund has its own assets and liabilities separate and distinct from the assets and liabilities of GS&Co.
Q. Who owns the assets of the Goldman Sachs Mutual Funds?
A. The assets of the Funds are owned by the shareholders of the Funds and are not owned directly or indirectly by Goldman Sachs, except to the extent Goldman Sachs or its affiliates own shares in the mutual funds like any other Fund shareholder.

 

A prospectus for the Fund containing more complete information may be obtained from your investment representative or from Goldman, Sachs & Co. Please call 1-800-526-7384 for Goldman Sachs Funds and 1-800-762-5035 for the Goldman Sachs Variable Insurance Trust Funds. Please consider a fund's objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other important information about the Fund.

Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Please contact your insurance carrier for a variable product
prospectus and for the standardized performance data of the variable product.

Opinions expressed are current opinions as of the date appearing in this material only. 
Date of First Use: 9/18/08.
08-13505.MF / EI-231

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