AN
INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT AND IS NOT INSURED BY THE
FEDERAL DEPOSIT
INSURANCE
CORPORATION OR ANY OTHER GOVERNMENT AGENCY. AN INVESTMENT IN THE FUND
INVOLVES
INVESTMENT RISKS, AND YOU MAY LOSE MONEY IN THE
FUND. |
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Class
P |
Management
Fees |
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Other
Expenses |
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Acquired
Fund Fees and Expenses |
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Total
Annual Fund Operating Expenses1 |
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Fee
Waiver and Expense Limitation2 |
( |
Total
Annual Fund Operating Expenses After Fee Waiver and Expense
Limitation1 |
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1
Year |
3
Years |
5
Years |
10
Years |
Class
P Shares |
$ |
$ |
$ |
$ |
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1
Year |
Since
Inception |
Inception
Date | |
Class
P Shares |
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Returns
Before Taxes |
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Returns
After Taxes on Distributions |
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Returns
After Taxes on Distributions and Sale of Fund Shares |
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Bloomberg
Short-Term Government/Corporate Index |
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ICE
BofAML 3-6 Month U.S. Treasury Bill Index |
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Portfolio
Management |
Buying
and Selling Fund Shares |
Tax
Information |
Payments
to Broker-Dealers and
Other
Financial Intermediaries |
INVESTMENT
OBJECTIVE |
PRINCIPAL
INVESTMENT STRATEGIES |
ADDITIONAL
PERFORMANCE INFORMATION |
OTHER
INVESTMENT PRACTICES AND
SECURITIES |
10
Percent of total assets (italic type)
10 Percent
of net assets (roman type)
• No
specific percentage limitation on usage; limited only by the objectives
and strategies of the Fund |
Short-Term
Conservative
Income
Fund |
|
|
American,
European, and Global Depositary Receipts |
• |
Asset-Backed
and Receivables-Backed Securities (including covered
bonds) |
• |
Bank
Obligations |
• |
Commercial
Paper |
• |
Custodial
Receipts |
• |
Floating
and Variable Rate Obligations |
• |
Foreign
Securities1
|
• |
Illiquid
Investments* |
10 |
Investment
Company Securities (including ETFs)2
|
10 |
Municipal
Securities |
• |
Private
Activity Bonds |
• |
Repurchase
Agreements |
• |
Short-Term
Obligations of Corporations and Other Entities |
• |
Securities
rated A-1, P-1 or F13
|
85+ |
Securities
rated A-2, P-2 or F23
|
15 |
Temporary
Investments |
• |
Treasury
Inflation Protected Securities |
• |
U.S.
Government Securities |
• |
U.S.
Treasury Obligations4
|
• |
When-Issued
Securities and Forward Commitments |
• |
Risk
Category
✓ Principal
Risk
• Additional
Risk |
Short-Term
Conservative
Income
Fund |
Asset-Backed
and Receivables-Backed Securities |
✓ |
Call/Prepayment |
• |
Credit/Default |
✓ |
Cybersecurity |
• |
ESG
Integration |
• |
Extension |
• |
Financial
Services Sector |
✓ |
Floating
and Variable Rate Obligations |
✓ |
Foreign |
✓ |
Industry
Concentration |
✓ |
Interest
Rate |
✓ |
Large
Shareholder Transactions |
✓ |
Liquidity |
• |
Management |
✓ |
Market |
✓ |
Municipal
Securities |
✓ |
NAV |
✓ |
Other
Investment Companies |
✓ |
Sovereign
Default |
• |
Economic |
• |
Political |
• |
Repayment |
• |
U.S.
Government Securities |
✓ |
INVESTMENT
ADVISER |
Investment
Adviser |
Fund |
Goldman
Sachs Asset Management, L.P. (“GSAM”)
200
West Street
New
York, NY 10282 |
Short-Term
Conservative Income |
MANAGEMENT
FEES AND OTHER EXPENSES |
Fund |
Contractual
Management
Fee
Annual
Rate |
Actual
Rate
For
the Fiscal
Year
Ended
March
31, 2023* |
Short-Term
Conservative Income |
0.25% |
0.19% |
FUND
MANAGERS |
Name
and Title |
Fund
Responsibility |
Years
Primarily
Responsible |
Five
Year Employment History |
John
Olivo
Managing
Director,
Global
Head of Short Duration |
Portfolio
Manager—
Short-Term
Conservative
Income |
Since
2016 |
Mr.
Olivo is the global head of short duration fixed income
strategies.
Mr. Olivo is a member of the Investment Strategy
Committee.
He joined the Investment Adviser in
1995. |
DISTRIBUTOR
AND TRANSFER AGENT |
ACTIVITIES
OF GOLDMAN SACHS AND ITS AFFILIATES AND OTHER
ACCOUNTS
MANAGED BY GOLDMAN SACHS |
|
Investment
Income
Dividends |
Capital
Gains
Distributions | |
Fund |
Declared |
Paid |
Declared
and Paid |
Short-Term
Conservative Income |
Daily |
Monthly |
Annually |
Important
Notice: |
Class
P Shares generally are available to the following
investors: |
◼Clients
of the Goldman Sachs Private Wealth Management business unit (“GS PWM”)
that custody their positions at
Goldman
Sachs & Co. LLC (“Goldman Sachs”); |
◼Clients
of The Goldman Sachs Trust Company, N.A. or The Goldman Sachs Trust
Company of Delaware (collectively, the
“Trust
Companies”) that custody their positions at Goldman
Sachs; |
◼Clients
of The Ayco Company, L.P. (“Ayco”) that either custody their positions at
Goldman Sachs or with certain
intermediaries
that are authorized to offer Class P Shares (“Authorized Institutions”)
(such clients of GS PWM, the Trust
Companies,
and Ayco are collectively referred to herein as “GS Clients”);
or |
◼Other
investors at the discretion of Goldman Sachs Trust’s (the “Trust”)
officers. |
You
may only purchase Class P Shares in accordance with the eligibility
criteria described above. If you are a GS Client and
propose
to transfer your shares to another institution for any reason, or if you
are no longer a GS Client, you may be required to
redeem
your shares of the Fund, or at the discretion of the Trust’s officers, you
may be able hold Class P Shares through another
institution,
which must be an Authorized Institution and the basis on which you hold
such Class P Shares may be limited to hold
and
redeem only. If available in such circumstances, in the alternative you
may be able to choose to exchange your shares of the
Fund
for a different share class offered by the Fund or another Goldman Sachs
Fund, which may be offered in another
Prospectus.
There is no guarantee that a different share class offered by the Fund
will be available to clients of the institution to
which
you intend to transfer your shares or that an option to exchange will be
made available. Moreover, the shares you receive
in
any exchange are subject to different (and possibly higher) fees and
expenses (which affect performance). Information
regarding
these other share classes may be obtained from the institution to which
you intend to transfer your shares or from the
Transfer
Agent by calling the number on the back cover of the
Prospectus. |
A
redemption is a taxable transaction for federal income tax purposes, and
may also be subject to state and local taxes. You
should
consult your tax adviser concerning the potential tax consequences of
investing in Class P Shares. None of the Trust, the
Investment
Adviser, Goldman Sachs, the Trust Companies, Ayco or an Authorized
Institution will be responsible for any loss in
an
investor’s account or tax liability resulting from a redemption or
exchange of Class P Shares. For more information about
exchanges,
please see “How to Sell Shares—Can I Exchange My Investment From One
Goldman Sachs Fund To Another
Goldman
Sachs Fund.” |
How
To Buy Shares |
NAV
= |
(Value
of Assets of the Class)
–
(Liabilities of the Class) |
|
Number
of Outstanding Shares of the
Class |
How
To Sell Shares |
Shareholder
Services |
DISTRIBUTIONS |
SALES
AND EXCHANGES |
OTHER
INFORMATION |
|
Goldman
Sachs Short-Term Conservative Income Fund | |||||||||
|
Class
P Shares | |||||||||
|
Year
Ended March 31, |
Period
Ended
March
31, 2019(a) | ||||||||
|
2023 |
2022 |
2021 |
2020 | ||||||
Per
Share Data |
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Net
asset value, beginning of period |
$10.00 |
$10.07 |
$9.87 |
$10.03 |
$10.02 | |||||
Net
investment income(b) |
0.24 |
0.02 |
0.07 |
0.24 |
0.25 | |||||
Net
realized and unrealized gain (loss) |
0.05 |
(0.06
) |
0.20 |
(0.16
) |
— | |||||
Total
from investment operations |
0.29 |
(0.04
) |
0.27 |
0.08 |
0.25 | |||||
Distributions
to shareholders from net investment income |
(0.27
) |
(0.03
) |
(0.07
) |
(0.24
) |
(0.24
) | |||||
Distributions
to shareholders from net realized gains |
— |
— |
— |
(0.00
)(c) |
(0.00
)(c) | |||||
Total
distributions |
(0.27
) |
(0.03
) |
(0.07
) |
(0.24
) |
(0.24
) | |||||
Net
asset value, end of period |
$10.02 |
$10.00 |
$10.07 |
$9.87 |
$10.03 | |||||
Total
return(d) |
2.91
% |
(0.41
)% |
2.77
% |
0.81
% |
2.48
% | |||||
Net
assets, end of period (in 000s) |
$802,487 |
$1,716,714 |
$3,136,259 |
$1,935,475 |
$2,048,977 | |||||
Ratio
of net expenses to average net assets |
0.23
% |
0.21
% |
0.21
% |
0.21
% |
0.20
%(e) | |||||
Ratio
of total expenses to average net assets |
0.31
% |
0.30
% |
0.30
% |
0.31
% |
0.32
%(e) | |||||
Ratio
of net investment income to average net assets |
2.40
% |
0.23
% |
0.65
% |
2.34
% |
2.62
%(e) | |||||
Portfolio
turnover rate(f) |
86
% |
102
% |
79
% |
87
% |
89
% |
(a) |
Commenced
operations on April 20, 2018. |
(b) |
Calculated
based on the average shares outstanding
methodology. |
(c) |
Rounds
to less than $0.01 per share. |
(d) |
Assumes
investment at the NAV at the beginning of the period, reinvestment of all
dividends and distributions, a complete redemption of the investment at
the
NAV
at the end of the period and no sales or redemption charges (if any).
Total returns would be reduced if a sales or redemption charge was taken
into
account.
Returns do not reflect the impact of taxes to shareholders relating to
Fund distributions or the redemption of Fund shares. Total returns for
periods
less
than one full year are not annualized. |
(e) |
Annualized. |
(f) |
The
Fund's portfolio turnover rate is calculated in accordance with regulatory
requirements, without regard to transactions involving short term
investments .
If
such transactions were included, the Fund's portfolio turnover rate may be
higher. |
FOR
MORE INFORMATION |
|
|
|
◼ By
telephone: |
1-800-621-2550 |
|
◼ By
mail: |
Goldman
Sachs Funds
71
South Wacker Drive, Suite 1200
Chicago,
IL 60606 |
|
◼ On
the Internet: |
SEC
EDGAR database – http://www.sec.gov |
|