AN
INVESTMENT IN A FUND IS NOT A BANK DEPOSIT AND IS NOT INSURED BY THE
FEDERAL DEPOSIT
INSURANCE
CORPORATION OR ANY OTHER GOVERNMENT AGENCY. AN INVESTMENT IN A FUND
INVOLVES
INVESTMENT
RISKS, AND YOU MAY LOSE MONEY IN A
FUND. |
|
|
|
Class
P |
Management
Fees |
|
Other
Expenses |
|
All
Other Expenses |
|
Total
Annual Fund Operating Expenses |
|
Expense
Limitation1 |
( |
Total
Annual Fund Operating Expenses After Expense
Limitation |
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
P Shares |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Year |
5
Years |
Since
Inception |
Inception
Date | |
Class
P Shares |
|
|
|
|
Returns
Before Taxes |
|
|
|
|
Returns
After Taxes on Distributions |
|
|
|
|
Returns
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
MSCI
EAFE Index (Net, USD, Unhedged; reflects no deduction for fees or
expenses) |
|
|
|
|
Bloomberg
Global Aggregate Bond Index (Gross, USD, Unhedged; reflects no deduction
for fees,
expenses
or taxes)* |
|
- |
- |
|
Portfolio
Management |
Buying
and Selling Fund Shares |
Tax
Information |
Payments
to Broker-Dealers and
Other
Financial Intermediaries |
|
|
|
Class
P |
Management
Fees |
|
Other
Expenses |
|
Total
Annual Fund Operating Expenses |
|
Expense
Limitation1 |
( |
Total
Annual Fund Operating Expenses After Expense
Limitation |
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
P Shares |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Year |
5
Years |
Since
Inception |
Inception
Date | |
Class
P Shares |
|
|
|
|
Returns
Before Taxes |
|
|
|
|
Returns
After Taxes on Distributions |
|
|
|
|
Returns
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
MSCI
EAFE Index (Net, USD, Unhedged; reflects no deduction for fees or
expenses) |
|
|
|
|
Portfolio
Management |
Buying
and Selling Fund Shares |
Tax
Information |
Payments
to Broker-Dealers and
Other
Financial Intermediaries |
|
|
|
Class
P |
Management
Fees |
|
Other
Expenses |
|
Total
Annual Fund Operating Expenses |
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
P Shares |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Year |
5
Years |
Since
Inception |
Inception
Date | |
Class
P Shares |
|
|
|
|
Returns
Before Taxes |
|
|
|
|
Returns
After Taxes on Distributions |
|
|
|
|
Returns
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
Russell
3000®
Index (reflects no deduction for fees or expenses) |
|
|
|
|
Portfolio
Management |
Buying
and Selling Fund Shares |
Tax
Information |
Payments
to Broker-Dealers and
Other
Financial Intermediaries |
|
|
|
Class
P |
Management
Fees |
|
Other
Expenses |
|
Total
Annual Fund Operating Expenses |
|
Fee
Waiver and Expense Limitation1 |
( |
Total
Annual Fund Operating Expenses After Fee Waiver and Expense
Limitation |
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
P Shares |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Year |
5
Years |
Since
Inception |
Inception
Date | |
Class
P Shares |
|
|
|
|
Returns
Before Taxes |
|
|
|
|
Returns
After Taxes on Distributions |
|
|
|
|
Returns
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
S&P
500®
Index (reflects no deduction for fees or expenses) |
|
|
|
|
Bloomberg
U.S. Aggregate Bond Index (reflects no deduction for fees or
expenses)* |
|
|
|
|
Portfolio
Management |
Buying
and Selling Fund Shares |
Tax
Information |
Payments
to Broker-Dealers and
Other
Financial Intermediaries |
Tax
Information |
Payments
to Broker-Dealers and
Other
Financial Intermediaries |
INVESTMENT
OBJECTIVES |
PRINCIPAL
INVESTMENT STRATEGIES |
ADDITIONAL
PERFORMANCE INFORMATION |
OTHER
INVESTMENT PRACTICES AND
SECURITIES |
10
Percent of total assets (including securities lending collateral) (italic
type)
10
Percent of net assets (excluding borrowings for investment purposes)
(roman type)
•
No specific percentage limitation on usage; limited only by the objectives
and strategies of the Fund
— Not
permitted |
International
Equity
Dividend
and
Premium
Fund |
International
Tax-Managed
Equity
Fund |
U.S.
Tax-Managed
Equity
Fund |
U.S.
Equity
Dividend
and
Premium
Fund |
Investment
Practices |
|
|
|
|
Borrowings |
33 1∕3 |
33 1∕3 |
33 1∕3 |
33 1∕3 |
Credit,
Currency, Index, Interest Rate, Total Return and Mortgage Swaps and
Options on
Swaps |
• |
• |
— |
— |
Cross
Hedging of Currencies |
• |
• |
— |
— |
Custodial
Receipts and Trust Certificates |
• |
• |
• |
• |
Equity
Swaps |
• |
• |
• |
• |
Foreign
Currency Transactions (including forward contracts)* |
• |
• |
— |
— |
Futures
Contracts and Options and Swaps on Futures Contracts |
• |
• |
•3
|
•3
|
Illiquid
Investments** |
15 |
15 |
15 |
15 |
Interest
Rate Caps, Floors and Collars |
• |
• |
• |
— |
Investment
Company Securities (including ETFs)*** |
10 |
10 |
10 |
10 |
Mortgage
Dollar Rolls |
— |
• |
— |
— |
Options
on Foreign Currencies1
|
• |
• |
— |
— |
Options2
|
• |
• |
• |
• |
Preferred
Stock, Warrants and Stock Purchase Rights |
• |
• |
• |
• |
Repurchase
Agreements |
• |
• |
• |
• |
Securities
Lending |
33 1∕3 |
33 1∕3 |
33 1∕3 |
33 1∕3 |
Unseasoned
Companies |
• |
• |
• |
• |
When-Issued
Securities and Forward Commitments |
• |
• |
• |
• |
10
Percent of total assets (excluding securities lending collateral) (italic
type)
10
Percent of net assets (including borrowings for investment purposes)
(roman type)
•
No specific percentage limitation on usage; limited only by the objectives
and strategies of the Fund— Not
permitted |
International
Equity
Dividend
and
Premium
Fund |
International
Tax-Managed
Equity
Fund |
U.S.
Tax-Managed
Equity
Fund |
U.S.
Equity
Dividend
and
Premium
Fund |
Investment
Securities |
|
|
|
|
American,
European and Global Depositary Receipts |
• |
• |
•1
|
•1
|
Bank
Obligations2
|
• |
• |
• |
• |
Convertible
Securities3
|
• |
• |
• |
• |
Corporate
Debt Obligations2
|
• |
• |
• |
• |
Equity
Investments |
80+ |
80+ |
80+ |
80+ |
Emerging
Country Securities |
• |
• |
— |
— |
Fixed
Income Securities2
|
20 |
20 |
20 |
20 |
Foreign
Securities |
• |
• |
•4
|
•4
|
Real
Estate Investment Trusts |
• |
• |
• |
• |
Structured
Securities2,5
|
• |
• |
• |
• |
Temporary
Investments |
• |
• |
35 |
35 |
U.S.
Government Securities2
|
• |
• |
• |
• |
✓ Principal
Risk
• Additional
Risk |
International
Equity
Dividend
and
Premium
Fund |
International
Tax-Managed
Equity
Fund |
U.S.
Tax-Managed
Equity
Fund |
U.S.
Equity
Dividend
and
Premium
Fund |
Asian
Investment |
• |
• |
|
|
Credit/Default |
• |
• |
• |
• |
Cybersecurity |
• |
• |
• |
• |
Derivatives |
• |
• |
• |
• |
Dividend-Paying
Investments Risk |
✓ |
|
|
✓ |
Emerging
Countries |
• |
• |
|
|
ESG
Integration Risk |
|
• |
• |
|
Foreign |
✓ |
✓ |
• |
• |
Investment
Style |
✓ |
✓ |
✓ |
✓ |
Large
Shareholder Transactions |
✓ |
✓ |
✓ |
✓ |
Liquidity |
• |
• |
• |
• |
Management |
✓ |
✓ |
✓ |
✓ |
Market |
✓ |
✓ |
✓ |
✓ |
Mid-Cap
and Small-Cap |
• |
• |
• |
• |
Net
Asset Value (“NAV”) |
• |
• |
• |
• |
Option
Writing |
✓ |
|
|
✓ |
Portfolio
Turnover Rate |
|
✓ |
✓ |
|
Stock |
✓ |
✓ |
✓ |
✓ |
Tax-Managed
Investment |
✓ |
✓ |
✓ |
✓ |
INVESTMENT
ADVISER |
Investment
Adviser |
Fund |
Goldman
Sachs Asset Management, L.P. (“GSAM”)
200
West Street
New
York, NY 10282 |
International
Equity Dividend and Premium
International
Tax-Managed Equity
U.S.
Tax-Managed Equity
U.S.
Equity Dividend and Premium |
MANAGEMENT
FEES AND OTHER EXPENSES |
Fund |
Contractual
Management
Fee
Annual
Rate |
Average
Daily
Net
Assets |
Actual
Rate
For
the Fiscal
Year
Ended
December
31, 2023* |
International
Equity Dividend and Premium |
0.81% |
First $1
billion |
0.81% |
|
0.73% |
Next $1
billion |
|
|
0.69% |
Next $3
billion |
|
|
0.68% |
Next $3
billion |
|
|
0.67% |
Over $8
billion |
|
International
Tax-Managed Equity |
0.85% |
First $1
billion |
0.85% |
|
0.77% |
Next $1
billion |
|
|
0.73% |
Next $3
billion |
|
|
0.72% |
Next $3
billion |
|
|
0.71% |
Over $8
billion |
|
U.S.
Tax-Managed Equity |
0.70% |
First $1
billion |
0.65% |
|
0.63% |
Next $1
billion |
|
|
0.60% |
Next $3
billion |
|
|
0.59% |
Next $3
billion |
|
|
0.58% |
Over $8
billion |
|
U.S.
Equity Dividend and Premium |
0.75% |
First $1
billion |
0.64% |
|
0.68% |
Next $1
billion |
|
|
0.65% |
Next $3
billion |
|
|
0.64% |
Next $3
billion |
|
|
0.63% |
Over $8
billion |
|
FUND
MANAGERS |
Name
and Title |
Fund
Responsibility |
Years
Primarily
Responsible |
Five
Year Employment History |
John
Sienkiewicz
Managing
Director |
Portfolio
Manager—
International
Equity
Dividend
and Premium International Tax-Managed Equity
U.S.
Tax-Managed Equity
U.S.
Equity Dividend and Premium |
Since
2020
2020
2020
2020 |
John
Sienkiewicz joined the Investment Adviser in
2009. |
Osman
Ali, CFA
Managing
Director |
Portfolio
Manager—
International
Tax-Managed Equity
U.S.
Tax-Managed Equity |
Since
2014
2014 |
Mr.
Ali joined the Investment Adviser as an analyst
in
2005 and has been a portfolio manager since
2009. |
Monali
Vora, CFA
Managing
Director |
Portfolio
Manager—
International
Equity
Dividend
and Premium International Tax-Managed Equity
U.S.
Tax-Managed Equity
U.S.
Equity Dividend and Premium |
Since
2010
2010
2010
2010 |
Ms.
Vora is a member of the Customized Beta
Strategies
team. Prior to working in the
Customized
Beta Strategies team, she spent six
years
as a member of the QIS Equity Portfolio
team.
She joined the Investment Adviser in 2000. |
Aron
Kershner
Managing
Director |
Portfolio
Manager—
International
Equity Dividend and Premium
U.S.
Equity Dividend and Premium |
Since
2015
2015 |
Mr.
Kershner is a portfolio manager on the QIS
team
and joined the Investment Adviser in 2005. |
Len
Ioffe
Managing
Director |
Portfolio
Manager—
International
Tax-Managed Equity
U.S.
Tax-Managed Equity |
Since
2021
2021 |
Mr.
Ioffe joined the Investment Adviser as an
associate
in 1995 and has been a portfolio
manager
since 1996. |
Dennis
Walsh
Managing
Director |
Portfolio
Manager—
International
Tax-Managed Equity
U.S.
Tax-Managed Equity |
Since
2021
2021 |
Mr.
Walsh joined the Investment Adviser as an
associate
in 2009 and has been a portfolio
manager
since 2012. |
DISTRIBUTOR
AND TRANSFER AGENT |
ACTIVITIES
OF GOLDMAN SACHS AND ITS AFFILIATES AND OTHER
ACCOUNTS
MANAGED BY GOLDMAN SACHS |
Fund |
Investment
Income
Dividends |
Capital
Gains
Distributions |
International
Equity Dividend and Premium |
Quarterly |
Annually |
International
Tax-Managed Equity |
Annually |
Annually |
U.S.
Tax-Managed Equity |
Annually |
Annually |
U.S.
Equity Dividend and Premium |
Quarterly |
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 |
Restrictions
on Excessive Trading
Practices |
DISTRIBUTIONS |
SALES
AND EXCHANGES |
OTHER
INFORMATION |
A. General
Portfolio Risks |
B.
Other Portfolio Risks |
C. Portfolio
Securities and Techniques |
|
Goldman
Sachs International Equity Dividend and Premium
Fund | |||||||||
|
Class
P Shares | |||||||||
|
Year
Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per
Share Data |
|
|
|
|
| |||||
Net
asset value, beginning of period |
$6.42 |
$7.44 |
$7.02 |
$7.14 |
$6.43 | |||||
Net
investment income(a) |
0.26
(b) |
0.25 |
0.23 |
0.17 |
0.22 | |||||
Net
realized and unrealized gain (loss) |
0.75 |
(1.00
) |
0.42 |
(0.10
) |
0.72 | |||||
Total
from investment operations |
1.01 |
(0.75
) |
0.65 |
0.07 |
0.94 | |||||
Distributions
to shareholders from net investment income |
(0.26
) |
(0.24
) |
(0.23
) |
(0.19
) |
(0.23
) | |||||
Distributions
to shareholders from return of capital |
— |
(0.03
) |
— |
—
(c) |
— | |||||
Total
distributions |
(0.26
) |
(0.27
) |
(0.23
) |
(0.19
) |
(0.23
) | |||||
Net
asset value, end of period |
$7.17 |
$6.42 |
$7.44 |
$7.02 |
$7.14 | |||||
Total
return(d) |
16.14
% |
(9.97
)% |
9.37
% |
1.33
% |
14.83
% | |||||
Net
assets, end of period (in 000s) |
$69,385 |
$65,048 |
$81,611 |
$86,949 |
$138,381 | |||||
Ratio
of net expenses to average net assets |
0.88
% |
0.88
% |
0.88
% |
0.90
% |
0.94
% | |||||
Ratio
of total expenses to average net assets |
1.05
% |
1.20
% |
1.02
% |
1.10
% |
1.05
% | |||||
Ratio
of net investment income to average net assets |
3.77
% |
3.88
% |
3.17
% |
2.67
% |
3.26
% | |||||
Portfolio
turnover rate(e) |
18
% |
26
% |
17
% |
34
% |
9
% |
(a) |
Calculated
based on the average shares outstanding methodology.
|
(b) |
Reflects
income recognized from withholding tax reclaims which amounted to $0.01
per share and 0.20% of average net assets. |
(c) |
Amount
is less than $0.005 per share. |
(d) |
Assumes
investment at the net asset value at the beginning of the year,
reinvestment of all distributions, a complete redemption of the investment
at the net
asset
value at the end of the year 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. |
(e) |
The
Fund's portfolio turnover rate is calculated in accordance with regulatory
requirements, without regard to transactions involving short term
investments
and
certain derivatives. If such transactions were included, the Fund's
portfolio turnover rate may be
higher. |
|
Goldman
Sachs International Tax-Managed Equity Fund | ||||
|
Class
P Shares | ||||
|
Year
Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per
Share Data | |||||
Net
asset value, beginning of year |
$10.03 |
$12.23 |
$11.22 |
$10.34 |
$8.86 |
Net
investment income(a) |
0.27
(b),(c) |
0.33 |
0.32 |
0.14 |
0.21 |
Net
realized and unrealized gain (loss) |
1.76 |
(2.17
) |
1.06 |
0.91 |
1.47 |
Total
from investment operations |
2.03 |
(1.84
) |
1.38 |
1.05 |
1.68 |
Distributions
to shareholders from net investment income |
(0.28
) |
(0.36
) |
(0.37
) |
(0.17
) |
(0.20
) |
Net
asset value, end of year |
$11.78 |
$10.03 |
$12.23 |
$11.22 |
$10.34 |
Total
Return(d) |
20.28
% |
(15.03
)% |
12.42
% |
10.09
% |
19.02
% |
Net
assets, end of year (in 000’s) |
$68,659 |
$61,800 |
$81,775 |
$68,788 |
$67,038 |
Ratio
of net expenses to average net assets |
0.89
% |
0.89
% |
0.89
% |
0.89
% |
0.89
% |
Ratio
of total expenses to average net assets |
0.98
% |
0.94
% |
0.95
% |
0.98
% |
0.98
% |
Ratio
of net investment income to average net assets |
2.47
%(b),(c) |
3.10
% |
2.66
% |
1.45
% |
2.15
% |
Portfolio
turnover rate(e) |
132
% |
226
% |
162
% |
177
% |
231
% |
|
Goldman
Sachs U.S. Tax-Managed Equity Fund | ||||
|
Class
P Shares | ||||
|
Year
Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per
Share Data | |||||
Net
asset value, beginning of year |
$30.83 |
$38.94 |
$30.27 |
$25.94 |
$20.74 |
Net
investment income(a) |
0.21 |
0.21 |
0.17 |
0.15 |
0.20 |
Net
realized and unrealized gain (loss) |
7.14 |
(8.10
) |
8.67 |
4.40 |
5.18 |
Total
from investment operations |
7.35 |
(7.89
) |
8.84 |
4.55 |
5.38 |
Distributions
to shareholders from net investment income |
(0.21
) |
(0.22
) |
(0.17
) |
(0.18
) |
(0.18
) |
Distributions
to shareholders from net realized gains |
— |
— |
— |
(0.04
) |
— |
Total
distributions |
(0.21
) |
(0.22
) |
(0.17
) |
(0.22
) |
(0.18
) |
Net
asset value, end of year |
$37.97 |
$30.83 |
$38.94 |
$30.27 |
$25.94 |
Total
Return(b) |
23.84
% |
(20.25
)% |
29.23
% |
17.48
% |
25.94
% |
Net
assets, end of year (in 000’s) |
$217,597 |
$174,254 |
$221,902 |
$152,775 |
$138,399 |
Ratio
of net expenses to average net assets |
0.70
% |
0.69
% |
0.73
% |
0.73
% |
0.73
% |
Ratio
of total expenses to average net assets |
0.70
% |
0.72
% |
0.74
% |
0.74
% |
0.74
% |
Ratio
of net investment income to average net assets |
0.63
% |
0.64
% |
0.49
% |
0.59
% |
0.83
% |
Portfolio
turnover rate(c) |
184
% |
246
% |
116
% |
177
% |
205
% |
|
Goldman
Sachs U.S. Equity Dividend and Premium Fund | |||||||||
|
Class
P Shares | |||||||||
|
Year
Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per
Share Data |
|
|
|
|
| |||||
Net
asset value, beginning of period |
$13.07 |
$16.37 |
$14.15 |
$13.34 |
$11.43 | |||||
Net
investment income(a) |
0.23 |
0.22 |
0.21 |
0.23 |
0.26 | |||||
Net
realized and unrealized gain (loss) |
2.55 |
(2.58
) |
3.00 |
1.60 |
2.56 | |||||
Total
from investment operations |
2.78 |
(2.36
) |
3.21 |
1.83 |
2.82 | |||||
Distributions
to shareholders from net investment income |
(0.24
) |
(0.22
) |
(0.21
) |
(0.24
) |
(0.26
) | |||||
Distributions
to shareholders from net realized gains |
(0.73
) |
(0.72
) |
(0.78
) |
(0.78
) |
(0.65
) | |||||
Distributions
to shareholders from return of capital |
—
(b) |
— |
— |
—
(b) |
— | |||||
Total
distributions |
(0.97
) |
(0.94
) |
(0.99
) |
(1.02
) |
(0.91
) | |||||
Net
asset value, end of period |
$14.88 |
$13.07 |
$16.37 |
$14.15 |
$13.34 | |||||
Total
return(c) |
21.44
% |
(14.59
)% |
22.93
% |
14.05
% |
25.07
% | |||||
Net
assets, end of period (in 000s) |
$719,967 |
$605,229 |
$703,803 |
$593,220 |
$679,431 | |||||
Ratio
of net expenses to average net assets |
0.68
% |
0.70
% |
0.70
% |
0.72
% |
0.74
% | |||||
Ratio
of total expenses to average net assets |
0.75
% |
0.76
% |
0.75
% |
0.77
% |
0.76
% | |||||
Ratio
of net investment income to average net assets |
1.58
% |
1.53
% |
1.34
% |
1.76
% |
2.03
% | |||||
Portfolio
turnover rate(d) |
30
% |
38
% |
19
% |
39
% |
26
% |
(a) |
Calculated
based on the average shares outstanding methodology.
|
(b) |
Amount
is less than ($0.005) per share. |
(c) |
Assumes
investment at the net asset value at the beginning of the year,
reinvestment of all distributions, a complete redemption of the investment
at the net
asset
value at the end of the year 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. |
(d) |
The
Fund's portfolio turnover rate is calculated in accordance with regulatory
requirements, without regard to transactions involving short term
investments
and
certain derivatives. 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,
71
South Wacker Drive, Suite 1200
Chicago,
IL 60606 |
|
◼ On
the Internet: |
SEC
EDGAR database – http://www.sec.gov |
|