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. |
|
|
|
Class
P |
Management
Fees |
|
Other
Expenses |
|
Acquired
Fund Fees and Expenses |
|
Total
Annual Fund Operating Expenses1 |
|
Expense
Limitation2
|
( |
Total
Annual Fund Operating Expenses After Expense Limitation1 |
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
P Shares |
$ |
$ |
$ |
$ |
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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®
ACWI 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 |
INVESTMENT
OBJECTIVE |
PRINCIPAL
INVESTMENT STRATEGIES |
ADDITIONAL
FEES AND EXPENSES INFORMATION |
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 |
Dynamic
Global
Equity
Fund |
Investment
Practices |
|
Borrowings |
33 1∕3 |
Credit,
Currency, Equity, Index, Interest Rate, Excess Return, Total Return and
Mortgage Swaps and Options on Swaps |
• |
Cross
Hedging of Currencies |
• |
Custodial
Receipts and Trust Certificates |
• |
Direct
Equity Investment |
• |
Foreign
Currency Transactions (including forward contracts) |
• |
Futures
Contracts and Options and Swaps on Futures Contracts |
• |
Illiquid
Investments* |
15 |
Interest
Rate Caps, Floors and Collars |
• |
Investment
Company Securities (including ETFs)1
|
10 |
Mortgage
Dollar Rolls |
• |
Options
on Foreign Currencies |
• |
Options
on Futures |
• |
Options
on Securities and Securities Indices2
|
• |
Repurchase
Agreements |
• |
Reverse
Repurchase Agreements (for investment purposes) |
• |
Short
Sales |
• |
Short
Sales Against the Box |
• |
Unseasoned
Companies |
• |
When-Issued
Securities and Forward Commitments |
• |
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 |
Dynamic
Global
Equity
Fund |
Investment
Securities |
|
American,
European and Global Depositary Receipts |
• |
Commodity-Linked
Derivative Instruments |
• |
Emerging
Country Securities |
• |
Equity
Investments |
• |
Fixed
Income Securities3
|
20 |
Foreign
Securities |
• |
Preferred
Stock, Warrants and Stock Purchase Rights |
• |
Real
Estate Investment Trusts |
• |
Temporary
Investments |
• |
U.S.
Government Securities3
|
• |
Yield
Curve Options and Inverse Floating Rate Securities |
• |
✓ Principal
Risk
• Additional
Risk |
Dynamic
Global
Equity
Fund |
Absence
of Regulation |
• |
Asset
Allocation |
✓ |
Counterparty |
✓ |
Cybersecurity |
• |
Derivatives |
✓ |
Emerging
Countries |
✓ |
Expenses |
✓ |
Foreign |
✓ |
Geographic |
✓ |
Investing
in the Underlying Funds |
✓ |
Investment
Style |
• |
Investments
in Affiliated Underlying Funds |
✓ |
Investments
in ETFs |
✓ |
Large
Shareholder Transactions |
✓ |
Leverage |
✓ |
Liquidity |
✓ |
Market |
✓ |
NAV |
• |
Non-Hedging
Foreign Currency Trading |
✓ |
Option
Writing |
• |
Swaps |
✓ |
Temporary
Investments |
✓ |
U.S.
Government Securities |
• |
INVESTMENT
ADVISER |
Investment
Adviser |
Fund |
Goldman
Sachs Asset Management, L.P.
200
West Street
New
York, NY 10282 |
Dynamic
Global Equity Fund |
MANAGEMENT
FEES AND OTHER EXPENSES |
Fund |
Contractual
Management
Fee
Annual
Rate |
Actual
Rate
for
the
Period
Ended
December
31, 2023 |
Dynamic
Global Equity Fund |
0.15% |
0.15% |
PORTFOLIO
MANAGERS |
Name
and Title |
Years
Primarily
Responsible |
Five
Year Employment History |
Neill
Nuttall
Managing
Director,
Chief
Investment Officer |
Since
2019 |
Mr.
Nuttall is a Managing Director and the Chief Investment Officer in the
Multi-Asset
Solutions
Group in GSAM. He joined Goldman Sachs in 2014. |
Siwen
Wu
Vice
President |
Since
2021 |
Mr.
Wu is a Vice President in the Multi-Asset Solutions Group. He is a
portfolio manager
focused
on multi-asset investment funds, institutional clients and alternative
risk premia
strategies.
Mr. Wu joined the firm in
2011. |
DISTRIBUTOR
AND TRANSFER AGENT |
ACTIVITIES
OF GOLDMAN SACHS AND ITS AFFILIATES AND OTHER
ACCOUNTS
MANAGED BY GOLDMAN SACHS |
|
Investment
Income
Distributions |
Capital
Gains
Distributions |
Fund |
Declared
and Paid |
Declared
and Paid |
Dynamic
Global Equity Fund |
Annually |
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.
Investment Securities and
Techniques |
|
Goldman
Sachs Dynamic Global Equity Fund | |||||||||
|
Class
P Shares | |||||||||
|
Year
Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per
Share Data |
|
|
|
|
| |||||
Net
asset value, beginning of year |
$17.59 |
$23.15 |
$21.64 |
$19.56 |
$16.44 | |||||
Net
investment income(a)(b) |
0.39 |
0.35 |
0.40 |
0.26 |
0.37 | |||||
Net
realized and unrealized gain (loss) |
3.22 |
(4.74
) |
4.03 |
2.39 |
3.91 | |||||
Total
from investment operations |
3.61 |
(4.39
) |
4.43 |
2.65 |
4.28 | |||||
Distributions
to shareholders from net investment income |
(0.38
) |
(0.58
) |
(1.10
) |
(0.25
) |
(0.34
) | |||||
Distributions
to shareholders from net realized gains |
(0.68
) |
(0.55
) |
(1.82
) |
(0.32
) |
(0.82
) | |||||
Distributions
to shareholders from return of capital |
— |
(0.04
) |
— |
— |
— | |||||
Total
distributions |
(1.06
) |
(1.17
) |
(2.92
) |
(0.57
) |
(1.16
) | |||||
Net
asset value, end of year |
$20.14 |
$17.59 |
$23.15 |
$21.64 |
$19.56 | |||||
Total
return(c) |
20.71
% |
(19.00
)% |
20.54
% |
13.57
% |
26.19
% | |||||
Net
assets, end of year (in 000s) |
$133,081 |
$117,502 |
$160,360 |
$130,610 |
$127,367 | |||||
Ratio
of net expenses to average net assets(d) |
0.19
% |
0.18
% |
0.18
% |
0.18
% |
0.19
% | |||||
Ratio
of total expenses to average net assets(d) |
0.32
% |
0.32
% |
0.23
% |
0.25
% |
0.27
% | |||||
Ratio
of net investment income to average net assets(b) |
2.01
% |
1.78
% |
1.64
% |
1.37
% |
1.96
% | |||||
Portfolio
turnover rate(e) |
37
% |
12
% |
4
% |
12
% |
40
% |
(a) |
Calculated
based on the average shares outstanding methodology.
|
(b) |
Recognition
of net investment income by the Fund is affected by the timing of
declaration of dividends by the Underlying Funds in which the Fund
invests. |
(c) |
Assumes
investment at the NAV at the beginning of the year, reinvestment of all
dividends and distributions, a complete redemption of the investment at
the
NAV
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) |
Expense
ratios exclude the expenses of the Underlying Funds in which the Fund
invests. |
(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. |
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 |
|