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. |
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Class
P |
Management
Fees |
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Other
Expenses |
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Total
Annual Fund Operating Expenses |
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Fee
Waiver and Expense Limitation1 |
( |
Total
Annual Fund Operating Expenses After Fee Waiver and Expense
Limitation |
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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 |
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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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MSCI
EAFE Index (Net, USD, Unhedged; reflects no deduction for fees or
expenses) |
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Portfolio
Management |
Buying
and Selling Fund Shares |
Tax
Information |
Payments
to Broker-Dealers and
Other
Financial Intermediaries |
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Class
P |
Management
Fees |
|
Other
Expenses |
|
Total
Annual Fund Operating Expenses |
|
Expense
Limitation1 |
( |
Total
Annual Fund Operating Expenses After Expense
Limitation |
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|
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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 |
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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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MSCI
EAFE Index (Net, USD, Unhedged; reflects no deduction for fees or
expenses) |
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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 |
Belief |
How
the Investment Adviser Acts on This Belief |
Excess
returns may be generated by conducting thorough fundamental
research
and individual stock selection |
Seeks
to generate excess returns through an intensive research culture,
which
includes regular conversations with existing and potential investee
companies’
executives and their competitors, suppliers and
clients. |
A
team-based approach enriches debate and enhances the quality of
investment
decisions |
Conducts
stock level research in a team-orientated structure with frequent
and
open communication. |
Focused
and differentiated portfolios provide potential to generate excess
returns |
Builds
portfolios that are reflective of the team’s most compelling investment
ideas
so that the majority of excess returns is driven by stock
selection. |
Belief |
How
the Investment Adviser Acts on This Belief |
◼ Companies
that employ sustainable
practices
and adhere to ESG principles can be
more
responsive and adaptive to change,
better
preserve competitive advantages and
maintain
financial resiliency |
Seeks
to identify sound companies by conducting proprietary ESG research and
bottom-up company analysis. |
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 |
International
Equity
ESG
Fund |
International
Equity
Income
Fund |
Investment
Practices |
|
|
Borrowings |
33 1∕3 |
33 1∕3 |
Cross
Hedging of Currencies |
• |
• |
Custodial
Receipts and Trust Certificates |
• |
• |
Equity,
Index and Currency Swaps |
• |
• |
Foreign
Currency Transactions (including forward contracts) |
• |
• |
Futures
Contracts and Options and Swaps on Futures Contracts |
• |
• |
Illiquid
Investments* |
15 |
15 |
Initial
Public Offerings (“IPOs”) |
• |
• |
Investment
Company Securities (including ETFs)** |
10 |
10 |
Options
on Foreign Currencies1
|
• |
• |
Options2
|
• |
• |
Preferred
Stock, Warrants and Stock Purchase Rights |
• |
• |
Repurchase
Agreements |
• |
• |
Securities
Lending |
33 1∕3 |
33 1∕3 |
Unseasoned
Companies |
• |
• |
When-Issued
Securities and Forward Commitments |
• |
• |
10 Percent
of total assets (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 |
International
Equity
ESG
Fund |
International
Equity
Income
Fund |
Investment
Securities |
|
|
Asset-Backed
and Mortgage-Backed Securities1
|
• |
• |
Bank
Obligations1,2
|
• |
• |
Convertible
Securities |
• |
• |
Corporate
Debt Obligations1
|
• |
• |
Depositary
Receipts |
• |
• |
Emerging
Country Securities |
• |
• |
Equity
Investments |
80+ |
80+ |
Fixed
Income Securities |
20 |
20 |
Foreign
Government Securities1
|
• |
• |
Foreign
Securities |
• |
• |
Non-Investment
Grade Fixed Income Securities1,3
|
20 |
20 |
Private
Investments in Public Equity (“PIPEs”) |
• |
• |
Real
Estate Investment Trusts |
• |
• |
Special
Purpose Acquisition Companies (“SPACs”) |
• |
• |
Structured
Securities (which may include equity linked notes) |
• |
• |
Temporary
Investments |
• |
• |
U.S.
Government Securities1
|
• |
• |
✓ Principal
• Non-Principal |
International
Equity
ESG |
International
Equity
Income |
Credit/Default |
• |
• |
Cybersecurity |
• |
• |
Derivatives |
• |
• |
Dividend-Paying
Investments |
|
✓ |
Emerging
Countries |
✓ |
✓ |
ESG
Integration |
|
• |
ESG
Standards |
✓ |
|
Foreign |
✓ |
✓ |
Foreign
Custody |
✓ |
✓ |
Geographic |
• |
• |
Interest
Rate |
• |
• |
Investment
Style |
• |
• |
IPO |
• |
• |
Issuer
Concentration |
✓ |
✓ |
Large
Shareholder Transactions |
✓ |
✓ |
Liquidity |
• |
• |
Management |
• |
• |
Market |
✓ |
✓ |
Mid-Cap
and Small-Cap |
• |
• |
Net
Asset Value (“NAV”) |
• |
• |
Non-Investment
Grade Fixed Income Securities |
• |
• |
Option
Writing |
|
• |
Private
Investments in Public Equity (“PIPEs”) |
• |
• |
Sector |
✓ |
✓ |
Special
Purpose Acquisition Companies (“SPACs”) |
• |
• |
Stock |
✓ |
✓ |
INVESTMENT
ADVISER |
Investment
Adviser |
Fund |
Goldman
Sachs Asset Management, L.P. (“GSAM”)
200
West Street
New
York, NY 10282 |
International
Equity ESG
International
Equity Income |
MANAGEMENT
FEES AND OTHER EXPENSES |
Fund |
Contractual
Management
Fee
Annual
Rate |
Average
Daily
Net
Assets |
Actual
Rate
For
the Fiscal
Year
Ended
October
31, 2023* |
International
Equity ESG |
0.85% |
First $1
Billion |
0.82% |
|
0.77% |
Next $1
Billion |
|
|
0.73% |
Next $3
Billion |
|
|
0.71% |
Next $3
Billion |
|
|
0.70% |
Over $8
Billion |
|
International
Equity Income |
0.80% |
First $1
Billion |
0.80% |
|
0.72% |
Next $1
Billion |
|
|
0.68% |
Next $3
Billion |
|
|
0.67% |
Next $3
Billion |
|
|
0.66% |
Over $8
Billion |
|
FUND
MANAGERS |
Name
and Title |
Fund
Responsibility |
Years
Primarily
Responsible |
Five
Year Employment History |
Alexis
Deladerrière, CFA
Managing
Director |
Portfolio
Manager—
International
Equity ESG
International
Equity Income |
Since
2012
2012 |
Mr.
Deladerrière is the Head of International Developed Markets
Equity
within the Fundamental Equity team and the portfolio
manager
for the International Equity ESG and International Equity
Income
strategies. Mr. Deladerrière joined the Investment Adviser in
July
2002 as a research analyst. |
Abhishek
Periwal, CFA
Managing
Director |
Portfolio
Manager—
International
Equity ESG
International
Equity Income |
Since
2018
2018 |
Mr.
Periwal is a portfolio manager for international equity strategies
within
the Fundamental Equity team, including the International
Equity
ESG and International Equity Income strategies. Mr. Periwal
joined
the Investment Adviser in 2007 as an investment
analyst. |
DISTRIBUTOR
AND TRANSFER AGENT |
ACTIVITIES
OF GOLDMAN SACHS AND ITS AFFILIATES AND OTHER
ACCOUNTS
MANAGED BY GOLDMAN SACHS |
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 ESG Fund | ||||
|
Class
P Shares | ||||
|
Year
Ended October 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per
Share Data | |||||
Net
asset value, beginning of year |
$21.91 |
$30.87 |
$21.42 |
$21.05 |
$18.23 |
Net
investment income(a) |
0.50
(b) |
0.39 |
0.33 |
0.11 |
0.36 |
Net
realized and unrealized gain (loss) |
1.99 |
(7.47
) |
9.19 |
0.69 |
2.79 |
Total
from investment operations |
2.49 |
(7.08
) |
9.52 |
0.80 |
3.15 |
Distributions
to shareholders from net investment income |
(0.24
) |
(0.40
) |
(0.07
) |
(0.43
) |
(0.33
) |
Distributions
to shareholders from net realized gains |
– |
(1.48
) |
– |
– |
– |
Total
distributions |
(0.24
) |
(1.88
) |
(0.07
) |
(0.43
) |
(0.33
) |
Net
asset value, end of year |
$24.16 |
$21.91 |
$30.87 |
$21.42 |
$21.05 |
Total
Return(c) |
11.39
% |
(24.25
)% |
44.64
% |
3.67
% |
17.73
% |
Net
assets, end of year (in 000's) |
$95,559 |
$89,831 |
$132,657 |
$64,838 |
$68,987 |
Ratio
of net expenses to average net assets |
0.85
% |
0.85
% |
0.85
% |
0.86
% |
0.89
% |
Ratio
of total expenses to average net assets |
0.97
% |
0.98
% |
1.09
% |
1.30
% |
1.29
% |
Ratio
of net investment income to average net assets |
1.93
%(b) |
1.52
% |
1.16
% |
0.55
% |
1.88
% |
Portfolio
turnover rate(d) |
23
% |
35
% |
39
% |
55
% |
41
% |
|
Goldman
Sachs International Equity Income Fund | ||||
|
Class
P Shares | ||||
|
Year
Ended October 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per
Share Data | |||||
Net
asset value, beginning of year |
$13.20 |
$15.98 |
$12.17 |
$14.23 |
$13.86 |
Net
investment income(a) |
0.50 |
0.44 |
0.47 |
0.30 |
0.44 |
Net
realized and unrealized gain (loss) |
1.98 |
(2.77
) |
3.72 |
(1.79
) |
1.61 |
Total
from investment operations |
2.48 |
(2.33
) |
4.19 |
(1.49
) |
2.05 |
Distributions
to shareholders from net investment income |
(0.38
) |
(0.45
) |
(0.38
) |
(0.57
) |
(0.39
) |
Distributions
to shareholders from net realized gains |
(0.01
) |
– |
– |
– |
(1.29
) |
Total
distributions |
(0.39
) |
(0.45
) |
(0.38
) |
(0.57
) |
(1.68
) |
Net
asset value, end of year |
$15.29 |
$13.20 |
$15.98 |
$12.17 |
$14.23 |
Total
Return(b) |
18.84
% |
(14.90
)% |
34.55
% |
(10.89
)% |
17.34
% |
Net
assets, end of year (in 000's) |
$49,599 |
$33,413 |
$28,616 |
$20,799 |
$32,643 |
Ratio
of net expenses to average net assets |
0.84
% |
0.84
% |
0.84
% |
0.84
% |
0.85
% |
Ratio
of total expenses to average net assets |
0.92
% |
1.06
% |
1.32
% |
1.51
% |
1.76
% |
Ratio
of net investment income to average net assets |
3.21
% |
2.95
% |
3.05
% |
2.33
% |
3.37
% |
Portfolio
turnover rate(c) |
18
% |
12
% |
28
% |
51
% |
27
% |
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 |
|