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 A |
Class C |
Institutional |
Investor |
Class R |
Class R6 |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
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Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds)1 |
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Class A |
Class C |
Institutional |
Investor |
Class R |
Class R6 |
Management Fees |
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Distribution and/or Service (12b-1) Fees |
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Other Expenses |
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Service Fees |
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All Other Expenses |
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Acquired Fund Fees and Expenses |
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Total Annual Fund Operating Expenses2 |
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Fee Waiver and Expense Limitation3 |
( |
( |
( |
( |
( |
( |
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation |
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1 Year |
3 Years |
5 Years |
10 Years |
Class A Shares |
$ |
$ |
$ |
$ |
Class C Shares |
$ |
$ |
$ |
$ |
Institutional Shares |
$ |
$ |
$ |
$ |
Investor Shares |
$ |
$ |
$ |
$ |
Class R Shares |
$ |
$ |
$ |
$ |
Class R6 Shares |
$ |
$ |
$ |
$ |
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$ |
$ |
$ |
$ |
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1 Year |
5 Years |
10 Years |
Inception Date | |
Class A 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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Class C Shares |
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Returns Before Taxes |
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Institutional Shares |
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Returns Before Taxes |
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Investor Shares |
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Returns Before Taxes |
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Class R Shares |
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Returns |
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Class R6 Shares |
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Returns Before Taxes |
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ICE BofA 3 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 |
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Class A |
Class C |
Institutional |
Investor |
Class R |
Class R6 |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
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Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds)1 |
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Class A |
Class C |
Institutional |
Investor |
Class R |
Class R6 |
Management Fees |
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Distribution and/or Service (12b-1) Fees |
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Other Expenses |
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Service Fees |
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All Other Expenses |
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Acquired Fund Fees and Expenses |
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Total Annual Fund Operating Expenses2 |
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Fee Waiver3 |
( |
( |
( |
( |
( |
( |
Total Annual Fund Operating Expenses After Fee Waiver |
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1 Year |
3 Years |
5 Years |
10 Years |
Class A Shares |
$ |
$ |
$ |
$ |
Class C Shares |
$ |
$ |
$ |
$ |
Institutional Shares |
$ |
$ |
$ |
$ |
Investor Shares |
$ |
$ |
$ |
$ |
Class R Shares |
$ |
$ |
$ |
$ |
Class R6 Shares |
$ |
$ |
$ |
$ |
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$ |
$ |
$ |
$ |
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1 Year |
5 Years |
10 Years |
Inception Date | |
Class A Shares |
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Returns Before Taxes |
- |
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- |
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Returns After Taxes on Distributions |
- |
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- |
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Returns After Taxes on Distributions and Sale of Fund Shares |
- |
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- |
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Class C Shares |
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Returns Before Taxes |
- |
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- |
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Institutional Shares |
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Returns Before Taxes |
- |
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- |
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Investor Shares |
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Returns Before Taxes |
- |
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- |
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Class R Shares |
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Returns |
- |
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- |
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Class R6 Shares |
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Returns Before Taxes |
- |
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- |
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BCOM (Gross, USD, Unhedged) |
- |
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- |
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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 A |
Class C |
Institutional |
Investor |
Class R |
Class R6 |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
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Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds)1 |
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Class A |
Class C |
Institutional |
Investor |
Class R |
Class R6 |
Management Fees |
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Distribution and/or Service (12b-1) Fees |
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Other Expenses |
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Service Fees |
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All Other Expenses |
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Acquired Fund Fees and Expenses |
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Total Annual Fund Operating Expenses2 |
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Fee Waiver and Expense Limitation3 |
( |
( |
( |
( |
( |
( |
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation |
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1 Year |
3 Years |
5 Years |
10 Years |
Class A Shares |
$ |
$ |
$ |
$ |
Class C Shares |
$ |
$ |
$ |
$ |
Institutional Shares |
$ |
$ |
$ |
$ |
Investor Shares |
$ |
$ |
$ |
$ |
Class R Shares |
$ |
$ |
$ |
$ |
Class R6 Shares |
$ |
$ |
$ |
$ |
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$ |
$ |
$ |
$ |
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1 Year |
5 Years |
10 Years |
Inception Date | |
Class A 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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Class C Shares |
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Returns Before Taxes |
- |
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Institutional Shares |
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Returns Before Taxes |
- |
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Investor Shares |
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Returns Before Taxes |
- |
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Class R Shares |
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Returns |
- |
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Class R6 Shares |
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Returns Before Taxes |
- |
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ICE BofA 3 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 |
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 strategies of the Fund — Not permitted |
Absolute Return Tracker Fund |
Commodity Strategy Fund |
Managed Futures Strategy Fund |
Investment Practices |
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Borrowings |
33 1∕3 |
33 1∕3 |
33 1∕3 |
Credit, Currency, Equity, Index, Interest Rate, Total or Excess 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 |
• |
• |
• |
Illiquid Investments** |
15 |
15 |
15 |
Interest Rate Caps, Floors and Collars |
• |
• |
• |
Investment Company Securities (including ETFs)*** |
10 |
10 |
10 |
Mortgage Dollar Rolls |
• |
• |
— |
Options on Foreign Currencies1 |
• |
• |
• |
Options on Futures2 |
• |
• |
• |
Options on Securities and Securities Indices |
• |
• |
• |
Options2 |
• |
• |
• |
Preferred Stock |
• |
• |
— |
Repurchase Agreements |
• |
• |
• |
Reverse Repurchase Agreements (for investment purposes) |
— |
— |
— |
Securities Lending |
33 1∕3 |
— |
— |
Short Sales |
• |
• |
• |
Unseasoned Companies |
• |
• |
• |
Warrants and Stock Purchase Rights |
• |
• |
— |
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 strategies of the Fund — Not permitted |
Absolute Return Tracker Fund |
Commodity Strategy Fund |
Managed Futures Strategy Fund |
Investment Securities |
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American, European and Global Depositary Receipts |
• |
• |
• |
Asset-Backed and Mortgage-Backed Securities1 |
• |
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• |
Bank Obligations1,2 |
• |
• |
• |
Commodity-Linked Derivative Instruments3 |
• |
• |
• |
Convertible Securities4 |
• |
• |
— |
Corporate Debt Obligations1 |
• |
• |
• |
Corporate Debt Obligations and Trust Preferred Securities |
• |
• |
• |
Equity Investments |
• |
• |
• |
Emerging Country Securities5 |
• |
25 |
• |
Fixed Income Securities |
• |
• |
• |
Foreign Government Securities1 |
• |
• |
• |
Foreign Securities5 |
• |
35 |
• |
Master Limited Partnerships |
• |
|
• |
Municipal Securities |
• |
• |
— |
Non-Investment Grade Fixed Income Securities6 |
• |
|
• |
Real Estate Investment Trusts |
• |
|
— |
Stripped Mortgage-Backed Securities1 |
• |
• |
— |
Structured Securities (which may include equity-linked notes)7 |
• |
• |
• |
Subsidiary Shares8 |
25 |
25 |
25 |
Temporary Investments |
• |
• |
• |
U.S. Government Securities1 |
• |
• |
• |
Yield Curve Options and Inverse Floating Rate Securities |
• |
• |
• |
✓ Principal Risk • Additional Risk |
Absolute Return Tracker Fund |
Commodity Strategy Fund |
Managed Futures Strategy Fund |
Absence of Regulation |
✓ |
✓ |
✓ |
Call/Prepayment |
|
• |
✓ |
Commodity Sector |
✓ |
✓ |
✓ |
Counterparty |
✓ |
✓ |
✓ |
Credit/Default |
✓ |
✓ |
✓ |
Cybersecurity |
• |
• |
• |
Derivatives |
✓ |
✓ |
✓ |
Emerging Countries |
✓ |
• |
✓ |
Expenses |
✓ |
|
✓ |
Extension |
|
• |
• |
Foreign |
✓ |
✓ |
✓ |
Geographic |
• |
• |
• |
Interest Rate |
✓ |
• |
✓ |
Investing in the Underlying Funds |
✓ |
|
|
Investment Style |
✓ |
• |
✓ |
Large Shareholder Transactions |
✓ |
✓ |
✓ |
Leverage |
✓ |
✓ |
✓ |
Liquidity |
✓ |
✓ |
✓ |
Management |
✓ |
• |
✓ |
Market |
✓ |
✓ |
✓ |
Master Limited Partnerships |
✓ |
|
• |
Mid-Cap and Small-Cap |
✓ |
|
• |
Mortgage Backed and Other Asset Backed Securities |
• |
|
• |
NAV |
• |
• |
• |
Non-Hedging Foreign Currency Trading |
✓ |
|
✓ |
Non-Investment Grade Fixed Income Securities |
• |
|
• |
Other Investment Companies |
✓ |
|
✓ |
Portfolio Turnover Rate |
✓ |
✓ |
✓ |
REIT |
• |
|
|
Short Selling/Position |
✓ |
✓ |
✓ |
Sovereign Default |
• |
• |
• |
Stock |
✓ |
|
✓ |
Strategy |
• |
|
|
Subsidiary |
✓ |
✓ |
✓ |
Swaps |
✓ |
✓ |
✓ |
Tax |
✓ |
✓ |
✓ |
U.S. Government Securities |
✓ |
✓ |
✓ |
INVESTMENT ADVISER |
Investment Adviser |
Fund |
Goldman Sachs Asset Management, L.P. (“GSAM”) 200 West Street New York, NY 10282 |
Absolute Return Tracker Commodity Strategy Managed Futures Strategy |
Sub-Adviser—Commodity Strategy Fund |
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* |
Absolute Return Tracker |
0.70% |
First $1 Billion |
0.54% |
|
0.63% |
Next $1 Billion |
|
|
0.60% |
Next $3 Billion |
|
|
0.59% |
Next $3 Billion |
|
|
0.53% |
Over $8 Billion |
|
Commodity Strategy |
0.50% |
First $2 Billion |
0.40% |
|
0.45% |
Next $3 Billion |
|
|
0.43% |
Next $3 Billion |
|
|
0.42% |
Over $8 Billion |
|
Managed Futures Strategy |
1.00% |
First $1 Billion |
0.88% |
|
0.90% |
Next $1 Billion |
|
|
0.86% |
Next $3 Billion |
|
|
0.84% |
Next $3 Billion |
|
|
0.82% |
Over $8 Billion |
|
Average Daily Net Assets |
Contractual Management Fee Annual Rate |
First $250 million |
0.15% |
Next $250 million |
0.25% |
Over $500 million |
0.20% |
FUND MANAGERS |
Name and Title |
Fund Responsibility |
Years Primarily Responsible |
Five Year Employment History |
Oliver Bunn Managing Director |
Portfolio Manager— Absolute Return Tracker Managed Futures Strategy |
Since 2017 2022 |
Mr. Bunn is head of the Quantitative Investment Strategies (QIS) Alternatives team within GSAM. He joined Goldman Sachs in 2014. |
Momoko Ono Vice President |
Portfolio Manager— Managed Futures Strategy |
Since 2017 |
Ms. Ono is a portfolio manager and researcher on the Quantitative Investment Strategies (QIS) Alternatives team within GSAM. She originally joined Goldman Sachs in April 2002. |
Jay Seo Vice President |
Portfolio Manager— Managed Futures Strategy |
Since 2022 |
Ms. Seo is a portfolio manager and researcher on the Quantitative Investment Strategies (QIS) Alternatives team within GSAM. She first joined GSAM in 2008 and, prior to rejoining GSAM in 2020, she worked at Cubist Systematic Strategies and Quantport from 2016-2020. |
Name and Title |
Fund Responsibility |
Years Primarily Responsible |
Five Year Employment History |
Robert B. Hyman Managing Director for CoreCommodity |
Portfolio Manager— Commodity Strategy |
Since 2021 |
Mr. Hyman re-joined CoreCommodity in June 2010. During his 30-plus years successfully trading commodities and commodity related products, Mr. Hyman has held a number of trading and risk control positions, including proprietary trading positions at Lehman Brothers, Amerada Hess Crude & Gas Co. and Drexel Burnham Lambert. Mr. Hyman graduated from Dartmouth College in 1978 with a Bachelor of Arts degree in Government. |
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 |
Absolute Return Tracker |
Annually |
Annually |
Commodity Strategy |
Semi-annually |
Annually |
Managed Futures Strategy |
Annually |
Annually |
How To Buy Shares |
|
Initial |
Additional* |
Regular Accounts |
$1,000 |
$50 |
Employee Benefit Plans |
No Minimum |
No Minimum |
Uniform Gift/Transfer to Minors Accounts (UGMA/UTMA) |
$250 |
$50 |
Individual Retirement Accounts and Coverdell ESAs |
$250 |
$50 |
Automatic Investment Plan Accounts |
$250 |
$50 |
NAV = |
(Value of Assets of the Class) – (Liabilities of the Class) |
|
Number of Outstanding Shares of the Class |
Common Questions Applicable to the Purchase of Class A Shares |
Amount of Purchase (including sales charge, if any) |
Sales Charge as Percentage of Offering Price |
Sales Charge as Percentage of Net Amount Invested |
Dealer Allowance as Percentage of Offering Price |
Less than $50,000 |
5.50% |
5.82% |
5.00% |
$50,000 up to (but less than) $100,000 |
4.75 |
4.99 |
4.00 |
$100,000 up to (but less than) $250,000 |
3.75 |
3.90 |
3.00 |
$250,000 up to (but less than) $500,000 |
2.75 |
2.83 |
2.25 |
$500,000 up to (but less than) $1 million |
2.00 |
2.04 |
1.75 |
$1 million or more |
0.00* |
0.00* |
** |
Amount of Purchase (including sales charge, if any) |
Sales Charge as Percentage of Offering Price |
Sales Charge as Percentage of Net Amount Invested |
Dealer Allowance as Percentage of Offering Price |
Less than $100,000 |
4.50% |
4.71% |
4.00% |
$100,000 up to (but less than) $250,000 |
3.00 |
3.09 |
2.50 |
$250,000 up to (but less than) $500,000 |
2.50 |
2.56 |
2.00 |
$500,000 up to (but less than) $1 million |
2.00 |
2.04 |
1.75 |
$1 million or more |
0.00* |
0.00* |
** |
Common Questions Applicable to the Purchase Of Class C Shares |
Common Questions Applicable to the Purchase Of Class A and C Shares |
How To Sell Shares |
Shareholder Services |
Distribution and Service Fees |
Class C Personal And Account Maintenance Services And Fees |
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 Absolute Return Tracker Fund | |||||||||
|
Class A Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$8.36 |
$9.40 |
$9.69 |
$9.44 |
$8.84 | |||||
Net investment income (loss)(a) |
0.26 |
0.07 |
(0.01 ) |
(0.01 ) |
0.10 | |||||
Net realized and unrealized gain (loss) |
0.61 |
(0.69 ) |
0.59 |
0.32 |
0.81 | |||||
Total from investment operations |
0.87 |
(0.62 ) |
0.58 |
0.31 |
0.91 | |||||
Distributions to shareholders from net investment income |
(0.22 ) |
(0.31 ) |
— |
(0.01 ) |
(0.09 ) | |||||
Distributions to shareholders from net realized gains |
— |
(0.11 ) |
(0.87 ) |
(0.05 ) |
(0.22 ) | |||||
Total distributions |
(0.22 ) |
(0.42 ) |
(0.87 ) |
(0.06 ) |
(0.31 ) | |||||
Net asset value, end of year |
$9.01 |
$8.36 |
$9.40 |
$9.69 |
$9.44 | |||||
Total return(b) |
10.45 % |
(6.62 )% |
6.09 % |
3.29 % |
10.36 % | |||||
Net assets, end of year (in 000s) |
$42,676 |
$41,001 |
$57,882 |
$61,642 |
$80,596 | |||||
Ratio of net expenses to average net assets |
0.97 % |
1.00 % |
1.04 % |
0.96 % |
0.97 % | |||||
Ratio of total expenses to average net assets |
1.09 % |
1.09 % |
1.09 % |
1.11 % |
1.11 % | |||||
Ratio of net investment income (loss) to average net assets |
2.92 % |
0.80 % |
(0.10 )% |
(0.10 )% |
1.08 % | |||||
Portfolio turnover rate(c) |
126 % |
184 % |
133 % |
193 % |
127 % |
(a) |
Calculated based on the average shares outstanding methodology. |
(b) |
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. |
(c) |
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 Absolute Return Tracker Fund | |||||||||
|
Class C Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$7.47 |
$8.43 |
$8.84 |
$8.69 |
$8.14 | |||||
Net investment income (loss)(a) |
0.17 |
0.00 (b) |
(0.08 ) |
(0.07 ) |
0.03 | |||||
Net realized and unrealized gain (loss) |
0.54 |
(0.61 ) |
0.54 |
0.28 |
0.75 | |||||
Total from investment operations |
0.71 |
(0.61 ) |
0.46 |
0.21 |
0.78 | |||||
Distributions to shareholders from net investment income |
(0.16 ) |
(0.24 ) |
— |
(0.01 ) |
(0.01 ) | |||||
Distributions to shareholders from net realized gains |
— |
(0.11 ) |
(0.87 ) |
(0.05 ) |
(0.22 ) | |||||
Total distributions |
(0.16 ) |
(0.35 ) |
(0.87 ) |
(0.06 ) |
(0.23 ) | |||||
Net asset value, end of year |
$8.02 |
$7.47 |
$8.43 |
$8.84 |
$8.69 | |||||
Total return(c) |
9.45 % |
(7.23 )% |
5.31 % |
2.43 % |
9.69 % | |||||
Net assets, end of year (in 000s) |
$4,497 |
$5,574 |
$7,973 |
$9,638 |
$15,761 | |||||
Ratio of net expenses to average net assets |
1.72 % |
1.75 % |
1.79 % |
1.71 % |
1.72 % | |||||
Ratio of total expenses to average net assets |
1.84 % |
1.84 % |
1.84 % |
1.86 % |
1.86 % | |||||
Ratio of net investment income (loss) to average net assets |
2.12 % |
0.06 % |
(0.84 )% |
(0.84 )% |
0.34 % | |||||
Portfolio turnover rate(d) |
126 % |
184 % |
133 % |
193 % |
127 % |
(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. |
|
Goldman Sachs Absolute Return Tracker Fund | |||||||||
|
Institutional Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$8.73 |
$9.80 |
$10.03 |
$9.74 |
$9.10 | |||||
Net investment income(a) |
0.30 |
0.11 |
0.03 |
0.03 |
0.14 | |||||
Net realized and unrealized gain (loss) |
0.65 |
(0.72 ) |
0.61 |
0.32 |
0.85 | |||||
Total from investment operations |
0.95 |
(0.61 ) |
0.64 |
0.35 |
0.99 | |||||
Distributions to shareholders from net investment income |
(0.26 ) |
(0.35 ) |
— |
(0.01 ) |
(0.13 ) | |||||
Distributions to shareholders from net realized gains |
— |
(0.11 ) |
(0.87 ) |
(0.05 ) |
(0.22 ) | |||||
Total distributions |
(0.26 ) |
(0.46 ) |
(0.87 ) |
(0.06 ) |
(0.35 ) | |||||
Net asset value, end of year |
$9.42 |
$8.73 |
$9.80 |
$10.03 |
$9.74 | |||||
Total return(b) |
10.83 % |
(6.27 )% |
6.48 % |
3.60 % |
10.91 % | |||||
Net assets, end of year (in 000s) |
$2,553,196 |
$2,795,272 |
$2,955,943 |
$2,928,949 |
$2,852,690 | |||||
Ratio of net expenses to average net assets |
0.61 % |
0.63 % |
0.68 % |
0.58 % |
0.59 % | |||||
Ratio of total expenses to average net assets |
0.72 % |
0.72 % |
0.72 % |
0.73 % |
0.73 % | |||||
Ratio of net investment income to average net assets |
3.25 % |
1.23 % |
0.30 % |
0.28 % |
1.46 % | |||||
Portfolio turnover rate(c) |
126 % |
184 % |
133 % |
193 % |
127 % |
(a) |
Calculated based on the average shares outstanding methodology. |
(b) |
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. |
(c) |
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 Absolute Return Tracker Fund | |||||||||
|
Investor Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$8.61 |
$9.67 |
$9.92 |
$9.64 |
$9.02 | |||||
Net investment income(a) |
0.30 |
0.10 |
0.02 |
0.02 |
0.13 | |||||
Net realized and unrealized gain (loss) |
0.62 |
(0.71 ) |
0.60 |
0.32 |
0.83 | |||||
Total from investment operations |
0.92 |
(0.61 ) |
0.62 |
0.34 |
0.96 | |||||
Distributions to shareholders from net investment income |
(0.25 ) |
(0.34 ) |
— |
(0.01 ) |
(0.12 ) | |||||
Distributions to shareholders from net realized gains |
— |
(0.11 ) |
(0.87 ) |
(0.05 ) |
(0.22 ) | |||||
Total distributions |
(0.25 ) |
(0.45 ) |
(0.87 ) |
(0.06 ) |
(0.34 ) | |||||
Net asset value, end of year |
$9.28 |
$8.61 |
$9.67 |
$9.92 |
$9.64 | |||||
Total return(b) |
10.68 % |
(6.37 )% |
6.35 % |
3.54 % |
10.66 % | |||||
Net assets, end of year (in 000s) |
$581,118 |
$248,085 |
$243,761 |
$246,694 |
$370,779 | |||||
Ratio of net expenses to average net assets |
0.72 % |
0.75 % |
0.79 % |
0.71 % |
0.72 % | |||||
Ratio of total expenses to average net assets |
0.83 % |
0.84 % |
0.84 % |
0.86 % |
0.87 % | |||||
Ratio of net investment income to average net assets |
3.31 % |
1.12 % |
0.16 % |
0.16 % |
1.33 % | |||||
Portfolio turnover rate(c) |
126 % |
184 % |
133 % |
193 % |
127 % |
(a) |
Calculated based on the average shares outstanding methodology. |
(b) |
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. |
(c) |
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 Absolute Return Tracker Fund | |||||||||
|
Class R6 Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$8.72 |
$9.78 |
$10.02 |
$9.72 |
$9.09 | |||||
Net investment income(a) |
0.33 |
0.11 |
0.05 |
0.03 |
0.14 | |||||
Net realized and unrealized gain (loss) |
0.61 |
(0.71 ) |
0.58 |
0.33 |
0.84 | |||||
Total from investment operations |
0.94 |
(0.60 ) |
0.63 |
0.36 |
0.98 | |||||
Distributions to shareholders from net investment income |
(0.26 ) |
(0.35 ) |
— |
(0.01 ) |
(0.13 ) | |||||
Distributions to shareholders from net realized gains |
— |
(0.11 ) |
(0.87 ) |
(0.05 ) |
(0.22 ) | |||||
Total distributions |
(0.26 ) |
(0.46 ) |
(0.87 ) |
(0.06 ) |
(0.35 ) | |||||
Net asset value, end of year |
$9.40 |
$8.72 |
$9.78 |
$10.02 |
$9.72 | |||||
Total return(b) |
10.74 % |
(6.17 )% |
6.38 % |
3.71 % |
10.82 % | |||||
Net assets, end of year (in 000s) |
$728,607 |
$169,335 |
$153,588 |
$9,353 |
$9,284 | |||||
Ratio of net expenses to average net assets |
0.60 % |
0.62 % |
0.66 % |
0.57 % |
0.58 % | |||||
Ratio of total expenses to average net assets |
0.71 % |
0.71 % |
0.70 % |
0.72 % |
0.72 % | |||||
Ratio of net investment income to average net assets |
3.54 % |
1.23 % |
0.51 % |
0.29 % |
1.47 % | |||||
Portfolio turnover rate(c) |
126 % |
184 % |
133 % |
193 % |
127 % |
(a) |
Calculated based on the average shares outstanding methodology. |
(b) |
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. |
(c) |
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 Absolute Return Tracker Fund | |||||||||
|
Class R Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$8.04 |
$9.06 |
$9.40 |
$9.18 |
$8.61 | |||||
Net investment income (loss)(a) |
0.22 |
0.05 |
(0.03 ) |
(0.03 ) |
0.08 | |||||
Net realized and unrealized gain (loss) |
0.59 |
(0.66 ) |
0.56 |
0.31 |
0.78 | |||||
Total from investment operations |
0.81 |
(0.61 ) |
0.53 |
0.28 |
0.86 | |||||
Distributions to shareholders from net investment income |
(0.19 ) |
(0.30 ) |
— |
(0.01 ) |
(0.07 ) | |||||
Distributions to shareholders from net realized gains |
— |
(0.11 ) |
(0.87 ) |
(0.05 ) |
(0.22 ) | |||||
Total distributions |
(0.19 ) |
(0.41 ) |
(0.87 ) |
(0.06 ) |
(0.29 ) | |||||
Net asset value, end of year |
$8.66 |
$8.04 |
$9.06 |
$9.40 |
$9.18 | |||||
Total return(b) |
10.11 % |
(6.79 )% |
5.73 % |
3.06 % |
10.06 % | |||||
Net assets, end of year (in 000s) |
$787 |
$1,486 |
$1,536 |
$1,562 |
$2,347 | |||||
Ratio of net expenses to average net assets |
1.22 % |
1.25 % |
1.29 % |
1.21 % |
1.22 % | |||||
Ratio of total expenses to average net assets |
1.34 % |
1.34 % |
1.34 % |
1.36 % |
1.37 % | |||||
Ratio of net investment income (loss) to average net assets |
2.63 % |
0.60 % |
(0.33 )% |
(0.35 )% |
0.83 % | |||||
Portfolio turnover rate(c) |
126 % |
184 % |
133 % |
193 % |
127 % |
(a) |
Calculated based on the average shares outstanding methodology. |
(b) |
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. |
(c) |
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 Commodity Strategy Fund | |||||||||
|
Class A Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$9.30 |
$8.90 |
$7.79 |
$10.17 |
$9.66 | |||||
Net investment income (loss)(a) |
0.34 |
0.05 |
(0.09 ) |
(0.03 ) |
0.14 | |||||
Net realized and unrealized gain (loss) |
(1.27 ) |
1.32 |
2.67 |
(2.33 ) |
1.44 | |||||
Total from investment operations |
(0.93 ) |
1.37 |
2.58 |
(2.36 ) |
1.58 | |||||
Distributions to shareholders from net investment income |
(0.31 ) |
(0.97 ) |
(1.47 ) |
(0.02 ) |
(0.18 ) | |||||
Distributions to shareholders from return of capital |
— |
— |
— |
— |
(0.89 ) | |||||
Total distributions |
(0.31 ) |
(0.97 ) |
(1.47 ) |
(0.02 ) |
(1.07 ) | |||||
Net asset value, end of year |
$8.06 |
$9.30 |
$8.90 |
$7.79 |
$10.17 | |||||
Total return(b) |
(9.95 )% |
15.36 % |
33.03 % |
(23.16 )% |
16.31 % | |||||
Net assets, end of year (in 000s) |
$22,253 |
$35,334 |
$40,183 |
$15,324 |
$22,569 | |||||
Ratio of net expenses to average net assets |
0.94 % |
0.92 % |
0.92 % |
0.80 % |
0.84 % | |||||
Ratio of total expenses to average net assets |
1.01 % |
0.95 % |
1.08 % |
1.28 % |
1.09 % | |||||
Ratio of net investment income (loss) to average net assets |
4.00 % |
0.50 % |
(0.90 )% |
(0.39 )% |
1.34 % | |||||
Portfolio turnover rate(c) |
— %(d) |
— %(d) |
83 % |
70 % |
52 % |
(a) |
Calculated based on the average shares outstanding methodology. |
(b) |
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. |
(c) |
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. |
(d) |
There were no long-term transactions for the fiscal years ended December 31, 2023 and December 31, 2022. |
|
Goldman Sachs Commodity Strategy Fund | |||||||||
|
Class C Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$8.52 |
$8.25 |
$7.32 |
$9.61 |
$9.17 | |||||
Net investment income (loss)(a) |
0.26 |
(0.01 ) |
(0.15 ) |
(0.08 ) |
0.08 | |||||
Net realized and unrealized gain (loss) |
(1.16 ) |
1.21 |
2.50 |
(2.21 ) |
1.35 | |||||
Total from investment operations |
(0.90 ) |
1.20 |
2.35 |
(2.29 ) |
1.43 | |||||
Distributions to shareholders from net investment income |
(0.25 ) |
(0.93 ) |
(1.42 ) |
— |
(0.17 ) | |||||
Distributions to shareholders from return of capital |
— |
— |
— |
— |
(0.82 ) | |||||
Total distributions |
(0.25 ) |
(0.93 ) |
(1.42 ) |
— |
(0.99 ) | |||||
Net asset value, end of year |
$7.37 |
$8.52 |
$8.25 |
$7.32 |
$9.61 | |||||
Total return(b) |
(10.58 )% |
14.51 % |
32.04 % |
(23.77 )% |
15.54 % | |||||
Net assets, end of year (in 000s) |
$3,496 |
$6,197 |
$3,125 |
$1,340 |
$2,271 | |||||
Ratio of net expenses to average net assets |
1.69 % |
1.67 % |
1.67 % |
1.55 % |
1.59 % | |||||
Ratio of total expenses to average net assets |
1.76 % |
1.70 % |
1.83 % |
2.03 % |
1.84 % | |||||
Ratio of net investment income (loss) to average net assets |
3.25 % |
(0.05 )% |
(1.65 )% |
(1.12 )% |
0.81 % | |||||
Portfolio turnover rate(c) |
— %(d) |
— %(d) |
83 % |
70 % |
52 % |
(a) |
Calculated based on the average shares outstanding methodology. |
(b) |
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. |
(c) |
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. |
(d) |
There were no long-term transactions for the fiscal years ended December 31, 2023 and December 31, 2022. |
|
Goldman Sachs Commodity Strategy Fund | |||||||||
|
Institutional Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$9.46 |
$9.04 |
$7.88 |
$10.28 |
$9.74 | |||||
Net investment income (loss)(a) |
0.38 |
0.11 |
(0.06 ) |
(0.01 ) |
0.09 | |||||
Net realized and unrealized gain (loss) |
(1.30 ) |
1.32 |
2.71 |
(2.36 ) |
1.56 | |||||
Total from investment operations |
(0.92 ) |
1.43 |
2.65 |
(2.37 ) |
1.65 | |||||
Distributions to shareholders from net investment income |
(0.34 ) |
(1.01 ) |
(1.49 ) |
(0.03 ) |
(0.19 ) | |||||
Distributions to shareholders from return of capital |
— |
— |
— |
— |
(0.92 ) | |||||
Total distributions |
(0.34 ) |
(1.01 ) |
(1.49 ) |
(0.03 ) |
(1.11 ) | |||||
Net asset value, end of year |
$8.20 |
$9.46 |
$9.04 |
$7.88 |
$10.28 | |||||
Total return(b) |
(9.65 )% |
15.75 % |
33.52 % |
(22.96 )% |
16.77 % | |||||
Net assets, end of year (in 000s) |
$253,289 |
$339,164 |
$206,782 |
$127,172 |
$156,673 | |||||
Ratio of net expenses to average net assets |
0.61 % |
0.59 % |
0.59 % |
0.47 % |
0.50 % | |||||
Ratio of total expenses to average net assets |
0.68 % |
0.62 % |
0.75 % |
0.96 % |
0.74 % | |||||
Ratio of net investment income (loss) to average net assets |
4.36 % |
1.04 % |
(0.57 )% |
(0.10 )% |
0.81 % | |||||
Portfolio turnover rate(c) |
— %(d) |
— %(d) |
83 % |
70 % |
52 % |
(a) |
Calculated based on the average shares outstanding methodology. |
(b) |
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. |
(c) |
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. |
(d) |
There were no long-term transactions for the fiscal years ended December 31, 2023 and December 31, 2022. |
|
Goldman Sachs Commodity Strategy Fund | |||||||||
|
Investor Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$9.47 |
$9.04 |
$7.89 |
$10.29 |
$9.75 | |||||
Net investment income (loss)(a) |
0.36 |
0.11 |
(0.07 ) |
(0.01 ) |
(0.04 ) | |||||
Net realized and unrealized gain (loss) |
(1.29 ) |
1.32 |
2.71 |
(2.37 ) |
1.68 | |||||
Total from investment operations |
(0.93 ) |
1.43 |
2.64 |
(2.38 ) |
1.64 | |||||
Distributions to shareholders from net investment income |
(0.33 ) |
(1.00 ) |
(1.49 ) |
(0.02 ) |
(0.18 ) | |||||
Distributions to shareholders from return of capital |
— |
— |
— |
— |
(0.92 ) | |||||
Total distributions |
(0.33 ) |
(1.00 ) |
(1.49 ) |
(0.02 ) |
(1.10 ) | |||||
Net asset value, end of year |
$8.21 |
$9.47 |
$9.04 |
$7.89 |
$10.29 | |||||
Total return(b) |
(9.78 )% |
15.79 % |
33.33 % |
(22.99 )% |
16.73 % | |||||
Net assets, end of year (in 000s) |
$22,575 |
$115,918 |
$33,337 |
$3,115 |
$6,651 | |||||
Ratio of net expenses to average net assets |
0.69 % |
0.67 % |
0.67 % |
0.55 % |
0.59 % | |||||
Ratio of total expenses to average net assets |
0.75 % |
0.70 % |
0.81 % |
1.02 % |
0.83 % | |||||
Ratio of net investment income (loss) to average net assets |
4.14 % |
1.01 % |
(0.66 )% |
(0.09 )% |
(0.36 )% | |||||
Portfolio turnover rate(c) |
— %(d) |
— %(d) |
83 % |
70 % |
52 % |
(a) |
Calculated based on the average shares outstanding methodology. |
(b) |
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. |
(c) |
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. |
(d) |
There were no long-term transactions for the fiscal years ended December 31, 2023 and December 31, 2022. |
|
Goldman Sachs Commodity Strategy Fund | |||||||||
|
Class R6 Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$9.49 |
$9.06 |
$7.90 |
$10.30 |
$9.76 | |||||
Net investment income (loss)(a) |
0.38 |
0.12 |
(0.05 ) |
(0.01 ) |
0.38 | |||||
Net realized and unrealized gain (loss) |
(1.30 ) |
1.32 |
2.70 |
(2.36 ) |
1.27 | |||||
Total from investment operations |
(0.92 ) |
1.44 |
2.65 |
(2.37 ) |
1.65 | |||||
Distributions to shareholders from net investment income |
(0.35 ) |
(1.01 ) |
(1.49 ) |
(0.03 ) |
(0.19 ) | |||||
Distributions to shareholders from return of capital |
— |
— |
— |
— |
(0.92 ) | |||||
Total distributions |
(0.35 ) |
(1.01 ) |
(1.49 ) |
(0.03 ) |
(1.11 ) | |||||
Net asset value, end of year |
$8.22 |
$9.49 |
$9.06 |
$7.90 |
$10.30 | |||||
Total return(b) |
(9.71 )% |
15.84 % |
33.44 % |
(22.92 )% |
16.87 % | |||||
Net assets, end of year (in 000s) |
$117,106 |
$155,511 |
$94,836 |
$83,227 |
$85,170 | |||||
Ratio of net expenses to average net assets |
0.60 % |
0.58 % |
0.58 % |
0.46 % |
0.49 % | |||||
Ratio of total expenses to average net assets |
0.67 % |
0.61 % |
0.75 % |
0.96 % |
0.75 % | |||||
Ratio of net investment income (loss) to average net assets |
4.36 % |
1.14 % |
(0.55 )% |
(0.09 )% |
3.52 % | |||||
Portfolio turnover rate(c) |
— %(d) |
— %(d) |
83 % |
70 % |
52 % |
(a) |
Calculated based on the average shares outstanding methodology. |
(b) |
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. |
(c) |
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. |
(d) |
There were no long-term transactions for the fiscal years ended December 31, 2023 and December 31, 2022. |
|
Goldman Sachs Commodity Strategy Fund | |||||||||
|
Class R Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$9.07 |
$8.71 |
$7.64 |
$9.99 |
$9.50 | |||||
Net investment income (loss)(a) |
0.31 |
0.04 |
(0.11 ) |
(0.05 ) |
0.16 | |||||
Net realized and unrealized gain (loss) |
(1.24 ) |
1.27 |
2.62 |
(2.29 ) |
1.38 | |||||
Total from investment operations |
(0.93 ) |
1.31 |
2.51 |
(2.34 ) |
1.54 | |||||
Distributions to shareholders from net investment income |
(0.29 ) |
(0.95 ) |
(1.44 ) |
(0.01 ) |
(0.18 ) | |||||
Distributions to shareholders from return of capital |
— |
— |
— |
— |
(0.87 ) | |||||
Total distributions |
(0.29 ) |
(0.95 ) |
(1.44 ) |
(0.01 ) |
(1.05 ) | |||||
Net asset value, end of year |
$7.85 |
$9.07 |
$8.71 |
$7.64 |
$9.99 | |||||
Total return(b) |
(10.19 )% |
15.07 % |
32.73 % |
(23.36 )% |
16.11 % | |||||
Net assets, end of year (in 000s) |
$2,630 |
$4,208 |
$3,271 |
$1,903 |
$2,280 | |||||
Ratio of net expenses to average net assets |
1.19 % |
1.17 % |
1.17 % |
1.05 % |
1.09 % | |||||
Ratio of total expenses to average net assets |
1.26 % |
1.20 % |
1.33 % |
1.54 % |
1.34 % | |||||
Ratio of net investment income (loss) to average net assets |
3.77 % |
0.33 % |
(1.15 )% |
(0.68 )% |
1.53 % | |||||
Portfolio turnover rate(c) |
— %(d) |
— %(d) |
83 % |
70 % |
52 % |
(a) |
Calculated based on the average shares outstanding methodology. |
(b) |
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. |
(c) |
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. |
(d) |
There were no long-term transactions for the fiscal years ended December 31, 2023 and December 31, 2022. |
|
Goldman Sachs Managed Futures Strategy Fund | ||||
|
Class A Shares | ||||
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Data | |||||
Net asset value, beginning of year |
$9.82 |
$9.85 |
$10.12 |
$9.61 |
$10.03 |
Net investment income (loss)(a) |
0.23 |
(0.04 ) |
(0.19 ) |
(0.12 ) |
0.01 |
Net realized and unrealized gain (loss) |
(0.64 ) |
2.00 |
0.64 |
0.76 |
0.23 |
Total from investment operations |
(0.41 ) |
1.96 |
0.45 |
0.64 |
0.24 |
Distributions to shareholders from net investment income |
— |
(1.14 ) |
(0.03 ) |
— |
(0.59 ) |
Distributions to shareholders from net realized gains |
— |
(0.85 ) |
(0.69 ) |
(0.13 ) |
(0.07 ) |
Total distributions |
— |
(1.99 ) |
(0.72 ) |
(0.13 ) |
(0.66 ) |
Net asset value, end of year |
$9.41 |
$9.82 |
$9.85 |
$10.12 |
$9.61 |
Total Return(b) |
(4.18 )% |
20.08 % |
4.64 % |
6.62 % |
2.28 % |
Net assets, end of year (in 000’s) |
$16,126 |
$16,841 |
$16,922 |
$11,964 |
$7,712 |
Ratio of net expenses to average net assets |
1.43 % |
1.58 % |
1.83 % |
1.48 % |
1.49 % |
Ratio of total expenses to average net assets |
1.58 % |
1.71 % |
1.89 % |
1.63 % |
1.64 % |
Ratio of net investment income (loss) to average net assets |
2.44 % |
(0.31 )% |
(1.79 )% |
(1.21 )% |
0.06 % |
Portfolio turnover rate(c) |
— % |
— % |
— % |
— % |
— % |
|
Goldman Sachs Managed Futures Strategy Fund | ||||
|
Class C Shares | ||||
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Data | |||||
Net asset value, beginning of year |
$9.02 |
$9.21 |
$9.52 |
$9.11 |
$9.56 |
Net investment income (loss)(a) |
0.15 |
(0.10 ) |
(0.25 ) |
(0.18 ) |
(0.07 ) |
Net realized and unrealized gain (loss) |
(0.58 ) |
1.85 |
0.59 |
0.72 |
0.21 |
Total from investment operations |
(0.43 ) |
1.75 |
0.34 |
0.54 |
0.14 |
Distributions to shareholders from net investment income |
— |
(1.09 ) |
— |
— |
(0.52 ) |
Distributions to shareholders from net realized gains |
— |
(0.85 ) |
(0.65 ) |
(0.13 ) |
(0.07 ) |
Total distributions |
— |
(1.94 ) |
(0.65 ) |
(0.13 ) |
(0.59 ) |
Net asset value, end of year |
$8.59 |
$9.02 |
$9.21 |
$9.52 |
$9.11 |
Total Return(b) |
(4.77 )% |
19.26 % |
3.71 % |
5.88 % |
1.51 % |
Net assets, end of year (in 000’s) |
$4,591 |
$5,486 |
$3,890 |
$3,335 |
$3,279 |
Ratio of net expenses to average net assets |
2.18 % |
2.33 % |
2.58 % |
2.22 % |
2.24 % |
Ratio of total expenses to average net assets |
2.32 % |
2.46 % |
2.64 % |
2.37 % |
2.39 % |
Ratio of net investment income (loss) to average net assets |
1.69 % |
(0.95 )% |
(2.54 )% |
(1.92 )% |
(0.69 )% |
Portfolio turnover rate(c) |
— % |
— % |
— % |
— % |
— % |
|
Goldman Sachs Managed Futures Strategy Fund | ||||
|
Institutional Shares | ||||
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Data | |||||
Net asset value, beginning of year |
$10.22 |
$10.19 |
$10.43 |
$9.87 |
$10.28 |
Net investment income (loss)(a) |
0.28 |
0.05 |
(0.15 ) |
(0.07 ) |
0.04 |
Net realized and unrealized gain (loss) |
(0.67 ) |
2.02 |
0.66 |
0.76 |
0.25 |
Total from investment operations |
(0.39 ) |
2.07 |
0.51 |
0.69 |
0.29 |
Distributions to shareholders from net investment income |
(0.01 ) |
(1.19 ) |
(0.06 ) |
— |
(0.63 ) |
Distributions to shareholders from net realized gains |
— |
(0.85 ) |
(0.69 ) |
(0.13 ) |
(0.07 ) |
Total distributions |
(0.01 ) |
(2.04 ) |
(0.75 ) |
(0.13 ) |
(0.70 ) |
Net asset value, end of year |
$9.82 |
$10.22 |
$10.19 |
$10.43 |
$9.87 |
Total Return(b) |
(3.80 )% |
20.59 % |
4.99 % |
6.95 % |
2.82 % |
Net assets, end of year (in 000’s) |
$60,221 |
$140,429 |
$51,494 |
$49,052 |
$90,623 |
Ratio of net expenses to average net assets |
1.06 % |
1.20 % |
1.46 % |
1.07 % |
1.11 % |
Ratio of total expenses to average net assets |
1.21 % |
1.33 % |
1.52 % |
1.24 % |
1.26 % |
Ratio of net investment income (loss) to average net assets |
2.80 % |
0.39 % |
(1.42 )% |
(0.74 )% |
0.42 % |
Portfolio turnover rate(c) |
— % |
— % |
— % |
— % |
— % |
|
Goldman Sachs Managed Futures Strategy Fund | ||||
|
Investor Shares | ||||
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Data | |||||
Net asset value, beginning of year |
$10.07 |
$10.06 |
$10.32 |
$9.77 |
$10.19 |
Net investment income (loss)(a) |
0.26 |
0.01 |
(0.16 ) |
(0.10 ) |
0.03 |
Net realized and unrealized gain (loss) |
(0.65 ) |
2.03 |
0.64 |
0.78 |
0.23 |
Total from investment operations |
(0.39 ) |
2.04 |
0.48 |
0.68 |
0.26 |
Distributions to shareholders from net investment income |
— |
(1.18 ) |
(0.05 ) |
— |
(0.61 ) |
Distributions to shareholders from net realized gains |
— |
(0.85 ) |
(0.69 ) |
(0.13 ) |
(0.07 ) |
Total distributions |
— |
(2.03 ) |
(0.74 ) |
(0.13 ) |
(0.68 ) |
Net asset value, end of year |
$9.68 |
$10.07 |
$10.06 |
$10.32 |
$9.77 |
Total Return(b) |
(3.87 )% |
20.43 % |
4.83 % |
6.92 % |
2.60 % |
Net assets, end of year (in 000’s) |
$148,544 |
$239,660 |
$146,008 |
$149,762 |
$106,968 |
Ratio of net expenses to average net assets |
1.18 % |
1.33 % |
1.57 % |
1.22 % |
1.24 % |
Ratio of total expenses to average net assets |
1.32 % |
1.46 % |
1.64 % |
1.38 % |
1.39 % |
Ratio of net investment income (loss) to average net assets |
2.69 % |
0.10 % |
(1.54 )% |
(0.96 )% |
0.31 % |
Portfolio turnover rate(c) |
— % |
— % |
— % |
— % |
— % |
|
Goldman Sachs Managed Futures Strategy Fund | ||||
|
Class R6 Shares | ||||
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Data | |||||
Net asset value, beginning of year |
$10.22 |
$10.19 |
$10.44 |
$9.87 |
$10.29 |
Net investment income (loss)(a) |
0.28 |
0.01 |
(0.15 ) |
(0.08 ) |
0.05 |
Net realized and unrealized gain (loss) |
(0.66 ) |
2.06 |
0.65 |
0.78 |
0.23 |
Total from investment operations |
(0.38 ) |
2.07 |
0.50 |
0.70 |
0.28 |
Distributions to shareholders from net investment income |
(0.01 ) |
(1.19 ) |
(0.06 ) |
— |
(0.63 ) |
Distributions to shareholders from net realized gains |
— |
(0.85 ) |
(0.69 ) |
(0.13 ) |
(0.07 ) |
Total distributions |
(0.01 ) |
(2.04 ) |
(0.75 ) |
(0.13 ) |
(0.70 ) |
Net asset value, end of year |
$9.83 |
$10.22 |
$10.19 |
$10.44 |
$9.87 |
Total Return(b) |
(3.68 )% |
20.47 % |
5.00 % |
7.05 % |
2.72 % |
Net assets, end of year (in 000’s) |
$57,814 |
$65,653 |
$57,900 |
$55,439 |
$51,499 |
Ratio of net expenses to average net assets |
1.06 % |
1.20 % |
1.45 % |
1.08 % |
1.09 % |
Ratio of total expenses to average net assets |
1.20 % |
1.33 % |
1.51 % |
1.24 % |
1.23 % |
Ratio of net investment income (loss) to average net assets |
2.81 % |
0.07 % |
(1.41 )% |
(0.79 )% |
0.47 % |
Portfolio turnover rate(c) |
— % |
— % |
— % |
— % |
— % |
|
Goldman Sachs Managed Futures Strategy Fund | ||||
|
Class R Shares | ||||
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Data | |||||
Net asset value, beginning of year |
$9.54 |
$9.64 |
$9.92 |
$9.45 |
$9.87 |
Net investment income (loss)(a) |
0.20 |
(0.04 ) |
(0.21 ) |
(0.13 ) |
(0.02 ) |
Net realized and unrealized gain (loss) |
(0.61 ) |
1.93 |
0.62 |
0.73 |
0.23 |
Total from investment operations |
(0.41 ) |
1.89 |
0.41 |
0.60 |
0.21 |
Distributions to shareholders from net investment income |
— |
(1.14 ) |
— |
— |
(0.56 ) |
Distributions to shareholders from net realized gains |
— |
(0.85 ) |
(0.69 ) |
(0.13 ) |
(0.07 ) |
Total distributions |
— |
(1.99 ) |
(0.69 ) |
(0.13 ) |
(0.63 ) |
Net asset value, end of year |
$9.13 |
$9.54 |
$9.64 |
$9.92 |
$9.45 |
Total Return(b) |
(4.30 )% |
19.77 % |
4.33 % |
6.30 % |
2.14 % |
Net assets, end of year (in 000’s) |
$558 |
$856 |
$451 |
$504 |
$539 |
Ratio of net expenses to average net assets |
1.68 % |
1.83 % |
2.08 % |
1.72 % |
1.74 % |
Ratio of total expenses to average net assets |
1.82 % |
1.96 % |
2.14 % |
1.87 % |
1.89 % |
Ratio of net investment income (loss) to average net assets |
2.18 % |
(0.36 )% |
(2.04 )% |
(1.41 )% |
(0.19 )% |
Portfolio turnover rate(c) |
— % |
— % |
— % |
— % |
— % |
MERRILL LYNCH |
AMERIPRISE FINANCIAL |
MORGAN STANLEY WEALTH MANAGEMENT |
RAYMOND JAMES & ASSOCIATES, INC., RAYMOND JAMES FINANCIAL SERVICES, INC. AND EACH ENTITY’S AFFILIATES (“RAYMOND JAMES”) |
JANNEY MONTGOMERY SCOTT LLC |
EDWARD D. JONES & CO., L.P. (“Edward Jones”) |
OPPENHEIMER & CO. INC. |
ROBERT W. BAIRD & CO. (“BAIRD”) |
J.P. MORGAN SECURITIES LLC |
FOR MORE INFORMATION |
|
Institutional & Class R6 |
Class A, C, Investor & R |
◼ By telephone: |
1-800-621-2550 |
1-800-526-7384 |
◼ By mail: |
Goldman Sachs, 71 South Wacker Drive, Suite 1200 Chicago, IL 60606 |
Goldman Sachs Funds P.O. Box 219711 Kansas City, MO 64121 |
◼ On the Internet: |
SEC EDGAR database – http://www.sec.gov |
|
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 |
|
Acquired Fund Fees and Expenses |
|
Total Annual Fund Operating Expenses1 |
|
Fee Waiver and Expense Limitation2 |
( |
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Class P Shares |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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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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|
ICE BofA 3 Month U.S. Treasury Bill Index |
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|
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Portfolio Management |
Buying and Selling Fund Shares |
Tax Information |
Payments to Broker-Dealers and Other Financial Intermediaries |
|
|
|
Class P |
Management Fees |
|
Other Expenses |
|
All Other Expenses |
|
Acquired Fund Fees and Expenses |
|
Total Annual Fund Operating Expenses1 |
|
Fee Waiver2 |
( |
Total Annual Fund Operating Expenses After Fee Waiver |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Class P Shares |
$ |
$ |
$ |
$ |
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|
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|
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|
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|
|
|
1 Year |
5 Years |
Since Inception |
Inception Date | |
Class P Shares |
- |
|
|
|
BCOM (Gross, USD, Unhedged) |
- |
|
|
|
Portfolio Management |
Buying and Selling Fund Shares |
Tax Information |
Payments to Broker-Dealers and Other Financial Intermediaries |
|
|
|
Class P |
Management Fees |
|
Other Expenses |
|
Acquired Fund Fees and Expenses |
|
Total Annual Fund Operating Expenses1 |
|
Fee Waiver and Expense Limitation2 |
( |
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Class P Shares |
$ |
$ |
$ |
$ |
|
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|
|
|
|
|
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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 |
- |
|
|
|
ICE BofA 3 Month U.S. Treasury Bill Index |
|
|
|
|
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 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 strategies of the Fund — Not permitted |
Absolute Return Tracker Fund |
Commodity Strategy Fund |
Managed Futures Strategy Fund |
Investment Practices |
|
|
|
Borrowings |
33 1∕3 |
33 1∕3 |
33 1∕3 |
Credit, Currency, Equity, Index, Interest Rate, Total or Excess 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 |
• |
• |
• |
Illiquid Investments** |
15 |
15 |
15 |
Interest Rate Caps, Floors and Collars |
• |
• |
• |
Investment Company Securities (including ETFs)*** |
10 |
10 |
10 |
Mortgage Dollar Rolls |
• |
• |
— |
Options on Foreign Currencies1 |
• |
• |
• |
Options on Futures2 |
• |
• |
• |
Options on Securities and Securities Indices |
• |
• |
• |
Options2 |
• |
• |
• |
Preferred Stock |
• |
• |
— |
Repurchase Agreements |
• |
• |
• |
Reverse Repurchase Agreements (for investment purposes) |
— |
— |
— |
Securities Lending |
33 1∕3 |
— |
— |
Short Sales |
• |
• |
• |
Unseasoned Companies |
• |
• |
• |
Warrants and Stock Purchase Rights |
• |
• |
— |
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 strategies of the Fund — Not permitted |
Absolute Return Tracker Fund |
Commodity Strategy Fund |
Managed Futures Strategy Fund |
Investment Securities |
|
|
|
American, European and Global Depositary Receipts |
• |
• |
• |
Asset-Backed and Mortgage-Backed Securities1 |
• |
|
• |
Bank Obligations1,2 |
• |
• |
• |
Commodity-Linked Derivative Instruments3 |
• |
• |
• |
Convertible Securities4 |
• |
• |
— |
Corporate Debt Obligations1 |
• |
• |
• |
Corporate Debt Obligations and Trust Preferred Securities |
• |
• |
• |
Equity Investments |
• |
• |
• |
Emerging Country Securities5 |
• |
25 |
• |
Fixed Income Securities |
• |
• |
• |
Foreign Government Securities1 |
• |
• |
• |
Foreign Securities5 |
• |
35 |
• |
Master Limited Partnerships |
• |
|
• |
Municipal Securities |
• |
• |
— |
Non-Investment Grade Fixed Income Securities6 |
• |
|
• |
Real Estate Investment Trusts |
• |
|
— |
Stripped Mortgage-Backed Securities1 |
• |
• |
— |
Structured Securities (which may include equity-linked notes)7 |
• |
• |
• |
Subsidiary Shares8 |
25 |
25 |
25 |
Temporary Investments |
• |
• |
• |
U.S. Government Securities1 |
• |
• |
• |
Yield Curve Options and Inverse Floating Rate Securities |
• |
• |
• |
✓ Principal Risk • Additional Risk |
Absolute Return Tracker Fund |
Commodity Strategy Fund |
Managed Futures Strategy Fund |
Absence of Regulation |
✓ |
✓ |
✓ |
Call/Prepayment |
|
• |
✓ |
Commodity Sector |
✓ |
✓ |
✓ |
Counterparty |
✓ |
✓ |
✓ |
Credit/Default |
✓ |
✓ |
✓ |
Cybersecurity |
• |
• |
• |
Derivatives |
✓ |
✓ |
✓ |
Emerging Countries |
✓ |
• |
✓ |
Expenses |
✓ |
|
✓ |
Extension |
|
• |
• |
Foreign |
✓ |
✓ |
✓ |
Geographic |
• |
• |
• |
Interest Rate |
✓ |
• |
✓ |
Investing in the Underlying Funds |
✓ |
|
|
Investment Style |
✓ |
• |
✓ |
Large Shareholder Transactions |
✓ |
✓ |
✓ |
Leverage |
✓ |
✓ |
✓ |
Liquidity |
✓ |
✓ |
✓ |
Management |
✓ |
• |
✓ |
Market |
✓ |
✓ |
✓ |
Master Limited Partnerships |
✓ |
|
• |
Mid-Cap and Small-Cap |
✓ |
|
• |
Mortgage Backed and Other Asset Backed Securities |
• |
|
• |
NAV |
• |
• |
• |
Non-Hedging Foreign Currency Trading |
✓ |
|
✓ |
Non-Investment Grade Fixed Income Securities |
• |
|
• |
Other Investment Companies |
✓ |
|
✓ |
Portfolio Turnover Rate |
✓ |
✓ |
✓ |
REIT |
• |
|
|
Short Selling/Position |
✓ |
✓ |
✓ |
Sovereign Default |
• |
• |
• |
Stock |
✓ |
|
✓ |
Strategy |
• |
|
|
Subsidiary |
✓ |
✓ |
✓ |
Swaps |
✓ |
✓ |
✓ |
Tax |
✓ |
✓ |
✓ |
U.S. Government Securities |
✓ |
✓ |
✓ |
INVESTMENT ADVISER |
Investment Adviser |
Fund |
Goldman Sachs Asset Management, L.P. (“GSAM”) 200 West Street New York, NY 10282 |
Absolute Return Tracker Commodity Strategy Managed Futures Strategy |
Sub-Adviser—Commodity Strategy Fund |
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* |
Absolute Return Tracker |
0.70% |
First $1 Billion |
0.54% |
|
0.63% |
Next $1 Billion |
|
|
0.60% |
Next $3 Billion |
|
|
0.59% |
Next $3 Billion |
|
|
0.53% |
Over $8 Billion |
|
Commodity Strategy |
0.50% |
First $2 Billion |
0.40% |
|
0.45% |
Next $3 Billion |
|
|
0.43% |
Next $3 Billion |
|
|
0.42% |
Over $8 Billion |
|
Managed Futures Strategy |
1.00% |
First $1 Billion |
0.88% |
|
0.90% |
Next $1 Billion |
|
|
0.86% |
Next $3 Billion |
|
|
0.84% |
Next $3 Billion |
|
|
0.82% |
Over $8 Billion |
|
Average Daily Net Assets |
Contractual Management Fee Annual Rate |
First $250 million |
0.15% |
Next $250 million |
0.25% |
Over $500 million |
0.20% |
FUND MANAGERS |
Name and Title |
Fund Responsibility |
Years Primarily Responsible |
Five Year Employment History |
Oliver Bunn Managing Director |
Portfolio Manager— Absolute Return Tracker Managed Futures Strategy |
Since 2017 2022 |
Mr. Bunn is head of the Quantitative Investment Strategies (QIS) Alternatives team within GSAM. He joined Goldman Sachs in 2014. |
Momoko Ono Vice President |
Portfolio Manager— Managed Futures Strategy |
Since 2017 |
Ms. Ono is a portfolio manager and researcher on the Quantitative Investment Strategies (QIS) Alternatives team within GSAM. She originally joined Goldman Sachs in April 2002. |
Jay Seo Vice President |
Portfolio Manager— Managed Futures Strategy |
Since 2022 |
Ms. Seo is a portfolio manager and researcher on the Quantitative Investment Strategies (QIS) Alternatives team within GSAM. She first joined GSAM in 2008 and, prior to rejoining GSAM in 2020, she worked at Cubist Systematic Strategies and Quantport from 2016-2020. |
Name and Title |
Fund Responsibility |
Years Primarily Responsible |
Five Year Employment History |
Robert B. Hyman Managing Director for CoreCommodity |
Portfolio Manager— Commodity Strategy |
Since 2021 |
Mr. Hyman re-joined CoreCommodity in June 2010. During his 30-plus years successfully trading commodities and commodity related products, Mr. Hyman has held a number of trading and risk control positions, including proprietary trading positions at Lehman Brothers, Amerada Hess Crude & Gas Co. and Drexel Burnham Lambert. Mr. Hyman graduated from Dartmouth College in 1978 with a Bachelor of Arts degree in Government. |
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 |
Absolute Return Tracker |
Annually |
Annually |
Commodity Strategy |
Semi-annually |
Annually |
Managed Futures Strategy |
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. PORTFOLIO SECURITIES AND TECHNIQUES |
|
Goldman Sachs Absolute Return Tracker Fund | |||||||||
|
Class P Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$8.73 |
$9.79 |
$10.02 |
$9.73 |
$9.09 | |||||
Net investment income(a) |
0.30 |
0.11 |
0.03 |
0.03 |
0.14 | |||||
Net realized and unrealized gain (loss) |
0.64 |
(0.71 ) |
0.61 |
0.32 |
0.85 | |||||
Total from investment operations |
0.94 |
(0.60 ) |
0.64 |
0.35 |
0.99 | |||||
Distributions to shareholders from net investment income |
(0.26 ) |
(0.35 ) |
— |
(0.01 ) |
(0.13 ) | |||||
Distributions to shareholders from net realized gains |
— |
(0.11 ) |
(0.87 ) |
(0.05 ) |
(0.22 ) | |||||
Total distributions |
(0.26 ) |
(0.46 ) |
(0.87 ) |
(0.06 ) |
(0.35 ) | |||||
Net asset value, end of year |
$9.41 |
$8.73 |
$9.79 |
$10.02 |
$9.73 | |||||
Total return(b) |
10.72 % |
(6.16 )% |
6.48 % |
3.61 % |
10.93 % | |||||
Net assets, end of year (in 000s) |
$220,082 |
$222,431 |
$245,233 |
$211,794 |
$219,701 | |||||
Ratio of net expenses to average net assets |
0.60 % |
0.62 % |
0.66 % |
0.57 % |
0.58 % | |||||
Ratio of total expenses to average net assets |
0.71 % |
0.71 % |
0.71 % |
0.72 % |
0.72 % | |||||
Ratio of net investment income to average net assets |
3.28 % |
1.23 % |
0.33 % |
0.29 % |
1.48 % | |||||
Portfolio turnover rate(c) |
126 % |
184 % |
133 % |
193 % |
127 % |
(a) |
Calculated based on the average shares outstanding methodology. |
(b) |
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. |
(c) |
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 Commodity Strategy Fund | |||||||||
|
Class P Shares | |||||||||
|
Year Ended December 31, | |||||||||
|
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Per Share Data |
|
|
|
|
| |||||
Net asset value, beginning of year |
$9.49 |
$9.06 |
$7.90 |
$10.29 |
$9.76 | |||||
Net investment income (loss)(a) |
0.38 |
0.12 |
(0.06 ) |
— (b) |
(0.25 ) | |||||
Net realized and unrealized gain (loss) |
(1.30 ) |
1.32 |
2.71 |
(2.36 ) |
1.89 | |||||
Total from investment operations |
(0.92 ) |
1.44 |
2.65 |
(2.36 ) |
1.64 | |||||
Distributions to shareholders from net investment income |
(0.35 ) |
(1.01 ) |
(1.49 ) |
(0.03 ) |
(0.19 ) | |||||
Distributions to shareholders from return of capital |
— |
— |
— |
— |
(0.92 ) | |||||
Total distributions |
(0.35 ) |
(1.01 ) |
(1.49 ) |
(0.03 ) |
(1.11 ) | |||||
Net asset value, end of year |
$8.22 |
$9.49 |
$9.06 |
$7.90 |
$10.29 | |||||
Total return(c) |
(9.72 )% |
15.84 % |
33.46 % |
(22.84 )% |
16.73 % | |||||
Net assets, end of year (in 000s) |
$163,164 |
$299,911 |
$139,858 |
$684 |
$977 | |||||
Ratio of net expenses to average net assets |
0.60 % |
0.58 % |
0.58 % |
0.45 % |
0.48 % | |||||
Ratio of total expenses to average net assets |
0.67 % |
0.61 % |
0.72 % |
0.94 % |
0.72 % | |||||
Ratio of net investment income (loss) to average net assets |
4.34 % |
1.04 % |
(0.57 )% |
(0.04 )% |
(2.28 )% | |||||
Portfolio turnover rate(d) |
— %(e) |
— %(e) |
83 % |
70 % |
52 % |
(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. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
(e) |
There were no long-term transactions for the fiscal years ended December 31, 2023 and December 31, 2022. |
|
Goldman Sachs Managed Futures Strategy Fund | ||||
|
Class P Shares | ||||
|
Year Ended December 31, | ||||
|
2023 |
2022 |
2021 |
2020 |
2019 |
Per Share Data | |||||
Net asset value, beginning of year |
$10.21 |
$10.17 |
$10.42 |
$9.86 |
$10.28 |
Net investment income (loss)(a) |
0.28 |
0.01 |
(0.15 ) |
(0.08 ) |
0.05 |
Net realized and unrealized gain (loss) |
(0.67 ) |
2.07 |
0.65 |
0.77 |
0.23 |
Total from investment operations |
(0.39 ) |
2.08 |
0.50 |
0.69 |
0.28 |
Distributions to shareholders from net investment income |
(0.01 ) |
(1.19 ) |
(0.06 ) |
— |
(0.63 ) |
Distributions to shareholders from net realized gains |
— |
(0.85 ) |
(0.69 ) |
(0.13 ) |
(0.07 ) |
Total distributions |
(0.01 ) |
(2.04 ) |
(0.75 ) |
(0.13 ) |
(0.70 ) |
Net asset value, end of year |
$9.81 |
$10.21 |
$10.17 |
$10.42 |
$9.86 |
Total Return(b) |
(3.78 )% |
20.62 % |
4.98 % |
6.95 % |
2.71 % |
Net assets, end of year (in 000’s) |
$13 |
$14 |
$11 |
$71 |
$166 |
Ratio of net expenses to average net assets |
1.05 % |
1.20 % |
1.44 % |
1.08 % |
1.09 % |
Ratio of total expenses to average net assets |
1.19 % |
1.32 % |
1.51 % |
1.24 % |
1.23 % |
Ratio of net investment income (loss) to average net assets |
2.81 % |
0.10 % |
(1.40 )% |
(0.84 )% |
0.49 % |
Portfolio turnover rate(c) |
— % |
— % |
— % |
— % |
— % |
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 |
|