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GOLDMAN SACHS TRUST
2026-07-07
Goldman Sachs Global Managed Beta Fund—Summary
INVESTMENT OBJECTIVE
<div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Goldman Sachs Global Managed Beta Fund (the “Fund”) seeks to provide long-term capital growth.</div>
FEES AND EXPENSES OF THE FUND
<div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span></div>
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)
0.0030
0.0017
0.0016
0.0063
-0.0013
0.0050
The “Other Expenses” for Investor Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year.
The “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver” do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired (Underlying) Fund Fees and Expenses.”
December 29, 2027
EXPENSE EXAMPLE
<div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Example assumes that you invest $10,000 in Investor Shares of the Fund for the time periods indicated and then redeem all of your Investor Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div>
51
189
338
774
PORTFOLIO TURNOVER
<div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Fund pays transaction costs when it buys and sells securities or instruments (<span style="font-style: italic;">i.e.</span>, “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Fund’s performance. The Fund’s portfolio turnover rate for the fiscal year ended August 31, 2025 was 31% of the average value of its portfolio.</div>
0.31
PRINCIPAL INVESTMENT STRATEGIES
<div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Fund primarily seeks to achieve its investment objective by investing in a diversified portfolio of global equity asset classes (the “Underlying Asset Classes”) that provide broad beta exposure to the global equity markets. “Beta” refers to the component of returns that is attributable to broad market risk exposure. The Investment Adviser will determine the capital allocation to the Underlying Asset Classes (and within the Underlying Asset Classes) based on its cycle-aware long term strategic allocation model, which may include factor-based diversification.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Fund currently intends to gain exposure to the Underlying Asset Classes, and in the approximate ranges, listed below:</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
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<td style="width: 46%;"></td> </tr>
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Underlying Asset Classes</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e5f1f8;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e5f1f8; text-align: center;"><span style="font-weight: bold;">Range of Portfolio Investment</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 1.5pt;"></td>
<td colspan="2" style="height: 1.5pt; background-color: #e5f1f8;"></td> </tr>
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Global Large Cap Equity</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e5f1f8;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top; background-color: #e5f1f8; text-align: center;">40% – 100%</td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 1.5pt;"></td>
<td colspan="2" style="height: 1.5pt; background-color: #e5f1f8;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial narrow; font-size: 8pt;">
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Global Small Cap Equity</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e5f1f8;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top; background-color: #e5f1f8; text-align: center;">0% – 30%</td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 1.5pt;"></td>
<td colspan="2" style="height: 1.5pt; background-color: #e5f1f8;"></td> </tr>
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Emerging Markets Equity</div> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e5f1f8;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top; background-color: #e5f1f8; text-align: center;">0% – 25%</td> </tr>
<tr style="page-break-inside: avoid;">
<td style="vertical-align: bottom;"></td>
<td style="vertical-align: bottom; background-color: #e5f1f8;"> </td>
<td style="vertical-align: bottom; background-color: #e5f1f8;"></td> </tr> </table> <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Fund may also employ a macro hedging strategy that seeks to diversify the Fund’s overall exposure to the global equity asset classes. This hedging strategy primarily entails the purchase of options on interest rates or fixed income instruments and it has risk/return characteristics with low expected correlation to that of the global equity markets. The Investment Adviser intends to employ this hedging strategy as a diversifying complement to the Underlying Asset Classes.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Fund may invest in affiliated and unaffiliated exchange-traded funds (“ETFs”), futures and other instruments that provide economic exposures to the Underlying Asset Classes. The Fund may also invest directly in equity securities, including real estate investment trusts (“REITs”).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Fund may invest, without limitation, in securities or obtain exposures to Underlying Asset Classes that are denominated in currencies other than the U.S. dollar. The Fund may use currency management techniques, primarily forward foreign currency contracts, for hedging or non‑hedging purposes.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Fund intends to have investments economically tied to at least three countries, including the United States, and may invest in the securities of issuers in emerging market countries. Under normal circumstances, the Fund intends to invest no more than 25% of its total assets in emerging markets equity securities and no more than 30% of its total assets in the securities of small capitalization companies. The Fund may invest without restriction as to issuer capitalization, currency, maturity or credit rating.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Fund may use leverage (<span style="font-style: italic;">e.g.</span>, by borrowing or through derivatives). The Fund may invest in derivatives for both hedging and <span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span>non‑hedging purposes. The Fund’s derivative investments may include but are not limited to: (i) futures contracts, including futures based on securities and/or indices; (ii) options, including long and short positions in call options and put options on indices, or currencies, swaptions and options on futures contracts; (iii) forward contracts, including currency forwards; <span style="text-decoration: underline;"></span>(iv) swaps, including equity, currency, interest rate, total return and credit default swaps; and (v) volatility index derivatives and commodity-linked derivative instruments. As a result, the sum of the Fund’s investment exposures may at times exceed the amount of assets invested in the Fund, although these exposures may vary over time. The use of leverage magnifies gains and losses. As a result of the Fund’s use of derivatives, the Fund may also hold significant amounts of U.S. Treasuries or short-term investments, including money market funds and short duration bond funds, cash and time deposits, and enter into repurchase agreements.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Fund seeks to gain exposure to volatility index derivatives and commodity-linked derivative instruments primarily by investing in a wholly-owned subsidiary of the Fund, organized as a limited liability company under the laws of the Cayman Islands, Cayman Commodity‑GMB, LLC (the “GMB Subsidiary”). The GMB Subsidiary is advised by the Investment Adviser.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Fund expects to engage in put and call option transactions (both purchasing and writing options) to gain exposure to the global equity markets. A put option gives the purchaser the right to sell the option’s reference security to the Fund at an agreed-upon exercise price prior to the option’s expiration, and a call option gives the purchaser the right to buy the option’s reference security from the Fund at an <span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span>agreed-upon exercise price prior to the option’s expiration. This options-based strategy seeks to generate returns in moderately rising or moderately declining global equity markets where the Investment Adviser believes realized volatility will be lower than the volatility implied by the option prices. In such markets, the Fund would generally realize gains to the extent the income from collected premiums exceeds the aggregate appreciation or depreciation of the reference security relative to the exercise price. Conversely, in sharply rising or sharply declining global equity markets, the Fund may experience losses to the extent that the aggregate appreciation or depreciation of the reference security relative to the exercise price exceeds the income from collected premiums. Furthermore, the strategy may detract from the Fund’s relative performance in sharply rising global equity markets because it limits the Fund’s opportunity to profit from an increase in the equity prices beyond the exercise price, and may not fully protect the Fund in sharply declining global equity markets because the Fund will continue to bear the risk of a decline in the value of its portfolio securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">In selecting individual securities, the Fund may use a rules-based methodology, in combination with a qualitative overlay, that emphasizes fundamentally-based and market-based stock selection, portfolio construction and efficient implementation. The Fund may seek to gain exposure to Underlying Asset Classes using a factor-based diversification approach, rather than obtaining such exposure through market capitalization weighted indices. Factor-based diversification seeks to capture common sources of active</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">equity returns, including, but not limited to, the following factors: Momentum, Valuation, Volatility and Quality. The Momentum factor seeks to identify companies whose stock prices are expected to increase or decrease (by, among other things, evaluating each company’s recent performance results). The Valuation factor seeks to identify companies whose stock prices are trading at a discount to their fundamental or intrinsic value (by, among other things, comparing each company’s book value to market value). The Volatility factor seeks to identify companies whose stock prices are expected to have a relatively lower degree of fluctuation over time. The Quality factor seeks to identify companies that are expected to generate higher returns on assets (<span style="font-style: italic;">i.e.</span>, more profitable). The Investment Adviser seeks to capitalize on the low correlations in returns across these factors by diversifying exposure to securities selected based on such factors. The Fund may make investment decisions that deviate from those generated by the Investment Adviser’s proprietary models, at the discretion of the Investment Adviser. In addition, the Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on its proprietary research.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-style: italic;">Investment in the Subsidiary</span>. The Fund may invest up to 25% of its total assets in the GMB Subsidiary. The GMB Subsidiary primarily obtains its volatility index derivatives exposure by investing in options, futures, forwards, swaps, options on futures and swaps, structured securities and other derivatives and similar instruments that provide exposure to volatility indices. The Fund may also obtain exposure to commodities through investments by the GMB Subsidiary in commodity-linked derivative instruments (including, but not limited to, total return swaps (on commodity indices, sub‑indices, and single commodities), commodity (U.S. or foreign) futures, commodity options and commodity-linked swaps). Neither the Fund nor the GMB Subsidiary invest directly in physical commodities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The GMB Subsidiary may also invest in bonds or other instruments, including fixed income securities, either as investments or to serve as margin or collateral for its swap positions, as well as foreign currency transactions (including forward contracts).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Investment Adviser measures the Fund’s performance against the MSCI All Country World Index Investable Market Index (“MSCI ACWI IMI”) (Net, USD, 50% Non‑US Developed Hedged to USD).</div>
The Fund primarily seeks to achieve its investment objective by investing in a diversified portfolio of global equity asset classes (the “Underlying Asset Classes”) that provide broad beta exposure to the global equity markets.
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The Fund intends to have investments economically tied to at least three countries, including the United States, and may invest in the securities of issuers in emerging market countries. Under normal circumstances, the Fund intends to invest no more than 25% of its total assets in emerging markets equity securities and no more than 30% of its total assets in the securities of small capitalization companies. The Fund may invest without restriction as to issuer capitalization, currency, maturity or credit rating.</div>
Loss of money is a risk of investing in the Fund.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Asset Allocation Risk. </span></span>The Fund’s allocations to the various Underlying Asset Classes may cause the Fund to underperform other funds with a similar investment objective.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Commodity Sector Risk</span></span><span style="font-weight: bold;">.</span> Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in which the GMB Subsidiary enters into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the GMB Subsidiary’s, and therefore the Fund’s, share value to fluctuate.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Derivatives Risk. </span></span>The Fund’s use of forwards, swaps and other derivative instruments may result in losses, including due to adverse market movements. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Expenses. </span></span>By investing in pooled investment vehicles (including investment companies and ETFs) indirectly through the Fund, the investor will incur not only a proportionate share of the expenses of the other pooled investment vehicles held by the Fund (including operating costs and investment management fees), but also expenses of the Fund.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Foreign</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span><span style="font-weight: bold;"><span style="font-style: italic;">and</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span><span style="font-weight: bold;"><span style="font-style: italic;">Emerging</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span><span style="font-weight: bold;"><span style="font-style: italic;">Countries</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span><span style="font-weight: bold;"><span style="font-style: italic;">Risk.</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks are more pronounced in connection with the Fund’s investments in securities of issuers located in, or otherwise economically tied to, emerging countries.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Geographic</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span><span style="font-weight: bold;"><span style="font-style: italic;">Risk.</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>If the Fund focuses its investments in issuers located in a particular country or geographic region, the Fund <span style="text-decoration: underline;"></span>may be subjected to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Index/Tracking Error Risk. </span></span>While the Investment Adviser will utilize certain indices as references for making investments for the Fund, the Fund will not attempt to fully replicate the investments, or match the performance, of each such index. Accordingly, the Fund’s allocations to any asset class, and thus the Fund’s overall portfolio composition and performance may not match, and may vary substantially from, that of any index that it may use to measure its investment performance (whether overall or with respect to any asset class) for any period of time. Unlike the Fund, the returns of an index are not reduced by investment and other operating expenses. At times, the Fund’s assets may not be fully invested in securities and instruments attempting to approximate the returns of an index. Due to regulatory or market constraints, the Fund may be unable to obtain sufficient exposure to a particular asset class (<span style="font-style: italic;">e.g.</span>, commodities).</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Interest</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span><span style="font-weight: bold;"><span style="font-style: italic;">Rate</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span><span style="font-weight: bold;"><span style="font-style: italic;">Risk.</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The Fund will implement macro hedges by using an interest rate options strategy with risk/return characteristics that has low expected correlation to that of the global equity markets. A declining interest rate environment could cause the exposure value of the Fund’s macro-hedging strategy to decrease, which could impair the Fund’s ability to achieve its investment objective. Generally, the fund will implement the strategy by purchasing interest rate options that may profit if rates fall, remain constant or rise less than what is expected for the interest rate yield curve. The strategy may be less likely to generate positive returns during a period of rising rates.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Investments in ETFs. </span></span>The Fund may invest directly in ETFs, including affiliated ETFs. The Fund’s investments in ETFs will be subject to the restrictions applicable to investments by an investment company in other investment companies, unless relief is otherwise provided under the terms of an SEC exemptive order or SEC exemptive rule.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Large Shareholder Transactions Risk. </span></span>The Fund may experience adverse effects when certain large shareholders, such as institutional investors and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Leverage Risk. </span></span>Borrowing and the use of derivatives may result in leverage and may increase market exposure and make the Fund more volatile. When the Fund uses leverage the sum of the Fund’s investment exposures may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations or to meet margin/collateral requirements when it may not be advantageous to do so. The use of leverage by the Fund can substantially increase the Fund’s investment risks and cause losses to be realized more quickly.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Liquidity</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span><span style="font-weight: bold;"><span style="font-style: italic;">Risk.</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">prices of the securities sold, an unusually high volume of redemption requests or other reasons. To meet redemption requests, the Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Market Risk. </span></span>The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Mid‑Cap and Small‑Cap Risk. </span></span>Investments in mid‑capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">MAS</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span><span style="font-weight: bold;"><span style="font-style: italic;">Transactions</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span><span style="font-weight: bold;"><span style="font-style: italic;">Risk.</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The Multi-Asset Solutions Group (“MAS” or the “MAS Group”), a business unit within GSAM, currently provides investment advisory services to certain client accounts in respect of which it has discretionary authority to effect investment decisions, as well as client accounts in respect of which it provides investment advice but does not have the discretion to effect investment decisions without the specific instruction of the clients. It is currently expected that certain MAS client accounts will invest in the Fund. Investments by MAS client accounts in the Fund may be made at any time and from time to time, could be substantial and could represent a substantial proportion of the Fund’s capital. As a result of GSAM’s position as Investment Adviser to the Fund and the investment advisory services provided to client accounts through MAS, GSAM may possess information relating to the Fund and MAS client accounts that it would not otherwise possess. Discretionary client accounts advised by MAS may, to the extent permitted by applicable law, purchase and redeem shares from the Fund on the basis of such knowledge, and other shareholders of the Fund, including non‑discretionary client accounts advised by MAS, will not be informed of such purchases or redemptions. Redemptions by discretionary client accounts advised by MAS could have an adverse effect on the Fund and its other shareholders, including <span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span>non-discretionary client accounts advised by MAS. In addition, MAS may effect subscriptions to and full or partial redemptions from the Fund for discretionary client accounts in advance of receiving directions from non‑discretionary client accounts regarding such clients’ investments in the Fund, and non‑discretionary client accounts may be adversely affected. See also “Large Shareholder Transactions Risk.”</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Option Writing Risk. </span></span>Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up‑front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund’s NAV. Furthermore, the premium received from the Fund’s option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">REIT</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span><span style="font-weight: bold;"><span style="font-style: italic;">Risk</span></span><span style="font-weight: bold;">.</span><span style="font-weight: bold;"> </span>Risks associated with investments in the real estate industry (such as REITs) include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Stock Risk. </span></span>Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Subsidiary</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span><span style="font-weight: bold;"><span style="font-style: italic;">Risk.</span></span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>The GMB Subsidiary is not registered under the Investment Company Act of 1940, as amended (“Investment Company Act”) and is not subject to all the investor protections of the Investment Company Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the GMB Subsidiary to operate as described in the Prospectus and the SAI and could adversely affect the Fund.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Swaps Risk. </span></span>In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and subject to counterparty risk (<span style="font-style: italic;">e.g.</span>, the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (<span style="font-style: italic;">i.e.</span>, swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-style: italic;">Tax Risk. </span></span>In reliance on an opinion of counsel, the Fund seeks to gain exposure to volatility index derivatives and the commodity markets primarily through investments in the GMB Subsidiary. The tax treatment of the Fund’s investments in the GMB Subsidiary could affect whether income derived from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), or otherwise affect the character, timing and/or amount of the Fund’s taxable income or any gains and distributions made by the Fund. If the Internal Revenue Service (“IRS”) were to successfully assert that the Fund’s income from such investments was not “qualifying income,” the Fund may fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">Shareholders should review “<span style="font-style: italic;">Other Information</span>” under “<span style="font-style: italic;">Taxation</span>” in the Prospectus for more information.</div>
PERFORMANCE
<div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing (a) changes in the performance of the Fund’s <span style="text-decoration: underline;"></span>Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s <span style="text-decoration: underline;"></span>Institutional Shares compare to those of a regulatorily required broad-based securities market index (MSCI ACWI IMI Index (Net, USD, Unhedged)) (the “Regulatory Benchmark”) and the MSCI ACWI IMI (Net, USD, 50% Non‑US Developed Hedged to USD) (the “Performance Benchmark”). The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Investment Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page <span style="text-decoration: underline;"></span>11 of the Prospectus. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at <span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;"></span><span style="text-decoration: underline;">am.gs.com</span> or by calling the phone number on the back cover of the Prospectus.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: times new roman;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</div>
The bar chart and table below provide an indication of the risks of investing in the Fund by showing (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Institutional Shares compare to those of a regulatorily required broad-based securities market index (MSCI ACWI IMI Index (Net, USD, Unhedged)) (the “Regulatory Benchmark”) and the MSCI ACWI IMI (Net, USD, 50% Non‑US Developed Hedged to USD) (the “Performance Benchmark”).
The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Investment Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements.
The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
am.gs.com
CALENDAR YEAR (INSTITUTIONAL)*
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<td colspan="2" style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 7pt; font-family: arial narrow; font-weight: bold; text-align: center;">Returns</div> </td>
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended</span></td> </tr>
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Year‑to‑Date Return</div> </td>
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<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">–2.27</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">March 31, 2026</td> </tr> </table>
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">During the periods shown in the chart above:</span></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td colspan="2" style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;"><span style="font-weight: bold;">Returns</span></td>
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-weight: bold;">Quarter ended</span></td> </tr>
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<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Best Quarter Return</div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom;"> </td>
<td style="white-space: nowrap; vertical-align: bottom; text-align: right;">19.07</td>
<td style="white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: bottom; white-space: nowrap;">June 30, 2020</td> </tr>
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<td style="height: 1.5pt;"></td>
<td colspan="4" style="height: 1.5pt;"></td>
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Worst Quarter Return</div> </td>
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<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">–19.49</td>
<td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">March 31, 2020</td> </tr> </table>
Year‑to‑Date Return
-0.0227
2026-03-31
Best Quarter Return
0.1907
2020-06-30
Worst Quarter Return
-0.1949
2020-03-31
AVERAGE ANNUAL TOTAL RETURNFor the period ended December 31, 2025
2015-04-30
2015-04-30
2015-04-30
0.2100
0.1058
0.1158
0.1923
0.0850
0.1002
0.1320
0.0766
0.0900
0.2113
0.1146
0.1182
0.2206
0.1074
0.1144
Benchmark returns do not reflect any deductions for fees or expenses.
Benchmark returns do not reflect any deductions for fees or expenses.
Because Investor Class Shares have not had returns for a full calendar year as of the date of this Prospectus, the figures shown above provide performance for the Institutional Shares of the Fund (which are not offered in this Prospectus). Investor Class Shares would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the share classes do not have the same expenses. Investor Shares are expected to have lower annual returns than Institutional Shares because the expenses of Investor Shares are expected to be higher than the expenses of Institutional Shares.
Because Investor Class Shares have not had returns for a full calendar year as of the date of this Prospectus,
Because Investor Class Shares have not had returns for a full calendar year as of the date of this Prospectus, the figures shown above provide performance for the Institutional Shares of the Fund (which are not offered in this Prospectus). Investor Class Shares would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the share classes do not have the same expenses. Investor Shares are expected to have lower annual returns than Institutional Shares because the expenses of Investor Shares are expected to be higher than the expenses of Institutional Shares.
The “Other Expenses” for Investor Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year.
The “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver” do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired (Underlying) Fund Fees and Expenses.”
The Investment Adviser has agreed to (i) waive a portion of its management fee payable by the Fund in an amount equal to any management fees it earns as an investment adviser to any affiliated funds in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in affiliated funds; and (ii) waive a portion of its management fee in an amount equal to the management fee paid to the Investment Adviser by the GMB Subsidiary (as defined below) at an annual rate of 0.42% of the GMB Subsidiary’s average daily net assets. The management fee waiver arrangement with respect to the GMB Subsidiary may not be discontinued by the Investment Adviser as long as its contract with the GMB Subsidiary is in place. The other management fee waiver arrangement will remain in effect through at least December 29, 2027, and prior to such date the Investment Adviser may not terminate this arrangement without the approval of the Board of Trustees.