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style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Dynamic Municipal Income Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Dynamic Municipal Income Fund (the “Fund”) seeks a high level of current income that is exempt from regular federal income tax.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 42 and in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts” on page 83 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 42 and in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts” on page 83 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0375 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0034 0.0034 0.0034 0.0034 0.0034 0.0034 0.0025 0.0075 0 0.0025 0 0 0.0014 0.0039 0.0006 0.0031 0.0014 0.0005 0 0.0025 0 0 0 0 0 0 0 0.0025 0 0 0.0014 0.0014 0.0006 0.0006 0.0014 0.0005 0.0073 0.0148 0.0040 0.0090 0.0048 0.0039 -0.0001 -0.0001 -0.0001 -0.0001 -0.0001 -0.0001 0.0072 0.0147 0.0039 0.0089 0.0047 0.0038 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor and/or Class R6 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 limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 446 599 765 1247 250 467 807 1768 40 127 223 504 91 286 497 1107 48 153 268 603 39 124 218 492 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 150 467 807 1768 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">24</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.24 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”), the interest on which is exempt from regular federal income tax (i.</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">e.</span><span style="font-family:Times New Roman;font-size:9pt;">, excluded from gross income for federal income tax purposes).</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 100% of its Net Assets in private activity bonds, the interest on which (including the Fund’s distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 30% of its Net Assets in Municipal Securities that, at the time of purchase, are non-investment grade (commonly referred to as “junk bonds”). Non-investment grade securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may purchase the securities of issuers that are </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">in default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may focus its investments in issuers within the same state or economic sector. The team uses a multi-faceted approach when evaluating whether to add or maintain exposure to any individual position. A top-down approach is used to assess broad macro trends while a bottom-up analysis is used to determine relative value between individual securities. As part of the team’s fundamental investment process, the team may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. In addition, individual securities will be considered for purchase or sale based on credit profile, risk, structure, pricing, and portfolio impact, as well as duration management, restructuring, opportunistic trading and tax loss harvesting. No one factor or consideration is determinative in the fundamental investment process. </span><span style="font-family:Times New Roman;font-size:9pt;">Under normal interest rate conditions, the Fund’s duration is expected to range between two and eight years. (Historically, over the last five years, the duration of the Bloomberg Municipal Bond 1-10 Year Blend Index has been between approximately 3.81 and 4.30 years). “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg Municipal Bond 1-10 Year Blend Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”), the interest on which is exempt from regular federal income tax (i.</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">e.</span><span style="font-family:Times New Roman;font-size:9pt;">, excluded from gross income for federal income tax purposes).</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 100% of its Net Assets in private activity bonds, the interest on which (including the Fund’s distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 30% of its Net Assets in Municipal Securities that, at the time of purchase, are non-investment grade (commonly referred to as “junk bonds”). Non-investment grade securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Geographic and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> If the Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund’s investments more than if its investments were not so focused.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.  Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal Securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of Municipal Securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on Municipal Securities is generally not subject to federal tax, any interest earned on taxable Municipal Securities is fully taxable at the federal level and may be subject to tax at the state level.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Fund may purchase the securities of issuers that are in default. </span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">State/Territory Specific Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect the Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. Any proposed or actual changes in income tax rates or the tax-exempt status of interest income from Municipal Securities can significantly affect the demand for and supply, liquidity and marketability of Municipal Securities. Such changes may affect the Fund’s net asset value and ability to acquire and dispose of Municipal Securities at desirable yield and price levels.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor, Service and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg Municipal Bond 1-10 Year Blend Index (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, </span><span style="font-family:Times New Roman;font-size:9pt;">please see “Additional Performance and Benchmark Information” on page 22 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before </span><span style="font-family:Times New Roman;font-size:9pt;">and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor, Service and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg Municipal Bond 1-10 Year Blend Index (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before </span><span style="font-family:Times New Roman;font-size:9pt;">and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (INSTITUTIONAL)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">2.51%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">6.92%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-5.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0251 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0692 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0579 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 1993-07-20 -0.0069 0.0037 0.0219 -0.0074 0.0030 0.0213 0.0091 0.0085 0.0226 1997-08-15 0.0141 0.0039 0.0182 1997-08-15 0.0348 0.0147 0.0292 1997-08-15 0.0304 0.0096 0.0240 2010-07-30 0.0346 0.0141 0.0284 2017-11-30 0.0355 0.0149 0.0293 0.0514 0.0121 0.0208 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees, expenses or taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs High Yield Municipal Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs High Yield Municipal Fund (the “Fund”) seeks a high level of current income that is exempt from regular federal income tax and may also consider the potential for capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 42 and in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts” on page 83 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 42 and in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts” on page 83 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0450 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0049 0.0049 0.0049 0.0049 0.0049 0.0025 0.0075 0 0 0 0.0014 0.0039 0.0006 0.0014 0.0005 0 0.0025 0 0 0 0.0014 0.0014 0.0006 0.0014 0.0005 0.0088 0.0163 0.0055 0.0063 0.0054 -0.0004 -0.0004 -0.0002 -0.0004 -0.0002 0.0084 0.0159 0.0053 0.0059 0.0052 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor and/or Class R6 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 limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 532 714 912 1482 262 510 883 1929 54 174 305 687 60 198 347 783 53 171 300 675 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 162 510 883 1929 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">22</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.22 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”), the interest on which is exempt from regular federal income tax (i.</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">e.</span><span style="font-family:Times New Roman;font-size:9pt;">, excluded from gross income for federal income tax purposes).</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, a majority of its total assets measured at the time of purchase (“Total Assets”) in high-yield Municipal Securities. High-yield securities are securities that, at the time of purchase, are medium quality or non-investment grade. Medium quality securities are rated BBB or Baa by a nationally recognized statistical rating organization (“NRSRO”), and non-investment grade securities are securities rated BB+, Ba1 or below by an NRSRO. Non-investment grade securities are commonly known as “junk bonds.” The Fund may also invest in unrated securities determined by the Investment Adviser to be of comparable credit quality.</span><span style="font-family:Times New Roman;font-size:9pt;"> The </span><span style="font-family:Times New Roman;font-size:9pt;">Fund may purchase the securities of issuers that are in default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Under normal circumstances, the Fund may also invest the remainder of its Total Assets in higher grade fixed income securities. In pursuing its principal investment strategy, the Investment Adviser will assess the relative value in the Municipal Securities market from both a credit and yield curve perspective. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. In addition, individual securities will be considered for purchase or sale based on credit profile, risk, structure, pricing, and portfolio impact, as well as duration management, restructuring, opportunistic trading and tax loss harvesting. No one factor or consideration is determinative in the fundamental investment process. Tax-exempt securities offering the high current income sought by the Fund may be predominantly in the lower rating categories of NRSROs (BB+/Ba1 or lower). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may focus its investments in issuers within the same state or economic sector. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 100% of its Net Assets in private activity bonds, the interest on which (including the Fund’s distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). In addition, the Fund may invest in securities of other investment companies (specifically, registered money market funds) to manage uninvested cash in the portfolio. </span><span style="font-family:Times New Roman;font-size:9pt;">Under normal interest rate conditions, the Fund’s duration is expected to approximate that of the Goldman Sachs High Yield Municipal Fund Composite Index (comprised of 40% Bloomberg Municipal Bond Index and 60% Bloomberg Municipal High Yield Bond Index), plus or minus two years. (Historically over the last five years, the duration of the Goldman Sachs High Yield Municipal Fund Composite Index has ranged between 5.88 and 7.48 years). “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performances against the Goldman Sachs High Yield Municipal Fund Composite Index, which is composed of the Bloomberg Municipal High Yield Bond Index (60%) and the Bloomberg Municipal Bond Index (40%) (with distributions reinvested).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”), the interest on which is exempt from regular federal income tax (i.</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">e.</span><span style="font-family:Times New Roman;font-size:9pt;">, excluded from gross income for federal income tax purposes).</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, a majority of its total assets measured at the time of purchase (“Total Assets”) in high-yield Municipal Securities. High-yield securities are securities that, at the time of purchase, are medium quality or non-investment grade. Medium quality securities are rated BBB or Baa by a nationally recognized statistical rating organization (“NRSRO”), and non-investment grade securities are securities rated BB+, Ba1 or below by an NRSRO. Non-investment grade securities are commonly known as “junk bonds.” The Fund may also invest in unrated securities determined by the Investment Adviser to be of comparable credit quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Geographic and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> If the Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund’s investments more than if its investments were not so focused.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.  Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal Securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of Municipal Securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on Municipal Securities is generally not subject to federal tax, any interest earned on taxable Municipal Securities is fully taxable at the federal level and may be subject to tax at the state level. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Fund may purchase the securities of issuers that are in default.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">State/Territory Specific Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect the Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. Any proposed or actual changes in income tax rates or the tax-exempt status of interest income from Municipal Securities can significantly affect the demand for and supply, liquidity and marketability of Municipal Securities. Such changes may affect the Fund’s net asset value and ability to acquire and dispose of Municipal Securities at desirable yield and price levels.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Goldman Sachs High Yield Municipal Fund Composite Index (the “Performance Benchmark”), a custom benchmark comprised of the Bloomberg Municipal High Yield Bond Index (60%) and the Bloomberg Municipal Bond Index (40%) (with distributions reinvested). </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For </span><span style="font-family:Times New Roman;font-size:9pt;">additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 22 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in </span><span style="font-family:Times New Roman;font-size:9pt;">the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the </span><span style="font-family:Times New Roman;font-size:9pt;">back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Goldman Sachs High Yield Municipal Fund Composite Index (the “Performance Benchmark”), a custom benchmark comprised of the Bloomberg Municipal High Yield Bond Index (60%) and the Bloomberg Municipal Bond Index (40%) (with distributions reinvested). </span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in </span><span style="font-family:Times New Roman;font-size:9pt;">the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(INSTITUTIONAL)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">3.66%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">9.02%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-7.02%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0366 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0902 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0702 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2000-04-03 -0.0258 0.0004 0.0316 -0.0267 -0.0006 0.0305 0.0005 0.0076 0.0320 2000-04-03 0.0028 0.0021 0.0287 2000-04-03 0.0236 0.0128 0.0395 2010-07-30 0.0230 0.0122 0.0391 2017-11-30 0.0237 0.0127 0.0395 0.0317 0.0163 0.0355 0.0425 0.0080 0.0234 0.0246 0.0218 0.0434 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees, expenses or taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Short Duration Tax-Free Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Short Duration Tax-Free Fund (the “Fund”) seeks a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">500,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 42 and in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts” on page 83 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">500,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 42 and in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts” on page 83 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 500000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0150 0 0 0 0 0 0 0.0065 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0025 0.0075 0 0.0025 0 0 0.0014 0.0039 0.0006 0.0031 0.0014 0.0005 0 0.0025 0 0 0 0 0 0 0 0.0025 0 0 0.0014 0.0014 0.0006 0.0006 0.0014 0.0005 0.0074 0.0149 0.0041 0.0091 0.0049 0.0040 -0.0008 -0.0043 -0.0002 -0.0002 -0.0008 -0.0002 0.0066 0.0106 0.0039 0.0089 0.0041 0.0038 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 0.65% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor and/or Class R6 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 limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 216 375 548 1047 173 429 772 1743 40 130 228 516 91 288 502 1118 42 149 266 608 39 126 222 503 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 108 429 772 1743 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">39</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.39 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”), the interest on which is exempt from regular federal income tax (i.e., excluded from gross income for federal income tax purposes), and is not a tax preference item under the federal alternative minimum tax.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">Under normal market conditions, the Fund’s investments in private activity bonds and taxable investments will not exceed, in the aggregate, 20% of the Fund’s Net Assets. The interest from private activity bonds (including the Fund’s distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund invests in securities rated at least BBB or Baa by a NRSRO at the time of purchase, or if unrated, determined by its investment adviser to be of comparable credit quality.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The team uses a multi-faceted approach when evaluating whether to add or maintain exposure to any individual position. A top-down approach is used to assess broad macro trends while a bottom-up analysis is used to determine relative value between individual securities. As part of the team’s fundamental investment process, the team may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. In addition, individual securities will be considered for purchase or sale based on credit profile, risk, structure, pricing, and portfolio impact, as well as duration management, restructuring, opportunistic trading and tax loss harvesting. No one factor or consideration is determinative in the fundamental investment process. </span><span style="font-family:Times New Roman;font-size:9pt;">Under normal interest rate conditions, the Fund’s duration is expected to approximate that of the Bloomberg Municipal Bond 1-3 Year Blend Index, plus or minus 0.5 years. (Historically, over the last five years, the duration of the Bloomberg Municipal Bond 1-3 Year Blend Index has ranged between 1.98 and 2.19 years). The reference to “Short Duration” in the Fund’s name refers to this duration. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg Municipal Bond 1-3 Year Blend Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”), the interest on which is exempt from regular federal income tax (i.e., excluded from gross income for federal income tax purposes), and is not a tax preference item under the federal alternative minimum tax.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">Under normal market conditions, the Fund’s investments in private activity bonds and taxable investments will not exceed, in the aggregate, 20% of the Fund’s Net Assets. The interest from private activity bonds (including the Fund’s distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund invests in securities rated at least BBB or Baa by a NRSRO at the time of purchase, or if unrated, determined by its investment adviser to be of comparable credit quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Geographic and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> If the Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund’s investments more than if its investments were not so focused.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.  Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal Securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of Municipal Securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on Municipal Securities is generally not subject to federal tax, any interest earned on taxable Municipal Securities is fully taxable at the federal level and may be subject to tax at the state level.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, </span><span style="font-family:Times New Roman;font-size:9pt;">industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">State/Territory Specific Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect the Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. Any proposed or actual changes in income tax rates or the tax-exempt status of interest income from Municipal Securities can significantly affect the demand for and supply, liquidity and marketability of Municipal Securities. Such changes may affect the Fund’s net asset value and ability to acquire and dispose of Municipal Securities at desirable yield and price levels.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor, Service and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg Municipal Bond 1-3 Year Blend Index (with dividends reinvested) (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional </span><span style="font-family:Times New Roman;font-size:9pt;">information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 22 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the </span><span style="font-family:Times New Roman;font-size:9pt;">future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back </span><span style="font-family:Times New Roman;font-size:9pt;">cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor, Service and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg Municipal Bond 1-3 Year Blend Index (with dividends reinvested) (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the </span><span style="font-family:Times New Roman;font-size:9pt;">future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(INSTITUTIONAL)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.45%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">3.14%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-3.12%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0145 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0314 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0312 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 1997-05-01 0.0223 0.0093 0.0137 0.0220 0.0090 0.0134 0.0243 0.0113 0.0140 1997-08-15 0.0273 0.0084 0.0112 1992-10-01 0.0409 0.0152 0.0181 1994-09-20 0.0357 0.0102 0.0132 2010-07-30 0.0417 0.0149 0.0178 2017-11-30 0.0420 0.0153 0.0182 0.0389 0.0144 0.0162 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees, expenses or taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Dynamic Municipal Income Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Dynamic Municipal Income Fund (the “Fund”) seeks a high level of current income that is exempt from regular federal income tax.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0034 0.0005 0.0039 -0.0001 0.0038 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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 limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 39 124 218 492 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">24</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.24 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”), the interest on which is exempt from regular federal income tax (i.</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">e.</span><span style="font-family:Times New Roman;font-size:9pt;">, excluded from gross income for federal income tax purposes).</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, </span><span style="font-family:Times New Roman;font-size:9pt;">variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 100% of its Net Assets in private activity bonds, the interest on which (including the Fund’s distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 30% of its Net Assets in Municipal Securities that, at the time of purchase, are non-investment grade (commonly referred to as “junk bonds”). Non-investment grade securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may purchase the securities of issuers that are </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">in default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may focus its investments in issuers within the same state or economic sector. The team uses a multi-faceted approach when evaluating whether to add or maintain exposure to any individual position. A top-down approach is used to assess broad macro trends while a bottom-up analysis is used to determine relative value between individual securities. As part of the team’s fundamental investment process, the team may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. In addition, individual securities will be considered for purchase or sale based on credit profile, risk, structure, pricing, and portfolio impact, as well as duration management, restructuring, opportunistic trading and tax loss harvesting. No one factor or consideration is determinative in the fundamental investment process. </span><span style="font-family:Times New Roman;font-size:9pt;">Under normal interest rate conditions, the Fund’s duration is expected to range between two and eight years. (Historically, over the last five years, the duration of the Bloomberg Municipal Bond 1-10 Year Blend Index has been between approximately 3.81 and 4.30 years). “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg Municipal Bond 1-10 Year Blend Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”), the interest on which is exempt from regular federal income tax (i.</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">e.</span><span style="font-family:Times New Roman;font-size:9pt;">, excluded from gross income for federal income tax purposes).</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, </span><span style="font-family:Times New Roman;font-size:9pt;">variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 100% of its Net Assets in private activity bonds, the interest on which (including the Fund’s distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 30% of its Net Assets in Municipal Securities that, at the time of purchase, are non-investment grade (commonly referred to as “junk bonds”). Non-investment grade securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Geographic and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> If the Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund’s investments more than if its investments were not so focused.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.  Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal Securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of Municipal Securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on Municipal Securities is generally not subject to federal tax, any interest earned on taxable Municipal Securities is fully taxable at the federal level and may be subject to tax at the state level.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Fund may purchase the securities of issuers that are in default.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">State/Territory Specific Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect the Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. Any proposed or actual changes in income tax rates or the tax-exempt status of interest income from Municipal Securities can significantly affect the demand for and supply, liquidity and marketability of Municipal Securities. Such changes may affect the Fund’s net asset value and ability to acquire and dispose of Municipal Securities at desirable yield and price levels.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg Municipal Bond 1-10 Year Blend Index (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance and </span><span style="font-family:Times New Roman;font-size:9pt;">Benchmark Information” on page 19 of the Prospectus.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by </span><span style="font-family:Times New Roman;font-size:9pt;">calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg Municipal Bond 1-10 Year Blend Index (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance and </span><span style="font-family:Times New Roman;font-size:9pt;">Benchmark Information” on page 19 of the Prospectus.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Performance </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR  (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">2.51%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">6.92%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-5.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0251 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0692 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0572 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0355 0.0149 0.0275 0.0349 0.0141 0.0267 0.0361 0.0178 0.0274 0.0514 0.0121 0.0239 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees, expenses or taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs High Yield Municipal Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs High Yield Municipal Fund (the “Fund”) seeks a high level of current income that is exempt from regular federal income tax and may also consider the potential for capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0049 0.0005 0.0054 -0.0002 0.0052 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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 limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 53 171 300 675 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">22</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.22 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”), the interest on which is exempt from regular federal income tax (i.</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">e.</span><span style="font-family:Times New Roman;font-size:9pt;">, excluded from gross income for federal income tax purposes).</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, a majority of its total assets measured at the time of purchase (“Total Assets”) in high-yield Municipal </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Securities. High-yield securities are securities that, at the time of purchase, are medium quality or non-investment grade. Medium quality securities are rated BBB or Baa by a nationally recognized statistical rating organization (“NRSRO”), and non-investment grade securities are securities rated BB+, Ba1 or below by an NRSRO. Non-investment grade securities are commonly known as “junk bonds.” The Fund may also invest in unrated securities determined by the Investment Adviser to be of comparable credit quality.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Fund may purchase the securities of issuers that are in default. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Under normal circumstances, the Fund may also invest the remainder of its Total Assets in higher grade fixed income securities. In pursuing its principal investment strategy, the Investment Adviser will assess the relative value in the Municipal Securities market from both a credit and yield curve perspective. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. In addition, individual securities will be considered for purchase or sale based on credit profile, risk, structure, pricing, and portfolio impact, as well as duration management, restructuring, opportunistic trading and tax loss harvesting. No one factor or consideration is determinative in the fundamental investment process. Tax-exempt securities offering the high current income sought by the Fund may be predominantly in the lower rating categories of NRSROs (BB+/Ba1 or lower). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may focus its investments in issuers within the same state or economic sector. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 100% of its Net Assets in private activity bonds, the interest on which (including the Fund’s distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). In addition, the Fund may invest in securities of other investment companies (specifically, registered money market funds) to manage uninvested cash in the portfolio. </span><span style="font-family:Times New Roman;font-size:9pt;">Under normal interest rate conditions, the Fund’s duration is expected to approximate that of the Goldman Sachs High Yield Municipal Fund Composite Index (comprised of 40% Bloomberg Municipal Bond Index and 60% Bloomberg Municipal High Yield Bond Index), plus or minus two years. (Historically over the last five years, the duration of the Goldman Sachs High Yield Municipal Fund Composite Index has ranged between 5.88 and 7.48 years). “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performances against the Goldman Sachs High Yield Municipal Fund Composite Index, which is composed of the Bloomberg Municipal High Yield Bond Index (60%) and the Bloomberg Municipal Bond Index (40%) (with distributions reinvested).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”), the interest on which is exempt from regular federal income tax (i.</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">e.</span><span style="font-family:Times New Roman;font-size:9pt;">, excluded from gross income for federal income tax purposes).</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, a majority of its total assets measured at the time of purchase (“Total Assets”) in high-yield Municipal </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Securities. High-yield securities are securities that, at the time of purchase, are medium quality or non-investment grade. Medium quality securities are rated BBB or Baa by a nationally recognized statistical rating organization (“NRSRO”), and non-investment grade securities are securities rated BB+, Ba1 or below by an NRSRO. Non-investment grade securities are commonly known as “junk bonds.” The Fund may also invest in unrated securities determined by the Investment Adviser to be of comparable credit quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Geographic and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> If the Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund’s investments more than if its investments were not so focused.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.  Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal Securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of Municipal Securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on Municipal Securities is generally not subject to federal tax, any interest earned on taxable Municipal Securities is fully taxable at the federal level and may be subject to tax at the state level.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Fund may purchase the securities of issuers that are in default.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">State/Territory Specific Risk</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect the Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. Any proposed or actual changes in income tax rates or the tax-exempt status of interest income from Municipal Securities can significantly affect the demand for and supply, liquidity and marketability of Municipal Securities. Such changes may affect the Fund’s net asset value and ability to acquire and dispose of Municipal Securities at desirable yield and price levels.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Goldman Sachs High Yield Municipal Fund Composite Index (the “Performance Benchmark”), a custom benchmark comprised of the Bloomberg Municipal High Yield Bond Index (60%) and the Bloomberg Municipal Bond Index (40%) (with distributions reinvested).</span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/or types of </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, </span><span style="font-family:Times New Roman;font-size:9pt;">please see “Additional Performance and Benchmark Information” on page 19 of the Prospectus.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Goldman Sachs High Yield Municipal Fund Composite Index (the “Performance Benchmark”), a custom benchmark comprised of the Bloomberg Municipal High Yield Bond Index (60%) and the Bloomberg Municipal Bond Index (40%) (with distributions reinvested).</span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/or types of </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, </span><span style="font-family:Times New Roman;font-size:9pt;">please see “Additional Performance and Benchmark Information” on page 19 of the Prospectus.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/or types of </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">3.66%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">9.04%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-7.03%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0366 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0904 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0703 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0237 0.0129 0.0326 0.0226 0.0117 0.0313 0.0318 0.0178 0.0332 0.0317 0.0163 0.0334 0.0425 0.0080 0.0251 0.0246 0.0218 0.0388 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Short Duration Tax-Free Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Short Duration Tax-Free Fund (the “Fund”) seeks a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0035 0.0005 0.0040 -0.0002 0.0038 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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 limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 39 126 222 503 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">39</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.39 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”), the interest on which is exempt from regular federal income tax (i.e., excluded from gross income for federal income tax purposes), and is not a tax preference item under the federal alternative minimum tax.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">Under normal market conditions, the Fund’s investments in private activity </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">bonds and taxable investments will not exceed, in the aggregate, 20% of the Fund’s Net Assets. The interest from private activity bonds (including the Fund’s distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund invests in securities rated at least BBB or Baa by a NRSRO at the time of purchase, or if unrated, determined by its investment adviser to be of comparable credit quality.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The team uses a multi-faceted approach when evaluating whether to add or maintain exposure to any individual position. A top-down approach is used to assess broad macro trends while a bottom-up analysis is used to determine relative value between individual securities. As part of the team’s fundamental investment process, the team may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. In addition, individual securities will be considered for purchase or sale based on credit profile, risk, structure, pricing, and portfolio impact, as well as duration management, restructuring, opportunistic trading and tax loss harvesting. No one factor or consideration is determinative in the fundamental investment process. </span><span style="font-family:Times New Roman;font-size:9pt;">Under normal interest rate conditions, the Fund’s duration is expected to approximate that of the Bloomberg Municipal Bond 1-3 Year Blend Index, plus or minus 0.5 years. (Historically, over the last five years, the duration of the Bloomberg Municipal Bond 1-3 Year Blend Index has ranged between 1.98 and 2.19 years). The reference to “Short Duration” in the Fund’s name refers to this duration. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg Municipal Bond 1-3 Year Blend Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”), the interest on which is exempt from regular federal income tax (i.e., excluded from gross income for federal income tax purposes), and is not a tax preference item under the federal alternative minimum tax.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">Under normal market conditions, the Fund’s investments in private activity </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">bonds and taxable investments will not exceed, in the aggregate, 20% of the Fund’s Net Assets. The interest from private activity bonds (including the Fund’s distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund invests in securities rated at least BBB or Baa by a NRSRO at the time of purchase, or if unrated, determined by its investment adviser to be of comparable credit quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Geographic and Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> If the Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund’s investments more than if its investments were not so focused.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.  Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal Securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of Municipal Securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on Municipal Securities is generally not subject to federal tax, any interest earned on taxable Municipal Securities is fully taxable at the federal level and may be subject to tax at the state level.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">State/Territory Specific Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect the Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. Any proposed or actual changes in income tax rates or the tax-exempt status of interest income from Municipal Securities can significantly affect the demand for and supply, liquidity and marketability of Municipal Securities. Such changes may affect the Fund’s net asset value and ability to acquire and dispose of Municipal Securities at desirable yield and price levels.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg Municipal Bond 1-3 Year Blend Index (with dividends reinvested) (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see </span><span style="font-family:Times New Roman;font-size:9pt;">“Additional Performance and Benchmark Information” on page 19 of the Prospectus.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no </span><span style="font-family:Times New Roman;font-size:9pt;">cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg Municipal Bond 1-3 Year Blend Index (with dividends reinvested) (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see </span><span style="font-family:Times New Roman;font-size:9pt;">“Additional Performance and Benchmark Information” on page 19 of the Prospectus.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.46%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">3.15%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-3.11%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0146 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0315 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0311 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0410 0.0153 0.0205 0.0407 0.0150 0.0201 0.0367 0.0166 0.0202 0.0389 0.0144 0.0190 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees, expenses or taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Emerging Markets Credit Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Emerging Markets Credit Fund (the "Fund") seeks total return consisting of income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 77 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 141 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 77 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 141 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0450 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0080 0.0080 0.0080 0.0080 0.0025 0.0075 0 0 0 0.0147 0.0172 0.0139 0.0147 0.0138 0 0.0025 0 0 0 0.0147 0.0147 0.0139 0.0147 0.0138 0.0252 0.0327 0.0219 0.0227 0.0218 -0.0140 -0.0140 -0.0134 -0.0140 -0.0134 0.0112 0.0187 0.0085 0.0087 0.0084 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.</span><span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The "Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation" for Class A, Class C, and Investor Shares have been restated to reflect the fee waiver currently in effect.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor and/or Class R6 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:</span> 559 1072 1610 3076 290 876 1586 3472 87 556 1052 2418 89 575 1087 2496 86 553 1047 2408 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 190 876 1586 3472 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">51</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.51 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in corporate, quasi-sovereign, and sovereign debt securities and other instruments of issuers in emerging market countries.</span><span style="font-family:Times New Roman;font-size:9pt;">A debt security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security. Such instruments may include exchange-traded funds (“ETFs”), structured securities and other investments with similar economic exposures.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s portfolio managers seek to build a portfolio across the emerging markets debt market consistent with the Fund’s overall risk budget. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Emerging markets debt securities may include (without limitation) fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper) and collateralized debt and loan obligations. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including ETFs. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund intends to use structured securities and derivative instruments, including but not limited to credit linked notes, financial future contracts, forward contracts and swap contracts to gain exposure to certain countries, currencies, issuers or indices. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in securities of any credit rating. The countries in which the Fund invests may have sovereign ratings that are below investment grade or are unrated. Moreover, many of the issuers of corporate or other privately issued debt obligations in which the Fund invests will be smaller companies with stock market capitalizations of $1 billion or less at the time of investment. Securities of these issuers may be rated below investment grade (so-called “high yield” or “junk” bonds) or unrated. Although a majority of the Fund’s assets may be denominated in U.S. Dollars, the Fund may invest in securities denominated in any currency and may be subject to the risk of adverse currency fluctuations. </span><span style="font-family:Times New Roman;font-size:9pt;">For purposes of the Fund’s policy to invest at least 80% of its Net Assets in debt securities and other instruments of “emerging market country” issuers, the Investment Adviser may consider classifications by the World Bank, the International Finance Corporation, the United Nations (and its agencies) or the Fund’s benchmark index provider in determining whether a country is emerging or developed. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Latin America. An emerging market country issuer is an issuer economically tied to one or more emerging market countries. Quasi-sovereign debt consists of debt securities issued by companies wholly or majority owned by governments or any of their agencies, political subdivisions or instrumentalities and supranational organizations. Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 20% of its Net Assets in equity and/or equity related securities and corporate, quasi-sovereign and sovereign debt securities and other instruments of issuers in developed market countries. The Fund may also hold significant amounts of U.S. Treasuries, affiliated money market funds and cash. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">)—Broad Diversified Index (Gross, USD, Unhedged), plus or minus 2 years, and over the last five years ended June 30, 2026, the duration of this index has ranged between 4.0 and 4.7 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI</span><span style="color:#000000;font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">)—Broad Diversified Index (Gross, USD, Unhedged). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in corporate, quasi-sovereign, and sovereign debt securities and other instruments of issuers in emerging market countries.</span> <span style="font-family:Times New Roman;font-size:9pt;">A debt security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security. Such instruments may include exchange-traded funds (“ETFs”), structured securities and other investments with similar economic exposures.</span> <span style="font-family:Times New Roman;font-size:9pt;">For purposes of the Fund’s policy to invest at least 80% of its Net Assets in debt securities and other instruments of “emerging market country” issuers, the Investment Adviser may consider classifications by the World Bank, the International Finance Corporation, the United Nations (and its agencies) or the Fund’s benchmark index provider in determining whether a country is emerging or developed. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Latin America. An emerging market country issuer is an issuer economically tied to one or more emerging market countries. Quasi-sovereign debt consists of debt securities issued by companies wholly or majority owned by governments or any of their agencies, political subdivisions or instrumentalities and supranational organizations. Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Call/Prepayment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer’s credit quality improves. Under these circumstances, the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with over-the-counter (“OTC”) transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of structured securities 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 investments 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Diversification Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified  mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Sovereign Default Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer of non-U.S. sovereign debt, or the governmental authorities that control the repayment of the debt, may be unable or unwilling to repay the principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of borrowing rates, foreign debt, or foreign currency exchange rates.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)) (the “Regulatory Benchmark”) and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">)—Broad Diversified Index (Gross, USD, Unhedged) (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance and Benchmark </span><span style="font-family:Times New Roman;font-size:9pt;">Information” on page 49 of the Prospectus. Through October 31, 2023, the Fund had been known as the Goldman Sachs Local Emerging Markets Debt Fund, and certain of its principal investment strategies differed. Performance information set forth below reflects the Fund’s former strategies prior to that date. In addition, as of that date, the Fund’s benchmark changed from the J.P. Morgan Government Bond Index (GBI-EM</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">)—Emerging Markets Global Diversified (Gross, USD, Unhedged) to the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">)—Broad Diversified Index (Gross, USD, Unhedged). The Investment Adviser believes that the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">)—Broad Diversified Index (Gross, USD, Unhedged) is a more appropriate benchmark against which to measure performance in light of the changes to the Fund’s principal investment strategies. </span><span style="font-family:Times New Roman;font-size:9pt;">The </span><span style="font-family:Times New Roman;font-size:9pt;">Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated </span><span style="font-family:Times New Roman;font-size:9pt;">performance information is available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart (including “Best Quarter” and “Worst Quarter” information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Performance reflects applicable fee waivers and/or expense limitations in effect </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)) (the “Regulatory Benchmark”) and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">)—Broad Diversified Index (Gross, USD, Unhedged) (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The </span><span style="font-family:Times New Roman;font-size:9pt;">Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart (including “Best Quarter” and “Worst Quarter” information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS A)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">2.21%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">11.80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-17.31%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0221 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1180 2020-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1731 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2008-02-15 0.0468 -0.0004 0.0279 0.0194 -0.0345 0.0026 0.0270 -0.0157 0.0100 2008-02-15 0.0781 0.0013 0.0246 2008-02-15 0.1028 0.0123 0.0356 2010-07-30 0.1022 0.0122 0.0355 2017-11-30 0.1002 0.0124 0.0357 0.0873 0.0248 0.0477 0.0486 0.0034 0.0239 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Emerging Markets Debt Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Emerging Markets Debt Fund (the "Fund") seeks a high level of total return consisting of income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 77 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 141 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 77 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 141 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0450 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0080 0.0080 0.0080 0.0080 0.0025 0.0075 0 0 0 0.0030 0.0055 0.0022 0.0030 0.0021 0 0.0025 0 0 0 0.0030 0.0030 0.0022 0.0030 0.0021 0.0001 0.0001 0.0001 0.0001 0.0001 0.0136 0.0211 0.0103 0.0111 0.0102 -0.0024 -0.0024 -0.0020 -0.0024 -0.0020 0.0112 0.0187 0.0083 0.0087 0.0082 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Total Annual Fund Operating Expenses” do not correlate to the ratios of 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 Fund Fees and Expenses.”</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The Fund's "Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation" have been restated to reflect the fee waivers currently in effect.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor and/or Class R6 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:</span> 559 839 1139 1992 290 638 1112 2422 85 308 549 1241 89 329 588 1330 84 305 544 1230 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 190 638 1112 2422 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">51</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.51 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in sovereign and corporate debt securities and other instruments of issuers in emerging market countries.</span><span style="font-family:Times New Roman;font-size:9pt;">A debt security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security. Such instruments may include credit linked notes and other investments with similar economic exposures.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s portfolio managers seek to build a portfolio across the emerging markets debt market consistent with the Fund’s overall risk budget and the views of the Investment Adviser’s Global Fixed Income top-down teams. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in all types of foreign and emerging country fixed income securities, including the following: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Debt issued by governments, their agencies and instrumentalities, or by their central banks, including Brady Bonds; </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Interests in structured securities; </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper); </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Loan participations; and </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Repurchase agreements with respect to the foregoing. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Foreign securities include securities of issuers located outside the U.S. or securities quoted or denominated in a currency other than the U.S. Dollar. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund intends to use structured securities or derivatives, including but not limited to credit linked notes, financial future contracts, forward contracts and swap contracts to gain exposure to certain countries or currencies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in securities of any credit rating. The countries in which the Fund invests may have sovereign ratings that are below investment grade or are unrated. Moreover, to the extent the Fund invests in corporate or other privately issued debt obligations, many of the issuers of such obligations will be smaller companies with stock market capitalizations of $1 billion or less at the time of investment. Securities of these issuers may be rated below investment grade (so-called “high yield” or “junk” bonds) or unrated. Although a majority of the Fund’s assets may be denominated in U.S. Dollars, the Fund may invest in securities denominated in any currency and may be subject to the risk of adverse currency fluctuations. </span><span style="font-family:Times New Roman;font-size:9pt;">For purposes of the Fund’s policy to invest at least 80% of its Net Assets in securities and instruments of issuers in “emerging market countries”, the Investment Adviser generally expects a country to be an “emerging market country” if the country is identified as an “emerging market country” in the Fund’s benchmark index. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Latin America. Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities. Sovereign debt may also include nominal and real inflation-linked securities. An emerging market country issuer is an issuer economically tied to an emerging market country.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the J.P. Morgan Emerging Markets Bond Index (EMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">) Global Diversified Index (Gross, USD, Unhedged), plus or minus 2 years, and over the last five years ended June 30, 2026, the duration of this index has ranged between 6.3 and 8.1 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the J.P. Morgan Emerging Markets Bond Index (EMBI</span><span style="color:#000000;font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">) Global Diversified Index (Gross, USD, Unhedged).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in sovereign and corporate debt securities and other instruments of issuers in emerging market countries.</span> <span style="font-family:Times New Roman;font-size:9pt;">A debt security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security. Such instruments may include credit linked notes and other investments with similar economic exposures.</span> <span style="font-family:Times New Roman;font-size:9pt;">For purposes of the Fund’s policy to invest at least 80% of its Net Assets in securities and instruments of issuers in “emerging market countries”, the Investment Adviser generally expects a country to be an “emerging market country” if the country is identified as an “emerging market country” in the Fund’s benchmark index. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Latin America. Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities. Sovereign debt may also include nominal and real inflation-linked securities. An emerging market country issuer is an issuer economically tied to an emerging market country.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with over-the-counter (“OTC”) transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of futures, forwards, swaps,structured securities 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 investments 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Sovereign Default Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer of non-U.S. sovereign debt, or the governmental authorities that control the repayment of the debt, may be unable or unwilling to repay the principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of borrowing rates, foreign debt, or foreign currency exchange rates.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)) (the "Regulatory Benchmark") and the J.P. Morgan Emerging Markets Bond Index (EMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">) Global Diversified Index (Gross, USD, Unhedged) (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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 </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance and Benchmark </span><span style="font-family:Times New Roman;font-size:9pt;">Information” on page 49 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how </span><span style="font-family:Times New Roman;font-size:9pt;">the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no additional cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the </span><span style="font-family:Times New Roman;font-size:9pt;">appropriate phone number on the back cover of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)) (the "Regulatory Benchmark") and the J.P. Morgan Emerging Markets Bond Index (EMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">) Global Diversified Index (Gross, USD, Unhedged) (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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 </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how </span><span style="font-family:Times New Roman;font-size:9pt;">the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (</span><span style="font-family:Arial;font-size:9pt;font-weight:bold;">INSTITUTIONAL*)</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">*</span><span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Previously, the bar chart above showed the Fund’s annual returns for Class A Shares. Annual returns for Institutional Shares are used because Institutional Shares have more assets than any other share class.</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">3.62%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">14.70%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-15.49%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0362 2026-06-30 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1470 2020-06-30 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1549 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2003-08-29 0.0902 0.0018 0.0308 0.0656 -0.0199 0.0112 0.0524 -0.0087 0.0146 2006-09-29 0.1236 0.0034 0.0278 2003-08-29 0.1443 0.0137 0.0386 2010-07-30 0.1441 0.0132 0.0380 2015-07-31 0.1455 0.0140 0.0388 0.1430 0.0178 0.0439 0.0486 0.0034 0.0239 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs High Yield Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs High Yield Fund (the "Fund") seeks a high level of current income and may also consider the potential for capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 77 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 141 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 77 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 141 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0450 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0069 0.0069 0.0069 0.0069 0.0069 0.0069 0.0069 0.0025 0.0075 0 0.0025 0 0.0050 0 0.0016 0.0041 0.0008 0.0033 0.0016 0.0016 0.0007 0 0.0025 0 0 0 0 0 0 0 0 0.0025 0 0 0 0.0016 0.0016 0.0008 0.0008 0.0016 0.0016 0.0007 0.0110 0.0185 0.0077 0.0127 0.0085 0.0135 0.0076 -0.0011 -0.0011 -0.0008 -0.0008 -0.0011 -0.0011 -0.0008 0.0099 0.0174 0.0069 0.0119 0.0074 0.0124 0.0068 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor, Class R and/or Class R6 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:</span> 546 774 1019 1720 277 571 990 2160 70 238 420 947 121 395 689 1527 76 260 461 1039 126 417 729 1614 69 235 415 935 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 177 571 990 2160 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">69</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.69 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in high-yield, fixed income securities that, at the time of purchase, are non-investment grade securities.</span><span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality, and are commonly referred to as “junk bonds.”</span><span style="font-family:Times New Roman;font-size:9pt;"> The Fund may </span><span style="font-family:Times New Roman;font-size:9pt;">invest in all types of fixed income securities, including loan participations. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 25% of its total assets in obligations of domestic and foreign issuers which are denominated in currencies other than the U.S. dollar and in securities of issuers located in emerging countries denominated in any currency. However, to the extent that the Investment Adviser has entered into transactions that are intended to hedge the Fund’s position in a non-dollar denominated obligation against currency risk, such obligation will not be counted when calculating compliance with the 25% limitation on obligations in non-U.S. currency. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Under normal market conditions, the Fund may invest up to 20% of its Net Assets in investment grade fixed income securities, including securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”).</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in derivatives, including (i) credit default swap indices (or CDX) and total return swaps for hedging purposes or to seek to increase total return, and (ii) interest rate futures, forwards and swaps to manage the portfolio’s duration. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index, plus or minus 2.5 years, depending on the Fund’s risk-adjusted positioning, and over the last five years ended June 30, 2026, the duration of this Index has ranged between 2.67 and 4.27 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments are selected using a bottom-up analysis that incorporates fundamental research, a focus on market conditions and pricing trends, quantitative research, and news or market events. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. The selection of individual investments is based on the overall risk and return profile of the investment taking into account liquidity, structural complexity, cash flow uncertainty and downside potential. Research analysts and portfolio managers systematically assess portfolio positions, taking into consideration, among other factors, broader macroeconomic conditions and industry and </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">company-specific financial performance and outlook. Based upon this analysis, the Investment Adviser will sell positions determined to be overvalued and reposition the portfolio in more attractive investment opportunities on a relative basis given the current climate. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in high-yield, fixed income securities that, at the time of purchase, are non-investment grade securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality, and are commonly referred to as “junk bonds.”</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 25% of its total assets in obligations of domestic and foreign issuers which are denominated in currencies other than the U.S. dollar and in securities of issuers located in emerging countries denominated in any currency. However, to the extent that the Investment Adviser has entered into transactions that are intended to hedge the Fund’s position in a non-dollar denominated obligation against currency risk, such obligation will not be counted when calculating compliance with the 25% limitation on obligations in non-U.S. currency. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Under normal market conditions, the Fund may invest up to 20% of its Net Assets in investment grade fixed income securities, including securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of credit default swap indices (or CDX), total return swaps, interest rate futures,forwards and 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 investments, 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. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, </span><span style="font-family:Times New Roman;font-size:9pt;">industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark </span><span style="font-family:Times New Roman;font-size:9pt;">indices, please see “Additional Performance and Benchmark Information” on page 49 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, </span><span style="font-family:Times New Roman;font-size:9pt;">before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="font-family:Times New Roman;font-size:9pt;">available at no additional cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, </span><span style="font-family:Times New Roman;font-size:9pt;">before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (</span><span style="font-family:Arial;font-size:9pt;font-weight:bold;">INSTITUTIONAL*)</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">*</span><span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Previously, the bar chart above showed the Fund’s annual returns for Class A Shares. Annual returns for Institutional Shares are used because Institutional Shares have more assets than any other share class.</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.58%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">10.20%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-14.24%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0158 2026-06-30 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1020 2020-06-30 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1424 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 1997-08-01 0.0338 0.0225 0.0456 0.0078 -0.0003 0.0227 0.0195 0.0069 0.0247 1997-08-15 0.0632 0.0241 0.0424 1997-08-01 0.0850 0.0348 0.0533 1997-08-01 0.0815 0.0300 0.0482 2007-11-30 0.0844 0.0344 0.0530 2007-11-30 0.0791 0.0292 0.0475 2015-07-31 0.0850 0.0346 0.0534 0.0862 0.0450 0.0651 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs High Yield Floating Rate Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs High Yield Floating Rate Fund (the "Fund") seeks a high level of current income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 77 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 141 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 77 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 141 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0225 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0058 0.0058 0.0058 0.0058 0.0058 0.0058 0.0025 0.0075 0 0 0.0050 0 0.0021 0.0046 0.0013 0.0021 0.0021 0.0012 0 0.0025 0 0 0 0 0.0021 0.0021 0.0013 0.0021 0.0021 0.0012 0.0003 0.0003 0.0003 0.0003 0.0003 0.0003 0.0107 0.0182 0.0074 0.0082 0.0132 0.0073 -0.0005 -0.0005 0.0000 -0.0005 -0.0005 0.0000 0.0102 0.0177 0.0074 0.0077 0.0127 0.0073 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Other Expenses" have been restated to reflect expenses expected to be incurred during the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Total Annual Fund Operating Expenses” do not correlate to the ratios of the total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses.”</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor, Class R and/or Class R6 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:</span> 327 553 797 1497 280 568 981 2133 76 237 411 918 79 257 450 1009 129 413 719 1586 75 233 406 906 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 180 568 981 2133 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">53</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.53 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in domestic or foreign floating rate loans and other floating or variable rate obligations rated below investment grade.</span><span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade obligations are those rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality, and are commonly referred to as “junk bonds.”</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in floating and variable rate obligations may include, without limitation, senior secured loans (including assignments and participations), second lien loans, senior unsecured and subordinated loans, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper), debt issued by governments, their agencies and instrumentalities, and debt issued by central banks. The Fund may invest indirectly in loans by purchasing participations or sub-participations from financial institutions. Participations and sub-participations represent the right to receive a portion of the principal of, and all of the interest relating to such portion of, the applicable loan. The Fund expects to invest principally in the U.S. loan market and, to a lesser extent, in the European loan market.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may also invest in other loan markets, although it does not currently intend to </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">do so. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Under normal conditions, the Fund may invest up to 20% of its Net Assets in fixed income instruments, of any credit rating, including fixed rate corporate bonds, government bonds, convertible debt obligations, and mezzanine fixed income instruments. The Fund may also invest in floating or variable rate instruments that are rated investment grade and in preferred stock, repurchase agreements and cash securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also invest in derivative instruments. Derivatives are instruments that have a value based on another instrument, exchange rate or index. The Fund’s investments in derivatives may include credit default swaps on credit and loan indices, forward contracts and total return swaps, among others. The Fund may use currency management techniques, such as forward foreign currency contracts, for hedging or non-hedging purposes. The Fund may invest in interest rate futures and swaps to manage the portfolio’s duration. Derivatives that provide exposure to floating or variable rate loans or obligations rated below investment grade are counted towards the Fund’s 80% policy. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the S&amp;P UBS Leveraged Loan Index (Total Return, USD, Unhedged), plus or minus one year, and over the last five years ended June 30, 2026, the duration of this index has ranged between 0.01 and 0.19 years. The Fund’s investments in floating rate obligations will generally have short to intermediate maturities (approximately 4-7 years). “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments are selected using a bottom-up analysis that incorporates fundamental research, a focus on market conditions and pricing trends, quantitative research, and news or market events. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. The selection of individual investments is based on the overall risk and return profile of the investment taking into account liquidity, structural complexity, cash flow uncertainty and downside potential. Research analysts and portfolio managers systematically assess portfolio positions, taking into consideration, among other factors, broader macroeconomic conditions and industry and company-specific financial performance and outlook. Based upon this analysis, the Investment Adviser will sell positions determined to be overvalued and reposition the portfolio in more attractive investment opportunities on a relative basis given the current climate. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the S&amp;P UBS Leveraged Loan Index (Total Return, USD, Unhedged).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in domestic or foreign floating rate loans and other floating or variable rate obligations rated below investment grade.</span> <span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade obligations are those rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality, and are commonly referred to as “junk bonds.”</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in floating and variable rate obligations may include, without limitation, senior secured loans (including assignments and participations), second lien loans, senior unsecured and subordinated loans, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper), debt issued by governments, their agencies and instrumentalities, and debt issued by central banks. The Fund may invest indirectly in loans by purchasing participations or sub-participations from financial institutions. Participations and sub-participations represent the right to receive a portion of the principal of, and all of the interest relating to such portion of, the applicable loan. The Fund expects to invest principally in the U.S. loan market and, to a lesser extent, in the European loan market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Conflict of Interest Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Affiliates of the Investment Adviser may participate in the primary and secondary market for loan obligations. Because of limitations imposed by applicable law, the presence of the Investment Adviser’s affiliates in the loan obligations market may restrict the Fund’s ability to acquire some loan obligations or affect the timing or price of such acquisitions. Also, because the Investment Adviser may wish to invest in the publicly traded securities of a borrower, it may not have access to material non-public information regarding the borrower to which other lenders have access.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of credit default swaps, total return swaps, futures, forwards 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 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.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 investments, 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. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the S&amp;P UBS Leveraged Loan Index (Total Return, USD, Unhedged) (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, </span><span style="font-family:Times New Roman;font-size:9pt;">please see “Additional Performance and Benchmark Information” on page 49 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before </span><span style="font-family:Times New Roman;font-size:9pt;">and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="font-family:Times New Roman;font-size:9pt;">available at no additional cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart (including “Best Quarter” and “Worst Quarter” information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Performance reflects applicable fee waivers and/or expense limitations </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">in effect during the periods shown. </span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the S&amp;P UBS Leveraged Loan Index (Total Return, USD, Unhedged) (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before </span><span style="font-family:Times New Roman;font-size:9pt;">and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart (including “Best Quarter” and “Worst Quarter” information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(CLASS A)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.03%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">11.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-15.50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0103 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1196 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1550 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2011-03-31 0.0158 0.0440 0.0422 -0.0119 0.0175 0.0200 0.0090 0.0220 0.0224 2011-03-31 0.0196 0.0409 0.0367 2011-03-31 0.0417 0.0517 0.0479 2011-03-31 0.0403 0.0513 0.0472 2011-03-31 0.0351 0.0461 0.0419 2017-11-30 0.0406 0.0521 0.0481 0.0594 0.0636 0.0577 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Investment Grade Credit Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Investment Grade Credit Fund (the "Fund") seeks a high level of total return consisting of capital appreciation and income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 77 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 141 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 77 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 141 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0375 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0034 0.0034 0.0034 0.0034 0.0034 0.0025 0 0 0 0 0.0019 0.0011 0.0019 0.0010 0.0010 0.0078 0.0045 0.0053 0.0044 0.0044 -0.0007 -0.0007 -0.0007 -0.0007 -0.0007 0.0071 0.0038 0.0046 0.0037 0.0037 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Institutional, Investor, Separate Account Institutional and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Institutional, Investor, Separate Account Institutional and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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:</span> 445 608 785 1299 39 137 245 560 47 163 289 658 38 134 239 548 38 134 239 548 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">37</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.37 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in investment grade fixed income securities.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security. Investment grade securities are securities that are rated at the time of purchase at least BBB– by S&amp;P Global Ratings (“S&amp;P’s”), at least Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), or have a comparable credit rating by another nationally recognized statistical rating organization (“NRSRO”) or, if unrated, are determined by the Investment Adviser to be of comparable credit quality.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may invest in corporate securities, securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), securities representing direct or indirect interests in or that are collateralized by adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Mortgage-Backed Securities”), asset-backed securities, and fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”). The Fund also intends to invest in derivatives, including (but not limited to) interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. Although the Fund may invest without limit in foreign securities, the Fund’s investments in non-U.S. dollar denominated obligations (hedged or unhedged against currency risk) will not exceed 25% of its total assets at the time of investment, and 10% of the Fund’s total assets may be invested in obligations of emerging countries. Additionally, exposure to non-U.S. currencies (unhedged against currency risk) will not exceed 25% of the Fund’s total assets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. Credit Index, plus or minus one year, and over the last five years ended June 30, 2026, the duration of this Index has ranged between 6.35 and 8.75 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s portfolio management team seeks to build a portfolio that reflects their investment views across the investment grade credit market consistent with the Fund’s overall risk budget and the views of the Investment Adviser’s Global Fixed Income top-down teams. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. Credit Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security. Investment grade securities are securities that are rated at the time of purchase at least BBB– by S&amp;P Global Ratings (“S&amp;P’s”), at least Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), or have a comparable credit rating by another nationally recognized statistical rating organization (“NRSRO”) or, if unrated, are determined by the Investment Adviser to be of comparable credit quality.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund may invest in corporate securities, securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), securities representing direct or indirect interests in or that are collateralized by adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Mortgage-Backed Securities”), asset-backed securities, and fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”). The Fund also intends to invest in derivatives, including (but not limited to) interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. Although the Fund may invest without limit in foreign securities, the Fund’s investments in non-U.S. dollar denominated obligations (hedged or unhedged against currency risk) will not exceed 25% of its total assets at the time of investment, and 10% of the Fund’s total assets may be invested in obligations of emerging countries. Additionally, exposure to non-U.S. currencies (unhedged against currency risk) will not exceed 25% of the Fund’s total assets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of interest rate futures, interest rate swaps,credit default 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Institutional, Investor, Separate Account Institutional and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. Credit Index (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see </span><span style="font-family:Times New Roman;font-size:9pt;">“Additional Performance and Benchmark Information” on page 49 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after </span><span style="font-family:Times New Roman;font-size:9pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no </span><span style="font-family:Times New Roman;font-size:9pt;">additional cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart (including “Best Quarter” and “Worst Quarter” information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Performance reflects applicable fee waivers and/or expense limitations </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Institutional, Investor, Separate Account Institutional and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. Credit Index (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after </span><span style="font-family:Times New Roman;font-size:9pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart (including “Best Quarter” and “Worst Quarter” information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS A)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">0.76%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">11.38%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:1.47pt;">-8.45%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0076 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1138 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0845 2022-06-30 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2003-11-03 0.0380 -0.0098 0.0264 0.0193 -0.0200 0.0141 0.0222 -0.0085 0.0167 2003-11-03 0.0821 0.0011 0.0338 2011-07-29 0.0813 0.0003 0.0329 2003-11-03 0.0822 0.0010 0.0339 2015-07-31 0.0822 0.0012 0.0339 0.0783 -0.0005 0.0314 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Institutional, Investor, Separate Account Institutional and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Institutional, Investor, Separate Account Institutional and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Short Duration High Yield Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Short Duration High Yield Fund (the "Fund") seeks total return consisting of a high level of current income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 77 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 141 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 77 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 141 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0225 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0055 0.0055 0.0055 0.0055 0.0055 0.0025 0.0075 0 0 0 0.0115 0.0140 0.0107 0.0115 0.0106 0 0.0025 0 0 0 0.0115 0.0115 0.0107 0.0115 0.0106 0.0195 0.0270 0.0162 0.0170 0.0161 -0.0100 -0.0100 -0.0100 -0.0100 -0.0100 0.0095 0.0170 0.0062 0.0070 0.0061 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor and/or Class R6 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:</span> 320 729 1163 2370 273 744 1341 2958 63 413 787 1838 72 438 829 1925 62 410 782 1827 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 173 744 1341 2958 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">54</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.54 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in high-yield, fixed income securities that, at the time of purchase, are non-investment grade securities.</span><span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality, and are commonly referred to as “junk bonds.”</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in all types of fixed income securities including, without limitation, the following: (i) fixed rate and floating rate income securities; (ii) loans and loan participations including: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating, or variable interest rates; (iii) convertible securities; (iv) collateralized debt, bond and loan obligations; (v) bank and corporate debt obligations; (vi) preferred securities and trust preferred securities; (vii) structured securities, including credit-linked notes; and/or (viii) listed and unlisted, public and private, rated and unrated debt instruments and other obligations, including those of financially troubled companies (sometimes known as “distressed securities” or “defaulted securities”).</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in fixed income instruments and obligations directly, or indirectly by investing in derivative or synthetic instruments, including, without limitation, credit default swaps (including credit default swaps on credit related indices) and loan credit default swaps. Derivatives or synthetic instruments that provide exposure to high yield, non-investment grade fixed income securities are counted towards the Fund’s 80% policy. The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may invest in U.S. dollar denominated as well as non-U.S. dollar denominated (foreign) securities. The Fund may also hold cash, and/or invest in cash equivalents. The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index, plus or minus 2 years, and over the last five years ended June 30, 2026, the duration of this index has ranged between 1.83 and 2.70 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments are selected using a bottom-up analysis that incorporates fundamental research, a focus on market conditions and pricing trends, quantitative research, and news or market events. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. The selection of individual investments is based on the overall risk and return profile of the investment taking into account liquidity, structural complexity, cash flow uncertainty and downside potential. Research analysts and portfolio managers systematically assess portfolio positions, taking into consideration, among other factors, broader macroeconomic conditions and industry and company-specific financial performance and outlook. Based upon this analysis, the Investment Adviser will sell positions determined to be overvalued and reposition the portfolio in more attractive investment opportunities on a relative basis given the current climate. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in high-yield, fixed income securities that, at the time of purchase, are non-investment grade securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality, and are commonly referred to as “junk bonds.”</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in all types of fixed income securities including, without limitation, the following: (i) fixed rate and floating rate income securities; (ii) loans and loan participations including: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating, or variable interest rates; (iii) convertible securities; (iv) collateralized debt, bond and loan obligations; (v) bank and corporate debt obligations; (vi) preferred securities and trust preferred securities; (vii) structured securities, including credit-linked notes; and/or (viii) listed and unlisted, public and private, rated and unrated debt instruments and other obligations, including those of financially troubled companies (sometimes known as “distressed securities” or “defaulted securities”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Call/Prepayment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer’s credit quality improves. Under these circumstances, the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations ("CLOs") and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with over-the-counter (“OTC”) transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of futures, forwards, swaps,structured securities 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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Borrowing and the use of derivatives may result in leverage and may increase market exposure and make the Fund more volatile. 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 investments 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">A strategy used by the Investment Adviser may fail to produce the intended results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Special Situation Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may make investments in event-driven situations such as recapitalizations, financings, corporate and financial restructurings, acquisitions, divestitures, reorganizations or other situations in public or private companies that may provide the Fund with an opportunity to provide debt and/or equity financing, typically on a negotiated basis. The Investment Adviser will seek special situation investment opportunities with limited downside risk relative to their potential upside. These investments are complicated and an incorrect assessment of the downside risk associated with an investment could result in significant losses to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Swaps Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, </span><span style="font-family:Times New Roman;font-size:9pt;">please see “Additional Performance and Benchmark Information” on page 49 of the Prospectus. Through April 17, 2024, the Fund had been known as the Goldman Sachs Long Short Credit Strategies Fund, and certain of its principal investment strategies differed. In addition, as of the same date, the Fund’s benchmark changed from the ICE Bank of America US 3-Month Treasury Bill Index to the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index. The Investment Adviser believes that the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index is a more appropriate benchmark against which to measure performance in light of the changes to the Fund’s principal investment strategies. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="font-family:Times New Roman;font-size:9pt;">indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no additional cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;">or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="font-family:Times New Roman;font-size:9pt;">indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(INSTITUTIONAL)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.80%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">9.38%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-8.26%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0180 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0938 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0826 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2014-04-30 0.0271 0.0210 0.0263 2014-04-30 0.0489 0.0212 0.0224 2009-06-15 0.0708 0.0322 0.0337 0.0446 0.0095 0.0128 0.0415 0.0145 0.0163 2014-04-30 0.0700 0.0314 0.0328 2017-11-30 0.0696 0.0321 0.0336 0.0418 0.0317 0.0218 0.0789 0.0502 0.0580 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Institutional Shares only. The after-tax returns for Class A, Class C, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Institutional Shares only. The after-tax returns for Class A, Class C, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Emerging Markets Credit Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Emerging Markets Credit Fund (the "Fund") seeks total return consisting of income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0138 0.0218 -0.0134 0.0084 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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:</span> 86 553 1047 2408 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">51</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.51 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in corporate, quasi-sovereign, and sovereign debt securities and other instruments of issuers in emerging market countries.</span><span style="font-family:Times New Roman;font-size:9pt;">A debt security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security. Such instruments may include exchange-traded funds (“ETFs”), structured securities and other investments with similar economic exposures.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s portfolio managers seek to build a portfolio across the emerging markets debt market consistent with the Fund’s overall risk budget. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Emerging markets debt securities may include (without limitation) fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper) and collateralized debt and loan obligations. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including ETFs. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund intends to use structured securities and derivative instruments, including but not limited to credit linked notes, financial future contracts, forward contracts and swap contracts to gain exposure to certain countries, currencies, issuers or indices. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in securities of any credit rating. The countries in which the Fund invests may have sovereign ratings that are below investment grade or are unrated. Moreover, many of the issuers of corporate or other privately issued debt obligations in which the Fund invests will be smaller companies with stock market capitalizations of $1 billion or less at the time of investment. Securities of these issuers may be rated below investment grade (so-called “high yield” or “junk” bonds) or unrated. Although a majority of the Fund’s assets may be denominated in U.S. Dollars, the Fund may invest in securities denominated in any currency and may be subject to the risk of adverse currency fluctuations. </span><span style="font-family:Times New Roman;font-size:9pt;">For purposes of the Fund’s policy to invest at least 80% of its Net Assets in debt securities and other instruments of “emerging market country” issuers, the Investment Adviser may consider classifications by the World Bank, the International Finance Corporation, the United Nations (and its agencies) or the Fund’s benchmark index provider in determining whether a country is emerging or developed. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Latin America. An emerging market country issuer is an issuer economically tied to one or more emerging market countries. Quasi-sovereign debt consists of debt securities issued by companies wholly or majority owned by governments or any of their agencies, political subdivisions or instrumentalities and supranational organizations. Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 20% of its Net Assets in equity and/or equity related securities and corporate, quasi-sovereign and sovereign debt securities and other instruments of issuers in developed market countries. The Fund may also hold significant amounts of U.S. Treasuries, affiliated money market funds and cash. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">)—Broad Diversified Index (Gross, USD, Unhedged), plus or minus 2 years, and over the last five years ended June 30, 2026, the duration of this index has ranged between 4.0 and 4.7 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI</span><span style="color:#000000;font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">)—Broad Diversified Index (Gross, USD, Unhedged). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in corporate, quasi-sovereign, and sovereign debt securities and other instruments of issuers in emerging market countries.</span> <span style="font-family:Times New Roman;font-size:9pt;">A debt security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security. Such instruments may include exchange-traded funds (“ETFs”), structured securities and other investments with similar economic exposures.</span> <span style="font-family:Times New Roman;font-size:9pt;">For purposes of the Fund’s policy to invest at least 80% of its Net Assets in debt securities and other instruments of “emerging market country” issuers, the Investment Adviser may consider classifications by the World Bank, the International Finance Corporation, the United Nations (and its agencies) or the Fund’s benchmark index provider in determining whether a country is emerging or developed. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Latin America. An emerging market country issuer is an issuer economically tied to one or more emerging market countries. Quasi-sovereign debt consists of debt securities issued by companies wholly or majority owned by governments or any of their agencies, political subdivisions or instrumentalities and supranational organizations. Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Call/Prepayment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer’s credit quality improves. Under these circumstances, the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with over-the-counter (“OTC”) transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of structured securities 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 investments 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Diversification Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified  mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Sovereign Default Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer of non-U.S. sovereign debt, or the governmental authorities that control the repayment of the debt, may be unable or unwilling to repay the principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of borrowing rates, foreign debt, or foreign currency exchange rates.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)) (the “Regulatory Benchmark”) and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">)—Broad Diversified Index (Gross, USD, Unhedged) (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about </span><span style="font-family:Times New Roman;font-size:9pt;">these benchmark indices, please see “Additional Performance and Benchmark Information” on page 42 of the Prospectus. Through October 31, 2023, the Fund had been known as the Goldman Sachs Local Emerging Markets Debt Fund, and certain of its principal investment strategies differed. Performance information set forth below reflects the Fund’s former strategies prior to that date. In addition, as of that date, the Fund’s benchmark changed from the J.P. Morgan Government Bond Index (GBI-EM</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">)—Emerging Markets Global Diversified (Gross, USD, Unhedged) to the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">)—Broad Diversified Index (Gross, USD, Unhedged). The Investment Adviser believes that the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">)—Broad Diversified Index (Gross, USD, Unhedged) is a more appropriate benchmark against which to measure performance in light of the changes to the Fund’s principal investment strategies. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and </span><span style="font-family:Times New Roman;font-size:9pt;">after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at </span><span style="font-family:Times New Roman;font-size:9pt;">no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)) (the “Regulatory Benchmark”) and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">)—Broad Diversified Index (Gross, USD, Unhedged) (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and </span><span style="font-family:Times New Roman;font-size:9pt;">after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">2.11%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">11.92%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-17.30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0211 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1192 2020-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1730 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.1030 0.0124 0.0096 0.0728 -0.0234 -0.0188 0.0602 -0.0069 -0.0055 0.0873 0.0248 0.0412 0.0486 0.0034 0.0229 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Emerging Markets Debt Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Emerging Markets Debt Fund (the "Fund") seeks a high level of total return consisting of income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0021 0.0001 0.0102 -0.0020 0.0082 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Total Annual Fund Operating Expenses” do not correlate to the ratios of 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 Fund Fees and Expenses.”</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The Fund's "Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation" have been restated to reflect the fee waivers currently in effect.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in  Class P Shares of the Fund for the time periods indicated and then redeem all of your  Class P 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:</span> 84 305 544 1230 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">51</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.51 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in sovereign and corporate debt securities and other instruments of issuers in emerging market countries.</span><span style="font-family:Times New Roman;font-size:9pt;">A debt security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security. Such instruments may include credit linked notes and other investments with similar economic exposures.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s portfolio managers seek to build a portfolio across the emerging markets debt market consistent with the Fund’s overall risk budget and the views of the Investment Adviser’s Global Fixed Income top-down teams. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in all types of foreign and emerging country fixed income securities, including the following: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Debt issued by governments, their agencies and instrumentalities, or by their central banks, including Brady Bonds; </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Interests in structured securities; </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper); </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Loan participations; and </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Repurchase agreements with respect to the foregoing. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Foreign securities include securities of issuers located outside the U.S. or securities quoted or denominated in a currency other than the U.S. Dollar. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund intends to use structured securities or derivatives, including but not limited to credit linked notes, financial future contracts, forward contracts and swap contracts to gain exposure to certain countries or currencies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in securities of any credit rating. The countries in which the Fund invests may have sovereign ratings that are below investment grade or are unrated. Moreover, to the extent the Fund invests in corporate or other privately issued debt obligations, many of the issuers of such obligations will be smaller companies with stock market capitalizations of $1 billion or less at the time of investment. Securities of these issuers may be rated below investment grade (so-called “high yield” or “junk” bonds) or unrated. Although a majority of the Fund’s assets may be denominated in U.S. Dollars, the Fund may invest in securities denominated in any currency and may be subject to the risk of adverse currency fluctuations. </span><span style="font-family:Times New Roman;font-size:9pt;">For purposes of the Fund’s policy to invest at least 80% of its Net Assets in securities and instruments of issuers in “emerging market countries”, the Investment Adviser generally expects a country to be an “emerging market country” if the country is identified as an “emerging market country” in the Fund’s benchmark index. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Latin America. Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities. Sovereign debt may also include nominal and real inflation-linked securities. An emerging market country issuer is an issuer economically tied to an emerging market country.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the J.P. Morgan Emerging Markets Bond Index (EMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">) Global Diversified Index (Gross, USD, Unhedged), plus or minus 2 years, and over the last five years ended June 30, 2026, the duration of this index has ranged between 6.3 and 8.1 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the J.P. Morgan Emerging Markets Bond Index (EMBI</span><span style="color:#000000;font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">) Global Diversified Index (Gross, USD, Unhedged).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in sovereign and corporate debt securities and other instruments of issuers in emerging market countries.</span> <span style="font-family:Times New Roman;font-size:9pt;">A debt security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security. Such instruments may include credit linked notes and other investments with similar economic exposures.</span> <span style="font-family:Times New Roman;font-size:9pt;">For purposes of the Fund’s policy to invest at least 80% of its Net Assets in securities and instruments of issuers in “emerging market countries”, the Investment Adviser generally expects a country to be an “emerging market country” if the country is identified as an “emerging market country” in the Fund’s benchmark index. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Latin America. Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities. Sovereign debt may also include nominal and real inflation-linked securities. An emerging market country issuer is an issuer economically tied to an emerging market country.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with over-the-counter (“OTC”) transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of futures, forwards, swaps, structured securities 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 investments 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including  ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Sovereign Default Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer of non-U.S. sovereign debt, or the governmental authorities that control the repayment of the debt, may be unable or unwilling to repay the principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of borrowing rates, foreign debt, or foreign currency exchange rates.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)) (the "Regulatory Benchmark") and the J.P. Morgan Emerging Markets Bond Index (EMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">) Global Diversified Index (Gross, USD, Unhedged) (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark </span><span style="font-family:Times New Roman;font-size:9pt;">indices, please see “Additional Performance and Benchmark Information” on page 42 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, </span><span style="font-family:Times New Roman;font-size:9pt;">before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="font-family:Times New Roman;font-size:9pt;">available at no additional cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)) (the "Regulatory Benchmark") and the J.P. Morgan Emerging Markets Bond Index (EMBI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">SM</span><span style="font-family:Times New Roman;font-size:9pt;">) Global Diversified Index (Gross, USD, Unhedged) (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, </span><span style="font-family:Times New Roman;font-size:9pt;">before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR  (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">3.63%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">14.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-15.50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0363 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1472 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1550 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.1456 0.0138 0.0273 0.1186 -0.0093 0.0065 0.0851 -0.0003 0.0112 0.1430 0.0178 0.0343 0.0486 0.0034 0.0229 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs High Yield Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs High Yield Fund (the "Fund") seeks a high level of current income and may also consider the potential for capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0069 0.0007 0.0076 -0.0008 0.0068 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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:</span> 69 235 415 935 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">69</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.69 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in high-yield, fixed income securities that, at the time of purchase, are non-investment grade securities.</span><span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality, and are commonly referred to as “junk bonds.”</span><span style="font-family:Times New Roman;font-size:9pt;"> The Fund may </span><span style="font-family:Times New Roman;font-size:9pt;">invest in all types of fixed income securities, including loan participations. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 25% of its total assets in obligations of domestic and foreign issuers which are denominated in currencies other than the U.S. dollar and in securities of issuers located in emerging countries denominated in any currency. However, to the extent that the Investment Adviser has entered into transactions that are intended to hedge the Fund’s position in a non-dollar denominated obligation against currency risk, such obligation will not be counted when calculating compliance with the 25% limitation on obligations in non-U.S. currency. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Under normal market conditions, the Fund may invest up to 20% of its Net Assets in investment grade fixed income securities, including securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”).</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in derivatives, including (i) credit default swap indices (or CDX) and total return swaps for hedging purposes or to seek to increase total return, and (ii) interest rate futures, forwards and swaps to manage the portfolio’s duration. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index, plus or minus 2.5 years, depending on the Fund’s risk-adjusted positioning, and over the last five years ended June 30, 2026, the duration of this Index has ranged between 2.67 and 4.27 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments are selected using a bottom-up analysis that incorporates fundamental research, a focus on market conditions and pricing trends, quantitative research, and news or market events. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. The selection of individual investments is based on the overall risk and return profile of the investment taking into account liquidity, structural complexity, cash flow uncertainty and downside potential. Research analysts and portfolio managers systematically assess portfolio positions, taking into consideration, among other factors, broader macroeconomic conditions and industry and company-specific financial performance and outlook. Based upon this analysis, the Investment Adviser will sell positions determined to be overvalued and reposition the portfolio in more attractive investment opportunities on a relative basis given the current climate. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in high-yield, fixed income securities that, at the time of purchase, are non-investment grade securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality, and are commonly referred to as “junk bonds.”</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 25% of its total assets in obligations of domestic and foreign issuers which are denominated in currencies other than the U.S. dollar and in securities of issuers located in emerging countries denominated in any currency. However, to the extent that the Investment Adviser has entered into transactions that are intended to hedge the Fund’s position in a non-dollar denominated obligation against currency risk, such obligation will not be counted when calculating compliance with the 25% limitation on obligations in non-U.S. currency. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Under normal market conditions, the Fund may invest up to 20% of its Net Assets in investment grade fixed income securities, including securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of credit default swap indices (or CDX), total return swaps,interest rate futures, forwards and 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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 investments, 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. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's  redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance and </span><span style="font-family:Times New Roman;font-size:9pt;">Benchmark Information” on page 42 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="font-family:Times New Roman;font-size:9pt;">indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no additional cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;">or by calling the appropriate phone number on the back cover of the Prospectus.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="font-family:Times New Roman;font-size:9pt;">indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.58%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">10.20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-14.24%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0158 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1020 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1424 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0850 0.0349 0.0442 0.0564 0.0107 0.0200 0.0497 0.0158 0.0230 0.0862 0.0450 0.0537 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs High Yield Floating Rate Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs High Yield Floating Rate Fund (the "Fund") seeks a high level of current income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0058 0.0012 0.0003 0.0073 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Total Annual Fund Operating Expenses” do not correlate to the ratios of the total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses.”</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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:</span> 75 233 406 906 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">53</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.53 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in domestic or foreign floating rate loans and other floating or variable rate obligations rated below investment grade.</span><span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade obligations are those rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality, and are commonly referred to as “junk bonds.”</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in floating and variable rate obligations may include, without limitation, senior secured loans (including assignments and participations), second lien loans, senior unsecured and subordinated loans, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper), debt issued by governments, their agencies and instrumentalities, and debt issued by central banks. The Fund may invest indirectly in loans by purchasing participations or sub-participations from </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">financial institutions. Participations and sub-participations represent the right to receive a portion of the principal of, and all of the interest relating to such portion of, the applicable loan. The Fund expects to invest principally in the U.S. loan market and, to a lesser extent, in the European loan market.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may also invest in other loan markets, although it does not currently intend to </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">do so. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Under normal conditions, the Fund may invest up to 20% of its Net Assets in fixed income instruments, of any credit rating, including fixed rate corporate bonds, government bonds, convertible debt obligations, and mezzanine fixed income instruments. The Fund may also invest in floating or variable rate instruments that are rated investment grade and in preferred stock, repurchase agreements and cash securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also invest in derivative instruments. Derivatives are instruments that have a value based on another instrument, exchange rate or index. The Fund’s investments in derivatives may include credit default swaps on credit and loan indices, forward contracts and total return swaps, among others. The Fund may use currency management techniques, such as forward foreign currency contracts, for hedging or non-hedging purposes. The Fund may invest in interest rate futures and swaps to manage the portfolio’s duration. Derivatives that provide exposure to floating or variable rate loans or obligations rated below investment grade are counted towards the Fund’s 80% policy. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the S&amp;P UBS Leveraged Loan Index (Total Return, USD, Unhedged), plus or minus one year, and over the last five years ended June 30, 2026, the duration of this index has ranged between 0.01 and 0.19 years. The Fund’s investments in floating rate obligations will generally have short to intermediate maturities (approximately 4-7 years). “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments are selected using a bottom-up analysis that incorporates fundamental research, a focus on market conditions and pricing trends, quantitative research, and news or market events. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. The selection of individual investments is based on the overall risk and return profile of the investment taking into account liquidity, structural complexity, cash flow uncertainty and downside potential. Research analysts and portfolio managers systematically assess portfolio positions, taking into consideration, among other factors, broader macroeconomic conditions and industry and company-specific financial performance and outlook. Based upon this analysis, the Investment Adviser will sell positions determined to be overvalued and reposition the portfolio in more attractive investment opportunities on a relative basis given the current climate. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the S&amp;P UBS Leveraged Loan Index (Total Return, USD, Unhedged).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in domestic or foreign floating rate loans and other floating or variable rate obligations rated below investment grade.</span> <span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade obligations are those rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality, and are commonly referred to as “junk bonds.”</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in floating and variable rate obligations may include, without limitation, senior secured loans (including assignments and participations), second lien loans, senior unsecured and subordinated loans, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper), debt issued by governments, their agencies and instrumentalities, and debt issued by central banks. The Fund may invest indirectly in loans by purchasing participations or sub-participations from </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">financial institutions. Participations and sub-participations represent the right to receive a portion of the principal of, and all of the interest relating to such portion of, the applicable loan. The Fund expects to invest principally in the U.S. loan market and, to a lesser extent, in the European loan market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Conflict of Interest Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Affiliates of the Investment Adviser may participate in the primary and secondary market for loan obligations. Because of limitations imposed by applicable law, the presence of the Investment Adviser’s affiliates in the loan obligations market may restrict the Fund’s ability to acquire some loan obligations or affect the timing or price of such acquisitions. Also, because the Investment Adviser may wish to invest in the publicly traded securities of a borrower, it may not have access to material non-public information regarding the borrower to which other lenders have access.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks </span><span style="font-family:Times New Roman;font-size:9pt;">exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of credit default swaps, total return swaps,futures, forwards 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 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.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 investments, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's  redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the "Regulatory Benchmark") and the S&amp;P UBS Leveraged Loan Index (Total Return, USD, Unhedged) (the “Performance Benchmark”).</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance </span><span style="font-family:Times New Roman;font-size:9pt;">and Benchmark Information” on page 42 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="font-family:Times New Roman;font-size:9pt;">indication of how the Fund will perform in the future. </span><span style="font-family:Times New Roman;font-size:9pt;">Updated performance information is available at no additional cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;">or by calling the appropriate phone number on the back cover of the Prospectus.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the "Regulatory Benchmark") and the S&amp;P UBS Leveraged Loan Index (Total Return, USD, Unhedged) (the “Performance Benchmark”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="font-family:Times New Roman;font-size:9pt;">indication of how the Fund will perform in the future. </span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.18%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">12.17%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-15.49%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0118 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1217 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1549 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0418 0.0521 0.0455 0.0122 0.0241 0.0203 0.0244 0.0276 0.0236 0.0594 0.0636 0.0541 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Investment Grade Credit Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Investment Grade Credit Fund (the "Fund") seeks a high level of total return consisting of capital appreciation and income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0034 0.0010 0.0044 -0.0007 0.0037 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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:</span> 38 134 239 548 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">37</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.37 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in investment grade fixed income securities.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security. Investment grade securities are securities that are rated at the time of purchase at least BBB– by S&amp;P Global Ratings (“S&amp;P’s”), at least Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), or have a comparable credit rating by another nationally recognized statistical rating organization (“NRSRO”) or, if unrated, are determined by the Investment Adviser to be of comparable credit quality.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may invest in corporate securities, securities issued or guaranteed by the U.S. </span><span style="font-family:Times New Roman;font-size:9pt;">government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), securities representing direct or indirect interests in or that are collateralized by adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Mortgage-Backed Securities”), asset-backed securities, and fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”). The Fund also intends to invest in derivatives, including (but not limited to) interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. Although the Fund may invest without limit in foreign securities, the Fund’s investments in non-U.S. dollar denominated obligations (hedged or unhedged against currency risk) will not exceed 25% of its total assets at the time of investment, and 10% of the Fund’s total assets may be invested in obligations of emerging countries. Additionally, exposure to non-U.S. currencies (unhedged against currency risk) will not exceed 25% of the Fund’s total assets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. Credit Index, plus or minus one year, and over the last five years ended June 30, 2026, the duration of this Index has ranged between 6.35 and 8.75 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s portfolio management team seeks to build a portfolio that reflects their investment views across the investment grade credit market consistent with the Fund’s overall risk budget and the views of the Investment Adviser’s Global Fixed Income top-down teams. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. Credit Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security. Investment grade securities are securities that are rated at the time of purchase at least BBB– by S&amp;P Global Ratings (“S&amp;P’s”), at least Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), or have a comparable credit rating by another nationally recognized statistical rating organization (“NRSRO”) or, if unrated, are determined by the Investment Adviser to be of comparable credit quality.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund may invest in corporate securities, securities issued or guaranteed by the U.S. </span><span style="font-family:Times New Roman;font-size:9pt;">government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), securities representing direct or indirect interests in or that are collateralized by adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Mortgage-Backed Securities”), asset-backed securities, and fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (“Municipal Securities”). The Fund also intends to invest in derivatives, including (but not limited to) interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. Although the Fund may invest without limit in foreign securities, the Fund’s investments in non-U.S. dollar denominated obligations (hedged or unhedged against currency risk) will not exceed 25% of its total assets at the time of investment, and 10% of the Fund’s total assets may be invested in obligations of emerging countries. Additionally, exposure to non-U.S. currencies (unhedged against currency risk) will not exceed 25% of the Fund’s total assets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of interest rate futures, interest rate swaps,credit default 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. Credit Index (the “Performance Benchmark”).</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For </span><span style="font-family:Times New Roman;font-size:9pt;">additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 42 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in </span><span style="font-family:Times New Roman;font-size:9pt;">the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no additional cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone </span><span style="font-family:Times New Roman;font-size:9pt;">number on the back cover of the Prospectus.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. Credit Index (the “Performance Benchmark”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in </span><span style="font-family:Times New Roman;font-size:9pt;">the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.05%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">11.47%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:1.47pt;">-8.37%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0105 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1147 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0837 2022-06-30 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0809 0.0010 0.0328 0.0600 -0.0099 0.0197 0.0475 -0.0003 0.0224 0.0783 -0.0005 0.0297 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;"> Goldman Sachs Short Duration High Yield Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The  Goldman Sachs Short Duration High Yield Fund (the "Fund") seeks total return consisting of a high level of current income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0055 0.0106 0.0161 -0.0100 0.0061 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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:</span> 62 410 782 1827 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">54</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.54 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in high-yield, fixed income securities that, at the time of purchase, are non-investment grade securities.</span><span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality, and are commonly referred to as “junk bonds.”</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in all types of fixed income securities including, without limitation, the following: (i) fixed rate and floating rate income securities; (ii) loans and loan participations including: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”) and (c) </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">other types of secured or unsecured loans with fixed, floating, or variable interest rates; (iii) convertible securities; (iv) collateralized debt, bond and loan obligations; (v) bank and corporate debt obligations; (vi) preferred securities and trust preferred securities; (vii) structured securities, including credit-linked notes; and/or (viii) listed and unlisted, public and private, rated and unrated debt instruments and other obligations, including those of financially troubled companies (sometimes known as “distressed securities” or “defaulted securities”).</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in fixed income instruments and obligations directly, or indirectly by investing in derivative or synthetic instruments, including, without limitation, credit default swaps (including credit default swaps on credit related indices) and loan credit default swaps. Derivatives or synthetic instruments that provide exposure to high yield, non-investment grade fixed income securities are counted towards the Fund’s 80% policy. The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may invest in U.S. dollar denominated as well as non-U.S. dollar denominated (foreign) securities. The Fund may also hold cash, and/or invest in cash equivalents. The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index, plus or minus 2 years, and over the last five years ended June 30, 2026, the duration of this index has ranged between 1.83 and 2.70 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments are selected using a bottom-up analysis that incorporates fundamental research, a focus on market conditions and pricing trends, quantitative research, and news or market events. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. The selection of individual investments is based on the overall risk and return profile of the investment taking into account liquidity, structural complexity, cash flow uncertainty and downside potential. Research analysts and portfolio managers systematically assess portfolio positions, taking into consideration, among other factors, broader macroeconomic conditions and industry and company-specific financial performance and outlook. Based upon this analysis, the Investment Adviser will sell positions determined to be overvalued and reposition the portfolio in more attractive investment opportunities on a relative basis given the current climate. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in high-yield, fixed income securities that, at the time of purchase, are non-investment grade securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality, and are commonly referred to as “junk bonds.”</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in all types of fixed income securities including, without limitation, the following: (i) fixed rate and floating rate income securities; (ii) loans and loan participations including: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”) and (c) </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">other types of secured or unsecured loans with fixed, floating, or variable interest rates; (iii) convertible securities; (iv) collateralized debt, bond and loan obligations; (v) bank and corporate debt obligations; (vi) preferred securities and trust preferred securities; (vii) structured securities, including credit-linked notes; and/or (viii) listed and unlisted, public and private, rated and unrated debt instruments and other obligations, including those of financially troubled companies (sometimes known as “distressed securities” or “defaulted securities”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Call/Prepayment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer’s credit quality improves. Under these circumstances, the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations ("CLOs") and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with over-the-counter (“OTC”) transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of futures, forwards, swaps, structured securities 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Borrowing and the use of derivatives may result in leverage and may increase market exposure and make the Fund more volatile. 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 investments 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's  redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">A strategy used by the Investment Adviser may fail to produce the intended results. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Special Situation Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may make investments in event-driven situations such as recapitalizations, financings, corporate and financial restructurings, acquisitions, divestitures, reorganizations or other situations in public or private companies that may provide the Fund with an opportunity to provide debt and/or equity financing, typically on a negotiated basis. The Investment Adviser will seek special situation investment opportunities with limited downside risk relative to their potential upside. These investments are complicated and an incorrect assessment of the downside risk associated with an investment could result in significant losses to the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Swaps Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance </span><span style="font-family:Times New Roman;font-size:9pt;">and Benchmark Information” on page 42 of the Prospectus. Through April 17, 2024, the Fund had been known as the Goldman Sachs Long Short Credit Strategies Fund, and certain of its principal investment strategies differed. In addition, as of the same date, the Fund’s benchmark changed from the ICE Bank of America US 3-Month Treasury Bill Index to the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index. The Investment Adviser believes that the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index is a more appropriate benchmark against which to measure performance in light of the changes to the Fund’s principal investment strategies. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will </span><span style="font-family:Times New Roman;font-size:9pt;">perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no additional cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;">or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg US High Yield Ba/B 1-5 Year Total Return USD Index (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will </span><span style="font-family:Times New Roman;font-size:9pt;">perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.80%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">9.25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-8.15%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0180 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0925 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0815 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0709 0.0323 0.0346 0.0447 0.0095 0.0129 0.0416 0.0145 0.0169 0.0418 0.0317 0.0262 0.0789 0.0502 0.0528 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Bond Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Bond Fund (the “Fund”)  seeks a total return consisting of capital appreciation and income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 70 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 133 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span><span style="font-family:Times New Roman;font-size:9pt;">At a meeting held on April 21–22, 2026, the Board of Trustees of the Goldman Sachs Trust (the “Board”) approved the conversion of the Fund into an exchange-traded fund (ETF), the Goldman Sachs Core Plus Bond ETF (the “Acquiring Fund”), a newly-created shell series of the Goldman Sachs ETF Trust (the “Conversion”). The Conversion is currently expected to occur on or about August 7, 2026 (the "Closing Date").</span><span style="font-family:Times New Roman;font-size:9pt;">Effective April 24, 2026, no Contingent Deferred Sales Charge (“CDSC”) will be imposed on redemptions of Class A and Class C Shares of the Fund, and no sales charge will be imposed on purchases of Class A Shares. In addition, effective April 30, 2026, all distribution (12b-1), service and shareholder administration fees on all applicable share classes will be waived.</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 70 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 133 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0375 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.0025 0.0075 0 0.0025 0 0.0050 0 0.0039 0.0064 0.0031 0.0056 0.0039 0.0039 0.0030 0 0.0025 0 0 0 0 0 0 0 0 0.0025 0 0 0 0.0039 0.0039 0.0031 0.0031 0.0039 0.0039 0.0030 0.0105 0.0180 0.0072 0.0122 0.0080 0.0130 0.0071 -0.0050 -0.0125 -0.0025 -0.0075 -0.0025 -0.0075 -0.0025 0.0055 0.0055 0.0047 0.0047 0.0055 0.0055 0.0046 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Effective since April 24, 2026, no Contingent Deferred Sales Charge ("CDSC") has been imposed on redemptions of Class A and Class C Shares.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027 or through the time of the closing of the Conversion, </span><span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">whichever is earlier</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods, unless otherwise stated. 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:</span> 56 284 531 1237 56 444 858 2013 48 205 376 871 48 313 598 1411 56 230 420 967 56 338 641 1502 47 202 370 859 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 56 444 858 2013 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">978</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 9.78 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in bonds and other fixed income securities, including securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations), high yield non-investment grade securities (securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality)</span><span style="font-family:Times New Roman;font-size:9pt;">.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may also invest in custodial receipts, fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”), loan participations and loan assignments and convertible securities. The Fund may also engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund also intends to invest in derivatives, including (but not limited to) forwards, interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. The Fund may invest in obligations of domestic and foreign issuers which are denominated in currencies other than the U.S. dollar. The Fund may invest up to 15% of its total assets measured at the time of purchase (“Total Assets”) in sovereign and corporate debt securities and other instruments of issuers in emerging market countries (“emerging countries debt”). The Fund’s investments in loan participations and loan assignments may include, but are not limited to: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating or variable interest rates. The Fund may also purchase securities of issuers in default.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may implement short positions and may do so by using swaps, options or futures, TBA agreements in Agency Mortgage-Backed Securities, or through short sales of any instrument that the Fund may purchase for investment. For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. The Fund may utilize short positions to implement macro views on securities valuations, long term views on relative value or short term views on security mispricings, as well as any other views the Investment Adviser deems appropriate. For example, the Fund may enter into a TBA agreement to sell an Agency Mortgage-Backed Security that it believes will underperform. The Fund will benefit from a short position to the extent the asset decreases in value (and will be harmed to the extent the asset increases in value) between the time it enters into the futures contract and the agreed date of sale. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Alternatively, the Fund may sell an instrument (e.g., a bond, or a futures contract) it does not own in anticipation of a decline in the market value of the instrument, and then borrow the instrument to make delivery to the buyer. In these transactions, the Fund is obligated to replace the instrument borrowed by purchasing it at the market price at the time of replacement. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in non-investment grade securities (i.e., junk bonds) will not exceed 25% of its Total Assets at the time of purchase. Otherwise, the Fund invests in fixed income securities rated at least BBB– or Baa3 at the time of purchase. Securities will either be rated by an NRSRO or, if unrated, determined by the Investment Adviser to be of comparable credit quality. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. Aggregate Bond Index (the “Index”), plus or minus 2.5 years, and over the last five years ended June 30, 2026, the duration of the Index has ranged between 5.79 and 6.53 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. Aggregate Bond Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in bonds and other fixed income securities, including securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations), high yield non-investment grade securities (securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality)</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund may also invest in custodial receipts, fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”), loan participations and loan assignments and convertible securities. The Fund may also engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund also intends to invest in derivatives, including (but not limited to) forwards, interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. The Fund may invest in obligations of domestic and foreign issuers which are denominated in currencies other than the U.S. dollar. The Fund may invest up to 15% of its total assets measured at the time of purchase (“Total Assets”) in sovereign and corporate debt securities and other instruments of issuers in emerging market countries (“emerging countries debt”). The Fund’s investments in loan participations and loan assignments may include, but are not limited to: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating or variable interest rates. The Fund may also purchase securities of issuers in default.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities. </span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of  forwards, interest rate futures, interest rate swaps, credit default 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the yield and liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's  redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, </span><span style="font-family:Times New Roman;font-size:9pt;">industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Reverse Repurchase Agreements Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares compare to those of a broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">performance information is available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares compare to those of a broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (INSTITUTIONAL)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">0.72%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">7.82%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-6.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0072 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0782 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0677 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2006-11-30 0.0413 -0.0144 0.0167 0.0229 -0.0278 0.0044 0.0241 -0.0166 0.0076 2006-11-30 0.0624 -0.0142 0.0130 2006-11-30 0.0855 -0.0034 0.0241 2007-06-20 0.0801 -0.0085 0.0191 2007-11-30 0.0836 -0.0044 0.0232 2007-11-30 0.0781 -0.0094 0.0182 2015-07-31 0.0856 -0.0033 0.0240 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Core Fixed Income Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Core Fixed Income Fund (the “Fund”)  seeks a total return consisting of capital appreciation and income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 70 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 133 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 70 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 133 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0375 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0037 0.0037 0.0037 0.0037 0.0037 0.0037 0.0037 0.0025 0.0075 0 0.0025 0 0.0050 0 0.0016 0.0041 0.0008 0.0033 0.0016 0.0016 0.0007 0 0.0025 0 0 0 0 0 0 0 0 0.0025 0 0 0 0.0016 0.0016 0.0008 0.0008 0.0016 0.0016 0.0007 0.0078 0.0153 0.0045 0.0095 0.0053 0.0103 0.0044 -0.0006 -0.0006 -0.0006 -0.0006 -0.0006 -0.0006 -0.0006 0.0072 0.0147 0.0039 0.0089 0.0047 0.0097 0.0038 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods, unless otherwise stated. The Example also assumes that your investment has a 5% return </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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:</span> 446 609 786 1299 250 477 829 1818 40 138 246 561 91 297 520 1161 48 164 290 659 99 322 563 1254 39 135 240 549 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 150 477 829 1818 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">788</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 7.88 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in core fixed income securities.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">Fixed income securities include securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”) and asset-backed securities (including collateralized loan obligations). The Fund may also invest in custodial receipts, fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”) and convertible securities. Core fixed income securities are fixed income securities that are rated investment grade (i.e., securities rated BBB-, Baa3 or higher by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality).</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund also intends to invest in derivatives, including (but not limited to) interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may implement short positions and may do so by using swaps, options or futures, TBA agreements in Agency Mortgage-Backed Securities, or through short sales of any instrument that the Fund may purchase for investment. For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. The Fund may utilize short positions to implement macro views on securities valuations, long term views on relative value or short term views on security mispricings, as well as any other views the Investment Adviser deems appropriate. For example, the Fund may enter into a TBA agreement to sell an Agency Mortgage-Backed Security that it believes will underperform. The Fund will benefit from a short position to the extent the asset decreases in value (and will be harmed to the extent the asset increases in value) between the time it enters into the futures contract and the agreed date of sale. Alternatively, the Fund may sell an instrument (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, a bond, or a futures contract) it does not own in anticipation of a decline in the market value of the instrument, and then borrow the instrument to make delivery to the buyer. In these transactions, the Fund is obligated to replace the instrument borrowed by purchasing it at the market price at the time of replacement. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in non-U.S. dollar denominated obligations (hedged or unhedged against currency risk) will not exceed 25% of its total assets measured at the time of purchase (“Total Assets”), and 10% of the Fund’s Total Assets may be invested in sovereign and corporate debt securities and other instruments of issuers in emerging market countries (“emerging countries debt”). Additionally, exposure to non-U.S. currencies (unhedged against currency risk) will not exceed 25% of the Fund’s Total Assets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in fixed income securities rated at least BBB– or Baa3 at the time of purchase. Securities will either be rated by an NRSRO or, if unrated, determined by the Investment Adviser to be of comparable credit quality. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. Aggregate Bond Index (the “Index”) plus or minus one year, and over the last five years ended June 30, 2026, the duration of the Index has ranged between 5.79 and 6.53 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. Aggregate Bond Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in core fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">Fixed income securities include securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”) and asset-backed securities (including collateralized loan obligations). The Fund may also invest in custodial receipts, fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”) and convertible securities. Core fixed income securities are fixed income securities that are rated investment grade (i.e., securities rated BBB-, Baa3 or higher by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of forwards, interest rate futures, interest rate swaps, credit default 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the yield and liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund. </span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and also may result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Reverse Repurchase Agreements Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares compare to those of a broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">performance information is available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares compare to those of a broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (INSTITUTIONAL)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">0.65%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">7.16%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-6.22%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0065 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0716 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0622 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 1997-05-01 0.0334 -0.0147 0.0155 0.0174 -0.0267 0.0035 0.0195 -0.0163 0.0067 1997-08-15 0.0550 -0.0145 0.0119 1994-01-05 0.0769 -0.0039 0.0228 1996-03-13 0.0715 -0.0089 0.0177 2007-11-30 0.0761 -0.0046 0.0219 2007-11-30 0.0708 -0.0096 0.0168 2015-07-31 0.0769 -0.0038 0.0231 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Global Core Fixed Income Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Global Core Fixed Income Fund (the “Fund”)  seeks a total return consisting of capital appreciation and income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 70 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 133 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 70 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 133 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0375 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0065 0.0065 0.0065 0.0065 0.0065 0.0065 0.0025 0.0075 0 0.0025 0 0 0.0021 0.0046 0.0013 0.0038 0.0021 0.0012 0 0.0025 0 0 0 0 0 0 0 0.0025 0 0 0.0021 0.0021 0.0013 0.0013 0.0021 0.0012 0.0111 0.0186 0.0078 0.0128 0.0086 0.0077 -0.0025 -0.0025 -0.0025 -0.0025 -0.0025 -0.0025 0.0086 0.0161 0.0053 0.0103 0.0061 0.0052 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor and/or Class R6 Shares at the end of those periods, unless otherwise stated. The Example also assumes that your investment has a 5% return each year and that </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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:</span> 459 691 940 1654 264 561 983 2159 54 224 409 943 105 381 678 1523 62 249 452 1038 53 221 403 931 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 164 561 983 2159 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">488</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 4.88 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in core fixed income securities of U.S. and foreign issuers.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;"> Foreign securities include securities of issuers located outside the U.S. or </span><span style="font-family:Times New Roman;font-size:9pt;">securities quoted or denominated in a currency other than the U.S. dollar. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund also enters into transactions in foreign currencies, </span><span style="font-family:Times New Roman;font-size:9pt;">typically through the use of forward contracts and swap contracts. The Fund may also engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund also intends to invest in derivatives, including (but not limited to) forwards, interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. Under normal market conditions, the Fund will: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Have at least 30% of its Net Assets, after considering the effect of currency positions, denominated in U.S. dollars </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Have investments economically tied to at least three countries, including the United States </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Seek to meet its investment objective by pursuing investment opportunities in foreign and domestic fixed income securities markets and by engaging in currency transactions to seek to enhance returns and to seek to hedge its portfolio against currency exchange rate fluctuations</span><span style="font-family:Times New Roman;font-size:9pt;">Core fixed income securities are fixed income securities that are rated investment grade (i.e., securities rated BBB-, Baa3 or higher by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality).</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest more than 25% of its total assets in the securities of corporate and governmental issuers economically tied to each of Canada, Germany, Japan and the United Kingdom as well as in the securities of U.S. issuers. Not more than 25% of the Fund’s total assets will be invested in securities of issuers in any other single foreign country. The Fund may also invest in sovereign and corporate debt securities and other instruments of issuers in emerging market countries (“emerging countries debt”) up to the weight of emerging countries debt in the Fund’s benchmark index plus 10% of its total assets measured at the time of purchase (“Total Assets”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The fixed income securities in which the Fund may invest include: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), and custodial receipts therefor </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Securities issued or guaranteed by a foreign government or any of its political subdivisions, authorities, agencies, instrumentalities or by supranational entities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Corporate debt securities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certificates of deposit and bankers’ acceptances issued or guaranteed by, or time deposits maintained at, U.S. or foreign banks (and their branches wherever located) having total assets of more than $1 billion </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Commercial paper </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage- Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”) and asset-backed securities (including collateralized loan obligations)</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in fixed income securities rated at least BBB– or Baa3 at the time of purchase, and at least 25% of the Fund’s Total Assets will be invested in fixed income securities rated at least AAA or Aaa at the time of purchase or U.S Government Securities. Securities will either be rated by an NRSRO or, if unrated, determined by the Investment Adviser to be of comparable credit quality. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) (the “Index”), plus or minus 2 years, and over the last five years ended June 30, 2026, the duration of the Index has ranged between 6.12 and 7.34 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. Subject to the above, there are no limits on the length of remaining maturities of securities held by the Fund. The approximate interest rate sensitivity of the Fund is generally comparable to that of a 6 year bond. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in core fixed income securities of U.S. and foreign issuers.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">Core fixed income securities are fixed income securities that are rated investment grade (i.e., securities rated BBB-, Baa3 or higher by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund also enters into transactions in foreign currencies, </span><span style="font-family:Times New Roman;font-size:9pt;">typically through the use of forward contracts and swap contracts. The Fund may also engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund also intends to invest in derivatives, including (but not limited to) forwards, interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. Under normal market conditions, the Fund will: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Have at least 30% of its Net Assets, after considering the effect of currency positions, denominated in U.S. dollars </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Have investments economically tied to at least three countries, including the United States </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Seek to meet its investment objective by pursuing investment opportunities in foreign and domestic fixed income securities markets and by engaging in currency transactions to seek to enhance returns and to seek to hedge its portfolio against currency exchange rate fluctuations</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The fixed income securities in which the Fund may invest include: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), and custodial receipts therefor </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Securities issued or guaranteed by a foreign government or any of its political subdivisions, authorities, agencies, instrumentalities or by supranational entities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Corporate debt securities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certificates of deposit and bankers’ acceptances issued or guaranteed by, or time deposits maintained at, U.S. or foreign banks (and their branches wherever located) having total assets of more than $1 billion </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Commercial paper </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage- Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”) and asset-backed securities (including collateralized loan obligations)</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities  or instruments held by the Fund may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks </span><span style="font-family:Times New Roman;font-size:9pt;">exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of forwards, interest rate futures, interest rate swaps, credit default 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the yield and liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and also may result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Reverse Repurchase Agreements Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Sovereign Default Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer of non-U.S. sovereign debt, or the governmental authorities that control the repayment of the debt, may be unable or unwilling to repay the principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of borrowing rates, foreign debt, or foreign currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Service, Investor and Class R6 Shares compare to those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">information is available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Service, Investor and Class R6 Shares compare to those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR (INSTITUTIONAL)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.01%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">6.47%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-5.59%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0101 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0647 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0559 2022-06-30 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 1991-08-02 0.0114 -0.0094 0.0176 -0.0010 -0.0199 0.0083 0.0066 -0.0116 0.0102 1997-08-15 0.0321 -0.0094 0.0140 1995-08-01 0.0543 0.0015 0.0248 1997-03-12 0.0495 -0.0036 0.0196 2010-07-30 0.0526 0.0006 0.0240 2015-07-31 0.0544 0.0015 0.0227 0.0486 0.0034 0.0239 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Income Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Income Fund (the “Fund”)  seeks a high level of current income, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">and secondarily, capital appreciation</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">and secondarily, capital appreciation</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 70 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 133 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span><span style="font-family:Times New Roman;font-size:9pt;">At a meeting held on April 21–22, 2026, the Board of Trustees of the Goldman Sachs Trust (the “Board”) approved the conversion of the Fund into an exchange-traded fund (ETF), the Goldman Sachs Core Plus Bond ETF (the “Acquiring Fund”), a newly-created shell series of the Goldman Sachs ETF Trust (the “Conversion”). The Conversion is currently expected to occur on or about August 7, 2026 (the "Closing Date").</span><span style="font-family:Times New Roman;font-size:9pt;">Effective April 24, 2026, no Contingent Deferred Sales Charge (“CDSC”) will be imposed on redemptions of Class A and Class C Shares of the Fund, and no sales charge will be imposed on purchases of Class A Shares. In addition, effective April 30, 2026, all distribution (12b-1), service and shareholder administration fees on all applicable share classes will be waived.</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 70 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 133 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0375 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0055 0.0055 0.0055 0.0055 0.0055 0.0025 0.0075 0 0 0 0.0043 0.0068 0.0035 0.0043 0.0034 0 0.0025 0 0 0 0.0043 0.0043 0.0035 0.0043 0.0034 0.0123 0.0198 0.0090 0.0098 0.0089 -0.0059 -0.0134 -0.0034 -0.0034 -0.0034 0.0064 0.0064 0.0056 0.0064 0.0055 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Effective since April 24, 2026, no Contingent Deferred Sales Charge ("CDSC") has been imposed on redemptions of Class A and Class C Shares.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027 or </span><span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">through the time of the closing of the Conversion, whichever is earlier</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor and/or Class R6 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:</span> 65 332 619 1436 65 491 943 2198 57 253 465 1077 65 278 509 1170 56 250 460 1065 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 65 491 943 2198 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">427</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 4.27 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities.</span><span style="font-family:Times New Roman;font-size:9pt;">Fixed income securities include U.S. Government securities (such as U.S. Treasury securities or Treasury inflation protected securities and including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”)), non-U.S. sovereign debt, agency securities, corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations (“CLOs”)), custodial receipts, municipal securities, loan participations and loan assignments and convertible securities.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s investments in loan participations and loan assignments may include, but are not limited to: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating or variable interest rates. The Fund may invest in fixed income securities of any maturity. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund invests in a multi-sector portfolio of U.S. and foreign investment grade and non-investment grade fixed income investments of varying maturities. The Fund’s investment sectors include, but are not limited to: (a) government securities, (b) corporate debt securities, (c) commercial and residential mortgage-backed securities, (d) asset-backed securities (including CLOs) and (e) emerging countries debt denominated in both U.S. dollars and foreign currencies. The Fund may not have exposure to all of these investment sectors, and the Fund’s exposure to any one investment sector may vary over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Non-investment grade fixed income securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 35% of its total assets measured at the time of purchase (“Total Assets”) in sovereign and corporate debt securities and other instruments of issuers in emerging market countries (“emerging countries debt”). Such investments may include sovereign debt issued by emerging countries that have sovereign ratings below investment grade or that are unrated. The Fund’s investments may be denominated in currencies other than the U.S. dollar. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 10% of its Total Assets in privately issued corporate debt securities and other obligations issued by private companies, including privately issued credit obligations and related instruments, and up to an additional 10% of its Total Assets in equity investments, including preferred securities and dividend paying common stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund also intends to invest in other derivative instruments. Derivatives are instruments that have a value based on another instrument, exchange rate, interest rate or index. The Fund’s investments in derivatives may include, in addition to forward foreign currency exchange contracts, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">futures contracts (including interest rate futures and treasury and sovereign bond futures), options (including options on futures contracts, swaps, bonds, stocks and indexes), swaps (including credit default, index, basis, total return, volatility, interest rate and currency swaps), and other forward contracts. The Fund may use derivatives instead of buying and selling bonds to manage duration, to gain exposure or to short individual securities or to gain exposure to a credit or asset backed index. The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may implement short positions and may do so by using swaps, options or futures, TBA agreements in Agency mortgage-backed securities, or through short sales of any instrument that the Fund may purchase for investment. For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. The Fund will benefit to the extent the asset decreases in value (and will be harmed to the extent the asset increases in value) between the time it enters into the futures contract and the agreed date of sale. Alternatively, the Fund may sell an instrument (e.g., a bond, or a futures contract) it does not own in anticipation of a decline in the market value of the instrument, and then borrow the instrument to make delivery to the buyer. In these transactions, the Fund is obligated to replace the instrument borrowed by purchasing it at the market price at the time of replacement. The Fund uses short positions and derivatives for both investment and hedging purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target average duration range under normal interest rate conditions is expected to be between 0 and 8 years, and over the last five years ended June 30, 2026, the duration of the Bloomberg U.S. Aggregate Bond Index has ranged between 5.79 and 6.53 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. Aggregate Bond Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">Fixed income securities include U.S. Government securities (such as U.S. Treasury securities or Treasury inflation protected securities and including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”)), non-U.S. sovereign debt, agency securities, corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations (“CLOs”)), custodial receipts, municipal securities, loan participations and loan assignments and convertible securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s investments in loan participations and loan assignments may include, but are not limited to: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating or variable interest rates. The Fund may invest in fixed income securities of any maturity. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund invests in a multi-sector portfolio of U.S. and foreign investment grade and non-investment grade fixed income investments of varying maturities. The Fund’s investment sectors include, but are not limited to: (a) government securities, (b) corporate debt securities, (c) commercial and residential mortgage-backed securities, (d) asset-backed securities (including CLOs) and (e) emerging countries debt denominated in both U.S. dollars and foreign currencies. The Fund may not have exposure to all of these investment sectors, and the Fund’s exposure to any one investment sector may vary over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of options, futures, 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the yield and liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's  redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">A strategy used by the Investment Adviser may fail to produce the intended results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-Backed Securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with Mortgage-Backed Securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Hedging Foreign Currency Trading Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may engage in forward foreign currency transactions for hedging and non-hedging purposes. The Investment Adviser may purchase or sell foreign currencies through the use of forward contracts based on the Investment Adviser’s judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, the Investment Adviser seeks to profit from anticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the Investment Adviser’s expectations may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Reverse Repurchase Agreements Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Sovereign Default Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer of non-U.S. sovereign debt, or the governmental authorities that control the repayment of the debt, may be unable or unwilling to repay the principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of borrowing rates, foreign debt, or foreign currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (INSTITUTIONAL)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">0.79%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">12.56%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-11.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0079 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1256 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1108 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2019-12-03 0.0421 0.0190 0.0320 0.0216 -0.0031 0.0090 0.0245 0.0044 0.0134 2019-12-03 0.0646 0.0190 0.0306 2019-12-03 0.0866 0.0300 0.0417 2019-12-03 0.0868 0.0296 0.0412 2019-12-03 0.0878 0.0303 0.0420 0.0730 -0.0036 0.0083 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Dynamic Bond Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Dynamic Bond Fund (the “Fund”)  seeks total return comprised of income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 70 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 133 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 70 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 133 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0375 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0059 0.0059 0.0059 0.0059 0.0059 0.0059 0.0025 0.0075 0 0 0.0050 0 0.0026 0.0051 0.0018 0.0026 0.0026 0.0017 0 0.0025 0 0 0 0 0.0026 0.0026 0.0018 0.0026 0.0026 0.0017 0.0002 0.0002 0.0002 0.0002 0.0002 0.0002 0.0112 0.0187 0.0079 0.0087 0.0137 0.0078 -0.0010 -0.0010 -0.0010 -0.0010 -0.0010 -0.0010 0.0102 0.0177 0.0069 0.0077 0.0127 0.0068 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Total Annual Fund Operating Expenses” do not correlate to the ratios of the total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses.”</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor, Class R and/or Class R6 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:</span> 475 708 959 1678 280 578 1002 2182 70 242 429 969 79 268 472 1063 129 424 740 1638 69 239 423 957 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 180 578 1002 2182 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">1898</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 18.98 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade bonds and other fixed income investments.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">The types of bonds and other fixed income investments in which the Fund may invest include, but are not limited to: U.S. Government securities (such as U.S. Treasury securities or Treasury inflation protected securities and including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”)), non-U.S. sovereign debt, agency securities, corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations (“CLOs”)), custodial receipts, municipal securities, loan participations and loan assignments and convertible securities. The Fund’s investments in loan participations and loan assignments may include, but are not limited to: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating or variable interest rates. The Fund may invest in fixed income securities of any maturity. </span><span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade fixed income securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in sovereign and corporate debt securities and other instruments of issuers in emerging market countries (“emerging countries debt”). Such investments may include sovereign debt issued by emerging countries that have sovereign ratings below investment grade or that are unrated. There is no limitation to the amount the Fund invests in non-investment grade or emerging market securities. From time to time, the Fund may also invest in preferred stock. The Fund’s investments may be denominated in currencies other than the U.S. dollar. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund also intends to invest in other derivative instruments. Derivatives are instruments that have a value based on another instrument, exchange rate, interest rate or index. The Fund’s investments in derivatives may include, in addition to forward foreign currency exchange contracts, futures contracts (including interest rate futures and treasury and sovereign bond futures), options (including options on futures contracts, swaps, bonds, stocks and indexes), swaps (including credit default, index, basis, total return, volatility, interest rate and currency swaps), and other forward contracts. The Fund may use derivatives instead of buying and selling bonds to manage duration, to gain exposure or to short individual securities or to gain exposure to a credit or asset backed index. The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may implement short positions and may do so by using swaps, options or futures, TBA agreements in Agency Mortgage-Backed Securities, or through short sales of any instrument that the Fund may purchase for investment. For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. The Fund may utilize short positions to implement macro views on securities valuations, long term views on relative value or short term views on security mispricings, as well as any other views the Investment Adviser deems appropriate. For example, the Fund may enter into a TBA agreement to sell an Agency Mortgage-Backed Security that it believes will underperform. The Fund will benefit from a short position to the extent the asset decreases in value (and will be harmed to the extent the asset increases in value) between the time it enters into the futures contract and the agreed date of sale. Alternatively, the Fund may sell an instrument (e.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, a bond, or a futures contract) it does not own in anticipation of a decline in the market value of the instrument, and then borrow the instrument to make delivery to the buyer. In these transactions, the Fund is obligated to replace the instrument borrowed by purchasing it at the market price at the time of replacement. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">“Dynamic” in the Fund’s name means that the Fund implements a flexible bond strategy that invests tactically across the global fixed income universe.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund attempts to exploit pricing anomalies throughout the global fixed income and currency markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Additionally, the Fund uses short positions and derivatives for both investment and hedging purposes. The Fund may sell investments that the portfolio managers believe are no longer favorable with regard to these factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the ICE BofAML Three-Month U.S. Treasury Bill Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade bonds and other fixed income investments.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">“Dynamic” in the Fund’s name means that the Fund implements a flexible bond strategy that invests tactically across the global fixed income universe.</span> <span style="font-family:Times New Roman;font-size:9pt;">The types of bonds and other fixed income investments in which the Fund may invest include, but are not limited to: U.S. Government securities (such as U.S. Treasury securities or Treasury inflation protected securities and including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”)), non-U.S. sovereign debt, agency securities, corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations (“CLOs”)), custodial receipts, municipal securities, loan participations and loan assignments and convertible securities. The Fund’s investments in loan participations and loan assignments may include, but are not limited to: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating or variable interest rates. The Fund may invest in fixed income securities of any maturity. </span><span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade fixed income securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities. </span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of options, futures, 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the yield and liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's  redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">A strategy used by the Investment Adviser may fail to produce the intended results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-Backed Securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with Mortgage-Backed Securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Hedging Foreign Currency Trading Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may engage in forward foreign currency transactions for hedging and non-hedging purposes. The Investment Adviser may purchase or sell foreign currencies through the use of forward contracts based on the Investment Adviser’s judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, the Investment Adviser seeks to profit from anticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the Investment Adviser’s expectations may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Reverse Repurchase Agreements Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Sovereign Default Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer of non-U.S. sovereign debt, or the governmental authorities that control the repayment of the debt, may be unable or unwilling to repay the principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of borrowing rates, foreign debt, or foreign currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Performance Benchmark”).</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, </span><span style="font-family:Times New Roman;font-size:9pt;">please see “Additional Performance and Benchmark Information” on page 45 of the Prospectus. Through June 17, 2024, the Fund had been known as the Goldman Sachs Strategic Income Fund, and certain of its strategies differed. Performance information set forth below reflects the Fund’s former strategies prior to that date. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="font-family:Times New Roman;font-size:9pt;">indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by </span><span style="font-family:Times New Roman;font-size:9pt;">calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Performance Benchmark”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="font-family:Times New Roman;font-size:9pt;">indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (INSTITUTIONAL)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.89%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">9.59%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-7.53%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0189 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0959 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0753 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2010-06-30 0.0535 0.0324 0.0300 0.0318 0.0161 0.0175 0.0310 0.0174 0.0173 2010-06-30 0.0759 0.0326 0.0262 2010-06-30 0.0976 0.0438 0.0373 2010-06-30 0.0980 0.0431 0.0365 2010-06-30 0.0928 0.0379 0.0314 2015-07-31 0.0989 0.0440 0.0374 0.0418 0.0317 0.0218 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Bond Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Bond Fund (the “Fund”)  seeks a total return consisting of capital appreciation and income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">At a meeting held on April 21–22, 2026, the Board of Trustees of the Goldman Sachs Trust (the “Board”) approved the conversion of the Fund into an exchange-traded fund (ETF), the Goldman Sachs Core Plus Bond ETF (the “Acquiring Fund”), a newly-created shell series of the Goldman Sachs ETF Trust (the “Conversion”). The Conversion is currently expected to occur on or about August 7, 2026 (the "Closing Date").</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0041 0.0030 0.0071 -0.0025 0.0046 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027 or through the time of the closing of the Conversion, whichever is earlier</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods, unless otherwise stated. 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:</span> 47 202 370 859 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">978</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 9.78 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in bonds and other fixed income securities, including securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate debt securities, </span><span style="font-family:Times New Roman;font-size:9pt;">privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations), high yield non-investment grade securities (securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality)</span><span style="font-family:Times New Roman;font-size:9pt;">.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may also invest in custodial receipts, fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”), loan participations and loan assignments and convertible securities. The Fund may also engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund also intends to invest in derivatives, including (but not limited to) forwards, interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. The Fund may invest in obligations of domestic and foreign issuers which are denominated in currencies other than the U.S. dollar. The Fund may invest up to 15% of its total assets measured at the time of purchase (“Total Assets”) in sovereign and corporate debt securities and other instruments of issuers in emerging market countries (“emerging countries debt”). The Fund’s investments in loan participations and loan assignments may include, but are not limited to: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating or variable interest rates. The Fund may also purchase securities of issuers in default.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may implement short positions and may do so by using swaps, options or futures, TBA agreements in Agency Mortgage-Backed Securities, or through short sales of any instrument that the Fund may purchase for investment. For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. The Fund may utilize short positions to implement macro views on securities valuations, long term views on relative value or short term views on security mispricings, as well as any other views the Investment Adviser deems appropriate. For example, the Fund may enter into a TBA agreement to sell an Agency Mortgage-Backed Security that it believes will underperform. The Fund will benefit from a short position to the extent the asset decreases in value (and will be harmed to the extent the asset increases in value) between the time it enters into the futures contract and the agreed date of sale. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Alternatively, the Fund may sell an instrument (e.g., a bond, or a futures contract) it does not own in anticipation of a decline in the market value of the instrument, and then borrow the instrument to make delivery to the buyer. In these transactions, the Fund is obligated to replace the instrument borrowed by purchasing it at the market price at the time of replacement. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in non-investment grade securities (i.e., junk bonds) will not exceed 25% of its Total Assets at the time of purchase. Otherwise, the Fund invests in fixed income securities rated at least BBB– or Baa3 at the time of purchase. Securities will either be rated by an NRSRO or, if unrated, determined by the Investment Adviser to be of comparable credit quality. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. Aggregate Bond Index (the “Index”), plus or minus 2.5 years, and over the last five years ended June 30, 2026, the duration of the Index has ranged between 5.79 and 6.53 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. Aggregate Bond Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in bonds and other fixed income securities, including securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate debt securities, </span><span style="font-family:Times New Roman;font-size:9pt;">privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations), high yield non-investment grade securities (securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality)</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund may also invest in custodial receipts, fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”), loan participations and loan assignments and convertible securities. The Fund may also engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund also intends to invest in derivatives, including (but not limited to) forwards, interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. The Fund may invest in obligations of domestic and foreign issuers which are denominated in currencies other than the U.S. dollar. The Fund may invest up to 15% of its total assets measured at the time of purchase (“Total Assets”) in sovereign and corporate debt securities and other instruments of issuers in emerging market countries (“emerging countries debt”). The Fund’s investments in loan participations and loan assignments may include, but are not limited to: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating or variable interest rates. The Fund may also purchase securities of issuers in default.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of  forwards, interest rate futures, interest rate swaps, credit default 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the yield and liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Reverse Repurchase Agreements Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">0.73%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">7.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-6.68%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0073 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0783 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0668 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0856 -0.0033 0.0263 0.0649 -0.0181 0.0116 0.0503 -0.0090 0.0141 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Core Fixed Income Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Core Fixed Income Fund (the “Fund”)  seeks a total return consisting of capital appreciation and income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0037 0.0007 0.0044 -0.0006 0.0038 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods, unless otherwise stated. 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:</span> 39 135 240 549 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">788</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 7.88 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in core fixed income securities.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">Fixed income securities include securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private </span><span style="font-family:Times New Roman;font-size:9pt;">Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”) and asset-backed securities (including collateralized loan obligations). The Fund may also invest in custodial receipts, fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”) and convertible securities. Core fixed income securities are fixed income securities that are rated investment grade (i.e., securities rated BBB-, Baa3 or higher by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality).</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund also intends to invest in derivatives, including (but not limited to) interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may implement short positions and may do so by using swaps, options or futures, TBA agreements in Agency Mortgage-Backed Securities, or through short sales of any instrument that the Fund may purchase for investment. For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. The Fund may utilize short positions to implement macro views on securities valuations, long term views on relative value or short term views on security mispricings, as well as any other views the Investment Adviser deems appropriate. For example, the Fund may enter into a TBA agreement to sell an Agency Mortgage-Backed Security that it believes will underperform. The Fund will benefit from a short position to the extent the asset decreases in value (and will be harmed to the extent the asset increases in value) between the time it enters into the futures contract and the agreed date of sale. Alternatively, the Fund may sell an instrument (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, a bond, or a futures contract) it does not own in anticipation of a decline in the market value of the instrument, and then borrow the instrument to make delivery to the buyer. In these transactions, the Fund is obligated to replace the instrument borrowed by purchasing it at the market price at the time of replacement. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in non-U.S. dollar denominated obligations (hedged or unhedged against currency risk) will not exceed 25% of its total assets measured at the time of purchase (“Total Assets”), and 10% of the Fund’s Total Assets may be invested in sovereign and corporate debt securities and other instruments of issuers in emerging market countries (“emerging countries debt”). Additionally, exposure to non-U.S. currencies (unhedged against currency risk) will not exceed 25% of the Fund’s Total Assets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in fixed income securities rated at least BBB– or Baa3 at the time of purchase. Securities will either be rated by an NRSRO or, if unrated, determined by the Investment Adviser to be of comparable credit quality. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. Aggregate Bond Index (the “Index”) plus or minus one year, and over the last five years ended June 30, 2026, the duration of the Index has ranged between 5.79 and 6.53 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. Aggregate Bond Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in core fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">Fixed income securities include securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private </span><span style="font-family:Times New Roman;font-size:9pt;">Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”) and asset-backed securities (including collateralized loan obligations). The Fund may also invest in custodial receipts, fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”) and convertible securities. Core fixed income securities are fixed income securities that are rated investment grade (i.e., securities rated BBB-, Baa3 or higher by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities  or instruments held by the Fund may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of  forwards, interest rate futures, interest rate swaps, credit default 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the yield and liquidity of fixed income securities and instruments held by the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and also may result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Reverse Repurchase Agreements Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">0.65%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">7.16%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-6.22%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0065 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0716 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0622 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0769 -0.0038 0.0244 0.0589 -0.0171 0.0101 0.0452 -0.0087 0.0127 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Global Core Fixed Income Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Global Core Fixed Income Fund (the “Fund”)  seeks a total return consisting of capital appreciation and income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0065 0.0012 0.0077 -0.0025 0.0052 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods, unless otherwise stated. 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:</span> 53 221 403 931 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">488</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 4.88 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in core fixed income securities of U.S. and foreign issuers.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;"> Foreign securities include securities of issuers located outside the U.S. or </span><span style="font-family:Times New Roman;font-size:9pt;">securities quoted or denominated in a currency other than the U.S. dollar. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund also enters into transactions in foreign currencies, </span><span style="font-family:Times New Roman;font-size:9pt;">typically through the use of forward contracts and swap contracts. The Fund may also engage in forward foreign currency transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">for both hedging and non-hedging purposes. The Fund also intends to invest in derivatives, including (but not limited to) forwards, interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. Under normal market conditions, the Fund will: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Have at least 30% of its Net Assets, after considering the effect of currency positions, denominated in U.S. dollars </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Have investments economically tied to at least three countries, including the United States </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Seek to meet its investment objective by pursuing investment opportunities in foreign and domestic fixed income securities markets and by engaging in currency transactions to seek to enhance returns and to seek to hedge its portfolio against currency exchange rate fluctuations</span><span style="font-family:Times New Roman;font-size:9pt;">Core fixed income securities are fixed income securities that are rated investment grade (i.e., securities rated BBB-, Baa3 or higher by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality).</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest more than 25% of its total assets in the securities of corporate and governmental issuers economically tied to each of Canada, Germany, Japan and the United Kingdom as well as in the securities of U.S. issuers. Not more than 25% of the Fund’s total assets will be invested in securities of issuers in any other single foreign country. The Fund may also invest in sovereign and corporate debt securities and other instruments of issuers in emerging market countries (“emerging countries debt”) up to the weight of emerging countries debt in the Fund’s benchmark index plus 10% of its total assets measured at the time of purchase (“Total Assets”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The fixed income securities in which the Fund may invest include: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), and custodial receipts therefor </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Securities issued or guaranteed by a foreign government or any of its political subdivisions, authorities, agencies, instrumentalities or by supranational entities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Corporate debt securities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certificates of deposit and bankers’ acceptances issued or guaranteed by, or time deposits maintained at, U.S. or foreign banks (and their branches wherever located) having total assets of more than $1 billion </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Commercial paper </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage- Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”) and asset-backed securities (including collateralized loan obligations)</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in fixed income securities rated at least BBB– or Baa3 at the time of purchase, and at least 25% of the Fund’s Total Assets will be invested in fixed income securities rated at least AAA or Aaa at the time of purchase or U.S Government Securities. Securities will either be rated by an NRSRO or, if unrated, determined by the Investment Adviser to be of comparable credit quality. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) (the “Index”), plus or minus 2 years, and over the last five years ended June 30, 2026, the duration of the Index has ranged between 6.12 and 7.34 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. Subject to the above, there are no limits on the length of remaining maturities of securities held by the Fund. The approximate interest rate sensitivity of the Fund is generally comparable to that of a 6 year bond. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in core fixed income securities of U.S. and foreign issuers.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">Core fixed income securities are fixed income securities that are rated investment grade (i.e., securities rated BBB-, Baa3 or higher by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund also enters into transactions in foreign currencies, </span><span style="font-family:Times New Roman;font-size:9pt;">typically through the use of forward contracts and swap contracts. The Fund may also engage in forward foreign currency transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">for both hedging and non-hedging purposes. The Fund also intends to invest in derivatives, including (but not limited to) forwards, interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities or indices. Under normal market conditions, the Fund will: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Have at least 30% of its Net Assets, after considering the effect of currency positions, denominated in U.S. dollars </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Have investments economically tied to at least three countries, including the United States </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Seek to meet its investment objective by pursuing investment opportunities in foreign and domestic fixed income securities markets and by engaging in currency transactions to seek to enhance returns and to seek to hedge its portfolio against currency exchange rate fluctuations</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The fixed income securities in which the Fund may invest include: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), and custodial receipts therefor </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Securities issued or guaranteed by a foreign government or any of its political subdivisions, authorities, agencies, instrumentalities or by supranational entities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Corporate debt securities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certificates of deposit and bankers’ acceptances issued or guaranteed by, or time deposits maintained at, U.S. or foreign banks (and their branches wherever located) having total assets of more than $1 billion </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Commercial paper </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage- Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”) and asset-backed securities (including collateralized loan obligations)</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities  or instruments held by the Fund may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of  forwards, interest rate futures, interest rate swaps, credit default 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the yield and liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and also may result in short-term capital gains taxable to shareholders. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Reverse Repurchase Agreements Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Sovereign Default Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer of non-U.S. sovereign debt, or the governmental authorities that control the repayment of the debt, may be unable or unwilling to repay the principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of borrowing rates, foreign debt, or foreign currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.02%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">6.56%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-5.50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0102 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0656 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0550 2022-06-30 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0544 0.0016 0.0255 0.0400 -0.0102 0.0143 0.0320 -0.0039 0.0158 0.0486 0.0034 0.0229 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Income Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Income Fund (the “Fund”)  seeks a high level of current income, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">and secondarily, capital appreciation</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">and secondarily, capital appreciation</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">At a meeting held on April 21–22, 2026, the Board of Trustees of the Goldman Sachs Trust (the “Board”) approved the conversion of the Fund into an exchange-traded fund (ETF), the Goldman Sachs Core Plus Bond ETF (the “Acquiring Fund”), a newly-created shell series of the Goldman Sachs ETF Trust (the “Conversion”). The Conversion is currently expected to occur on or about August 7, 2026 (the "Closing Date").</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0055 0.0034 0.0089 -0.0034 0.0055 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027 or through the time of </span><span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">the closing of the Conversion, whichever is earlier</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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:</span> 56 250 460 1065 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">427</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 4.27 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities.</span><span style="font-family:Times New Roman;font-size:9pt;">Fixed income securities include U.S. Government securities (such as U.S. Treasury securities or Treasury inflation protected securities and including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”)), non-U.S. sovereign debt, agency securities, corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations (“CLOs”)), custodial receipts, municipal securities, loan participations and loan assignments and convertible securities.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s investments in loan participations and loan assignments may include, but are not limited to: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating or variable interest rates. The Fund may invest in fixed income securities of any maturity. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund invests in a multi-sector portfolio of U.S. and foreign investment grade and non-investment grade fixed income investments of varying maturities. The Fund’s investment sectors include, but are not limited to: (a) government securities, (b) corporate debt securities, (c) commercial and residential mortgage-backed securities, (d) asset-backed securities (including CLOs) and (e) emerging countries debt denominated in both U.S. dollars and foreign currencies. The Fund may not have exposure to all of these investment sectors, and the Fund’s exposure to any one investment sector may vary over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Non-investment grade fixed income securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 35% of its total assets measured at the time of purchase (“Total Assets”) in sovereign and corporate debt securities and other instruments of issuers in emerging market countries (“emerging countries debt”). Such investments may include sovereign debt issued by emerging countries that have sovereign ratings below investment grade or that are unrated. The Fund’s investments may be denominated in currencies other than the U.S. dollar. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest up to 10% of its Total Assets in privately issued corporate debt securities and other obligations issued by private companies, including privately issued credit obligations and related instruments, and up to an additional 10% of its Total Assets in equity investments, including preferred securities and dividend paying common stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund also intends to invest in other derivative instruments. Derivatives are instruments that have a value based on another instrument, exchange rate, interest rate or index. The Fund’s investments in derivatives may include, in addition to forward foreign currency exchange contracts, futures contracts (including interest rate futures and treasury and sovereign bond futures), options (including options on futures contracts, swaps, bonds, stocks and indexes), swaps (including credit default, index, basis, total return, volatility, interest rate and currency swaps), and other forward contracts. The Fund may use derivatives instead of buying and selling bonds to manage duration, to gain exposure or to short individual securities or to gain exposure to a credit or asset backed index. The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may implement short positions and may do so by using swaps, options or futures, TBA agreements in Agency mortgage-backed securities, or through short sales of any instrument that the Fund may purchase for investment. For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. The Fund will benefit to the extent the asset decreases in value (and will be harmed to the extent the asset increases in value) between the time it enters into the futures contract and the agreed date of sale. Alternatively, the Fund may sell an instrument (e.g., a bond, or a futures contract) it does not own in anticipation of a decline in the market value of the instrument, and then borrow the instrument to make delivery to the buyer. In these transactions, the Fund is obligated to replace the instrument borrowed by purchasing it at the market price at the time of replacement. The Fund uses short positions and derivatives for both investment and hedging purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target average duration range under normal interest rate conditions is expected to be between 0 and 8 years, and over the last five years ended June 30, 2026, the duration of the Bloomberg U.S. Aggregate Bond Index has ranged between 5.79 and 6.53 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. Aggregate Bond Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">Fixed income securities include U.S. Government securities (such as U.S. Treasury securities or Treasury inflation protected securities and including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”)), non-U.S. sovereign debt, agency securities, corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations (“CLOs”)), custodial receipts, municipal securities, loan participations and loan assignments and convertible securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s investments in loan participations and loan assignments may include, but are not limited to: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating or variable interest rates. The Fund may invest in fixed income securities of any maturity. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund invests in a multi-sector portfolio of U.S. and foreign investment grade and non-investment grade fixed income investments of varying maturities. The Fund’s investment sectors include, but are not limited to: (a) government securities, (b) corporate debt securities, (c) commercial and residential mortgage-backed securities, (d) asset-backed securities (including CLOs) and (e) emerging countries debt denominated in both U.S. dollars and foreign currencies. The Fund may not have exposure to all of these investment sectors, and the Fund’s exposure to any one investment sector may vary over time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of options, futures, 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the yield and liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">additional investments or to meet the Fund's redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">A strategy used by the Investment Adviser may fail to produce the intended results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-Backed Securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with Mortgage-Backed Securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Hedging Foreign Currency Trading Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may engage in forward foreign currency transactions for hedging and non-hedging purposes. The Investment Adviser may purchase or sell foreign currencies through the use of forward contracts based on the Investment Adviser’s judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, the Investment Adviser seeks to profit from anticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the Investment Adviser’s expectations may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, </span><span style="font-family:Times New Roman;font-size:9pt;">industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Reverse Repurchase Agreements Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Sovereign Default Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer of non-U.S. sovereign debt, or the governmental authorities that control the repayment of the debt, may be unable or unwilling to repay the principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of borrowing rates, foreign debt, or foreign currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">0.80%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">12.56%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-11.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0080 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1256 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1108 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2019-12-03 0.0878 0.0303 0.0420 0.0649 0.0065 0.0173 0.0515 0.0123 0.0204 0.0730 -0.0036 0.0083 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Dynamic Bond Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Dynamic Bond Fund (the “Fund”)  seeks total return comprised of income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0059 0.0017 0.0002 0.0078 -0.0010 0.0068 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Total Annual Fund Operating Expenses” do not correlate to the ratios of the total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses.”</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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:</span> 69 239 423 957 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">1898</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 18.98 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade bonds and other fixed income investments.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">The types of bonds and other fixed income investments in which the Fund may invest include, but are not limited to: U.S. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Government securities (such as U.S. Treasury securities or Treasury inflation protected securities and including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”)), non-U.S. sovereign debt, agency securities, corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations (“CLOs”)), custodial receipts, municipal securities, loan participations and loan assignments and convertible securities. The Fund’s investments in loan participations and loan assignments may include, but are not limited to: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating or variable interest rates. The Fund may invest in fixed income securities of any maturity. </span><span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade fixed income securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in sovereign and corporate debt securities and other instruments of issuers in emerging market countries (“emerging countries debt”). Such investments may include sovereign debt issued by emerging countries that have sovereign ratings below investment grade or that are unrated. There is no limitation to the amount the Fund invests in non-investment grade or emerging market securities. From time to time, the Fund may also invest in preferred stock. The Fund’s investments may be denominated in currencies other than the U.S. dollar. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund also intends to invest in other derivative instruments. Derivatives are instruments that have a value based on another instrument, exchange rate, interest rate or index. The Fund’s investments in derivatives may include, in addition to forward foreign currency exchange contracts, futures contracts (including interest rate futures and treasury and sovereign bond futures), options (including options on futures contracts, swaps, bonds, stocks and indexes), swaps (including credit default, index, basis, total return, volatility, interest rate and currency swaps), and other forward contracts. The Fund may use derivatives instead of buying and selling bonds to manage duration, to gain exposure or to short individual securities or to gain exposure to a credit or asset backed index. The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may implement short positions and may do so by using swaps, options or futures, TBA agreements in Agency Mortgage-Backed Securities, or through short sales of any instrument that the Fund may purchase for investment. For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. The Fund may utilize short positions to implement macro views on securities valuations, long term views on relative value or short term views on security mispricings, as well as any other views the Investment Adviser deems appropriate. For example, the Fund may enter into a TBA agreement to sell an Agency Mortgage-Backed Security that it believes will underperform. The Fund will benefit from a short position to the extent the asset decreases in value (and will be harmed to the extent the asset increases in value) between the time it enters into the futures contract and the agreed date of sale. Alternatively, the Fund may sell an instrument (e.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, a bond, or a futures contract) it does not own in anticipation of a decline in the market value of the instrument, and then borrow the instrument to make delivery to the buyer. In these transactions, the Fund is obligated to replace the instrument borrowed by purchasing it at the market price at the time of replacement. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">“Dynamic” in the Fund’s name means that the Fund implements a flexible bond strategy that invests tactically across the global fixed income universe.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund attempts to exploit pricing anomalies throughout the global fixed income and currency markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Additionally, the Fund uses short positions and derivatives for both investment and hedging purposes. The Fund may sell investments that the portfolio managers believe are no longer favorable with regard to these factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the ICE BofAML Three-Month U.S. Treasury Bill Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade bonds and other fixed income investments.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">“Dynamic” in the Fund’s name means that the Fund implements a flexible bond strategy that invests tactically across the global fixed income universe.</span> <span style="font-family:Times New Roman;font-size:9pt;">The types of bonds and other fixed income investments in which the Fund may invest include, but are not limited to: U.S. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Government securities (such as U.S. Treasury securities or Treasury inflation protected securities and including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”)), non-U.S. sovereign debt, agency securities, corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations (“CLOs”)), custodial receipts, municipal securities, loan participations and loan assignments and convertible securities. The Fund’s investments in loan participations and loan assignments may include, but are not limited to: (a) senior secured floating rate and fixed rate loans or debt (“Senior Loans”), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”) and (c) other types of secured or unsecured loans with fixed, floating or variable interest rates. The Fund may invest in fixed income securities of any maturity. </span><span style="font-family:Times New Roman;font-size:9pt;">Non-investment grade fixed income securities are securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by the Investment Adviser to be of comparable credit quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of options, futures, 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the yield and liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">A strategy used by the Investment Adviser may fail to produce the intended results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-Backed Securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with Mortgage-Backed Securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Hedging Foreign Currency Trading Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may engage in forward foreign currency transactions for hedging and non-hedging purposes. The Investment Adviser may purchase or sell foreign currencies through the use of forward contracts based on the Investment Adviser’s judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, the Investment Adviser seeks to profit from anticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the Investment Adviser’s expectations may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Reverse Repurchase Agreements Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Sovereign Default Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer of non-U.S. sovereign debt, or the governmental authorities that control the repayment of the debt, may be unable or unwilling to repay the principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of borrowing rates, foreign debt, or foreign currency exchange rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance and </span><span style="font-family:Times New Roman;font-size:9pt;">Benchmark Information” on page 40 of the Prospectus. Through June 17, 2024, the Fund had been known as the Goldman Sachs Strategic Income Fund, and certain of its strategies differed. Performance information set forth below reflects the Fund’s former strategies prior to that date. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will </span><span style="font-family:Times New Roman;font-size:9pt;">perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone </span><span style="font-family:Times New Roman;font-size:9pt;">number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will </span><span style="font-family:Times New Roman;font-size:9pt;">perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.89%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">9.49%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-7.53%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0189 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0949 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0753 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0979 0.0440 0.0436 0.0738 0.0262 0.0274 0.0573 0.0258 0.0263 0.0418 0.0317 0.0262 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Enhanced Income Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Enhanced Income Fund (the “Fund”) seeks to generate return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0015 0 0.0025 0 0 0 0.0020 0.0012 0.0037 0.0037 0.0020 0.0011 0 0 0.0025 0.0025 0 0 0.0020 0.0012 0.0012 0.0012 0.0020 0.0011 0.0060 0.0037 0.0087 0.0062 0.0045 0.0036 -0.0002 -0.0002 -0.0002 -0.0002 -0.0002 -0.0002 0.0058 0.0035 0.0085 0.0060 0.0043 0.0034 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Institutional, Service, Administration, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Institutional, Service, Administration, Investor and/or Class R6 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 limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 59 190 333 748 36 117 206 466 87 276 480 1071 61 197 344 772 44 142 250 565 35 114 200 454 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">65</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.65 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities and derivatives that have similar economic characteristics to such securities.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">Fixed income securities include securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate notes, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), commercial paper, fixed and floating rate asset- backed securities (including collateralized loan obligations), high yield non-investment grade fixed income securities (i.e., securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality), sovereign and corporate debt securities, and other U.S. dollar denominated debt instruments of emerging market countries (“emerging countries debt”). The Fund may also invest in fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”). The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">Except for asset-backed securities, Mortgage-Backed Securities and U.S. Treasury securities deliverable in futures transactions, the Fund will not invest in securities with remaining maturities of more than 5 years as determined in accordance with the SAI. With respect to asset-backed securities and Mortgage-Backed Securities, the Fund will not invest in asset-backed securities with a weighted average life of more than 5 years. In pursuing the Fund’s investment objective, the Investment Adviser will seek to enhance the Fund’s return by identifying those fixed income securities that are within the maturity limitations discussed above and that the Investment Adviser believes offer advantageous yields relative to other similar securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may not invest, in the aggregate, more than 10% of its total assets measured at the time of purchase (“Total Assets”) in (i) emerging countries debt and (ii) non-investment grade fixed income securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may engage in forward foreign currency transactions in G4 currencies (U.S. dollar, euro, Great British pound and Japanese yen) for both hedging and non-hedging purposes. The Fund may invest in obligations of domestic and foreign issuers that are denominated in currencies other than the U.S. dollar (and may also be denominated in a currency other than that associated with the issuer’s domicile). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund also intends to invest in other derivative instruments, including (but not limited to) interest rate futures contracts, options (including options on futures contracts, swaps, bonds and indexes), swaps (including credit default, index, basis, total return, volatility and currency swaps) and other forward contracts. The Fund may use derivatives, instead of buying and selling debt directly, to manage duration, to gain exposure to certain securities or indexes, or to take short positions with respect to individual securities or indexes. The Fund may invest in derivatives that are not denominated in U.S. dollars. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to be approximately 1 year plus or minus 1 year, and over the past five years ended June 30, 2026, the duration of the ICE BofAML One-Year U.S. Treasury Note Index has ranged between 0.88 to 1.00 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the ICE BofAML One-Year U.S. Treasury Note Index. </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Fixed Income Investment Philosophy: </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Our process: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Combines diversified sources of return by employing multiple strategies </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Takes a global perspective to seek relative value opportunities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Employs focused specialist teams to seek to identify short-term mis-pricings and incorporate long-term views </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Emphasizes a risk-aware approach as we view risk management as both an offensive and defensive tool </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">No one factor or consideration is determinative in the fundamental investment process.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities and derivatives that have similar economic characteristics to such securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">Fixed income securities include securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate notes, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), commercial paper, fixed and floating rate asset- backed securities (including collateralized loan obligations), high yield non-investment grade fixed income securities (i.e., securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality), sovereign and corporate debt securities, and other U.S. dollar denominated debt instruments of emerging market countries (“emerging countries debt”). The Fund may also invest in fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”). The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">Except for asset-backed securities, Mortgage-Backed Securities and U.S. Treasury securities deliverable in futures transactions, the Fund will not invest in securities with remaining maturities of more than 5 years as determined in accordance with the SAI. With respect to asset-backed securities and Mortgage-Backed Securities, the Fund will not invest in asset-backed securities with a weighted average life of more than 5 years. In pursuing the Fund’s investment objective, the Investment Adviser will seek to enhance the Fund’s return by identifying those fixed income securities that are within the maturity limitations discussed above and that the Investment Adviser believes offer advantageous yields relative to other similar securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Asset-backed securities are subject to risks similar to those associated with mortgage-backed securities (e.g., failures of private insurers to meet their obligations and unexpectedly high rates of default on the assets backing the securities, particularly during periods of rising interest rates), as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Call/Prepayment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a Mortgage-Backed Security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer’s credit quality improves. Under these circumstances, the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with over-the-counter (“OTC”) transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks </span><span style="font-family:Times New Roman;font-size:9pt;">exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of options, futures, 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Extension Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a Mortgage-Backed Security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and the Fund will also suffer from the inability to reinvest in higher yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-Backed Securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with Mortgage-Backed Securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Administration, Institutional, Investor, Service, and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the ICE BofAML One-Year U.S. Treasury Note Index (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, </span><span style="font-family:Times New Roman;font-size:9pt;">please see “Additional Performance and Benchmark Information” on page 41 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before </span><span style="font-family:Times New Roman;font-size:9pt;">and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Administration, Institutional, Investor, Service, and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the ICE BofAML One-Year U.S. Treasury Note Index (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before </span><span style="font-family:Times New Roman;font-size:9pt;">and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR (INSTITUTIONAL CLASS)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.47%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">3.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-2.33%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0147 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0384 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0233 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2000-08-02 0.0450 0.0273 0.0228 0.0282 0.0164 0.0144 0.0264 0.0163 0.0139 2000-08-02 0.0463 0.0297 0.0253 2021-12-10 0.0422 0.0317 0.0415 0.0306 0.0730 -0.0003 2000-08-02 0.0448 0.0271 0.0228 2010-07-30 0.0465 0.0291 0.0245 2015-07-31 0.0475 0.0298 0.0254 0.0415 0.0247 0.0203 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Institutional, Administration, Investor, Service and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Institutional, Administration, Investor, Service and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Inflation Protected Securities Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Inflation Protected Securities Fund (the “Fund”) seeks real return consistent with preservation of capital.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 67 and in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts” on page 130 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 67 and in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts” on page 130 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0375 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0026 0.0026 0.0026 0.0026 0.0026 0.0026 0.0025 0.0075 0 0 0.0050 0 0.0031 0.0056 0.0023 0.0031 0.0031 0.0022 0 0.0025 0 0 0 0 0.0031 0.0031 0.0023 0.0031 0.0031 0.0022 0.0082 0.0157 0.0049 0.0057 0.0107 0.0048 -0.0015 -0.0015 -0.0015 -0.0015 -0.0015 -0.0015 0.0067 0.0142 0.0034 0.0042 0.0092 0.0033 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The "Other Expenses" for Investor Shares have been restated to reflect expenses expected to be incurred during the current fiscal year.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor, Class R and/or Class R6 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 limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 441 613 799 1337 245 481 841 1855 35 142 259 601 43 168 303 699 94 325 576 1292 34 139 254 589 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 145 481 841 1855 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">221</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 2.21 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in inflation protected securities (“IPS”) of varying maturities issued by the U.S. Treasury (“TIPS”) and other U.S. and non-U.S. Government agencies and corporations (“CIPS”).</span><span style="font-family:Times New Roman;font-size:9pt;">IPS are designed to provide inflation protection to investors. The U.S. Treasury uses the Consumer Price Index for Urban Consumers (the “CPIU”) as the measurement of inflation, while other issuers of IPS may use other indices as the measure of inflation. IPS are income-generating instruments whose interest and principal payments are adjusted for inflation—a sustained increase in prices that erodes the purchasing power of money.</span><span style="font-family:Times New Roman;font-size:9pt;"> The inflation adjustment, which is </span><span style="font-family:Times New Roman;font-size:9pt;">typically applied monthly to the principal of the bond, follows a designated inflation index, such as the CPIU. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of an investment. Because of this inflation adjustment feature, inflation protected bonds typically have lower yields than conventional fixed-rate bonds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The remainder of the Fund’s Net Assets (up to 20%) may be invested in other fixed income securities, including securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), asset-backed securities, mortgage-backed securities, corporate securities, non-investment grade fixed income securities and securities issued by foreign corporate and governmental issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund also intends to invest in derivatives, including (but not limited to) futures and inflation-linked swaps, primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration, and/or gain exposure to certain fixed income securities.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index, plus or minus 2 years, and over the past five years ended June 30, 2026, the duration of this index has ranged between 6.17 and 7.84 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. TIPS Index. </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Fixed Income Investment Philosophy: </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Our process: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Combines diversified sources of return by employing multiple strategies </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Takes a global perspective to seek relative value opportunities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Employs focused specialist teams to seek to identify short-term mis-pricings and incorporate long-term views </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Emphasizes a risk-aware approach as we view risk management as both an offensive and defensive tool </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">No one factor or consideration is determinative in the fundamental investment process.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in inflation protected securities (“IPS”) of varying maturities issued by the U.S. Treasury (“TIPS”) and other U.S. and non-U.S. Government agencies and corporations (“CIPS”).</span> <span style="font-family:Times New Roman;font-size:9pt;">IPS are designed to provide inflation protection to investors. The U.S. Treasury uses the Consumer Price Index for Urban Consumers (the “CPIU”) as the measurement of inflation, while other issuers of IPS may use other indices as the measure of inflation. IPS are income-generating instruments whose interest and principal payments are adjusted for inflation—a sustained increase in prices that erodes the purchasing power of money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The remainder of the Fund’s Net Assets (up to 20%) may be invested in other fixed income securities, including securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), asset-backed securities, mortgage-backed securities, corporate securities, non-investment grade fixed income securities and securities issued by foreign corporate and governmental issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund also intends to invest in derivatives, including (but not limited to) futures and inflation-linked swaps, primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration, and/or gain exposure to certain fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">CPIU Measurement Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The CPIU is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. There can be no assurance that the CPIU will accurately measure the real rate of inflation in the prices of goods and services, which may affect the valuation of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Deflation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund will be subject to the risk that prices throughout the economy may decline over time, resulting in “deflation.” If this occurs, the principal and income of IPS held by the Fund would likely decline in price, which could result in losses for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of futures and inflation-linked 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Inflation Protected Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The value of IPS generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or liquid, and more volatile, than certain other securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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. </span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and also may result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Consequences Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund will be subject to the risk that adjustments for inflation to the principal amount of an inflation indexed bond may give rise to original issue discount, which will be includable in the Fund’s gross income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. Treasury Inflation-Protected Securities (“TIPS”) Index (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional </span><span style="font-family:Times New Roman;font-size:9pt;">information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 41 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the </span><span style="font-family:Times New Roman;font-size:9pt;">future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back </span><span style="font-family:Times New Roman;font-size:9pt;">cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. Treasury Inflation-Protected Securities (“TIPS”) Index (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional </span><span style="font-family:Times New Roman;font-size:9pt;">information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 41 of the Prospectus. </span> <span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the </span><span style="font-family:Times New Roman;font-size:9pt;">future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (INSTITUTIONAL CLASS)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.00%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">4.46%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2016</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-6.07%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0100 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0446 2016-03-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0607 2022-06-30 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2007-08-31 0.0255 -0.0012 0.0216 0.0086 -0.0200 0.0088 0.0149 -0.0089 0.0111 2007-08-31 0.0480 -0.0012 0.0178 2007-08-31 0.0701 0.0097 0.0290 2007-11-30 0.0688 0.0089 0.0281 2007-11-30 0.0633 0.0039 0.0229 2015-07-31 0.0702 0.0099 0.0291 0.0701 0.0112 0.0308 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Short Duration Bond Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Short Duration Bond Fund (the “Fund”) seeks total return consisting of income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">500,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 67 and in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts” on page 130 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">500,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 67 and in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts” on page 130 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 500000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0150 0 0 0 0 0 0 0.0065 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0039 0.0039 0.0039 0.0039 0.0039 0.0039 0.0025 0.0075 0 0 0.0050 0 0.0018 0.0043 0.0010 0.0018 0.0018 0.0009 0 0.0025 0 0 0 0 0.0018 0.0018 0.0010 0.0018 0.0018 0.0009 0.0082 0.0157 0.0049 0.0057 0.0107 0.0048 -0.0010 -0.0045 -0.0005 -0.0010 -0.0010 -0.0005 0.0072 0.0112 0.0044 0.0047 0.0097 0.0043 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 0.65% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares at the end of those periods, unless otherwise stated. The Example also assumes that your investment has a 5% return each year and that </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">the Fund’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 222 398 589 1139 179 452 813 1829 45 152 269 611 48 173 308 704 99 330 580 1297 44 149 264 599 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 114 452 813 1829 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">141</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 1.41 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in U.S. or foreign fixed income securities.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">These fixed income securities include securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations), high yield non-investment grade fixed income securities (i.e., securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality), high yield floating rate loans (“Bank Loans”) and sovereign and corporate debt securities, and other instruments of issuers in emerging market countries (“emerging countries debt”). The Fund may also invest in fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”) and may purchase securities of issuers in default. The Fund may seek to obtain exposure to these investments through investments in affiliated or unaffiliated investment companies including exchange-traded funds (“ETFs”), the Goldman Sachs High Yield Fund, Goldman Sachs Emerging Markets Debt Fund and Goldman Sachs Local Emerging Markets Debt Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may not invest, in the aggregate, more than 20% of its total assets measured at the time of purchase (“Total Assets”) in (i) emerging countries debt and (ii) non-investment grade fixed income securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund may invest in obligations of domestic and foreign issuers that are denominated in currencies other than the U.S. dollar (and may also be denominated in a currency other than that associated with the issuer’s domicile). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund also intends to invest in other derivative instruments, including (but not limited to) interest rate futures contracts, options (including options on futures contracts, swaps, bonds and indexes), swaps (including credit default, index, basis, total return, volatility and currency swaps) and other forward contracts. The Fund may use derivatives, instead of buying and selling debt directly, to manage duration, to gain exposure to certain securities or indexes, or to take short positions with respect to individual securities or indexes. The Fund may invest in derivatives that are not denominated in U.S. dollars. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Except as described above, the Fund invests in fixed income securities rated at least BBB- or Baa3 at the time of purchase. The Fund will deem a security to have the highest credit rating assigned to it from an NRSRO at the time of purchase, if more than one NRSRO rates the security. Unrated securities may be purchased by the Fund if they are determined by the Investment Adviser to be of comparable credit quality. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Goldman Sachs Short Duration Bond Fund Composite Index plus or minus two years, and during the past five years ended June 30, 2026, the duration of this index ranged between 1.72 and 1.96 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged), which is comprised of the Bloomberg U.S. 1-3 Year Corporate Bond Index (50%) and the Bloomberg U.S. 1-3 Year Government Bond Index (50%). </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Fixed Income Investment Philosophy: </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Our process: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Combines diversified sources of return by employing multiple strategies </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Takes a global perspective to seek relative value opportunities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Employs focused specialist teams to seek to identify short-term mis-pricings and incorporate long-term views </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Emphasizes a risk-aware approach as we view risk management as both an offensive and defensive tool </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">No one factor or consideration is determinative in the fundamental investment process.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in U.S. or foreign fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">These fixed income securities include securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), asset-backed securities (including collateralized loan obligations), high yield non-investment grade fixed income securities (i.e., securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality), high yield floating rate loans (“Bank Loans”) and sovereign and corporate debt securities, and other instruments of issuers in emerging market countries (“emerging countries debt”). The Fund may also invest in fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”) and may purchase securities of issuers in default. The Fund may seek to obtain exposure to these investments through investments in affiliated or unaffiliated investment companies including exchange-traded funds (“ETFs”), the Goldman Sachs High Yield Fund, Goldman Sachs Emerging Markets Debt Fund and Goldman Sachs Local Emerging Markets Debt Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Call/Prepayment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a Mortgage- Backed Security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer’s credit quality improves. Under these circumstances, the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with over-the-counter (“OTC”) transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of options, futures, forwards, swaps, options on 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Extension Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a Mortgage-Backed Security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and the Fund will also suffer from the inability to reinvest in higher yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-Backed Securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with Mortgage-Backed Securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal Securities are subject to call/prepayment risk, credit/default risk, extension risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on Municipal Securities is generally not subject to federal tax, any interest earned on taxable Municipal Securities is fully taxable at the federal level and may be subject to tax at the state level.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) (the “Performance Benchmark”), a custom benchmark comprised of the Bloomberg U.S. 1-3 Year Corporate Bond Index (50%) and the Bloomberg U.S. 1-3 Year Government Bond Index (50%).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance and </span><span style="font-family:Times New Roman;font-size:9pt;">Benchmark Information” on page 41 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="font-family:Times New Roman;font-size:9pt;">indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by </span><span style="font-family:Times New Roman;font-size:9pt;">calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) (the “Performance Benchmark”), a custom benchmark comprised of the Bloomberg U.S. 1-3 Year Corporate Bond Index (50%) and the Bloomberg U.S. 1-3 Year Government Bond Index (50%).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="font-family:Times New Roman;font-size:9pt;">indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (INSTITUTIONAL CLASS)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.11%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">5.39%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-3.31%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0111 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0539 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0331 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2012-02-29 0.0467 0.0155 0.0228 0.0300 0.0047 0.0132 0.0274 0.0071 0.0133 2012-02-29 0.0509 0.0146 0.0202 2012-02-29 0.0649 0.0218 0.0277 2012-02-29 0.0655 0.0212 0.0269 2012-02-29 0.0602 0.0164 0.0220 2015-07-31 0.0661 0.0219 0.0277 0.0552 0.0217 0.0230 0.0588 0.0258 0.0277 0.0517 0.0176 0.0184 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Short Duration Government Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Short Duration Government Fund (the “Fund”) seeks a high level of current income </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">and secondarily, in seeking </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">current income, may also consider the potential for capital appreciation</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">and secondarily, in seeking </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">current income, may also consider the potential for capital appreciation</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">500,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 67 and in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts” on page 130 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">500,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 67 and in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts” on page 130 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 500000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0150 0 0 0 0 0 0 0.0065 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0044 0.0044 0.0044 0.0044 0.0044 0.0044 0.0025 0.0075 0 0.0025 0 0 0.0022 0.0047 0.0014 0.0039 0.0022 0.0013 0 0.0025 0 0 0 0 0 0 0 0.0025 0 0 0.0022 0.0022 0.0014 0.0014 0.0022 0.0013 0.0091 0.0166 0.0058 0.0108 0.0066 0.0057 -0.0010 -0.0045 -0.0010 -0.0010 -0.0010 -0.0010 0.0081 0.0121 0.0048 0.0098 0.0056 0.0047 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 0.65% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor and/or Class R6 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 limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 231 426 637 1244 188 479 860 1928 49 176 314 716 100 334 586 1308 57 201 358 813 48 173 308 704 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 123 479 860 1928 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">643</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 6.43 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”) and in repurchase agreements collateralized by such securities.</span><span style="font-family:Times New Roman;font-size:9pt;">Substantially all of the Fund’s Net Assets will be invested in U.S. Government Securities and instruments based on U.S. Government Securities. The Fund also intends to invest in derivatives, including (but not limited to) interest rate futures, options and interest rate swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the ICE BofAML Two-Year U.S. Treasury Note Index, plus or minus 1 year, and over the past five years ended June 30, 2026, the duration of this index has ranged between 1.78 and 1.99 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the ICE BofAML Two-Year U.S. Treasury Note Index. </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Fixed Income Investment Philosophy: </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Our process: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Combines diversified sources of return by employing multiple strategies </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Takes a global perspective to seek relative value opportunities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Employs focused specialist teams to seek to identify short-term mis-pricings and incorporate long-term views </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Emphasizes a risk-aware approach as we view risk management as both an offensive and defensive tool </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">No one factor or consideration is determinative in the fundamental investment process.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”) and in repurchase agreements collateralized by such securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">Substantially all of the Fund’s Net Assets will be invested in U.S. Government Securities and instruments based on U.S. Government Securities. The Fund also intends to invest in derivatives, including (but not limited to) interest rate futures, options and interest rate swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Call/Prepayment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a Mortgage-Backed Security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer’s credit quality improves. Under these circumstances, the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of options, futures, 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and/or Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-Backed Securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with Mortgage-Backed Securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and also may result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor, Service, and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the ICE BofAML Two-Year U.S. Treasury Note Index (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, </span><span style="font-family:Times New Roman;font-size:9pt;">please see “Additional Performance and Benchmark Information” on page 41 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before </span><span style="font-family:Times New Roman;font-size:9pt;">and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A, Class C, Institutional, Investor, Service, and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the ICE BofAML Two-Year U.S. Treasury Note Index (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before </span><span style="font-family:Times New Roman;font-size:9pt;">and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (INSTITUTIONAL CLASS)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">0.41%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">2.99%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2024</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-2.97%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0041 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0299 2024-09-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0297 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 1997-05-01 0.0309 0.0051 0.0111 0.0186 -0.0030 0.0035 0.0182 0.0004 0.0051 1997-08-15 0.0357 0.0041 0.0087 1988-08-15 0.0499 0.0114 0.0160 1996-04-10 0.0447 0.0064 0.0110 2007-11-30 0.0501 0.0108 0.0153 2015-07-31 0.0501 0.0115 0.0161 0.0485 0.0142 0.0159 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs U.S. Mortgages Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs U.S. Mortgages Fund (the “Fund”) seeks a high level of total return consisting of income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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><span style="font-family:Times New Roman;font-size:9pt;">. </span><span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 67 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 130 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="font-family:Times New Roman;font-size:9pt;">100,000</span><span style="font-family:Times New Roman;font-size:9pt;"> in Goldman Sachs Funds. </span><span style="font-family:Times New Roman;font-size:9pt;">More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 67 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 130 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-186 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0375 0 0 0 0 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0034 0.0034 0.0034 0.0034 0.0034 0.0034 0.0034 0.0025 0 0.0025 0 0 0.0050 0 0.0032 0.0024 0.0049 0.0032 0.0023 0.0032 0.0023 0 0 0.0025 0 0 0 0 0.0032 0.0024 0.0024 0.0032 0.0023 0.0032 0.0023 0.0091 0.0058 0.0108 0.0066 0.0057 0.0116 0.0057 -0.0013 -0.0013 -0.0013 -0.0013 -0.0013 -0.0013 -0.0013 0.0078 0.0045 0.0095 0.0053 0.0044 0.0103 0.0044 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Separate Account Institutional,</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Separate Account Institutional,</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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:</span> 452 642 848 1441 46 173 311 713 110 343 595 1317 54 198 355 810 45 170 305 701 118 368 638 1409 45 170 305 701 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">1219</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 12.19 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in securities representing direct or indirect interests in or that are collateralized by adjustable rate and fixed rate mortgage loans or other mortgage-related securities (“Mortgage-Backed Securities”) of U.S. issuers, including agency issued Mortgage-Backed Securities (“Agency Mortgage-Backed Securities”).</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund generally expects to invest at least 90% of its Net Assets in Agency Mortgage-Backed Securities in addition to other securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”).</span><span style="font-family:Times New Roman;font-size:9pt;">A U.S. issuer is an issuer economically tied to the United States.</span><span style="font-family:Times New Roman;font-size:9pt;"> The Fund </span><span style="font-family:Times New Roman;font-size:9pt;">may also invest in mortgage dollar rolls, asset-backed securities (including collateralized loan obligations (“CLOs”)) and foreign securities. The Fund also intends to invest in derivatives, including (but not limited to) interest rate futures, interest rate swaps and credit default swaps, primarily to manage the Fund’s duration, hedge the Fund’s portfolio risks, and/or gain exposure to certain fixed income securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments must be rated, at the time of purchase, at least BBB– by S&amp;P Global Ratings (“S&amp;P”), at least Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), or have a comparable credit rating by another nationally recognized statistical rating organization (“NRSRO”) or, if unrated, must be determined by the Investment Adviser to be of comparable credit quality. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. Securitized Bond Index plus or minus 0.5 years, and over the past five years ended June 30, 2026, the duration of this Index has ranged between 3.86 and 6.31 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may implement short positions and may do so by using swaps, options or futures, TBA agreements in Agency Mortgage-Backed Securities, or through short sales of any instrument that the Fund may purchase for investment. For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. The Fund may utilize short positions to implement macro views on securities valuations, long term views on relative value or short term views on security mispricings, as well as any other views the Investment Adviser deems appropriate. For example, the Fund may enter into a TBA agreement to sell an Agency Mortgage-Backed Security that it believes will underperform. The Fund will benefit from a short position to the extent the asset decreases in value (and will be harmed to the extent the asset increases in value) between the time it enters into the futures </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">contract and the agreed date of sale. Alternatively, the Fund may sell an instrument (e.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, a bond, or a futures contract) it does not own in anticipation of a decline in the market value of the instrument, and then borrow the instrument to make delivery to the buyer. In these transactions, the Fund is obligated to replace the instrument borrowed by purchasing it at the market price at the time of replacement. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s portfolio managers seek to build a portfolio that reflects their investment views across the U.S. mortgages market consistent with the Fund’s overall risk budget and the views of the Investment Adviser’s Global Fixed Income top-down teams. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. Securitized Bond Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in securities representing direct or indirect interests in or that are collateralized by adjustable rate and fixed rate mortgage loans or other mortgage-related securities (“Mortgage-Backed Securities”) of U.S. issuers, including agency issued Mortgage-Backed Securities (“Agency Mortgage-Backed Securities”).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund generally expects to invest at least 90% of its Net Assets in Agency Mortgage-Backed Securities in addition to other securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”).</span> <span style="font-family:Times New Roman;font-size:9pt;">A U.S. issuer is an issuer economically tied to the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities held by the Fund may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant net asset value (“NAV”) deterioration. These risks are heightened in market environments where interest rates are rising.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of interest rate futures, interest rate, swaps, credit default 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-Backed Securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with Mortgage-Backed Securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and also may result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Institutional, Service, Investor, Separate Account Institutional,</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. Securitized Bond Index (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/ </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark </span><span style="font-family:Times New Roman;font-size:9pt;">indices, please see “Additional Performance and Benchmark Information” on page 41 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, </span><span style="font-family:Times New Roman;font-size:9pt;">before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart (including “Best Quarter” and “Worst Quarter” information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Performance reflects applicable fee waivers and/or expense limitations in effect </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class A Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Institutional, Service, Investor, Separate Account Institutional,</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. Securitized Bond Index (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/ </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, </span><span style="font-family:Times New Roman;font-size:9pt;">before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart (including “Best Quarter” and “Worst Quarter” information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(INSTITUTIONAL*)</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">*</span><span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Previously, the bar chart above showed the Fund’s annual returns for Class A Shares. Annual returns for Institutional Shares are used because Institutional Shares have more assets than any other share class.</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">0.94%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">7.42%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-5.62%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0094 2026-06-30 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0742 2023-12-31 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0562 2022-09-30 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2003-11-03 0.0392 -0.0118 0.0086 0.0235 -0.0234 -0.0025 0.0229 -0.0139 0.0017 2003-11-03 0.0829 -0.0006 0.0159 2026-02-20 0.0821 -0.0017 0.0150 2011-07-29 0.0821 -0.0017 0.0150 2003-11-03 0.0832 -0.0008 0.0160 2026-02-20 0.0821 -0.0017 0.0150 2015-07-31 0.0831 -0.0008 0.0159 0.0849 0.0022 0.0168 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Institutional, Service, Investor, Separate Account Institutional,</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">Class R and Class R6 Shares will vary.</span><span style="font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Service Class Shares commenced operations on February 20, 2026. Because Service 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 Investor Shares of the Fund. Performance has not been adjusted to reflect the higher expenses of Service Class Shares. Service Class Shares would have had lower returns because: (i) Investor Shares and Service Class Shares represent interests in the same portfolio of securities; and (ii) Service Class Shares have higher expenses.</span><span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Class R Shares commenced operations on February 20, 2026. Because Class R Shares have not had returns for a full calendar year as of the date of this Prospectus, the figures shown above provide performance for Investor Shares of the Fund. Performance has not been adjusted to reflect the higher expenses of Class R Shares. Class R Shares would have had lower returns because: (i) Investor Shares and Class R Shares represent interests in the same portfolio of securities; and (ii) Class R Shares have higher expenses.</span> <span style="font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Institutional, Service, Investor, Separate Account Institutional,</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">Class R and Class R6 Shares will vary.</span> <span style="font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Enhanced Income Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Enhanced Income Fund (the “Fund”) seeks to generate return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0025 0.0011 0.0036 -0.0002 0.0034 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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 limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 35 114 200 454 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">65</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.65 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities and derivatives that have similar economic characteristics to such securities.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">Fixed income securities include securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate notes, privately issued adjustable rate and fixed rate </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), commercial paper, fixed and floating rate asset- backed securities (including collateralized loan obligations), high yield non-investment grade fixed income securities (i.e., securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality), sovereign and corporate debt securities, and other U.S. dollar denominated debt instruments of emerging market countries (“emerging countries debt”). The Fund may also invest in fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”). The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">Except for asset-backed securities, Mortgage-Backed Securities and U.S. Treasury securities deliverable in futures transactions, the Fund will not invest in securities with remaining maturities of more than 5 years as determined in accordance with the SAI. With respect to asset-backed securities and Mortgage-Backed Securities, the Fund will not invest in asset-backed securities with a weighted average life of more than 5 years. In pursuing the Fund’s investment objective, the Investment Adviser will seek to enhance the Fund’s return by identifying those fixed income securities that are within the maturity limitations discussed above and that the Investment Adviser believes offer advantageous yields relative to other similar securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may not invest, in the aggregate, more than 10% of its total assets measured at the time of purchase (“Total Assets”) in (i) emerging countries debt and (ii) non-investment grade fixed income securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may engage in forward foreign currency transactions in G4 currencies (U.S. dollar, euro, Great British pound and Japanese yen) for both hedging and non-hedging purposes. The Fund may invest in obligations of domestic and foreign issuers that are denominated in currencies other than the U.S. dollar (and may also be denominated in a currency other than that associated with the issuer’s domicile). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund also intends to invest in other derivative instruments, including (but not limited to) interest rate futures contracts, options (including options on futures contracts, swaps, bonds and indexes), swaps (including credit default, index, basis, total return, volatility and currency swaps) and other forward contracts. The Fund may use derivatives, instead of buying and selling debt directly, to manage duration, to gain exposure to certain securities or indexes, or to take short positions with respect to individual securities or indexes. The Fund may invest in derivatives that are not denominated in U.S. dollars. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to be approximately 1 year plus or minus 1 year, and over the past five years ended June 30, 2026, the duration of the ICE BofAML One-Year U.S. Treasury Note Index has ranged between 0.88 to 1.00 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the ICE BofAML One-Year U.S. Treasury Note Index. </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Fixed Income Investment Philosophy: </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Our process: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Combines diversified sources of return by employing multiple strategies </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Takes a global perspective to seek relative value opportunities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Employs focused specialist teams to seek to identify short-term mis-pricings and incorporate long-term views </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Emphasizes a risk-aware approach as we view risk management as both an offensive and defensive tool </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">No one factor or consideration is determinative in the fundamental investment process.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in fixed income securities and derivatives that have similar economic characteristics to such securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">Fixed income securities include securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate notes, privately issued adjustable rate and fixed rate </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), commercial paper, fixed and floating rate asset- backed securities (including collateralized loan obligations), high yield non-investment grade fixed income securities (i.e., securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality), sovereign and corporate debt securities, and other U.S. dollar denominated debt instruments of emerging market countries (“emerging countries debt”). The Fund may also invest in fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”). The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">Except for asset-backed securities, Mortgage-Backed Securities and U.S. Treasury securities deliverable in futures transactions, the Fund will not invest in securities with remaining maturities of more than 5 years as determined in accordance with the SAI. With respect to asset-backed securities and Mortgage-Backed Securities, the Fund will not invest in asset-backed securities with a weighted average life of more than 5 years. In pursuing the Fund’s investment objective, the Investment Adviser will seek to enhance the Fund’s return by identifying those fixed income securities that are within the maturity limitations discussed above and that the Investment Adviser believes offer advantageous yields relative to other similar securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Asset-backed securities are subject to risks similar to those associated with mortgage-backed securities (e.g., failures of private insurers to meet their obligations and unexpectedly high rates of default on the assets backing the securities, particularly during periods of rising interest rates), as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Call/Prepayment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a Mortgage-Backed Security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer’s credit quality improves. Under these circumstances,  the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with over-the-counter (“OTC”) transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of options, futures, 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Extension Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a Mortgage-Backed Security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and the Fund will also suffer from the inability to reinvest in higher yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-Backed Securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with Mortgage-Backed Securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the ICE BofAML One-Year U.S. Treasury Note Index (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance and </span><span style="font-family:Times New Roman;font-size:9pt;">Benchmark Information” on page 35 of the Prospectus.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by </span><span style="font-family:Times New Roman;font-size:9pt;">calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the ICE BofAML One-Year U.S. Treasury Note Index (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance and </span><span style="font-family:Times New Roman;font-size:9pt;">Benchmark Information” on page 35 of the Prospectus.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Performance </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.37%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">3.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-2.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0137 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0384 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0243 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0475 0.0300 0.0287 0.0296 0.0181 0.0179 0.0279 0.0179 0.0174 0.0415 0.0247 0.0243 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Inflation Protected Securities Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Inflation Protected Securities Fund (the “Fund”) seeks real return consistent with preservation of capital.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0026 0.0022 0.0048 -0.0015 0.0033 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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 limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 34 139 254 589 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">221</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 2.21 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in inflation protected securities (“IPS”) of varying maturities issued by the U.S. Treasury (“TIPS”) and other U.S. and non-U.S. Government agencies and corporations (“CIPS”).</span><span style="font-family:Times New Roman;font-size:9pt;">IPS are designed to provide inflation protection to investors. The U.S. Treasury uses the Consumer Price Index for Urban Consumers (the “CPIU”) as the measurement of inflation, while other issuers of IPS may use other indices as the measure of inflation. IPS are income-generating instruments whose interest and principal payments are adjusted for inflation—a sustained increase in prices that erodes the purchasing power of money.</span><span style="font-family:Times New Roman;font-size:9pt;"> The inflation adjustment, which is </span><span style="font-family:Times New Roman;font-size:9pt;">typically applied monthly to the principal of the bond, follows a designated inflation index, such as the CPIU. A fixed coupon rate is </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of an investment. Because of this inflation adjustment feature, inflation protected bonds typically have lower yields than conventional fixed-rate bonds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The remainder of the Fund’s Net Assets (up to 20%) may be invested in other fixed income securities, including securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), asset-backed securities, mortgage-backed securities, corporate securities, non-investment grade fixed income securities and securities issued by foreign corporate and governmental issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund also intends to invest in derivatives, including (but not limited to) futures and inflation-linked swaps, primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration, and/or gain exposure to certain fixed income securities.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index, plus or minus 2 years, and over the past five years ended June 30, 2026, the duration of this index has ranged between 6.17 and 7.84 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. TIPS Index. </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Fixed Income Investment Philosophy: </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Our process: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Combines diversified sources of return by employing multiple strategies </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Takes a global perspective to seek relative value opportunities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Employs focused specialist teams to seek to identify short-term mis-pricings and incorporate long-term views </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Emphasizes a risk-aware approach as we view risk management as both an offensive and defensive tool </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">No one factor or consideration is determinative in the fundamental investment process.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in inflation protected securities (“IPS”) of varying maturities issued by the U.S. Treasury (“TIPS”) and other U.S. and non-U.S. Government agencies and corporations (“CIPS”).</span> <span style="font-family:Times New Roman;font-size:9pt;">IPS are designed to provide inflation protection to investors. The U.S. Treasury uses the Consumer Price Index for Urban Consumers (the “CPIU”) as the measurement of inflation, while other issuers of IPS may use other indices as the measure of inflation. IPS are income-generating instruments whose interest and principal payments are adjusted for inflation—a sustained increase in prices that erodes the purchasing power of money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The remainder of the Fund’s Net Assets (up to 20%) may be invested in other fixed income securities, including securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), asset-backed securities, mortgage-backed securities, corporate securities, non-investment grade fixed income securities and securities issued by foreign corporate and governmental issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund also intends to invest in derivatives, including (but not limited to) futures and inflation-linked swaps, primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration, and/or gain exposure to certain fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">CPIU Measurement Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The CPIU is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. There can be no assurance that the CPIU will accurately measure the real rate of inflation in the prices of goods and services, which may affect the valuation of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Deflation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund will be subject to the risk that prices throughout the economy may decline over time, resulting in “deflation.” If this occurs, the principal and income of IPS held by the Fund would likely decline in price, which could result in losses for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of futures and inflation-linked 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Inflation Protected Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The value of IPS generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or liquid, and more volatile, than certain other securities markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and also may result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Consequences Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund will be subject to the risk that adjustments for inflation to the principal amount of an inflation indexed bond may give rise to original issue discount, which will be includable in the Fund’s gross income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. Treasury Inflation-Protected Securities (“TIPS”) Index (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance </span><span style="font-family:Times New Roman;font-size:9pt;">and Benchmark Information” on page 35 of the Prospectus.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by </span><span style="font-family:Times New Roman;font-size:9pt;">calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. Treasury Inflation-Protected Securities (“TIPS”) Index (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance </span><span style="font-family:Times New Roman;font-size:9pt;">and Benchmark Information” on page 35 of the Prospectus.</span> <span style="font-family:Times New Roman;font-size:9pt;">The </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.02%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">4.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-6.06%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0102 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0451 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0606 2022-06-30 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-18 0.0701 0.0100 0.0294 0.0514 -0.0101 0.0131 0.0414 -0.0010 0.0155 0.0701 0.0112 0.0317 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Short Duration Bond Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Short Duration Bond Fund (the “Fund”) seeks total return consisting of income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0039 0.0009 0.0048 -0.0005 0.0043 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods, unless otherwise stated. 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 limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 44 149 264 599 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">141</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 1.41 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in U.S. or foreign fixed income securities.</span><span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span><span style="font-family:Times New Roman;font-size:9pt;">These fixed income securities include securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), </span><span style="font-family:Times New Roman;font-size:9pt;">asset-backed securities (including collateralized loan obligations), high yield non-investment grade fixed income securities (i.e., securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality), high yield floating rate loans (“Bank Loans”) and sovereign and corporate debt securities, and other instruments of issuers in emerging market countries (“emerging countries debt”). The Fund may also invest in fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”) and may purchase securities of issuers in default. The Fund may seek to obtain exposure to these investments through investments in affiliated or unaffiliated investment companies including exchange-traded funds (“ETFs”), the Goldman Sachs High Yield Fund, Goldman Sachs Emerging Markets Debt Fund and Goldman Sachs Local Emerging Markets Debt Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may not invest, in the aggregate, more than 20% of its total assets measured at the time of purchase (“Total Assets”) in (i) emerging countries debt and (ii) non-investment grade fixed income securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may engage in forward foreign currency transactions for both hedging and non-hedging purposes. The Fund may invest in obligations of domestic and foreign issuers that are denominated in currencies other than the U.S. dollar (and may also be denominated in a currency other than that associated with the issuer’s domicile). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund also intends to invest in other derivative instruments, including (but not limited to) interest rate futures contracts, options (including options on futures contracts, swaps, bonds and indexes), swaps (including credit default, index, basis, total return, volatility and currency swaps) and other forward contracts. The Fund may use derivatives, instead of buying and selling debt directly, to manage duration, to gain exposure to certain securities or indexes, or to take short positions with respect to individual securities or indexes. The Fund may invest in derivatives that are not denominated in U.S. dollars. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Except as described above, the Fund invests in fixed income securities rated at least BBB- or Baa3 at the time of purchase. The Fund will deem a security to have the highest credit rating assigned to it from an NRSRO at the time of purchase, if more than one NRSRO rates the security. Unrated securities may be purchased by the Fund if they are determined by the Investment Adviser to be of comparable credit quality. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Goldman Sachs Short Duration Bond Fund Composite Index plus or minus two years, and during the past five years ended June 30, 2026, the duration of this index ranged between 1.72 and 1.96 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged), which is comprised of the Bloomberg U.S. 1-3 Year Corporate Bond Index (50%) and the Bloomberg U.S. 1-3 Year Government Bond Index (50%). </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Fixed Income Investment Philosophy: </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Our process: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Combines diversified sources of return by employing multiple strategies </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Takes a global perspective to seek relative value opportunities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Employs focused specialist teams to seek to identify short-term mis-pricings and incorporate long-term views </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Emphasizes a risk-aware approach as we view risk management as both an offensive and defensive tool </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">No one factor or consideration is determinative in the fundamental investment process.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in U.S. or foreign fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">A fixed income security is a debt instrument issued by a company, government or other entity to borrow money. The issuer typically pays a fixed, variable, or floating rate of interest and must repay the amount borrowed, usually at the maturity of the security.</span> <span style="font-family:Times New Roman;font-size:9pt;">These fixed income securities include securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”), corporate debt securities, privately issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Private Mortgage-Backed Securities” and, together with Agency Mortgage-Backed Securities, “Mortgage-Backed Securities”), </span><span style="font-family:Times New Roman;font-size:9pt;">asset-backed securities (including collateralized loan obligations), high yield non-investment grade fixed income securities (i.e., securities rated BB+, Ba1 or below by a nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the Investment Adviser to be of comparable credit quality), high yield floating rate loans (“Bank Loans”) and sovereign and corporate debt securities, and other instruments of issuers in emerging market countries (“emerging countries debt”). The Fund may also invest in fixed income securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia) (“Municipal Securities”) and may purchase securities of issuers in default. The Fund may seek to obtain exposure to these investments through investments in affiliated or unaffiliated investment companies including exchange-traded funds (“ETFs”), the Goldman Sachs High Yield Fund, Goldman Sachs Emerging Markets Debt Fund and Goldman Sachs Local Emerging Markets Debt Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Call/Prepayment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a Mortgage-Backed Security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer’s credit quality improves. Under these circumstances,  the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with over-the-counter (“OTC”) transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of options, futures, forwards, swaps, options on 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Extension Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a Mortgage-Backed Security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and the Fund will also suffer from the inability to reinvest in higher yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Loan-Related Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In addition to risks generally associated with debt investments (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations. During periods of heightened redemption activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Senior loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">borrower. Second lien loans generally have greater price volatility than senior loans and may be less liquid. Generally, loans have the benefit of restrictive covenants that limit the ability of the borrower to further encumber its assets or impose other obligations. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-Backed Securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with Mortgage-Backed Securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Municipal Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Municipal Securities are subject to call/prepayment risk, credit/default risk,extension risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on Municipal Securities is generally not subject to federal tax, any interest earned on taxable Municipal Securities is fully taxable at the federal level and may be subject to tax at the state level.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Investment Grade Fixed Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. To</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">the extent the Fund invests in ETFs, the Fund will invest only in ETFs sponsored by GSAM or its affiliates, unless GSAM determines, in its sole discretion, that no affiliated ETF is available to provide the desired exposure (for example, by sector, industry, credit quality, or duration). GSAM will consider investing in an unaffiliated ETF on behalf of the Fund only where no affiliated ETF is available to provide the desired exposure. For investments in affiliated ETFs, GSAM has agreed to waive a portion of its management fees in an amount equal to any management fees it earns as the investment adviser to the affiliated ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory </span><span style="font-family:Times New Roman;font-size:9pt;">Benchmark”) and the Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) (the “Performance Benchmark”), a custom benchmark comprised of the Bloomberg U.S. 1-3 Year Corporate Bond Index (50%) and the Bloomberg U.S. 1-3 Year Government Bond Index (50%). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/or </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark </span><span style="font-family:Times New Roman;font-size:9pt;">indices, please see “Additional Performance and Benchmark Information” on page 35 of the Prospectus.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory </span><span style="font-family:Times New Roman;font-size:9pt;">Benchmark”) and the Goldman Sachs Short Duration Bond Fund Composite Index (Total Return, USD, Unhedged) (the “Performance Benchmark”), a custom benchmark comprised of the Bloomberg U.S. 1-3 Year Corporate Bond Index (50%) and the Bloomberg U.S. 1-3 Year Government Bond Index (50%). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/or </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark </span><span style="font-family:Times New Roman;font-size:9pt;">indices, please see “Additional Performance and Benchmark Information” on page 35 of the Prospectus.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/or </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">1.11%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">5.50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-3.31%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0111 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0550 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0331 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0661 0.0219 0.0316 0.0478 0.0097 0.0204 0.0389 0.0114 0.0195 0.0552 0.0217 0.0269 0.0588 0.0258 0.0310 0.0517 0.0176 0.0227 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Short Duration Government Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Short Duration Government Fund (the “Fund”) seeks a high level of current income </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">and secondarily, in seeking </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">current income, may also consider the potential for capital appreciation</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">and secondarily, in seeking </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">current income, may also consider the potential for capital appreciation</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0044 0.0013 0.0057 -0.0010 0.0047 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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 limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 48 173 308 704 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">643</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 6.43 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”) and in repurchase agreements collateralized by such securities.</span><span style="font-family:Times New Roman;font-size:9pt;">Substantially all of the Fund’s Net Assets will be invested in U.S. Government Securities and instruments based on U.S. Government Securities. The Fund </span><span style="font-family:Times New Roman;font-size:9pt;">also intends to invest in derivatives, including (but not limited to) interest rate futures, options and interest rate swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the ICE BofAML Two-Year U.S. Treasury Note Index, plus or minus 1 year, and over the past five years ended June 30, 2026, the duration of this index has ranged between 1.78 and 1.99 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the ICE BofAML Two-Year U.S. Treasury Note Index. </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Fixed Income Investment Philosophy: </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Our process: </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Combines diversified sources of return by employing multiple strategies </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Takes a global perspective to seek relative value opportunities </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Employs focused specialist teams to seek to identify short-term mis-pricings and incorporate long-term views </span><span style="color:#33C900;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Emphasizes a risk-aware approach as we view risk management as both an offensive and defensive tool </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">No one factor or consideration is determinative in the fundamental investment process.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), including agency issued adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (“Agency Mortgage-Backed Securities”) and in repurchase agreements collateralized by such securities.</span> <span style="font-family:Times New Roman;font-size:9pt;">Substantially all of the Fund’s Net Assets will be invested in U.S. Government Securities and instruments based on U.S. Government Securities. The Fund </span><span style="font-family:Times New Roman;font-size:9pt;">also intends to invest in derivatives, including (but not limited to) interest rate futures, options and interest rate swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities. 100% of the Fund’s portfolio will be invested in U.S. dollar-denominated securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Call/Prepayment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a Mortgage-Backed Security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer’s credit quality improves. Under these circumstances,  the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of options, futures, 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and/or Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-Backed Securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with Mortgage-Backed Securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and also may result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the ICE BofAML Two-Year U.S. Treasury Note Index (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance and </span><span style="font-family:Times New Roman;font-size:9pt;">Benchmark Information” on page 35 of the Prospectus.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by </span><span style="font-family:Times New Roman;font-size:9pt;">calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the ICE BofAML Two-Year U.S. Treasury Note Index (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance and </span><span style="font-family:Times New Roman;font-size:9pt;">Benchmark Information” on page 35 of the Prospectus.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Performance </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">0.42%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">2.99%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2024</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-2.87%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0042 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0299 2024-09-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0287 2022-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0501 0.0115 0.0186 0.0361 0.0019 0.0092 0.0295 0.0046 0.0102 0.0485 0.0142 0.0200 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs U.S. Mortgages Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs U.S. Mortgages Fund (the “Fund”) seeks a high level of total return consisting of income and capital appreciation.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Times New Roman;font-size:9pt;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> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0034 0.0023 0.0057 -0.0013 0.0044 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">July 29, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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:</span> 45 170 305 701 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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 the 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 March 31, 2026 was </span><span style="font-family:Times New Roman;font-size:9pt;">1219</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 12.19 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in securities representing direct or indirect interests in or that are collateralized by adjustable rate and fixed rate mortgage loans or other mortgage-related securities (“Mortgage-Backed Securities”) of U.S. issuers, including agency issued Mortgage-Backed Securities (“Agency Mortgage-Backed Securities”).</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund generally expects to invest at least 90% of its Net Assets in Agency Mortgage-Backed Securities in addition to other securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”).</span><span style="font-family:Times New Roman;font-size:9pt;">A U.S. issuer is an issuer economically tied to the United States.</span><span style="font-family:Times New Roman;font-size:9pt;"> The Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">may also invest in mortgage dollar rolls, asset-backed securities (including collateralized loan obligations (“CLOs”)) and foreign securities. The Fund also intends to invest in derivatives, including (but not limited to) interest rate futures, interest rate swaps and credit default swaps, primarily to manage the Fund’s duration, hedge the Fund’s portfolio risks, and/or gain exposure to certain fixed income securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities through several methods, including by utilizing to-be-announced (“TBA”) agreements in Agency Mortgage-Backed Securities or through the use of reverse repurchase agreements. TBA agreements for Agency Mortgage-Backed Securities are standardized contracts for future delivery of fixed-rate mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until shortly before settlement. A reverse repurchase agreement enables the Fund to gain exposure to specified pools of Agency Mortgage-Backed Securities by purchasing them on a forward settling basis and using the proceeds of the reverse repurchase agreement to settle the trade. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments must be rated, at the time of purchase, at least BBB– by S&amp;P Global Ratings (“S&amp;P”), at least Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), or have a comparable credit rating by another nationally recognized statistical rating organization (“NRSRO”) or, if unrated, must be determined by the Investment Adviser to be of comparable credit quality. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. Securitized Bond Index plus or minus 0.5 years, and over the past five years ended June 30, 2026, the duration of this Index has ranged between 3.86 and 6.31 years. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security’s market price. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may implement short positions and may do so by using swaps, options or futures, TBA agreements in Agency Mortgage-Backed Securities, or through short sales of any instrument that the Fund may purchase for investment. For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. The Fund may utilize short positions to implement macro views on securities valuations, long term views on relative value or short term views on security mispricings, as well as any other views the Investment Adviser deems appropriate. For example, the Fund may enter into a TBA agreement to sell an Agency Mortgage-Backed Security that it believes will underperform. The Fund will benefit from a short position to the extent the asset decreases in value (and will be harmed to the extent the asset increases in value) between the time it enters into the futures contract and the agreed date of sale. Alternatively, the Fund may sell an instrument (e.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">g.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">, a bond, or a futures contract) it does not own in anticipation of a decline in the market value of the instrument, and then borrow the instrument to make delivery to the buyer. In these transactions, the Fund is obligated to replace the instrument borrowed by purchasing it at the market price at the time of replacement. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s portfolio managers seek to build a portfolio that reflects their investment views across the U.S. mortgages market consistent with the Fund’s overall risk budget and the views of the Investment Adviser’s Global Fixed Income top-down teams. As part of the Investment Adviser’s fundamental investment process, the Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Bloomberg U.S. Securitized Bond Index.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in securities representing direct or indirect interests in or that are collateralized by adjustable rate and fixed rate mortgage loans or other mortgage-related securities (“Mortgage-Backed Securities”) of U.S. issuers, including agency issued Mortgage-Backed Securities (“Agency Mortgage-Backed Securities”).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund generally expects to invest at least 90% of its Net Assets in Agency Mortgage-Backed Securities in addition to other securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”).</span> <span style="font-family:Times New Roman;font-size:9pt;">A U.S. issuer is an issuer economically tied to the United States.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Collateralized Loan Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan- and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">CLOs issue classes or “tranches” that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. Despite the protection from subordinate tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. The Fund’s investments in CLOs primarily consist of investment grade tranches.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities held by the Fund may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant net asset value (“NAV”) deterioration. These risks are heightened in market environments where interest rates are rising.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of interest rate futures, interest rate, swaps, credit default 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Floating and Variable Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as the Secured Overnight Financing Rate (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”) or another rate determined using SOFR values. Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mortgage-Backed and Other Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Mortgage-related and other asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-Backed Securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with Mortgage-Backed Securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may gain exposure to Agency Mortgage-Backed Securities by utilizing TBA agreements. TBA agreements involve the risk that the other party to the transaction will not meet its obligation. If this occurs, the Fund could lose the opportunity to obtain a price or yield that it considers advantageous. In such circumstances, the Fund may not be able to secure an alternative investment with comparable terms. TBA agreements may give rise to a form of leverage. The Fund’s use of TBA agreements may also result in a higher portfolio turnover rate and/or increased capital gains for the Fund.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and also may result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. Securitized Bond Index (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance and Benchmark </span><span style="font-family:Times New Roman;font-size:9pt;">Information” on page 35 of the Prospectus.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate </span><span style="font-family:Times New Roman;font-size:9pt;">phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">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 Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the “Regulatory Benchmark”) and the Bloomberg U.S. Securitized Bond Index (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span><span style="font-family:Times New Roman;font-size:9pt;"> For additional information about these benchmark indices, please see “Additional Performance and Benchmark </span><span style="font-family:Times New Roman;font-size:9pt;">Information” on page 35 of the Prospectus.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is </span><span style="font-family:Times New Roman;font-size:9pt;">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.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS P)</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">0.95%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2026</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">7.30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-5.62%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2022</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0095 2026-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0730 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0562 2022-09-30 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-20 0.0831 -0.0008 0.0180 0.0653 -0.0138 0.0050 0.0488 -0.0063 0.0082 0.0849 0.0022 0.0186 0.0730 -0.0036 0.0211 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> Effective since April 24, 2026, no sales charge has been imposed on purchases of Class A Shares. Effective since April 24, 2026, no Contingent Deferred Sales Charge ("CDSC") has been imposed on redemptions of Class A and Class C Shares. Effective since April 30, 2026, all Distribution and/or Service (Rule 12b-1) Plan fees on all applicable share classes of the Income Fund have been waived. The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. Effective since April 30, 2026, all Service and/or Shareholder Administration Plan fees on all applicable share classes of the Income Fund have been waived. The Investment Adviser has agreed to (i) waive a portion of the management fee in order to achieve an effective net management fee rate of 0.50% as an annual percentage rate of average daily net assets of the Fund; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets. These arrangements will remain in effect through at least July 29, 2027 or through the time of the closing of the Conversion, whichever is earlier, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The since inception performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The Investment Adviser has agreed to (i) waive a portion of the management fee in order to achieve an effective net management fee rate of 0.50% as an annual percentage rate of average daily net assets of the Fund; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets. These arrangements will remain in effect through at least July 29, 2027 or through the time of the closing of the Conversion, whichever is earlier, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.064% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. Performance of Class A Shares reflects no initial sales charge. Prior to July 30, 2018, the maximum initial sales charge applicable to Class A Shares was 1.50%, which is not reflected in the performance shown in the table above. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.064% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase. The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.034% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. Class R6 Shares commenced operations on November 30, 2017. Prior to that date, the performance of Class R6 Shares shown in the table above is that of Institutional Shares (for the period between March 24, 2014 and November 30, 2017). Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had higher returns because: (i) Institutional Shares and Class R6 Shares represent interests in the same portfolio of securities; and (ii) Class R6 Shares have lower expenses. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.034% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 0.65% is imposed on Class C Shares redeemed within 12 months of purchase. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Fund’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Fund. In addition, Goldman Sachs has agreed to waive a portion of the distribution (12b-1) and service fees equal to 0.35% of the average daily net assets attributable to Class C Shares of the Fund. These arrangements will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser or Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance.  The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Fund’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.02% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Fund. These arrangements will remain in effect through at least July 29, 2027, and prior to such date, the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. Class R6 Shares commenced operations on November 30, 2017. Prior to that date, the performance of Class R6 Shares shown in the table above is that of Institutional Shares. Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had higher returns because: (i) Institutional Shares and Class R6 Shares represent interests in \ the same portfolio of securities; and (ii) Class R6 Shares have lower expenses. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase. The “Total Annual Fund Operating Expenses” do not correlate to the ratios of the total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired 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 fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests, and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. The “Total Annual Fund Operating Expenses” do not correlate to the ratios of the total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired 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 fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests, and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase. The Investment Adviser has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.48% as an annual percentage rate of average daily net assets of the Fund; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service and shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. These arrangements will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. The Investment Adviser has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.48% as an annual percentage rate of average daily net assets of the Fund; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. These arrangements will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 0.65% is imposed on Class C Shares redeemed within 12 months of purchase. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, service fees, shareholder administration fees, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. In addition, Goldman Sachs & Co. LLC (“Goldman Sachs”) has agreed to waive a portion of the distribution (12b-1) and/or service fees equal to 0.35% of the average daily net assets attributable to Class C Shares of the Fund. Additionally, Goldman Sachs, the Fund’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Fund. These arrangements will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. Class R6 Shares commenced operations on November 30, 2017. Prior to that date, the performance of Class R6 Shares shown in the table above is that of Institutional Shares. Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had higher returns because: (i) Institutional Shares and Class R6 Shares represent interests in the same portfolio of securities; and (ii) Class R6 Shares have lower expenses. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. Class R6 Shares commenced operations on November 30, 2017. Prior to that date, the performance of Class R6 Shares shown in the table above is that of Institutional Shares. Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had higher returns because: (i) Institutional Shares and Class R6 Shares represent interests in the same portfolio of securities; and (ii) Class R6 Shares have lower expenses. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase. The “Total Annual Fund Operating Expenses” do not correlate to the ratios of 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 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 the affiliated funds in which the Fund invests; (ii) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.77% as an annual percentage rate for the Fund’s average daily net assets; and (iii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Fund’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.04% as an annual percentage of the average daily net assets attributable to Class A, Class C and Investor Shares. These arrangements will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. The Fund's "Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation" have been restated to reflect the fee waivers currently in effect. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. The “Total Annual Fund Operating Expenses” do not correlate to the ratios of 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 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 the affiliated funds in which the Fund invests; (ii) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.77% as an annual percentage rate for the Fund’s average daily net assets; and (iii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The Fund's "Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation" have been restated to reflect the fee waivers currently in effect. A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase. The “Other Expenses" have been restated to reflect expenses expected to be incurred during the current fiscal year. The “Total Annual Fund Operating Expenses” do not correlate to the ratios of the total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses.” Goldman Sachs & Co. LLC (“Goldman Sachs”), the Fund’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.05% as an annual percentage of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares. These arrangements will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The since inception performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. Class R6 Shares commenced operations on November 30, 2017. Prior to that date, the performance of Class R6 Shares shown in the table above is that of Institutional Shares. Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had higher returns because: (i) Institutional Shares and Class R6 Shares represent interests in the same portfolio of securities; and (ii) Class R6 Shares have lower expenses. The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The “Total Annual Fund Operating Expenses” do not correlate to the ratios of the total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses.” The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.074% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. Service Class Shares commenced operations on February 20, 2026. Because Service 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 Investor Shares of the Fund. Performance has not been adjusted to reflect the higher expenses of Service Class Shares. Service Class Shares would have had lower returns because: (i) Investor Shares and Service Class Shares represent interests in the same portfolio of securities; and (ii) Service Class Shares have higher expenses. Class R Shares commenced operations on February 20, 2026. Because Class R Shares have not had returns for a full calendar year as of the date of this Prospectus, the figures shown above provide performance for Investor Shares of the Fund. Performance has not been adjusted to reflect the higher expenses of Class R Shares. Class R Shares would have had lower returns because: (i) Investor Shares and Class R Shares represent interests in the same portfolio of securities; and (ii) Class R Shares have higher expenses. The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.074% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase. The Investment Adviser has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.64% as an annual percentage rate for the Fund’s average daily net assets; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service and shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Fund’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Fund. These arrangements will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. The Investment Adviser has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.64% as an annual percentage rate for the Fund’s average daily net assets; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. These arrangements will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase. The "Other Expenses" for Investor Shares have been restated to reflect expenses expected to be incurred during the current fiscal year. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.044% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance.  The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.044% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 0.65% is imposed on Class C Shares redeemed within 12 months of purchase. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. In addition, Goldman Sachs & Co. LLC (“Goldman Sachs”) has agreed to waive a portion of the distribution (12b-1) and service fees equal to 0.35% of the average daily net assets attributable to Class C Shares of the Fund. These arrangements will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser or Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance.  The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase. The Investment Adviser has agreed to (i) waive a portion of the management fee in order to achieve an effective net management fee rate of 0.33% as an annual percentage rate of average daily net assets of the Fund; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service and shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets. These arrangements will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. The Investment Adviser has agreed to (i) waive a portion of the management fee in order to achieve an effective net management fee rate of 0.33% as an annual percentage rate of average daily net assets of the Fund; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets. These arrangements will remain in effect through at least July 29, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase. The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Fund’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Fund. These arrangements will remain in effect through at least July 29, 2027, and prior to such date, the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. The "Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation" for Class A, Class C, and Investor Shares have been restated to reflect the fee waiver currently in effect. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. Class R6 Shares commenced operations on November 30, 2017. Prior to that date, the performance of Class R6 Shares shown in the table above is that of Institutional Shares. Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had higher returns because: (i) Institutional Shares and Class R6 Shares represent interests in the same portfolio of securities; and (ii) Class R6 Shares have lower expenses. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets through at least July 29, 2027, and prior to such date, the Investment Adviser may not terminate this arrangement without the approval of the Board of Trustees. Effective since April 24, 2026, no sales charge has been imposed on purchases of Class A Shares. Effective since April 24, 2026, no Contingent Deferred Sales Charge ("CDSC") has been imposed on redemptions of Class A and Class C Shares. Effective since April 30, 2026, all Distribution and/or Service (Rule 12b-1) Plan fees on all applicable share classes of the Bond Fund have been waived. Effective since April 30, 2026, all Service and/or Shareholder Administration Plan fees on all applicable share classes of the Bond Fund have been waived. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service and shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets through at least July 29, 2027 or through the time of the closing of the Conversion, whichever is earlier, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets through at least July 29, 2027 or through the time of the closing of the Conversion, whichever is earlier, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.