Summary
Prospectus
Prospectus
February 28, 2023
Goldman Sachs GQG Partners International Opportunities Fund
Class A: GSIHX Class C: GSILX
Institutional: GSIMX Investor: GSINX Class R: GSIQX Class R6: GSIYX
Before you invest, you may want to review the Goldman Sachs GQG Partners International Opportunities Fund (the “Fund”) Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus, reports to shareholders and other information about the Fund online at www.gsamfunds.com/mutualfunds. You can also get this information at no cost by calling 800-621-2550 or by sending an e-mail request to gs-funds-document-requests@gs.com. The Fund’s Prospectus and Statement of Additional Information (“SAI”), both dated February 28, 2023, are incorporated by reference into this Summary Prospectus.
| Investment Objective |
The Goldman Sachs GQG Partners International Opportunities Fund (the “Fund”) seeks
long-term capital appreciation.
| Fees and Expenses of the Fund |
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund.
You may qualify for sales charge discounts on purchases of Class A Shares if you invest at
least $50,000
in Goldman Sachs Funds.
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 31 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 67 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-141 of the
Fund’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid
directly from your investment)
| |
Class A |
Class C |
Institutional |
Investor |
Class R |
Class R6 |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
5.50% |
None |
None |
None |
None |
None |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds)1
|
None |
1.00% |
None |
None |
None |
None |
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the
value of your investment)
| |
Class A |
Class C |
Institutional |
Investor |
Class R |
Class R6 |
| Management Fees |
0.72% |
0.72% |
0.72% |
0.72% |
0.72% |
0.72% |
| Distribution and/or Service (12b-1) Fees |
0.25% |
0.75% |
None |
None |
0.50% |
None |
| Other Expenses |
0.19% |
0.44% |
0.07% |
0.19% |
0.19% |
0.06% |
| Service Fees |
None |
0.25% |
None |
None |
None |
None |
| All Other Expenses |
0.19% |
0.19% |
0.07% |
0.19% |
0.19% |
0.06% |
| Acquired Fund Fees and Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Total Annual Fund Operating Expenses2 |
1.17% |
1.92% |
0.80% |
0.92% |
1.42% |
0.79% |
| Fee Waiver and Expense Limitation3
|
(0.03%) |
(0.03%) |
(0.03%) |
(0.03%) |
(0.03%) |
(0.04%) |
| Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation2
|
1.14% |
1.89% |
0.77% |
0.89% |
1.39% |
0.75% |
1
A contingent deferred sales charge (“CDSC”) of 1.00%
is imposed on Class C Shares redeemed within 12 months of purchase.
2
The “Total Annual Fund Operating Expenses After Fee Waiver
and Expense Limitation” and “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.”
3
The Investment Adviser has agreed to (i) waive a portion of its management fee in an amount equal to any management fees it earns as an investment adviser to the
affiliated funds in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in
connection with securities lending transactions in affiliated funds; and (ii) reduce or limit “Other Expenses” (excluding acquired fund
fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest payments on securities sold short, interest, brokerage
fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% 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 equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Fund. These
arrangements will remain in effect through at least
February 28, 2024, and prior to such date the
Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
2 Summary
Prospectus — Goldman Sachs GQG Partners International Opportunities Fund
| Expense Example |
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds.
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:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A Shares |
$660 |
$898 |
$1,156 |
$1,890 |
| Class C Shares |
$292 |
$600 |
$1,034 |
$2,241 |
| Institutional Shares |
$79 |
$252 |
$441 |
$987 |
| Investor Shares |
$91 |
$290 |
$506 |
$1,129 |
| Class R Shares |
$142 |
$446 |
$773 |
$1,699 |
| Class R6 Shares |
$77 |
$248 |
$435 |
$974 |
| Class C Shares – Assuming no redemption |
$192 |
$600 |
$1,034 |
$2,241 |
| Portfolio Turnover |
The Fund pays transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne
by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in 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 October 31, 2022 was 137% of the average value of its portfolio.
| Principal Investment Strategies |
The Fund seeks to achieve its investment objective by investing primarily in equity investments in
non-U.S. issuers. A non-U.S. issuer is an issuer economically tied to a country other than the United States. The Fund intends to have investments economically tied to at least three countries, not including the
United States, and may invest in the securities of issuers in emerging market countries. The Fund’s equity investments may include common stock, preferred stock, securities convertible into common stock, warrants,
rights and American and global depositary receipts. The Fund’s equity investments may also include participation notes and other derivatives, which are used primarily to gain broad access to
markets and/or individual securities that may be difficult to access via direct investment in
equity securities.
The
Fund seeks to invest in securities that GQG Partners LLC (the “Sub-Adviser” or “GQG Partners”) believes have favorable longterm economic prospects. The Sub-Adviser selects securities issued by companies that, in its view, can sustain
relative earnings growth over the long-term and are available at a reasonable price. Over a full market cycle, the Sub-Adviser’s investment style seeks to capture a portion of market increases while
providing some protection when the market declines. The Sub-Adviser’s style seeks to identify companies with
strong fundamental business
characteristics which it believes will outperform peers over a full market cycle and whose securities will better sustain their value in a market downturn.
The Fund’s equity investments may also include other investment companies and other pooled investment vehicles (including mutual funds, exchange-traded funds
(“ETFs”) and publicly traded partnerships (“PTPs”)). The Fund is not subject to any limits on the market capitalization of securities in which it may invest and, from time to time, may invest in shares of
companies through initial public offerings (“IPOs”).
The Fund may invest without limitation in securities or obtain exposure to securities that are denominated
in currencies other than the U.S. dollar. The Fund may use currency management techniques, such as forward foreign currency contracts, for investment or hedging purposes.
The Fund may also invest in fixed income securities, such as government, corporate and bank debt obligations and may engage in other techniques consistent with its
overall investment objective.
| Management Process |
The Investment Adviser and the Fund have received an exemptive order from the Securities and Exchange
Commission (“SEC”). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Fund’s Board of Trustees, to oversee the Sub-Adviser and recommend its
hiring, termination and replacement. The initial shareholder of the Fund approved the Fund’s operation in this manner and reliance by the Fund on this exemptive order.
In accordance
with a separate exemptive order that the Fund and the Investment Adviser have obtained from the SEC, the Board of Trustees may enter into a new sub-advisory agreement or materially amend its existing sub-advisory agreement with
the Sub-Adviser at a meeting that is not in person, subject to certain conditions, including that the Board of Trustees is able to participate in the meeting using a means of communication that allows them to hear
each other simultaneously during the meeting.
Additional Information
The Fund’s benchmark index is the MSCI ACWI ex USA Index (net, unhedged).
| Principal Risks of the Fund |
Loss of money is a risk of investing in the Fund.
An investment in the Fund is not a bank deposit and is not
insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund
will achieve its investment objective. Investments in the Fund involve substantial risks which prospective investors should consider carefully before investing. The Fund's principal risks are presented
below in alphabetical order, and not in the order of importance or potential exposure.
Depositary Receipts Risk. Foreign securities may trade in the form of depositary receipts (“Depositary Receipts”),
which include American Depositary Receipts (“ADRs”). To the extent the Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of
the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to
respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely
3 Summary Prospectus — Goldman Sachs GQG Partners
International Opportunities Fund
manner. In addition, the lack of information may result in inefficiencies in the valuation of such
instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the
underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The issuers of Depositary Receipts may discontinue issuing new
Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund’s performance.
Foreign and Emerging Countries Risk. 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.
Geographic Risk. If the Fund focuses its investments in issuers located in a particular country or geographic region, it will subject the Fund, to a greater extent than if
investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates;
adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.
Initial Public Offering Risk. The market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior
public market, unseasoned trading, the small number of shares available for trading and
limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk.
Investing Through Stock Connect Risk. Investing in China A Shares through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect (“Stock Connect”) program
is subject to trading, clearance, settlement, and other procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to market-wide trading volume and market cap quota limitations,
each of which may restrict or preclude the Fund’s ability to invest in A Shares through Stock Connect.
A primary feature of Stock Connect is the
application of the home market’s laws and rules applicable to investors in A Shares. Therefore, the Fund’s investments in Stock Connect A Shares are generally subject to securities regulations and
listing rules, among other restrictions, of the government of the People’s Republic of China. Additionally, restrictions on the timing of permitted trading activity in A Shares, including the imposition of local
holidays in either Hong Kong or Mainland China and restrictions on purchasing and selling the same security on the same day, may subject the Fund to the risk of price fluctuations of China A Shares at
times when the Fund is unable to add to or exit its position.
Investment Style Risk. Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market
and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.
Large Shareholder Transactions Risk. 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 net asset value (“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.
Management Risk. A strategy used by the Sub-Adviser may fail to produce the intended results.
Market Risk. The market value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or
governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social
unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact
the Fund and its investments.
Mid-Cap and Small-Cap Risk. Investments in mid-capitalization and small-capitalization companies involve greater risks than those
associated with larger, more established companies. These securities may be subject to more
abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Other Investment Companies Risk. 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 and expenses 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.
Participation Notes Risk. Participation notes are designed to track the return of a particular underlying equity or debt security, currency or market. Investments in
participation notes involve the same risks associated with a direct investment in the underlying security, currency
4 Summary Prospectus — Goldman Sachs GQG Partners
International Opportunities Fund
or market that they seek to replicate. The Fund has no rights under participation notes against the issuer
of the underlying security and must rely on the creditworthiness of the counterparty to the
transaction.
Portfolio Turnover Rate Risk. A high rate of portfolio turnover involves correspondingly greater expenses which must be borne by the
Fund and its shareholders.
Stock Risk. Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in
the past and may do so again in the future.
| Performance |
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 broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the
Fund will perform in the future. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus.
Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.
CALENDAR YEAR
(INSTITUTIONAL)
| During the periods shown in the chart above:
|
Returns |
Quarter ended |
| Best Quarter Return |
17.49% |
June 30, 2020 |
| Worst Quarter Return |
-13.62% |
March 31, 2020 |
| AVERAGE ANNUAL TOTAL RETURN For the period ended
December 31, 2022 |
|
|
|
|
| 1 Year |
5 Years |
Since
Inception |
Inception
Date | |
| Class A Shares |
|
|
|
12/15/2016 |
| Returns Before Taxes |
-16.26% |
5.18% |
8.88% |
|
| Returns After Taxes on Distributions |
-16.99% |
4.96% |
8.88% |
|
| Returns After Taxes on Distributions and Sale of Fund Shares |
-8.90% |
4.17% |
7.35% |
|
| Class C Shares |
|
|
|
12/15/2016 |
| Returns Before Taxes |
-12.98% |
5.59% |
9.08%* |
|
| Institutional Shares |
|
|
|
12/15/2016 |
| Returns Before Taxes |
-11.10% |
6.78% |
10.31% |
|
| Investor Shares |
|
|
|
12/15/2016 |
| Returns Before Taxes |
-11.18% |
6.65% |
10.16% |
|
| Class R Shares |
|
|
|
12/15/2016 |
| Returns |
-11.66% |
6.11% |
9.60% |
|
| Class R6 Shares |
|
|
|
12/15/2016 |
| Returns Before Taxes |
-11.03% |
6.80% |
10.33% |
|
| MSCI ACWI ex USA Index (net, unhedged) (reflects no deduction for fees or expenses) |
-16.00% |
0.88% |
4.99% |
|
*
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 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. 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.
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.
5 Summary
Prospectus — Goldman Sachs GQG Partners International Opportunities Fund
| Portfolio Management |
Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the “Investment
Adviser” or “GSAM”). GQG Partners LLC serves as sub-adviser for the Fund (the “Sub-Adviser” or “GQG Partners”).
Portfolio Managers: Rajiv Jain, Chairman and Chief Investment Officer, GQG Partners, has managed the Fund since December 2016; Brian Kersmanc, Portfolio Manager and
Senior Investment Analyst, GQG Partners, has managed the Fund since September 2019; and
Sudarshan Murthy, CFA, Portfolio Manager and Senior Investment Analyst, GQG Partners, has
managed the Fund since July 2022.
| Buying and Selling Fund Shares |
The minimum initial investment for Class A and Class C Shares is, generally, $1,000. The minimum initial
investment for Institutional Shares is, generally, $1,000,000 for individual or certain institutional investors or certain wrap account sponsors, alone or in combination with other assets under the
management of the Investment Adviser and its affiliates. There is no minimum for initial purchases of Investor, Class R and Class R6 Shares, except for certain institutional investors who purchase Class R6 Shares
directly with the Fund’s transfer agent for which the minimum initial investment is $5,000,000. Those share classes with a minimum initial investment requirement do not impose it on certain employee benefit plans,
and Institutional Shares do not impose it on certain investment advisers investing on behalf of
other accounts.
The
minimum subsequent investment for Class A and Class C shareholders is $50, except for certain employee benefit plans, for which there is no minimum. There is no minimum subsequent investment for Institutional, Investor, Class R
or Class R6 shareholders.
You may purchase and redeem (sell) shares of the Fund on any business
day through certain intermediaries that have a relationship with Goldman Sachs & Co.
LLC (“Goldman Sachs”), including banks, trust companies, brokers, registered investment advisers and other financial institutions (“Intermediaries”).
| Tax Information |
The Fund’s distributions are taxable, and will be taxed as ordinary income or capital gains, unless
you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Investments made through tax-deferred arrangements may become taxable upon withdrawal from such arrangements.
| Payments to Broker-Dealers and Other Financial Intermediaries |
If you purchase the Fund through an Intermediary, the Fund and/or its related companies may pay the
Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Ask your
salesperson or visit your Intermediary’s website for more information.
6 Summary Prospectus — Goldman Sachs GQG Partners
International Opportunities Fund
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7 Summary Prospectus — Goldman Sachs GQG Partners International Opportunities Fund
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8 Summary
Prospectus — Goldman Sachs GQG Partners International Opportunities Fund
GQGPIOSUM1-23