Summary Prospectus
February 28, 2024
Goldman Sachs GQG Partners International Opportunities Fund
Class P:
GGIPX
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.gsam.com/content/gsam/us/en/advisors/fund-center/summary-prospectuses.html. 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, 2024, 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 pay other fees, such as brokerage commissions and other fees to financial intermediaries, which
are not reflected in the table and Example below.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of
your investment)
| |
Class P |
| Management Fees |
0.71% |
| Distribution and/or Service (12b-1) Fees |
None |
| Other Expenses |
0.07% |
| Total Annual Fund Operating Expenses |
0.78% |
| Fee Waiver and Expense Limitation1
|
(0.04%) |
| Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation |
0.74% |
1
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, 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 P Shares of the Fund. These arrangements will remain in effect
through at least February 28, 2025, 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.
| 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 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 the fee waiver and 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 P Shares |
$76 |
$245 |
$429 |
$962 |
| 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,
2023 was 62% 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.
2 Summary Prospectus — Goldman Sachs GQG Partners International Opportunities Fund
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 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.
3 Summary Prospectus — Goldman Sachs GQG Partners International Opportunities Fund
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 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 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. 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
https://www.gsam.com/content/dam/gsam/pdfs/us/en/fund-resources/monthly-highlights/retail-fund-facts.pdf?sa=n&rd=n or by
calling the phone number on the back cover of the
Prospectus.
Performance reflects applicable fee waivers and/or
expense limitations in effect during the periods shown.
4 Summary Prospectus — Goldman Sachs GQG Partners International Opportunities Fund
CALENDAR YEAR (CLASS P)
| During the periods shown in the chart above:
|
Returns |
Quarter ended |
| Best Quarter Return |
17.51% |
June 30, 2020 |
| Worst Quarter Return |
-13.63% |
March 31, 2020 |
| AVERAGE ANNUAL TOTAL RETURN For the period ended
December 31, 2023 |
|
|
|
|
| 1 Year |
5 Years |
Since
Inception |
Inception
Date | |
| Class P Shares |
|
|
|
4/16/2018 |
| Returns Before Taxes |
22.12% |
12.55% |
9.45% |
|
| Returns After Taxes on Distributions |
21.62% |
12.14% |
9.10% |
|
| Returns After Taxes on Distributions and Sale of Fund Shares |
13.75% |
10.14% |
7.62% |
|
| MSCI ACWI ex USA Index (net, unhedged) (reflects no deduction for fees or expenses) |
15.62% |
7.08% |
3.33% |
|
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.
| 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; Sudarshan Murthy, CFA, Portfolio Manager and Senior Investment Analyst, GQG Partners, has managed the Fund since July 2022 and Siddharth Jain, Deputy Portfolio Manager, GQG Partners,
has served as Deputy Portfolio Manager of the Fund since January 2024.
| Buying and Selling Fund Shares |
The Fund does not impose minimum purchase requirements for initial or
subsequent investments in Class P Shares.
You may purchase and redeem (sell) Class P Shares of the Fund on any business day through the Goldman
Sachs Private Wealth Management business unit, The Goldman Sachs Trust Company, N.A., The Goldman Sachs Trust Company of Delaware, The Ayco Company, L.P. or with certain intermediaries that are authorized
to offer Class P Shares.
| 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.
5 Summary Prospectus — Goldman Sachs GQG Partners International Opportunities Fund
| Payments to Broker-Dealers and Other Financial Intermediaries |
If you purchase shares of the Fund through an intermediary that is
authorized to offer Class P Shares, 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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