0001193125-19-081821.txt : 20190321 0001193125-19-081821.hdr.sgml : 20190321 20190321114930 ACCESSION NUMBER: 0001193125-19-081821 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 20 FILED AS OF DATE: 20190321 DATE AS OF CHANGE: 20190321 EFFECTIVENESS DATE: 20190321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDMAN SACHS TRUST CENTRAL INDEX KEY: 0000822977 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-17619 FILM NUMBER: 19696333 BUSINESS ADDRESS: STREET 1: 71 SOUTH WACKER DRIVE STREET 2: C/O GOLDMAN SACHS & CO CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126554400 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 FORMER COMPANY: FORMER CONFORMED NAME: GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19910711 FORMER COMPANY: FORMER CONFORMED NAME: SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19900104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDMAN SACHS TRUST CENTRAL INDEX KEY: 0000822977 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05349 FILM NUMBER: 19696332 BUSINESS ADDRESS: STREET 1: 71 SOUTH WACKER DRIVE STREET 2: C/O GOLDMAN SACHS & CO CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126554400 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 FORMER COMPANY: FORMER CONFORMED NAME: GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19910711 FORMER COMPANY: FORMER CONFORMED NAME: SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19900104 0000822977 S000040921 Goldman Sachs Total Emerging Markets Income Fund C000126890 CLASS A SHARES GDDAX C000126891 CLASS C SHARES GDDCX C000126892 INSTITUTIONAL SHARES GDDIX C000126893 CLASS R SHARES GDDRX C000126894 Investor Shares GIRDX C000195495 Class R6 Shares GDDSX C000202047 Class P Shares GSHPX 485BPOS 1 d709860d485bpos.htm GOLDMAN SACHS TRUST Goldman Sachs Trust

As filed with the Securities and Exchange Commission on March 21, 2019

1933 Act Registration No. 33-17619

1940 Act Registration No. 811-05349

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

   THE SECURITIES ACT OF 1933  
   Pre-Effective Amendment No.  
   Post-Effective Amendment No. 741  

and/or

REGISTRATION STATEMENT

UNDER

   THE INVESTMENT COMPANY ACT OF 1940  
   Amendment No. 742  

(Check appropriate box or boxes)

 

 

GOLDMAN SACHS TRUST

(Exact Name of Registrant as Specified in Charter)

 

 

71 South Wacker Drive

Chicago, Illinois 60606

(Address of Principal Executive Offices)

Registrant’s Telephone Number, including Area Code: (312) 655-4400

 

 

CAROLINE L. KRAUS, ESQ.

Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282

(Name and Address of Agent for Service)

Copies to:

STEPHEN H. BIER, ESQ.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

 

 

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of the registration statement

It is proposed that this filing will become effective (check appropriate box)

 

immediately upon filing pursuant to paragraph (b)

on (date) pursuant to paragraph (b)

60 days after filing pursuant to paragraph (a)(1)

on (date) pursuant to paragraph (a)(1)

75 days after filing pursuant to paragraph (a)(2)

on (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

 

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This filing relates solely to the following series and classes of the Registrant:

Class A, Class C, Institutional, Investor, Class R, Class R6 and Class P Shares of the Goldman Sachs Total Emerging Markets Income Fund.

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this Post-Effective Amendment No. 741 under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 741 to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City and State of New York on the 21st day of March, 2019.

 

GOLDMAN SACHS TRUST
(A Delaware statutory trust)
By:  

/s/ Caroline L. Kraus

  Caroline L. Kraus,
  Secretary

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to said Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

 

Name

            

Title

            

Date

1James A. McNamara

James A. McNamara

   

President (Chief Executive Officer) and

Trustee

    March 21, 2019

1Scott M. McHugh

Scott M. McHugh

   

Treasurer, Senior Vice President and

Principal Financial Officer

    March 21, 2019

1Joseph F. DiMaria

Joseph F. DiMaria

    Principal Accounting Officer     March 21, 2019

1Jessica Palmer

Jessica Palmer

    Chair and Trustee     March 21, 2019

1Kathryn A. Cassidy

Kathryn A. Cassidy

    Trustee     March 21, 2019

1Diana M. Daniels

Diana M. Daniels

    Trustee     March 21, 2019

1Herbert J. Markley

Herbert J. Markley

    Trustee     March 21, 2019

1Roy W. Templin

Roy W. Templin

    Trustee     March 21, 2019

1Gregory G. Weaver

Gregory G. Weaver

    Trustee     March 21, 2019

 

By:  

/s/ Caroline L. Kraus

  Caroline L. Kraus,
  Attorney-In-Fact

 

1 

Pursuant to powers of attorney previously filed.


CERTIFICATE

The undersigned Secretary for Goldman Sachs Trust (the “Trust”) hereby certifies that the Board of Trustees of the Trust duly adopted the following resolution at a meeting of the Board held on June 13-14, 2018.

RESOLVED, that the Trustees and Officers of the Trust who may be required to execute any amendments to the Trust’s Registration Statement be, and each hereby is, authorized to execute a power of attorney appointing James A. McNamara, Caroline L. Kraus and Robert Griffith, jointly and severally, their attorneys-in-fact, each with power of substitution, for said Trustees and Officers in any and all capacities to sign the Registration Statement under the Securities Act of 1933 and the Investment Company Act of 1940 of the Trust and any and all amendments to such Registration Statement, and to file the same, with exhibits thereto, and other documents in connection therewith, with the SEC, the Trustees and Officers hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or may have caused to be done by virtue hereof.

Dated: March 21, 2019

 

/s/ Caroline L. Kraus

Caroline L. Kraus
Secretary

 


EXHIBIT INDEX

 

EX-101.INS    XBRL Instance Document
EX-101.SCH    XBRL Taxonomy Extension Schema Document
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxonomy Extension Presentation Linkbase
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gst2:ClassPSharesMember gst2:S000040921Member gst2:JPMorganCorporateEmergingMarketsBondIndexCEMBISMBroadDiversifiedIndexGrossUSDUnhedgedreflectsnodeductionforfeesexpensesortaxesMember 2019-02-28 2019-02-28 0000822977 gst2:ClassACInstInvRR6SharesMember gst2:S000040921Member gst2:C000126894Member gst2:DynamicEmergingMarketsDebtFundCompositeIndexMember 2019-02-28 2019-02-28 pure iso4217:USD 2019-02-28 485BPOS 2018-10-31 GOLDMAN SACHS TRUST 0000822977 false 2019-02-28 2019-02-28 <b>Goldman Sachs Total Emerging Markets Income Fund&#8212;Summary</b> <b>Investment Objective</b> The Goldman Sachs Total Emerging Markets Income Fund (the &#8220;Fund&#8221;) seeks current income and as a secondary objective the Fund seeks capital appreciation. <b>Fees and Expenses of the Fund</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table does not take into account brokerage commissions that you may pay on your purchases and sales of Institutional Shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $100,000, in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 32 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page 69 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses<br>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Expense Example</b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/><br/>This 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&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Institutional Shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Assuming complete redemption at end of period Assuming no redemption <b>Portfolio Turnover</b> The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; 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&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2018 was 23% of the average value of its portfolio. <b>Principal Strategy</b> The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (&#8220;Net Assets&#8221;) in sovereign and corporate debt securities, equity investments and currencies of issuers in emerging market countries and other instruments, including credit linked notes, exchange-traded funds (&#8220;ETFs&#8221;), futures and other investments, with similar economic exposures. Such securities and instruments may be denominated in U.S. Dollars or in non-U.S. currencies. The Fund seeks to achieve its investment objectives through a baseline allocation of approximately 60% of its Net Assets to fixed income investments and of approximately 40% of its Net Assets to equity investments. The Investment Adviser may change the allocations to fixed income investments and equity investments opportunistically based on the market environment, top-down macro views, or bottom-up positioning. Under normal circumstances, the allocations to fixed income investments and equity investments may vary 10% above or below the baseline allocation, measured at the time of investment. <br/><br/>The Investment Adviser seeks to build a portfolio across the emerging markets consistent with the Fund&#8217;s overall risk budget as well as top-down and bottom-up investment views. As market conditions change, the volatility and attractiveness of countries, regions, sectors, securities and strategies can change, representing opportunities for the Investment Adviser to dynamically adjust the Fund&#8217;s investments within and across asset classes. <br/><br/>Allocation of the Fund&#8217;s investments is determined by the Investment Adviser&#8217;s assessment of a security&#8217;s upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact country, sector and industry weightings. The largest weightings in the Fund&#8217;s portfolio are given to securities the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio relative risk. The Fund&#8217;s investments are selected using a strong valuation discipline to purchase what the Investment Adviser believes are well-positioned, cash-generating securities. <br/><br/>Fixed Income Investments.&nbsp;&nbsp;The Fund may invest in all types of foreign and emerging market country fixed income securities, including the following:<ul type="square"><li> Debt issued by governments, their agencies and instrumentalities, or by their central banks, including Brady Bonds;</li><li>Interests in structured securities;</li><li>Fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper);</li><li>Loan participations;</li><li>Repurchase agreements with respect to the foregoing; and</li><li>Affiliated and unaffiliated investment companies (including ETFs) with similar economic exposures to the foregoing.</li></ul>Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities, denominated in the local currency. Sovereign debt may also include nominal and real inflation-linked securities. <br/><br/>The Fund may invest in securities without regard to 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 &#8220;high yield&#8221; or &#8220;junk&#8221; bonds) or unrated.<br/><br/>Equity Investments.&nbsp;&nbsp;The Fund may invest in a diversified portfolio of equity investments in emerging market country issuers. Such equity investments may include affiliated and unaffiliated investment companies (including ETFs), futures and other instruments with similar economic exposures. <br/><br/>Other Investments.&nbsp;&nbsp;The Fund may also make currency investments, particularly longer-dated forward contracts that provide the Fund with economic exposure similar to investments in sovereign and corporate debt with respect to currency and interest rate exposure. Additionally, the Fund intends to use structured securities and derivatives, including but not limited to credit linked notes, financial futures contracts, treasury futures contracts, forward contracts, total return swap contracts, credit default swap contracts, and interest rate swap contracts, to attempt to improve the performance of the Fund, to hedge the Fund&#8217;s investments, and/or to gain exposure to certain countries or currencies. The Fund can invest in securities denominated in any currency and may be subject to the risk of adverse currency fluctuations. <br/><br/>For purposes of the Fund&#8217;s policy to invest at least 80% of its Net Assets in securities and instruments of &#8220;emerging market country&#8221; issuers, the Investment Adviser generally expects a country to be an &#8220;emerging market country&#8221; if the country is identified as an &#8220;emerging market country&#8221; in any of the Fund&#8217;s benchmark indices. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Central and South America. An emerging market country issuer is an issuer economically tied to an emerging market country. <br/><br/>The Fund&#8217;s benchmark index is the Total Emerging Markets Income Fund Composite Index, which is comprised of the MSCI Emerging Markets Index (Net, USD, Unhedged) (40%), the J.P. Morgan Government Bond Index&#8212;Emerging Markets (GBI-EM<sup>SM</sup>) Global Diversified Index (Gross, USD, Unhedged) (20%), the J.P. Morgan Emerging Markets Bond Index (EMBI<sup>SM</sup>) Global Diversified Index (Gross, USD, Unhedged) (20%), and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI<sup>SM</sup>) Broad Diversified Index (Gross, USD, Unhedged) (20%). <b>Principal Risks of the Fund</b> 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 (&#8220;FDIC&#8221;) 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. <br/><br/><b>Counterparty Risk.&nbsp;&nbsp;</b>Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearinghouse, might not be available in connection with over-the-counter (&#8220;OTC&#8221;) 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. <br/><br/><b>Credit/Default Risk.&nbsp;&nbsp;</b>An issuer or guarantor of fixed income securities 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 may deteriorate rapidly, which may impair the Fund&#8217;s liquidity and cause significant deterioration in net asset value (&#8220;NAV&#8221;). These risks are more pronounced in connection with the Fund&#8217;s investments in non-investment grade fixed income securities. <br/><br/><b>Derivatives Risk.&nbsp;&nbsp;</b>The Fund&#8217;s use of futures, forwards, foreign currency forwards, swaps, structured securities (e.g., credit linked notes) and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying 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. <br/><br/><b>Expenses Risk.&nbsp;&nbsp;</b>By investing in pooled investment vehicles (including investment companies, ETFs and money market funds) indirectly through the Fund, the investor will incur not only a proportionate share of the expenses of the other pooled investment vehicles held by the Fund (including operating costs and investment management fees), but also expenses of the Fund. <br/><br/><b>Foreign and Emerging Countries Risk.&nbsp;&nbsp;</b>Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. 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. These risks may be more pronounced in connection with the Fund&#8217;s investments in securities of issuers located in emerging countries.<br/><br/><b>Interest Rate Risk.&nbsp;&nbsp;</b>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. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund&#8217;s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. <br/><br/><b>Large Shareholder Transactions Risk.</b>&nbsp;&nbsp;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&#8217;s NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund&#8217;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&#8217;s current expenses being allocated over a smaller asset base, leading to an increase in the Fund&#8217;s expense ratio. <br/><br/><b>Liquidity Risk.&nbsp;&nbsp;</b>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, 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 mutual 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&#8217;s investments in securities of issuers located in emerging market countries. <br/><br/><b>Market Risk.&nbsp;&nbsp;</b>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 or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. <br/><br/><b>Non-Hedging Foreign Currency Trading Risk.&nbsp;&nbsp;</b>The Fund may engage in forward foreign currency transactions for both 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&#8217;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 &#8220;long&#8221; and/or &#8220;short&#8221; 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 that anticipated by the Investment Adviser may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk. <br/><br/><b>Non-Investment Grade Fixed Income Securities Risk.</b>&nbsp;&nbsp;Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as &#8220;junk bonds&#8221;) are considered speculative and are subject to increased risk of an issuer&#8217;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. <br/><br/><b>Sector Risk.&nbsp;&nbsp;</b>To the extent the Fund focuses its investments in one or more sectors (such as the financial services or telecommunications sectors), the Fund will be subject, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions or developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments. <br/><br/><b>Sovereign Default Risk.&nbsp;&nbsp;</b>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 foreign debt or foreign currency exchange rates. <br/><br/><b>Stock Risk.&nbsp;&nbsp;</b>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. <b>Performance</b> 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&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of certain broad-based securities market indices. The Fund&#8217;s benchmark is the Total Emerging Markets Income Fund Composite Index, a custom benchmark comprised of the MSCI Emerging Markets Index (Net, USD, Unhedged) (40%), the J.P. Morgan Government Bond Index&#8212;Emerging Markets (GBI-EM<sup>SM</sup>) Global Diversified Index (Gross, USD, Unhedged) (20%), the J.P. Morgan Emerging Markets Bond Index (EMBI<sup>SM</sup>) Global Diversified Index (Gross, USD, Unhedged) (20%), and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI<sup>SM</sup>) Broad Diversified Index (Gross, USD, Unhedged) (20%). Through December 26, 2017, the Fund had been known as the Goldman Sachs Dynamic Emerging Markets Debt Fund, and its investment objective and certain of its strategies differed. Performance information prior to this date reflects the Fund&#8217;s former investment objective and strategies. As a result, the Fund&#8217;s performance may differ substantially from the performance information shown below for the period prior to December 26, 2017. The Fund&#8217;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. <br/><br/>The bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. <B>TOTAL RETURN CALENDAR YEAR (CLASS A)</B> Best Quarter<br />Q1 &#8216;16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+7.44%<br /><br />Worst Quarter<br />Q2 &#8216;18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211;9.77% 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&#8217;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. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $100,000, in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class A Shares&#8221; beginning on page 32 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page 69 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-107 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). A contingent deferred sales charge (&#8220;CDSC&#8221;) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase. The &#8220;Other Expenses&#8221; for Class A, Class C, Institutional, Investor, Class R and Class R6 have been restated to reflect expenses expected to be incurred during the current fiscal year. The &#8220;Acquired Fund Fees and Expenses&#8221; have been estimated to reflect expenses expected to be incurred during the current fiscal year. The &#8220;Total Annual Fund Operating Expenses&#8221; and &#8220;Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation&#8221; 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 &#8220;Acquired Fund Fees and Expenses.&#8221; February 28, 2020 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 (&#8220;FDIC&#8221;) or any government agency. 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&#8217;s Class A Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of certain broad-based securities market indices. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.gsamfunds.com/performance The bar chart (including &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. 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&#8217;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. 0.045 0 0 0 0 0 0 0.01 0 0 0 0 0.008 0.008 0.008 0.008 0.008 0.008 0.0025 0.0075 0 0 0.005 0 0.0258 0.0283 0.0249 0.0258 0.0258 0.0248 0 0.0025 0 0 0 0 0.0258 0.0258 0.0249 0.0258 0.0258 0.0248 0.0046 0.0046 0.0046 0.0046 0.0046 0.0046 0.0409 0.0484 0.0375 0.0384 0.0434 0.0374 -0.028 -0.028 -0.028 -0.028 -0.028 -0.028 0.0129 0.0204 0.0095 0.0104 0.0154 0.0094 575 1393 2226 4374 307 1205 2207 4724 97 887 1697 3812 106 914 1740 3892 157 1061 1977 4320 96 884 1692 3804 207 1205 2207 4724 -0.0144 -0.0856 0.0916 0.1349 -0.1306 -0.1696 -0.015 -0.0209 2013-05-31 -0.1867 -0.0311 -0.0371 2013-05-31 -0.09 -0.0151 -0.0198 2013-05-31 -0.0819 0.0246 0.0193 2013-05-31 -0.1458 0.0165 0.0162 2013-05-31 -0.0621 -0.0096 -0.0195 2013-05-31 -0.0426 0.0479 0.0384 2013-05-31 -0.0165 0.0436 0.0373 2013-05-31 -0.1452 -0.0127 -0.0194 2013-05-31 -0.0819 0.0246 0.0193 2013-05-31 -0.1458 0.0165 0.0162 2013-05-31 -0.0621 -0.0096 -0.0195 2013-05-31 -0.0426 0.0479 0.0384 2013-05-31 -0.0165 0.0436 0.0373 2013-05-31 -0.1275 -0.0022 -0.009 2013-05-31 -0.0819 0.0246 0.0193 2013-05-31 -0.1458 0.0165 0.0162 2013-05-31 -0.0621 -0.0096 -0.0195 2013-05-31 -0.0426 0.0479 0.0384 2013-05-31 -0.0165 0.0436 0.0373 2013-05-31 -0.1283 -0.0031 -0.0102 2013-05-31 -0.0819 0.0246 0.0193 2013-05-31 -0.1458 0.0165 0.0162 2013-05-31 -0.0621 -0.0096 -0.0195 2013-05-31 -0.0426 0.0479 0.0384 2013-05-31 -0.0165 0.0436 0.0373 2013-05-31 -0.133 -0.0079 -0.0147 2013-05-31 -0.0819 0.0246 0.0193 2013-05-31 -0.1458 0.0165 0.0162 2013-05-31 -0.0621 -0.0096 -0.0195 2013-05-31 -0.0426 0.0479 0.0384 2013-05-31 -0.0165 0.0436 0.0373 2013-05-31 -0.1275 -0.0022 -0.009 2017-11-30 -0.0819 0.0246 0.0193 2017-11-30 -0.1458 0.0165 0.0162 2017-11-30 -0.0621 -0.0096 -0.0195 2017-11-30 -0.0426 0.0479 0.0384 2017-11-30 -0.0165 0.0436 0.0373 2017-11-30 100000 0.23 Best Quarter 2016-03-31 0.0744 Worst Quarter 2018-06-30 -0.0977 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualFundOperatingExpenses000013 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualTotalReturnsBarChart000016 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposed000015 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleExpenseExampleTransposed000014 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposed000017 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleShareholderFees000012 column period compact * ~</div> <b>Goldman Sachs Total Emerging Markets Income Fund&#8212;Summary</b> <b>Investment Objective</b> The Goldman Sachs Total Emerging Markets Income Fund (the &#8220;Fund&#8221;) seeks current income and as a secondary objective the Fund seeks capital appreciation. <b>Fees and Expenses of the Fund</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Expense Example</b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>This 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&#8217;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: <b>Portfolio Turnover</b> The Fund pays transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; 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&#8217;s performance. The Fund&#8217;s portfolio turnover rate for the fiscal year ended October 31, 2018 was 23% of the average value of its portfolio. <b>Principal Strategy</b> The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (&#8220;Net Assets&#8221;) in sovereign and corporate debt securities, equity investments and currencies of issuers in emerging market countries and other instruments, including credit linked notes, exchange-traded funds (&#8220;ETFs&#8221;), futures and other investments, with similar economic exposures. Such securities and instruments may be denominated in U.S. Dollars or in non-U.S. currencies. The Fund seeks to achieve its investment objectives through a baseline allocation of approximately 60% of its Net Assets to fixed income investments and of approximately 40% of its Net Assets to equity investments. The Investment Adviser may change the allocations to fixed income investments and equity investments opportunistically based on the market environment, top-down macro views, or bottom-up positioning. Under normal circumstances, the allocations to fixed income investments and equity investments may vary 10% above or below the baseline allocation, measured at the time of investment.<br/><br/>The Investment Adviser seeks to build a portfolio across the emerging markets consistent with the Fund&#8217;s overall risk budget as well as top-down and bottom-up investment views. As market conditions change, the volatility and attractiveness of countries, regions, sectors, securities and strategies can change, representing opportunities for the Investment Adviser to dynamically adjust the Fund&#8217;s investments within and across asset classes. <br/><br/>Allocation of the Fund&#8217;s investments is determined by the Investment Adviser&#8217;s assessment of a security&#8217;s upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact country, sector and industry weightings. The largest weightings in the Fund&#8217;s portfolio are given to securities the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio relative risk. The Fund&#8217;s investments are selected using a strong valuation discipline to purchase what the Investment Adviser believes are well-positioned, cash-generating securities. <br/><br/>Fixed Income Investments.&nbsp;&nbsp;The Fund may invest in all types of foreign and emerging market country fixed income securities, including the following: <ul type="square"><li> Debt issued by governments, their agencies and instrumentalities, or by their central banks, including Brady Bonds; </li><li> Interests in structured securities; </li><li> Fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper); </li><li> Loan participations; </li><li> Repurchase agreements with respect to the foregoing; and </li><li> Affiliated and unaffiliated investment companies (including ETFs) with similar economic exposures to the foregoing.</li></ul>Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities, denominated in the local currency. Sovereign debt may also include nominal and real inflation-linked securities. <br/><br/>The Fund may invest in securities without regard to 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 &#8220;high yield&#8221; or &#8220;junk&#8221; bonds) or unrated. <br/><br/>Equity Investments.&nbsp;&nbsp;The Fund may invest in a diversified portfolio of equity investments in emerging market country issuers. Such equity investments may include affiliated and unaffiliated investment companies (including ETFs), futures and other instruments with similar economic exposures. <br/><br/>Other Investments.&nbsp;&nbsp;The Fund may also make currency investments, particularly longer-dated forward contracts that provide the Fund with economic exposure similar to investments in sovereign and corporate debt with respect to currency and interest rate exposure. Additionally, the Fund intends to use structured securities and derivatives, including but not limited to credit linked notes, financial futures contracts, treasury futures contracts, forward contracts, total return swap contracts, credit default swap contracts, and interest rate swap contracts, to attempt to improve the performance of the Fund, to hedge the Fund&#8217;s investments, and/or to gain exposure to certain countries or currencies. The Fund can invest in securities denominated in any currency and may be subject to the risk of adverse currency fluctuations. <br/><br/>For purposes of the Fund&#8217;s policy to invest at least 80% of its Net Assets in securities and instruments of &#8220;emerging market country&#8221; issuers, the Investment Adviser generally expects a country to be an &#8220;emerging market country&#8221; if the country is identified as an &#8220;emerging market country&#8221; in any of the Fund&#8217;s benchmark indices. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Central and South America. An emerging market country issuer is an issuer economically tied to an emerging market country. <br/><br/>The Fund&#8217;s benchmark index is the Total Emerging Markets Income Fund Composite Index, which is comprised of the MSCI Emerging Markets Index (Net, USD, Unhedged) (40%), the J.P. Morgan Government Bond Index&#8212;Emerging Markets (GBI-EM<sup>SM</sup>) Global Diversified Index (Gross, USD, Unhedged) (20%), the J.P. Morgan Emerging Markets Bond Index (EMBI<sup>SM</sup>) Global Diversified Index (Gross, USD, Unhedged) (20%), and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI<sup>SM</sup>) Broad Diversified Index (Gross, USD, Unhedged) (20%). <b>Principal Risks of the Fund</b> 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 (&#8220;FDIC&#8221;) 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.<br/><br/><b>Counterparty Risk.&nbsp;&nbsp;</b>Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearinghouse, might not be available in connection with over-the-counter (&#8220;OTC&#8221;) 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.<br/><br/><b>Credit/Default Risk.&nbsp;&nbsp;</b>An issuer or guarantor of fixed income securities 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 may deteriorate rapidly, which may impair the Fund&#8217;s liquidity and cause significant deterioration in net asset value (&#8220;NAV&#8221;). These risks are more pronounced in connection with the Fund&#8217;s investments in non-investment grade fixed income securities. <br/><br/><b>Derivatives Risk.&nbsp;&nbsp;</b>The Fund&#8217;s use of futures, forwards, foreign currency forwards, swaps, structured securities (e.g., credit linked notes) and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying 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. <br/><br/><b>Expenses Risk.&nbsp;&nbsp;</b>By investing in pooled investment vehicles (including investment companies, ETFs and money market funds) indirectly through the Fund, the investor will incur not only a proportionate share of the expenses of the other pooled investment vehicles held by the Fund (including operating costs and investment management fees), but also expenses of the Fund. <br/><br/><b>Foreign and Emerging Countries Risk.&nbsp;&nbsp;</b>Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. 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. These risks may be more pronounced in connection with the Fund&#8217;s investments in securities of issuers located in emerging countries. <br/><br/><b>Interest Rate Risk.&nbsp;&nbsp;</b>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. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund&#8217;s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. <br/><br/><b>Large Shareholder Transactions Risk.</b>&nbsp;&nbsp;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&#8217;s NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund&#8217;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&#8217;s current expenses being allocated over a smaller asset base, leading to an increase in the Fund&#8217;s expense ratio. <br/><br/><b>Liquidity Risk.&nbsp;&nbsp;</b>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, 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 mutual 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&#8217;s investments in securities of issuers located in emerging market countries. <br/><br/><b>Market Risk.&nbsp;&nbsp;</b>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 or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.<br/><br/><b>Non-Hedging Foreign Currency Trading Risk.&nbsp;&nbsp;</b>The Fund may engage in forward foreign currency transactions for both 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&#8217;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 &#8220;long&#8221; and/or &#8220;short&#8221; 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 that anticipated by the Investment Adviser may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk.<br/><br/><b>Non-Investment Grade Fixed Income Securities Risk.</b>&nbsp;&nbsp;Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as &#8220;junk bonds&#8221;) are considered speculative and are subject to increased risk of an issuer&#8217;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. <br/><br/><b>Sector Risk.&nbsp;&nbsp;</b>To the extent the Fund focuses its investments in one or more sectors (such as the financial services or telecommunications sectors), the Fund will be subject, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions or developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments. <br/><br/><b>Sovereign Default Risk.&nbsp;&nbsp;</b>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 foreign debt or foreign currency exchange rates. <br/><br/><b>Stock Risk.&nbsp;&nbsp;</b>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. <b>Performance</b> 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&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Institutional Shares compare to those of certain broad-based securities market indices. The Fund&#8217;s benchmark is the Total Emerging Markets Income Fund Composite Index, a custom benchmark comprised of the MSCI Emerging Markets Index (Net, USD, Unhedged) (40%), the J.P. Morgan Government Bond Index&#8212;Emerging Markets (GBI-EMSM ) Global Diversified Index (Gross, USD, Unhedged) (20%), the J.P. Morgan Emerging Markets Bond Index (EMBISM ) Global Diversified Index (Gross, USD, Unhedged) (20%), and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBISM ) Broad Diversified Index (Gross, USD, Unhedged) (20%). Through December 26, 2017, the Fund had been known as the Goldman Sachs Dynamic Emerging Markets Debt Fund, and its investment objective and certain of its strategies differed. Performance information prior to this date reflects the Fund&#8217;s former investment objective and strategies. As a result, the Fund&#8217;s performance may differ substantially from the performance information shown below for the period prior to December 26, 2017. The Fund&#8217;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.<br/><br/>Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. <B>TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)</B> Best Quarter<br/>Q1 &#8216;16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +7.52%<br/><br/>Worst Quarter<br/>Q2 &#8216;18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211;9.66% AVERAGE ANNUAL TOTAL RETURN<br/><br/><b>For the period ended December 31, 2018</b> 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&#8217;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. The &#8220;Acquired Fund Fees and Expenses&#8221; have been estimated to reflect expenses expected to be incurred during the current fiscal year. February 28, 2020 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 (&#8220;FDIC&#8221;) or any government agency. 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&#8217;s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund&#8217;s Institutional Shares compare to those of certain broad-based securities market indices. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.gsamfunds.com/performance Returns are for a share class that is not presented that would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the share classes do not have the same expenses. 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&#8217;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. 0.008 0.0248 0.0046 0.0374 -0.028 0.0094 96 884 1692 3804 -0.0087 -0.0833 0.0952 0.1385 -0.1275 0.1275 0.0022 -0.009 2013-05-31 -0.1462 -0.0196 -0.0266 2013-05-31 -0.0642 -0.0059 -0.0115 2013-05-31 -0.0819 0.0246 0.0193 -0.1458 0.0165 0.0162 -0.0621 -0.0096 -0.0195 -0.0426 0.0479 0.0384 -0.0165 0.0436 0.0373 0.23 2016-03-31 0.0752 Worst Quarter 2018-06-30 -0.0966 Best Quarter <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualFundOperatingExpenses000023 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualTotalReturnsBarChart000026 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleExpenseExampleTransposed000024 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposed000027 column period compact * ~</div> 2013-05-31 AVERAGE ANNUAL TOTAL RETURN<br/><br/><b>For the period ended December 31, 2018</b> The &#8220;Other Expenses&#8221; for Class P Shares have been restated to reflect expenses expected to be incurred during the current fiscal year. N-1A 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 Class A, Class C, Institutional, Investor, Class R and Class R6 have been restated to reflect expenses expected to be incurred during the current fiscal year. The “Acquired Fund Fees and Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year. The “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation” 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 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 0.024% of the Fund’s average daily net assets. These arrangements will remain in effect through at least February 28, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. 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, including since inception performance as of Institutional Shares’ inception date. 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” for Class P Shares have been restated to reflect expenses expected to be incurred during the current fiscal year. The “Acquired Fund Fees and Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year. The Investment Adviser has agreed to (i) waive a portion of its management fee payable by the Fund in an amount equal to any management fees it earns as an investment adviser to any 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 0.024% of the Fund’s average daily net assets. These arrangements will remain in effect through at least February 28, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. Returns are for a share class that is not presented that would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the share classes do not have the same expenses. 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Document Creation Date dei_DocumentCreationDate Feb. 28, 2019
Document Effective Date dei_DocumentEffectiveDate Feb. 28, 2019
Prospectus Date rr_ProspectusDate Feb. 28, 2019
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Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund
<b>Goldman Sachs Total Emerging Markets Income Fund—Summary</b>
<b>Investment Objective</b>
The Goldman Sachs Total Emerging Markets Income Fund (the “Fund”) seeks current income and
as a secondary objective the Fund seeks capital appreciation.
<b>Fees and Expenses of the Fund</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table does not take into account brokerage commissions that you may pay on your purchases and sales of Institutional Shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $100,000, 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 32 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 69 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-107 of the Fund’s Statement of Additional Information (“SAI”).
<b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b>
Shareholder Fees - Class A, C, Inst, Inv, R, R6 Shares - Goldman Sachs Total Emerging Markets Income Fund
Class A
Class C
Institutional
Investor
Class R
Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 4.50% 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
[1] A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.
<b>Annual Fund Operating Expenses<br>(expenses that you pay each year as a percentage of the value of your investment)</b>
Annual Fund Operating Expenses - Class A, C, Inst, Inv, R, R6 Shares - Goldman Sachs Total Emerging Markets Income Fund
Class A
Class C
Institutional
Investor
Class R
Class R6
Management Fees 0.80% 0.80% 0.80% 0.80% 0.80% 0.80%
Distribution and/or Service (12b-1) Fees 0.25% 0.75% none none 0.50% none
Other Expenses [1] 2.58% 2.83% 2.49% 2.58% 2.58% 2.48%
Service Fees none 0.25% none none none none
All Other Expenses 2.58% 2.58% 2.49% 2.58% 2.58% 2.48%
Acquired Fund Fees and Expenses [2] 0.46% 0.46% 0.46% 0.46% 0.46% 0.46%
Total Annual Fund Operating Expenses [3] 4.09% 4.84% 3.75% 3.84% 4.34% 3.74%
Fee Waiver and Expense Limitation [4] (2.80%) (2.80%) (2.80%) (2.80%) (2.80%) (2.80%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation [3] 1.29% 2.04% 0.95% 1.04% 1.54% 0.94%
[1] The “Other Expenses” for Class A, Class C, Institutional, Investor, Class R and Class R6 have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The “Acquired Fund Fees and Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year.
[3] The “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation” 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.”
[4] The Investment Adviser has agreed to (i) waive a portion of its management fee payable by the Fund in an amount equal to any management fees it earns as an investment adviser to any 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 0.024% of the Fund’s average daily net assets. These arrangements will remain in effect through at least February 28, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.
<b>Expense Example</b>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Institutional Shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Assuming complete redemption at end of period
Expense Example - Class A, C, Inst, Inv, R, R6 Shares - Goldman Sachs Total Emerging Markets Income Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A Shares 575 1,393 2,226 4,374
Class C Shares 307 1,205 2,207 4,724
Institutional Shares 97 887 1,697 3,812
Investor Shares 106 914 1,740 3,892
Class R Shares 157 1,061 1,977 4,320
Class R6 Shares 96 884 1,692 3,804
Assuming no redemption
Expense Example, No Redemption
1 Year
3 Years
5 Years
10 Years
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Class C Shares | USD ($) 207 1,205 2,207 4,724
<b>Portfolio Turnover</b>
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, 2018 was 23% of the average value of its portfolio.
<b>Principal Strategy</b>
The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in sovereign and corporate debt securities, equity investments and currencies of issuers in emerging market countries and other instruments, including credit linked notes, exchange-traded funds (“ETFs”), futures and other investments, with similar economic exposures. Such securities and instruments may be denominated in U.S. Dollars or in non-U.S. currencies. The Fund seeks to achieve its investment objectives through a baseline allocation of approximately 60% of its Net Assets to fixed income investments and of approximately 40% of its Net Assets to equity investments. The Investment Adviser may change the allocations to fixed income investments and equity investments opportunistically based on the market environment, top-down macro views, or bottom-up positioning. Under normal circumstances, the allocations to fixed income investments and equity investments may vary 10% above or below the baseline allocation, measured at the time of investment.

The Investment Adviser seeks to build a portfolio across the emerging markets consistent with the Fund’s overall risk budget as well as top-down and bottom-up investment views. As market conditions change, the volatility and attractiveness of countries, regions, sectors, securities and strategies can change, representing opportunities for the Investment Adviser to dynamically adjust the Fund’s investments within and across asset classes.

Allocation of the Fund’s investments is determined by the Investment Adviser’s assessment of a security’s upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact country, sector and industry weightings. The largest weightings in the Fund’s portfolio are given to securities the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio relative risk. The Fund’s investments are selected using a strong valuation discipline to purchase what the Investment Adviser believes are well-positioned, cash-generating securities.

Fixed Income Investments.  The Fund may invest in all types of foreign and emerging market country fixed income securities, including the following:
  • Debt issued by governments, their agencies and instrumentalities, or by their central banks, including Brady Bonds;
  • Interests in structured securities;
  • Fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper);
  • Loan participations;
  • Repurchase agreements with respect to the foregoing; and
  • Affiliated and unaffiliated investment companies (including ETFs) with similar economic exposures to the foregoing.
Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities, denominated in the local currency. Sovereign debt may also include nominal and real inflation-linked securities.

The Fund may invest in securities without regard to 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.

Equity Investments.  The Fund may invest in a diversified portfolio of equity investments in emerging market country issuers. Such equity investments may include affiliated and unaffiliated investment companies (including ETFs), futures and other instruments with similar economic exposures.

Other Investments.  The Fund may also make currency investments, particularly longer-dated forward contracts that provide the Fund with economic exposure similar to investments in sovereign and corporate debt with respect to currency and interest rate exposure. Additionally, the Fund intends to use structured securities and derivatives, including but not limited to credit linked notes, financial futures contracts, treasury futures contracts, forward contracts, total return swap contracts, credit default swap contracts, and interest rate swap contracts, to attempt to improve the performance of the Fund, to hedge the Fund’s investments, and/or to gain exposure to certain countries or currencies. The Fund can invest in securities denominated in any currency and may be subject to the risk of adverse currency fluctuations.

For purposes of the Fund’s policy to invest at least 80% of its Net Assets in securities and instruments of “emerging market country” issuers, the Investment Adviser generally expects a country to be an “emerging market country” if the country is identified as an “emerging market country” in any of the Fund’s benchmark indices. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Central and South America. An emerging market country issuer is an issuer economically tied to an emerging market country.

The Fund’s benchmark index is the Total Emerging Markets Income Fund Composite Index, which is comprised of the MSCI Emerging Markets Index (Net, USD, Unhedged) (40%), the J.P. Morgan Government Bond Index—Emerging Markets (GBI-EMSM) Global Diversified Index (Gross, USD, Unhedged) (20%), the J.P. Morgan Emerging Markets Bond Index (EMBISM) Global Diversified Index (Gross, USD, Unhedged) (20%), and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBISM) Broad Diversified Index (Gross, USD, Unhedged) (20%).
<b>Principal Risks of the Fund</b>
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.

Counterparty Risk.  Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearinghouse, 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.

Credit/Default Risk.  An issuer or guarantor of fixed income securities 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 may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are more pronounced in connection with the Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  The Fund’s use of futures, forwards, foreign currency forwards, swaps, structured securities (e.g., credit linked notes) and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying 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.

Expenses Risk.  By investing in pooled investment vehicles (including investment companies, ETFs and money market funds) indirectly through the Fund, the investor will incur not only a proportionate share of the expenses of the other pooled investment vehicles held by the Fund (including operating costs and investment management fees), but also expenses of the Fund.

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 and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. 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. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging countries.

Interest Rate Risk.  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. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

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 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.

Liquidity Risk.  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, 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 mutual 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.

Market Risk.  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 or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.

Non-Hedging Foreign Currency Trading Risk.  The Fund may engage in forward foreign currency transactions for both 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 that anticipated by the Investment Adviser may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk.

Non-Investment Grade Fixed Income Securities Risk.  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 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.

Sector Risk.  To the extent the Fund focuses its investments in one or more sectors (such as the financial services or telecommunications sectors), the Fund will be subject, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions or developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

Sovereign Default Risk.  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 foreign debt or foreign currency exchange rates.

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.
<b>Performance</b>
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 certain broad-based securities market indices. The Fund’s benchmark is the Total Emerging Markets Income Fund Composite Index, a custom benchmark comprised of the MSCI Emerging Markets Index (Net, USD, Unhedged) (40%), the J.P. Morgan Government Bond Index—Emerging Markets (GBI-EMSM) Global Diversified Index (Gross, USD, Unhedged) (20%), the J.P. Morgan Emerging Markets Bond Index (EMBISM) Global Diversified Index (Gross, USD, Unhedged) (20%), and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBISM) Broad Diversified Index (Gross, USD, Unhedged) (20%). Through December 26, 2017, the Fund had been known as the Goldman Sachs Dynamic Emerging Markets Debt Fund, and its investment objective and certain of its strategies differed. Performance information prior to this date reflects the Fund’s former investment objective and strategies. As a result, the Fund’s performance may differ substantially from the performance information shown below for the period prior to December 26, 2017. 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.

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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.
<B>TOTAL RETURN CALENDAR YEAR (CLASS A)</B>
Bar Chart
Best Quarter
Q1 ‘16              +7.44%

Worst Quarter
Q2 ‘18                –9.77%
AVERAGE ANNUAL TOTAL RETURN<br/><br/><b>For the period ended December 31, 2018</b>
Average Annual Total Returns - Class A, C, Inst, Inv, R, R6 Shares - Goldman Sachs Total Emerging Markets Income Fund
1 Year
5 Year
Since Inception
Inception Date
Class A Shares (16.96%) (1.50%) (2.09%) May 31, 2013
Class A Shares | Returns After Taxes on Distributions (18.67%) (3.11%) (3.71%) May 31, 2013
Class A Shares | Returns After Taxes on Distributions and Sale of Fund Shares (9.00%) (1.51%) (1.98%) May 31, 2013
Class A Shares | Total Emerging Markets Income Fund Composite Index (8.19%) 2.46% 1.93% May 31, 2013
Class A Shares | MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (14.58%) 1.65% 1.62% May 31, 2013
Class A Shares | J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (6.21%) (0.96%) (1.95%) May 31, 2013
Class A Shares | J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (4.26%) 4.79% 3.84% May 31, 2013
Class A Shares | J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (1.65%) 4.36% 3.73% May 31, 2013
Class C Shares (14.52%) (1.27%) (1.94%) May 31, 2013
Class C Shares | Total Emerging Markets Income Fund Composite Index (8.19%) 2.46% 1.93% May 31, 2013
Class C Shares | MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (14.58%) 1.65% 1.62% May 31, 2013
Class C Shares | J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (6.21%) (0.96%) (1.95%) May 31, 2013
Class C Shares | J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (4.26%) 4.79% 3.84% May 31, 2013
Class C Shares | J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (1.65%) 4.36% 3.73% May 31, 2013
Institutional Shares (12.75%) (0.22%) (0.90%) May 31, 2013
Institutional Shares | Total Emerging Markets Income Fund Composite Index (8.19%) 2.46% 1.93% May 31, 2013
Institutional Shares | MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (14.58%) 1.65% 1.62% May 31, 2013
Institutional Shares | J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (6.21%) (0.96%) (1.95%) May 31, 2013
Institutional Shares | J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (4.26%) 4.79% 3.84% May 31, 2013
Institutional Shares | J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (1.65%) 4.36% 3.73% May 31, 2013
Investor Shares (12.83%) (0.31%) (1.02%) May 31, 2013
Investor Shares | Total Emerging Markets Income Fund Composite Index (8.19%) 2.46% 1.93% May 31, 2013
Investor Shares | MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (14.58%) 1.65% 1.62% May 31, 2013
Investor Shares | J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (6.21%) (0.96%) (1.95%) May 31, 2013
Investor Shares | J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (4.26%) 4.79% 3.84% May 31, 2013
Investor Shares | J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (1.65%) 4.36% 3.73% May 31, 2013
Investor Shares | Dynamic Emerging Markets Debt Fund Composite Index May 31, 2013
Class R Shares (13.30%) (0.79%) (1.47%) May 31, 2013
Class R Shares | Total Emerging Markets Income Fund Composite Index (8.19%) 2.46% 1.93% May 31, 2013
Class R Shares | MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (14.58%) 1.65% 1.62% May 31, 2013
Class R Shares | J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (6.21%) (0.96%) (1.95%) May 31, 2013
Class R Shares | J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (4.26%) 4.79% 3.84% May 31, 2013
Class R Shares | J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (1.65%) 4.36% 3.73% May 31, 2013
Class R6 Shares [1] (12.75%) (0.22%) (0.90%) Nov. 30, 2017
Class R6 Shares | Total Emerging Markets Income Fund Composite Index [1] (8.19%) 2.46% 1.93% Nov. 30, 2017
Class R6 Shares | MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) [1] (14.58%) 1.65% 1.62% Nov. 30, 2017
Class R6 Shares | J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) [1] (6.21%) (0.96%) (1.95%) Nov. 30, 2017
Class R6 Shares | J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) [1] (4.26%) 4.79% 3.84% Nov. 30, 2017
Class R6 Shares | J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) [1] (1.65%) 4.36% 3.73% Nov. 30, 2017
[1] 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, including since inception performance as of Institutional Shares’ inception date. 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 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.
XML 13 R9.htm IDEA: XBRL DOCUMENT v3.19.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName GOLDMAN SACHS TRUST
Prospectus Date rr_ProspectusDate Feb. 28, 2019
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <b>Goldman Sachs Total Emerging Markets Income Fund—Summary</b>
Objective [Heading] rr_ObjectiveHeading <b>Investment Objective</b>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Goldman Sachs Total Emerging Markets Income Fund (the “Fund”) seeks current income and
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock as a secondary objective the Fund seeks capital appreciation.
Expense [Heading] rr_ExpenseHeading <b>Fees and Expenses of the Fund</b>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table does not take into account brokerage commissions that you may pay on your purchases and sales of Institutional Shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $100,000, 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 32 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 69 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-107 of the Fund’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b>
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <b>Annual Fund Operating Expenses<br>(expenses that you pay each year as a percentage of the value of your investment)</b>
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination February 28, 2020
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <b>Portfolio Turnover</b>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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, 2018 was 23% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 23.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $100,000, 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 32 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 69 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-107 of the Fund’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Acquired Fund Fees and Expenses, Based on Estimates [Text] rr_AcquiredFundFeesAndExpensesBasedOnEstimates The “Acquired Fund Fees and Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The “Other Expenses” for Class A, Class C, Institutional, Investor, Class R and Class R6 have been restated to reflect expenses expected to be incurred during the current fiscal year.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation” 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.”
Expense Example [Heading] rr_ExpenseExampleHeading <b>Expense Example</b>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This 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 the fee waiver and expense limitation arrangements for only the first year). The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Institutional Shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Assuming complete redemption at end of period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Assuming no redemption
Strategy [Heading] rr_StrategyHeading <b>Principal Strategy</b>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in sovereign and corporate debt securities, equity investments and currencies of issuers in emerging market countries and other instruments, including credit linked notes, exchange-traded funds (“ETFs”), futures and other investments, with similar economic exposures. Such securities and instruments may be denominated in U.S. Dollars or in non-U.S. currencies. The Fund seeks to achieve its investment objectives through a baseline allocation of approximately 60% of its Net Assets to fixed income investments and of approximately 40% of its Net Assets to equity investments. The Investment Adviser may change the allocations to fixed income investments and equity investments opportunistically based on the market environment, top-down macro views, or bottom-up positioning. Under normal circumstances, the allocations to fixed income investments and equity investments may vary 10% above or below the baseline allocation, measured at the time of investment.

The Investment Adviser seeks to build a portfolio across the emerging markets consistent with the Fund’s overall risk budget as well as top-down and bottom-up investment views. As market conditions change, the volatility and attractiveness of countries, regions, sectors, securities and strategies can change, representing opportunities for the Investment Adviser to dynamically adjust the Fund’s investments within and across asset classes.

Allocation of the Fund’s investments is determined by the Investment Adviser’s assessment of a security’s upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact country, sector and industry weightings. The largest weightings in the Fund’s portfolio are given to securities the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio relative risk. The Fund’s investments are selected using a strong valuation discipline to purchase what the Investment Adviser believes are well-positioned, cash-generating securities.

Fixed Income Investments.  The Fund may invest in all types of foreign and emerging market country fixed income securities, including the following:
  • Debt issued by governments, their agencies and instrumentalities, or by their central banks, including Brady Bonds;
  • Interests in structured securities;
  • Fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper);
  • Loan participations;
  • Repurchase agreements with respect to the foregoing; and
  • Affiliated and unaffiliated investment companies (including ETFs) with similar economic exposures to the foregoing.
Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities, denominated in the local currency. Sovereign debt may also include nominal and real inflation-linked securities.

The Fund may invest in securities without regard to 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.

Equity Investments.  The Fund may invest in a diversified portfolio of equity investments in emerging market country issuers. Such equity investments may include affiliated and unaffiliated investment companies (including ETFs), futures and other instruments with similar economic exposures.

Other Investments.  The Fund may also make currency investments, particularly longer-dated forward contracts that provide the Fund with economic exposure similar to investments in sovereign and corporate debt with respect to currency and interest rate exposure. Additionally, the Fund intends to use structured securities and derivatives, including but not limited to credit linked notes, financial futures contracts, treasury futures contracts, forward contracts, total return swap contracts, credit default swap contracts, and interest rate swap contracts, to attempt to improve the performance of the Fund, to hedge the Fund’s investments, and/or to gain exposure to certain countries or currencies. The Fund can invest in securities denominated in any currency and may be subject to the risk of adverse currency fluctuations.

For purposes of the Fund’s policy to invest at least 80% of its Net Assets in securities and instruments of “emerging market country” issuers, the Investment Adviser generally expects a country to be an “emerging market country” if the country is identified as an “emerging market country” in any of the Fund’s benchmark indices. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Central and South America. An emerging market country issuer is an issuer economically tied to an emerging market country.

The Fund’s benchmark index is the Total Emerging Markets Income Fund Composite Index, which is comprised of the MSCI Emerging Markets Index (Net, USD, Unhedged) (40%), the J.P. Morgan Government Bond Index—Emerging Markets (GBI-EMSM) Global Diversified Index (Gross, USD, Unhedged) (20%), the J.P. Morgan Emerging Markets Bond Index (EMBISM) Global Diversified Index (Gross, USD, Unhedged) (20%), and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBISM) Broad Diversified Index (Gross, USD, Unhedged) (20%).
Risk [Heading] rr_RiskHeading <b>Principal Risks of the Fund</b>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.

Counterparty Risk.  Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearinghouse, 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.

Credit/Default Risk.  An issuer or guarantor of fixed income securities 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 may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are more pronounced in connection with the Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  The Fund’s use of futures, forwards, foreign currency forwards, swaps, structured securities (e.g., credit linked notes) and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying 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.

Expenses Risk.  By investing in pooled investment vehicles (including investment companies, ETFs and money market funds) indirectly through the Fund, the investor will incur not only a proportionate share of the expenses of the other pooled investment vehicles held by the Fund (including operating costs and investment management fees), but also expenses of the Fund.

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 and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. 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. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging countries.

Interest Rate Risk.  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. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

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 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.

Liquidity Risk.  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, 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 mutual 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.

Market Risk.  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 or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.

Non-Hedging Foreign Currency Trading Risk.  The Fund may engage in forward foreign currency transactions for both 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 that anticipated by the Investment Adviser may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk.

Non-Investment Grade Fixed Income Securities Risk.  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 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.

Sector Risk.  To the extent the Fund focuses its investments in one or more sectors (such as the financial services or telecommunications sectors), the Fund will be subject, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions or developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

Sovereign Default Risk.  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 foreign debt or foreign currency exchange rates.

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.
Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <b>Performance</b>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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 certain broad-based securities market indices. The Fund’s benchmark is the Total Emerging Markets Income Fund Composite Index, a custom benchmark comprised of the MSCI Emerging Markets Index (Net, USD, Unhedged) (40%), the J.P. Morgan Government Bond Index—Emerging Markets (GBI-EMSM) Global Diversified Index (Gross, USD, Unhedged) (20%), the J.P. Morgan Emerging Markets Bond Index (EMBISM) Global Diversified Index (Gross, USD, Unhedged) (20%), and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBISM) Broad Diversified Index (Gross, USD, Unhedged) (20%). Through December 26, 2017, the Fund had been known as the Goldman Sachs Dynamic Emerging Markets Debt Fund, and its investment objective and certain of its strategies differed. Performance information prior to this date reflects the Fund’s former investment objective and strategies. As a result, the Fund’s performance may differ substantially from the performance information shown below for the period prior to December 26, 2017. 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.

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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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 certain broad-based securities market indices.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.gsamfunds.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <B>TOTAL RETURN CALENDAR YEAR (CLASS A)</B>
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads 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.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best Quarter
Q1 ‘16              +7.44%

Worst Quarter
Q2 ‘18                –9.77%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURN<br/><br/><b>For the period ended December 31, 2018</b>
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.50%
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOther none [1]
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Service Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.58%
Other Expenses rr_OtherExpensesOverAssets 2.58% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.46% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.09% [4]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.80%) [5]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 1.29% [4]
1 Year rr_ExpenseExampleYear01 $ 575
3 Years rr_ExpenseExampleYear03 1,393
5 Years rr_ExpenseExampleYear05 2,226
10 Years rr_ExpenseExampleYear10 $ 4,374
2014 rr_AnnualReturn2014 (1.44%)
2015 rr_AnnualReturn2015 (8.56%)
2016 rr_AnnualReturn2016 9.16%
2017 rr_AnnualReturn2017 13.49%
2018 rr_AnnualReturn2018 (13.06%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.44%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.77%)
1 Year rr_AverageAnnualReturnYear01 (16.96%)
5 Year rr_AverageAnnualReturnYear05 (1.50%)
Since Inception rr_AverageAnnualReturnSinceInception (2.09%)
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.75%
Service Fees rr_Component1OtherExpensesOverAssets 0.25%
All Other Expenses rr_Component2OtherExpensesOverAssets 2.58%
Other Expenses rr_OtherExpensesOverAssets 2.83% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.46% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.84% [4]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.80%) [5]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 2.04% [4]
1 Year rr_ExpenseExampleYear01 $ 307
3 Years rr_ExpenseExampleYear03 1,205
5 Years rr_ExpenseExampleYear05 2,207
10 Years rr_ExpenseExampleYear10 4,724
1 Year rr_ExpenseExampleNoRedemptionYear01 207
3 Years rr_ExpenseExampleNoRedemptionYear03 1,205
5 Years rr_ExpenseExampleNoRedemptionYear05 2,207
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 4,724
1 Year rr_AverageAnnualReturnYear01 (14.52%)
5 Year rr_AverageAnnualReturnYear05 (1.27%)
Since Inception rr_AverageAnnualReturnSinceInception (1.94%)
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Institutional  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOther none [1]
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.49%
Other Expenses rr_OtherExpensesOverAssets 2.49% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.46% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.75% [4]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.80%) [5]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.95% [4]
1 Year rr_ExpenseExampleYear01 $ 97
3 Years rr_ExpenseExampleYear03 887
5 Years rr_ExpenseExampleYear05 1,697
10 Years rr_ExpenseExampleYear10 $ 3,812
1 Year rr_AverageAnnualReturnYear01 (12.75%)
5 Year rr_AverageAnnualReturnYear05 (0.22%)
Since Inception rr_AverageAnnualReturnSinceInception (0.90%)
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Investor  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOther none [1]
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.58%
Other Expenses rr_OtherExpensesOverAssets 2.58% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.46% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.84% [4]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.80%) [5]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 1.04% [4]
1 Year rr_ExpenseExampleYear01 $ 106
3 Years rr_ExpenseExampleYear03 914
5 Years rr_ExpenseExampleYear05 1,740
10 Years rr_ExpenseExampleYear10 $ 3,892
1 Year rr_AverageAnnualReturnYear01 (12.83%)
5 Year rr_AverageAnnualReturnYear05 (0.31%)
Since Inception rr_AverageAnnualReturnSinceInception (1.02%)
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Class R  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOther none [1]
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Service Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.58%
Other Expenses rr_OtherExpensesOverAssets 2.58% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.46% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.34% [4]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.80%) [5]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 1.54% [4]
1 Year rr_ExpenseExampleYear01 $ 157
3 Years rr_ExpenseExampleYear03 1,061
5 Years rr_ExpenseExampleYear05 1,977
10 Years rr_ExpenseExampleYear10 $ 4,320
1 Year rr_AverageAnnualReturnYear01 (13.30%)
5 Year rr_AverageAnnualReturnYear05 (0.79%)
Since Inception rr_AverageAnnualReturnSinceInception (1.47%)
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOther none [1]
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.48%
Other Expenses rr_OtherExpensesOverAssets 2.48% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.46% [3]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.74% [4]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.80%) [5]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.94% [4]
1 Year rr_ExpenseExampleYear01 $ 96
3 Years rr_ExpenseExampleYear03 884
5 Years rr_ExpenseExampleYear05 1,692
10 Years rr_ExpenseExampleYear10 $ 3,804
1 Year rr_AverageAnnualReturnYear01 (12.75%) [6]
5 Year rr_AverageAnnualReturnYear05 (0.22%) [6]
Since Inception rr_AverageAnnualReturnSinceInception (0.90%) [6]
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 30, 2017 [6]
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Returns After Taxes on Distributions | Class A  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (18.67%)
5 Year rr_AverageAnnualReturnYear05 (3.11%)
Since Inception rr_AverageAnnualReturnSinceInception (3.71%)
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Returns After Taxes on Distributions and Sale of Fund Shares | Class A  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (9.00%)
5 Year rr_AverageAnnualReturnYear05 (1.51%)
Since Inception rr_AverageAnnualReturnSinceInception (1.98%)
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Total Emerging Markets Income Fund Composite Index | Class A  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.19%)
5 Year rr_AverageAnnualReturnYear05 2.46%
Since Inception rr_AverageAnnualReturnSinceInception 1.93%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Total Emerging Markets Income Fund Composite Index | Class C  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.19%)
5 Year rr_AverageAnnualReturnYear05 2.46%
Since Inception rr_AverageAnnualReturnSinceInception 1.93%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Total Emerging Markets Income Fund Composite Index | Institutional  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.19%)
5 Year rr_AverageAnnualReturnYear05 2.46%
Since Inception rr_AverageAnnualReturnSinceInception 1.93%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Total Emerging Markets Income Fund Composite Index | Investor  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.19%)
5 Year rr_AverageAnnualReturnYear05 2.46%
Since Inception rr_AverageAnnualReturnSinceInception 1.93%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Total Emerging Markets Income Fund Composite Index | Class R  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.19%)
5 Year rr_AverageAnnualReturnYear05 2.46%
Since Inception rr_AverageAnnualReturnSinceInception 1.93%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Total Emerging Markets Income Fund Composite Index | Class R6  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.19%) [6]
5 Year rr_AverageAnnualReturnYear05 2.46% [6]
Since Inception rr_AverageAnnualReturnSinceInception 1.93% [6]
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 30, 2017 [6]
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class A  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%)
5 Year rr_AverageAnnualReturnYear05 1.65%
Since Inception rr_AverageAnnualReturnSinceInception 1.62%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class C  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%)
5 Year rr_AverageAnnualReturnYear05 1.65%
Since Inception rr_AverageAnnualReturnSinceInception 1.62%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Institutional  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%)
5 Year rr_AverageAnnualReturnYear05 1.65%
Since Inception rr_AverageAnnualReturnSinceInception 1.62%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Investor  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%)
5 Year rr_AverageAnnualReturnYear05 1.65%
Since Inception rr_AverageAnnualReturnSinceInception 1.62%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class R  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%)
5 Year rr_AverageAnnualReturnYear05 1.65%
Since Inception rr_AverageAnnualReturnSinceInception 1.62%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class R6  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%) [6]
5 Year rr_AverageAnnualReturnYear05 1.65% [6]
Since Inception rr_AverageAnnualReturnSinceInception 1.62% [6]
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 30, 2017 [6]
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class A  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.21%)
5 Year rr_AverageAnnualReturnYear05 (0.96%)
Since Inception rr_AverageAnnualReturnSinceInception (1.95%)
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class C  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.21%)
5 Year rr_AverageAnnualReturnYear05 (0.96%)
Since Inception rr_AverageAnnualReturnSinceInception (1.95%)
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Institutional  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.21%)
5 Year rr_AverageAnnualReturnYear05 (0.96%)
Since Inception rr_AverageAnnualReturnSinceInception (1.95%)
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Investor  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.21%)
5 Year rr_AverageAnnualReturnYear05 (0.96%)
Since Inception rr_AverageAnnualReturnSinceInception (1.95%)
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class R  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.21%)
5 Year rr_AverageAnnualReturnYear05 (0.96%)
Since Inception rr_AverageAnnualReturnSinceInception (1.95%)
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class R6  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.21%) [6]
5 Year rr_AverageAnnualReturnYear05 (0.96%) [6]
Since Inception rr_AverageAnnualReturnSinceInception (1.95%) [6]
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 30, 2017 [6]
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class A  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.26%)
5 Year rr_AverageAnnualReturnYear05 4.79%
Since Inception rr_AverageAnnualReturnSinceInception 3.84%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class C  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.26%)
5 Year rr_AverageAnnualReturnYear05 4.79%
Since Inception rr_AverageAnnualReturnSinceInception 3.84%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Institutional  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.26%)
5 Year rr_AverageAnnualReturnYear05 4.79%
Since Inception rr_AverageAnnualReturnSinceInception 3.84%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Investor  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.26%)
5 Year rr_AverageAnnualReturnYear05 4.79%
Since Inception rr_AverageAnnualReturnSinceInception 3.84%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class R  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.26%)
5 Year rr_AverageAnnualReturnYear05 4.79%
Since Inception rr_AverageAnnualReturnSinceInception 3.84%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class R6  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.26%) [6]
5 Year rr_AverageAnnualReturnYear05 4.79% [6]
Since Inception rr_AverageAnnualReturnSinceInception 3.84% [6]
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 30, 2017 [6]
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class A  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.65%)
5 Year rr_AverageAnnualReturnYear05 4.36%
Since Inception rr_AverageAnnualReturnSinceInception 3.73%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class C  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.65%)
5 Year rr_AverageAnnualReturnYear05 4.36%
Since Inception rr_AverageAnnualReturnSinceInception 3.73%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Institutional  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.65%)
5 Year rr_AverageAnnualReturnYear05 4.36%
Since Inception rr_AverageAnnualReturnSinceInception 3.73%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Investor  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.65%)
5 Year rr_AverageAnnualReturnYear05 4.36%
Since Inception rr_AverageAnnualReturnSinceInception 3.73%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class R  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.65%)
5 Year rr_AverageAnnualReturnYear05 4.36%
Since Inception rr_AverageAnnualReturnSinceInception 3.73%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) | Class R6  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.65%) [6]
5 Year rr_AverageAnnualReturnYear05 4.36% [6]
Since Inception rr_AverageAnnualReturnSinceInception 3.73% [6]
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 30, 2017 [6]
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Total Emerging Markets Income Fund | Dynamic Emerging Markets Debt Fund Composite Index | Investor  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01
5 Year rr_AverageAnnualReturnYear05
Since Inception rr_AverageAnnualReturnSinceInception
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013
[1] A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.
[2] The “Other Expenses” for Class A, Class C, Institutional, Investor, Class R and Class R6 have been restated to reflect expenses expected to be incurred during the current fiscal year.
[3] The “Acquired Fund Fees and Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year.
[4] The “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation” 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.”
[5] The Investment Adviser has agreed to (i) waive a portion of its management fee payable by the Fund in an amount equal to any management fees it earns as an investment adviser to any 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 0.024% of the Fund’s average daily net assets. These arrangements will remain in effect through at least February 28, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.
[6] 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, including since inception performance as of Institutional Shares’ inception date. 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.
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Class P Shares | Goldman Sachs Total Emerging Markets Income Fund
<b>Goldman Sachs Total Emerging Markets Income Fund—Summary</b>
<b>Investment Objective</b>
The Goldman Sachs Total Emerging Markets Income Fund (the “Fund”) seeks current income and
as a secondary objective the Fund seeks capital appreciation.
<b>Fees and Expenses of the Fund</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
<b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b>
Annual Fund Operating Expenses
Class P Shares
Goldman Sachs Total Emerging Markets Income Fund
Class P
Management Fees 0.80%
Other Expenses 2.48% [1]
Acquired Fund Fees and Expenses 0.46% [2]
Total Annual Fund Operating Expenses 3.74%
Fee Waiver and Expense Limitation (2.80%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation 0.94%
[1] The “Other Expenses” for Class P Shares have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The “Acquired Fund Fees and Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year.
[3] The Investment Adviser has agreed to (i) waive a portion of its management fee payable by the Fund in an amount equal to any management fees it earns as an investment adviser to any 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 0.024% of the Fund’s average daily net assets. These arrangements will remain in effect through at least February 28, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.
<b>Expense Example</b>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Class P Shares | Goldman Sachs Total Emerging Markets Income Fund | Class P Shares | USD ($) 96 884 1,692 3,804
<b>Portfolio Turnover</b>
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, 2018 was 23% of the average value of its portfolio.
<b>Principal Strategy</b>
The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in sovereign and corporate debt securities, equity investments and currencies of issuers in emerging market countries and other instruments, including credit linked notes, exchange-traded funds (“ETFs”), futures and other investments, with similar economic exposures. Such securities and instruments may be denominated in U.S. Dollars or in non-U.S. currencies. The Fund seeks to achieve its investment objectives through a baseline allocation of approximately 60% of its Net Assets to fixed income investments and of approximately 40% of its Net Assets to equity investments. The Investment Adviser may change the allocations to fixed income investments and equity investments opportunistically based on the market environment, top-down macro views, or bottom-up positioning. Under normal circumstances, the allocations to fixed income investments and equity investments may vary 10% above or below the baseline allocation, measured at the time of investment.

The Investment Adviser seeks to build a portfolio across the emerging markets consistent with the Fund’s overall risk budget as well as top-down and bottom-up investment views. As market conditions change, the volatility and attractiveness of countries, regions, sectors, securities and strategies can change, representing opportunities for the Investment Adviser to dynamically adjust the Fund’s investments within and across asset classes.

Allocation of the Fund’s investments is determined by the Investment Adviser’s assessment of a security’s upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact country, sector and industry weightings. The largest weightings in the Fund’s portfolio are given to securities the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio relative risk. The Fund’s investments are selected using a strong valuation discipline to purchase what the Investment Adviser believes are well-positioned, cash-generating securities.

Fixed Income Investments.  The Fund may invest in all types of foreign and emerging market country fixed income securities, including the following:
  • Debt issued by governments, their agencies and instrumentalities, or by their central banks, including Brady Bonds;
  • Interests in structured securities;
  • Fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper);
  • Loan participations;
  • Repurchase agreements with respect to the foregoing; and
  • Affiliated and unaffiliated investment companies (including ETFs) with similar economic exposures to the foregoing.
Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities, denominated in the local currency. Sovereign debt may also include nominal and real inflation-linked securities.

The Fund may invest in securities without regard to 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.

Equity Investments.  The Fund may invest in a diversified portfolio of equity investments in emerging market country issuers. Such equity investments may include affiliated and unaffiliated investment companies (including ETFs), futures and other instruments with similar economic exposures.

Other Investments.  The Fund may also make currency investments, particularly longer-dated forward contracts that provide the Fund with economic exposure similar to investments in sovereign and corporate debt with respect to currency and interest rate exposure. Additionally, the Fund intends to use structured securities and derivatives, including but not limited to credit linked notes, financial futures contracts, treasury futures contracts, forward contracts, total return swap contracts, credit default swap contracts, and interest rate swap contracts, to attempt to improve the performance of the Fund, to hedge the Fund’s investments, and/or to gain exposure to certain countries or currencies. The Fund can invest in securities denominated in any currency and may be subject to the risk of adverse currency fluctuations.

For purposes of the Fund’s policy to invest at least 80% of its Net Assets in securities and instruments of “emerging market country” issuers, the Investment Adviser generally expects a country to be an “emerging market country” if the country is identified as an “emerging market country” in any of the Fund’s benchmark indices. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Central and South America. An emerging market country issuer is an issuer economically tied to an emerging market country.

The Fund’s benchmark index is the Total Emerging Markets Income Fund Composite Index, which is comprised of the MSCI Emerging Markets Index (Net, USD, Unhedged) (40%), the J.P. Morgan Government Bond Index—Emerging Markets (GBI-EMSM) Global Diversified Index (Gross, USD, Unhedged) (20%), the J.P. Morgan Emerging Markets Bond Index (EMBISM) Global Diversified Index (Gross, USD, Unhedged) (20%), and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBISM) Broad Diversified Index (Gross, USD, Unhedged) (20%).
<b>Principal Risks of the Fund</b>
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.

Counterparty Risk.  Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearinghouse, 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.

Credit/Default Risk.  An issuer or guarantor of fixed income securities 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 may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are more pronounced in connection with the Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  The Fund’s use of futures, forwards, foreign currency forwards, swaps, structured securities (e.g., credit linked notes) and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying 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.

Expenses Risk.  By investing in pooled investment vehicles (including investment companies, ETFs and money market funds) indirectly through the Fund, the investor will incur not only a proportionate share of the expenses of the other pooled investment vehicles held by the Fund (including operating costs and investment management fees), but also expenses of the Fund.

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 and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. 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. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging countries.

Interest Rate Risk.  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. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

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 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.

Liquidity Risk.  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, 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 mutual 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.

Market Risk.  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 or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.

Non-Hedging Foreign Currency Trading Risk.  The Fund may engage in forward foreign currency transactions for both 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 that anticipated by the Investment Adviser may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk.

Non-Investment Grade Fixed Income Securities Risk.  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 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.

Sector Risk.  To the extent the Fund focuses its investments in one or more sectors (such as the financial services or telecommunications sectors), the Fund will be subject, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions or developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

Sovereign Default Risk.  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 foreign debt or foreign currency exchange rates.

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.
<b>Performance</b>
The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Institutional Shares compare to those of certain broad-based securities market indices. The Fund’s benchmark is the Total Emerging Markets Income Fund Composite Index, a custom benchmark comprised of the MSCI Emerging Markets Index (Net, USD, Unhedged) (40%), the J.P. Morgan Government Bond Index—Emerging Markets (GBI-EMSM ) Global Diversified Index (Gross, USD, Unhedged) (20%), the J.P. Morgan Emerging Markets Bond Index (EMBISM ) Global Diversified Index (Gross, USD, Unhedged) (20%), and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBISM ) Broad Diversified Index (Gross, USD, Unhedged) (20%). Through December 26, 2017, the Fund had been known as the Goldman Sachs Dynamic Emerging Markets Debt Fund, and its investment objective and certain of its strategies differed. Performance information prior to this date reflects the Fund’s former investment objective and strategies. As a result, the Fund’s performance may differ substantially from the performance information shown below for the period prior to December 26, 2017. 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.
<B>TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)</B>
Bar Chart
Best Quarter
Q1 ‘16                +7.52%

Worst Quarter
Q2 ‘18                –9.66%
AVERAGE ANNUAL TOTAL RETURN<br/><br/><b>For the period ended December 31, 2018</b>
Average Annual Total Returns - Class P Shares - Goldman Sachs Total Emerging Markets Income Fund
1 Year
5 Year
Since Inception
Inception Date
Institutional Shares [1] 12.75% 0.22% (0.90%) May 31, 2013
Institutional Shares | Returns After Taxes on Distributions [1] (14.62%) (1.96%) (2.66%) May 31, 2013
Institutional Shares | Returns After Taxes on Distributions and Sale of Fund Shares [1] (6.42%) (0.59%) (1.15%) May 31, 2013
Total Emerging Markets Income Fund Composite Index (8.19%) 2.46% 1.93%  
MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (14.58%) 1.65% 1.62%  
J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (6.21%) (0.96%) (1.95%)  
J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (4.26%) 4.79% 3.84%  
J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes) (1.65%) 4.36% 3.73%  
[1] Returns are for a share class that is not presented that would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the share classes do not have the same expenses.
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.
XML 16 R15.htm IDEA: XBRL DOCUMENT v3.19.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName GOLDMAN SACHS TRUST
Prospectus Date rr_ProspectusDate Feb. 28, 2019
Class P Shares | Goldman Sachs Total Emerging Markets Income Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <b>Goldman Sachs Total Emerging Markets Income Fund—Summary</b>
Objective [Heading] rr_ObjectiveHeading <b>Investment Objective</b>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Goldman Sachs Total Emerging Markets Income Fund (the “Fund”) seeks current income and
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock as a secondary objective the Fund seeks capital appreciation.
Expense [Heading] rr_ExpenseHeading <b>Fees and Expenses of the Fund</b>
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b>
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination February 28, 2020
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <b>Portfolio Turnover</b>
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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, 2018 was 23% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 23.00%
Acquired Fund Fees and Expenses, Based on Estimates [Text] rr_AcquiredFundFeesAndExpensesBasedOnEstimates The “Acquired Fund Fees and Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The “Other Expenses” for Class P Shares have been restated to reflect expenses expected to be incurred during the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading <b>Expense Example</b>
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This 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:
Strategy [Heading] rr_StrategyHeading <b>Principal Strategy</b>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in sovereign and corporate debt securities, equity investments and currencies of issuers in emerging market countries and other instruments, including credit linked notes, exchange-traded funds (“ETFs”), futures and other investments, with similar economic exposures. Such securities and instruments may be denominated in U.S. Dollars or in non-U.S. currencies. The Fund seeks to achieve its investment objectives through a baseline allocation of approximately 60% of its Net Assets to fixed income investments and of approximately 40% of its Net Assets to equity investments. The Investment Adviser may change the allocations to fixed income investments and equity investments opportunistically based on the market environment, top-down macro views, or bottom-up positioning. Under normal circumstances, the allocations to fixed income investments and equity investments may vary 10% above or below the baseline allocation, measured at the time of investment.

The Investment Adviser seeks to build a portfolio across the emerging markets consistent with the Fund’s overall risk budget as well as top-down and bottom-up investment views. As market conditions change, the volatility and attractiveness of countries, regions, sectors, securities and strategies can change, representing opportunities for the Investment Adviser to dynamically adjust the Fund’s investments within and across asset classes.

Allocation of the Fund’s investments is determined by the Investment Adviser’s assessment of a security’s upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact country, sector and industry weightings. The largest weightings in the Fund’s portfolio are given to securities the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio relative risk. The Fund’s investments are selected using a strong valuation discipline to purchase what the Investment Adviser believes are well-positioned, cash-generating securities.

Fixed Income Investments.  The Fund may invest in all types of foreign and emerging market country fixed income securities, including the following:
  • Debt issued by governments, their agencies and instrumentalities, or by their central banks, including Brady Bonds;
  • Interests in structured securities;
  • Fixed and floating rate, senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper);
  • Loan participations;
  • Repurchase agreements with respect to the foregoing; and
  • Affiliated and unaffiliated investment companies (including ETFs) with similar economic exposures to the foregoing.
Sovereign debt consists of debt securities issued by governments or any of their agencies, political subdivisions or instrumentalities, denominated in the local currency. Sovereign debt may also include nominal and real inflation-linked securities.

The Fund may invest in securities without regard to 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.

Equity Investments.  The Fund may invest in a diversified portfolio of equity investments in emerging market country issuers. Such equity investments may include affiliated and unaffiliated investment companies (including ETFs), futures and other instruments with similar economic exposures.

Other Investments.  The Fund may also make currency investments, particularly longer-dated forward contracts that provide the Fund with economic exposure similar to investments in sovereign and corporate debt with respect to currency and interest rate exposure. Additionally, the Fund intends to use structured securities and derivatives, including but not limited to credit linked notes, financial futures contracts, treasury futures contracts, forward contracts, total return swap contracts, credit default swap contracts, and interest rate swap contracts, to attempt to improve the performance of the Fund, to hedge the Fund’s investments, and/or to gain exposure to certain countries or currencies. The Fund can invest in securities denominated in any currency and may be subject to the risk of adverse currency fluctuations.

For purposes of the Fund’s policy to invest at least 80% of its Net Assets in securities and instruments of “emerging market country” issuers, the Investment Adviser generally expects a country to be an “emerging market country” if the country is identified as an “emerging market country” in any of the Fund’s benchmark indices. Such countries are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Central and South America. An emerging market country issuer is an issuer economically tied to an emerging market country.

The Fund’s benchmark index is the Total Emerging Markets Income Fund Composite Index, which is comprised of the MSCI Emerging Markets Index (Net, USD, Unhedged) (40%), the J.P. Morgan Government Bond Index—Emerging Markets (GBI-EMSM) Global Diversified Index (Gross, USD, Unhedged) (20%), the J.P. Morgan Emerging Markets Bond Index (EMBISM) Global Diversified Index (Gross, USD, Unhedged) (20%), and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBISM) Broad Diversified Index (Gross, USD, Unhedged) (20%).
Risk [Heading] rr_RiskHeading <b>Principal Risks of the Fund</b>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.

Counterparty Risk.  Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearinghouse, 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.

Credit/Default Risk.  An issuer or guarantor of fixed income securities 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 may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”). These risks are more pronounced in connection with the Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  The Fund’s use of futures, forwards, foreign currency forwards, swaps, structured securities (e.g., credit linked notes) and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying 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.

Expenses Risk.  By investing in pooled investment vehicles (including investment companies, ETFs and money market funds) indirectly through the Fund, the investor will incur not only a proportionate share of the expenses of the other pooled investment vehicles held by the Fund (including operating costs and investment management fees), but also expenses of the Fund.

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 and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. 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. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging countries.

Interest Rate Risk.  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. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

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 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.

Liquidity Risk.  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, 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 mutual 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.

Market Risk.  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 or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.

Non-Hedging Foreign Currency Trading Risk.  The Fund may engage in forward foreign currency transactions for both 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 that anticipated by the Investment Adviser may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk.

Non-Investment Grade Fixed Income Securities Risk.  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 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.

Sector Risk.  To the extent the Fund focuses its investments in one or more sectors (such as the financial services or telecommunications sectors), the Fund will be subject, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions or developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

Sovereign Default Risk.  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 foreign debt or foreign currency exchange rates.

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.
Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <b>Performance</b>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Institutional Shares compare to those of certain broad-based securities market indices. The Fund’s benchmark is the Total Emerging Markets Income Fund Composite Index, a custom benchmark comprised of the MSCI Emerging Markets Index (Net, USD, Unhedged) (40%), the J.P. Morgan Government Bond Index—Emerging Markets (GBI-EMSM ) Global Diversified Index (Gross, USD, Unhedged) (20%), the J.P. Morgan Emerging Markets Bond Index (EMBISM ) Global Diversified Index (Gross, USD, Unhedged) (20%), and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBISM ) Broad Diversified Index (Gross, USD, Unhedged) (20%). Through December 26, 2017, the Fund had been known as the Goldman Sachs Dynamic Emerging Markets Debt Fund, and its investment objective and certain of its strategies differed. Performance information prior to this date reflects the Fund’s former investment objective and strategies. As a result, the Fund’s performance may differ substantially from the performance information shown below for the period prior to December 26, 2017. 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Institutional Shares compare to those of certain broad-based securities market indices.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.gsamfunds.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading <B>TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)</B>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best Quarter
Q1 ‘16                +7.52%

Worst Quarter
Q2 ‘18                –9.66%
Bar Chart, Returns for Class Not Offered in Prospectus [Text] rr_BarChartReturnsForClassNotOfferedInProspectus Returns are for a share class that is not presented that would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the share classes do not have the same expenses.
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURN<br/><br/><b>For the period ended December 31, 2018</b>
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Class P Shares | Goldman Sachs Total Emerging Markets Income Fund | Class P  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.80%
Other Expenses rr_OtherExpensesOverAssets 2.48% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.46% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.74%
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.80%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.94%
1 Year rr_ExpenseExampleYear01 $ 96
3 Years rr_ExpenseExampleYear03 884
5 Years rr_ExpenseExampleYear05 1,692
10 Years rr_ExpenseExampleYear10 $ 3,804
Class P Shares | Goldman Sachs Total Emerging Markets Income Fund | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
2014 rr_AnnualReturn2014 (0.87%)
2015 rr_AnnualReturn2015 (8.33%)
2016 rr_AnnualReturn2016 9.52%
2017 rr_AnnualReturn2017 13.85%
2018 rr_AnnualReturn2018 (12.75%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.52%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.66%)
1 Year rr_AverageAnnualReturnYear01 12.75% [4]
5 Year rr_AverageAnnualReturnYear05 0.22% [4]
Since Inception rr_AverageAnnualReturnSinceInception (0.90%) [4]
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013 [4]
Class P Shares | Goldman Sachs Total Emerging Markets Income Fund | Returns After Taxes on Distributions | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.62%) [4]
5 Year rr_AverageAnnualReturnYear05 (1.96%) [4]
Since Inception rr_AverageAnnualReturnSinceInception (2.66%) [4]
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013 [4]
Class P Shares | Goldman Sachs Total Emerging Markets Income Fund | Returns After Taxes on Distributions and Sale of Fund Shares | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.42%) [4]
5 Year rr_AverageAnnualReturnYear05 (0.59%) [4]
Since Inception rr_AverageAnnualReturnSinceInception (1.15%) [4]
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2013 [4]
Class P Shares | Goldman Sachs Total Emerging Markets Income Fund | Total Emerging Markets Income Fund Composite Index  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.19%)
5 Year rr_AverageAnnualReturnYear05 2.46%
Since Inception rr_AverageAnnualReturnSinceInception 1.93%
Class P Shares | Goldman Sachs Total Emerging Markets Income Fund | MSCI Emerging Markets Index (Net, USD, Unhedged) (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (14.58%)
5 Year rr_AverageAnnualReturnYear05 1.65%
Since Inception rr_AverageAnnualReturnSinceInception 1.62%
Class P Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.21%)
5 Year rr_AverageAnnualReturnYear05 (0.96%)
Since Inception rr_AverageAnnualReturnSinceInception (1.95%)
Class P Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Emerging Markets Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.26%)
5 Year rr_AverageAnnualReturnYear05 4.79%
Since Inception rr_AverageAnnualReturnSinceInception 3.84%
Class P Shares | Goldman Sachs Total Emerging Markets Income Fund | J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI℠) Broad Diversified Index (Gross, USD, Unhedged) (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.65%)
5 Year rr_AverageAnnualReturnYear05 4.36%
Since Inception rr_AverageAnnualReturnSinceInception 3.73%
[1] The “Other Expenses” for Class P Shares have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The “Acquired Fund Fees and Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year.
[3] The Investment Adviser has agreed to (i) waive a portion of its management fee payable by the Fund in an amount equal to any management fees it earns as an investment adviser to any 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 0.024% of the Fund’s average daily net assets. These arrangements will remain in effect through at least February 28, 2020, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.
[4] Returns are for a share class that is not presented that would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the share classes do not have the same expenses.
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Risk/Return: rr_RiskReturnAbstract  
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Prospectus Date rr_ProspectusDate Feb. 28, 2019
Document Creation Date dei_DocumentCreationDate Feb. 28, 2019
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