0001193125-21-145789.txt : 20210503 0001193125-21-145789.hdr.sgml : 20210503 20210430175105 ACCESSION NUMBER: 0001193125-21-145789 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20210503 DATE AS OF CHANGE: 20210430 EFFECTIVENESS DATE: 20210503 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: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 033-17619 FILM NUMBER: 21880276 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 S000018298 Goldman Sachs International Tax-Managed Equity Fund C000050443 Institutional GHTMX C000050444 Class A GATMX C000050445 Class C GCTMX C000091965 Investor Shares GITRX C000200308 Class R6 Shares GHTRX 497K 1 d91824d497k.htm GOLDMAN SACHS TRUST Goldman Sachs Trust
Summary
Prospectus
April 30, 2021
Goldman Sachs International Tax-Managed Equity Fund
Class A: GATMX  Class C: GCTMX  Institutional: GHTMX  Investor: GITRX  Class R6: GHTRX        
Before you invest, you may want to review the Goldman Sachs International Tax-Managed Equity Fund (the “Fund”) Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus, reports to shareholders and other information about the Fund online at http://www.gsamfunds.com/mutualfunds. You can also get this information at no cost by calling 800-621-2550 for Institutional and Class R6 shareholders, 800-526-7384 for all other shareholders or by sending an e-mail request to gs-funds-document-requests@gs.com. The Fund’s Prospectus and Statement of Additional Information (“SAI”), both dated April 30, 2021, are incorporated by reference into this Summary Prospectus.
It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports will not be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.
You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of the Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional and Class R6 shareholders or 800-526-7384 for all other shareholders. If you hold shares of the Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Fund’s transfer agent if you invest directly with the transfer agent.
Investment Objective
The Goldman Sachs International Tax-Managed Equity Fund (the “Fund”) seeks to provide long-term after-tax growth of capital through tax-sensitive participation in a broadly diversified portfolio of international equity securities.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries,
which are not reflected in the table and Example below. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 47 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 93 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-147 of the Fund’s Statement of Additional Information (“SAI”).
 
Shareholder Fees
(fees paid directly from your investment)
  Class A Class C Institutional Investor Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% 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

 

2    Summary Prospectus — Goldman Sachs International Tax-Managed Equity Fund
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
  Class A Class C Institutional Investor Class R6
Management Fees 0.85% 0.85% 0.85% 0.85% 0.85%
Distribution and/or Service (12b-1) Fees 0.25% 0.75% None None None
Other Expenses 0.26% 0.51% 0.14% 0.26% 0.13%
Service Fees None 0.25% None None None
All Other Expenses 0.26% 0.26% 0.14% 0.26% 0.13%
Total Annual Fund Operating Expenses 1.36% 2.11% 0.99% 1.11% 0.98%
Fee Waiver and Expense Limitation2 (0.14)% (0.14)% (0.09)% (0.14)% (0.09)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation 1.22% 1.97% 0.90% 0.97% 0.89%
1 A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.
2 The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets. Additionally, Goldman Sachs & Co. (“Goldman Sachs”), the Fund’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Fund. These arrangements will remain in effect through at least April 30, 2022, and prior to such date, the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees.
Expense Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same  (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
  1 Year 3 Years 5 Years 10 Years
Class A Shares $667 $944 $1,241 $2,084
Class C Shares        
– Assuming complete redemption at end of period $300 $647 $1,121 $2,430
– Assuming no redemption $200 $647 $1,121 $2,430
Institutional Shares $92 $306 $538 $1,205
Investor Shares $99 $339 $598 $1,339
Class R6 Shares $91 $303 $533 $1,193
    
Portfolio Turnover
The Fund pays transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in the annual fund operating expenses or in the expense example above, but are reflected in the Fund’s performance. The Fund’s portfolio turnover rate for the fiscal year ended December 31, 2020 was 177% of the average value of its portfolio.
Principal Strategy
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 equity investments in non-U.S. issuers.
The Fund uses a variety of quantitative techniques, in combination with a qualitative overlay, when selecting investments that have the potential to maximize the Fund’s after-tax return and minimize capital gains and income distributions. These quantitative techniques, which are derived from fundamental research and based on certain investment themes, including, among others, Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends. Fundamental Mispricings seeks to identify high-quality businesses trading at a fair price, which the Investment Adviser believes leads to strong performance over the long-run. High Quality Business Models seeks to identify companies that are generating high-quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes and Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. The Fund may make investment decisions that deviate from those generated by the Investment Adviser’s proprietary models, at the discretion of the Investment Adviser. In addition, the Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Adviser’s proprietary research.
The Fund expects to maintain risk, style, capitalization and industry characteristics similar to the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net, USD, Unhedged) (“MSCI EAFE Index”). The Fund may allocate its assets among countries as determined by the Investment Adviser from time to time, provided the Fund’s assets are invested in at least three foreign countries.
In managing the Fund, the Investment Adviser balances investment considerations and tax considerations. The Fund seeks to achieve returns primarily in the form of price appreciation (which is not subject to current tax), and may use different strategies in seeking tax-efficiency. These strategies include:
■ Offsetting long-term and short-term capital gains with long-term and short-term capital losses and creating loss carry-forward positions

 

3    Summary Prospectus — Goldman Sachs International Tax-Managed Equity Fund
■ Managing portfolio turnover that may result in capital gains and losses
■ Selling tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis The Fund’s investments in fixed income securities are limited to cash equivalents.
The Fund’s benchmark index is the MSCI EAFE Index.
Principal Risks of the Fund
Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. Investments in the Fund involve substantial risks which prospective investors should consider carefully before investing. The Fund's principal risks are presented below in alphabetical order, and not in the order of importance or potential exposure.
Foreign Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. 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.
Investment Style Risk.  Different investment styles (e.g., “growth,” “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.
Large Shareholder Transactions Risk. The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund's  net asset value (“NAV”) and liquidity. Similarly, large Fund share purchases may adversely affect the  Fund's  performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the  Fund's  current expenses being allocated over a smaller asset base, leading to an increase in the  Fund's  expense ratio.
Management Risk. A strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for the Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of
the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser’s use of these quantitative models will result in effective investment decisions for the Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses.
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. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.
Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders.
Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.
Tax-Managed Investment Risk.  Because the Investment Adviser balances investment considerations and tax considerations, the pretax performance of the Fund may be lower than the performance of similar funds that are not tax-managed. Even though tax-managed strategies are being used, they may not reduce the amount of taxable income and capital gains distributed by the Fund to shareholders. A high percentage of the Fund’s NAV may consist of unrealized capital gains, which represent a potential future tax liability to shareholders. The Fund is not suitable for investment by individual retirement accounts, other tax-exempt or tax-deferred accounts or for other investors who are not sensitive to the federal income tax consequences of their investments.
Performance
The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus.
Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.
CALENDAR YEAR ( INSTITUTIONAL)

 

4    Summary Prospectus — Goldman Sachs International Tax-Managed Equity Fund
During the periods shown in the chart above: Returns Quarter ended
Best Quarter Return 17.43% June 30, 2020
Worst Quarter Return -22.79% March 31, 2020
AVERAGE ANNUAL TOTAL RETURN
    
For the period ended December 31, 2020 1 Year 5 Years 10 Years
Class A Shares (Inception 1/31/2008)      
Returns Before Taxes 3.71% 5.89% 4.92%
Returns After Taxes on Distributions 3.57% 5.70% 4.65%
Returns After Taxes on Distributions and Sale of Fund Shares 2.54% 4.75% 4.00%
MSCI EAFE Index (Net, USD, Unhedged; reflects no deduction for fees or expenses) 7.79% 7.44% 5.50%
Class C Shares (Inception 1/31/2008)      
Returns Before Taxes 7.89% 6.27% 4.72%*
MSCI EAFE Index (Net, USD, Unhedged; reflects no deduction for fees or expenses) 7.79% 7.44% 5.50%
Institutional Shares (Inception 1/31/2008)      
Returns Before Taxes 10.11% 7.47% 5.92%
MSCI EAFE Index (Net, USD, Unhedged; reflects no deduction for fees or expenses) 7.79% 7.44% 5.50%
Investor Shares (Inception 8/31/2010)      
Returns Before Taxes 10.09% 7.34% 5.77%
MSCI EAFE Index (Net, USD, Unhedged; reflects no deduction for fees or expenses) 7.79% 7.44% 5.50%
Class R6 Shares (Inception 4/30/2018)**      
Returns Before Taxes 10.20% 7.49% 5.93%
MSCI EAFE Index (Net, USD, Unhedged; reflects no deduction for fees or expenses) 7.79% 7.44% 5.50%
* Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance.
** Class R6 Shares commenced operations on April 30, 2018. Prior to that date, the performance of Class R6 Shares shown in the table above is that of Institutional Shares. Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had higher returns because: (i) Institutional Shares and Class R6 Shares represent interests in the same portfolio of securities; and (ii) Class R6 Shares have lower expenses.
The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares 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.
Portfolio Management
Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or “GSAM”).
Portfolio Managers:  Osman Ali, CFA, Managing Director, has managed the Fund since 2014; Len Ioffe, CFA, Managing Director, has managed the Fund since 2021; John Sienkiewicz, Managing Director, has managed the Fund since 2020; Monali Vora, CFA, Managing Director, has managed the Fund since 2010; and Dennis Walsh, Managing Director, has managed the Fund since 2021.
Buying and Selling Fund Shares
The minimum initial investment for Class A and Class C Shares is, generally, $1,000. The minimum initial investment for Institutional Shares is, generally, $1,000,000 for individual or institutional investors or certain wrap account sponsors, alone or in combination with other assets under the management of the Investment Adviser and its affiliates. There is no minimum for initial purchases of Investor and Class R6 Shares, except for certain institutional investors who purchase Class R6 Shares directly with the Fund’s transfer agent for which the minimum initial investment is $5,000,000. Those share classes with a minimum initial investment requirement do not impose it on certain employee benefit plans, and Institutional Shares do not impose it on certain investment advisers investing on behalf of other accounts.
The minimum subsequent investment for Class A and Class C shareholders is $50, except for certain employee benefit plans, for which there is no minimum. There is no minimum subsequent investment for Institutional, Investor or Class R6 shareholders.
You may purchase and redeem (sell) shares of the Fund on any business day through certain intermediaries that have a relationship with Goldman Sachs, including banks, trust companies, brokers, registered investment advisers and other financial institutions (“Intermediaries”).
Tax Information
The Fund’s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Investments through tax-deferred arrangements may become taxable upon withdrawal from such arrangements.
Payments to Broker-Dealers and
Other Financial Intermediaries
If you purchase the Fund through an Intermediary, the Fund and/or its related companies may pay the Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your Intermediary’s website for more information.
 
TAXADVSUM2-21
 GRAPHIC 2 g101439img450ef80f1.gif GRAPHIC begin 644 g101439img450ef80f1.gif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end GRAPHIC 3 g101439imga2cdc98b2.jpg GRAPHIC begin 644 g101439imga2cdc98b2.jpg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end