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seeks to deliver long-term total return consistent with investment results that approximate the return and risk patterns of a diversified universe of hedge funds.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 54 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 105 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 54 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 105 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> 50000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0063 0.0063 0.0063 0.0063 0.0063 0.0063 0.0025 0.0075 0 0 0.0050 0 0.0019 0.0044 0.0008 0.0019 0.0019 0.0007 0 0.0025 0 0 0 0 0.0019 0.0019 0.0008 0.0019 0.0019 0.0007 0.0009 0.0009 0.0009 0.0009 0.0009 0.0009 0.0116 0.0191 0.0080 0.0091 0.0141 0.0079 -0.0006 -0.0006 -0.0006 -0.0006 -0.0006 -0.0006 0.0110 0.0185 0.0074 0.0085 0.0135 0.0073 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">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.”</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates 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:</span> 656 893 1148 1876 288 594 1026 2228 76 249 438 984 87 284 498 1114 137 440 765 1686 75 246 433 972 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 188 594 1026 2228 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">134</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 1.34 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s Investment Adviser believes that hedge funds derive a large portion of their returns from exposure to sources of market risk (“Market Exposures”) and “Trading Strategies” involving long and/or short positions in Market Exposures and/or individual securities or baskets of securities. In seeking to meet its investment objective, the Fund uses a dynamic investment process to seek to identify the appropriate weights to Market Exposures and Trading Strategies that approximate the return and risk patterns of specific hedge fund sub-strategies. The hedge fund sub-strategies whose returns the Fund seeks to approximate include, but are not limited to, Equity Long Short, Event Driven, Relative Value and Macro sub-strategies (each a “Hedge Fund Sub-Strategy”). To establish the Market Exposures and Trading Strategies that drive the returns of the Hedge Fund Sub-Strategies, the Investment Adviser uses industry analysis of hedge funds, including hedge fund return databases, prime brokerage reports, industry participants and regulatory filings and other public sources. The Investment Adviser then applies a quantitative methodology, in combination with a qualitative overlay, to assess the appropriate weight to each Market Exposure and Trading Strategy. The Fund may seek to establish long and/or short positions in a multitude of Market Exposures, including but not limited to: </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">U.S. and non-U.S. (including emerging market) equity indices; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">U.S. and non-U.S. (including emerging market) fixed income indices; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Credit indices; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Interest rates; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Commodity indices; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Master limited partnership (“MLP”) indices; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Foreign currency exchange rates; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Baskets of top positions held by hedge funds; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Single stocks and single commodities; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Volatility; and </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Market momentum/trends. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests in instruments that the Investment Adviser believes will assist the Fund in gaining exposure to the Market Exposures. The instruments in which the Fund may invest include, but are not limited to: </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Equity securities (including securities that may convert into equity securities); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">U.S. corporate bonds and other fixed income securities (including non-investment grade fixed income securities (commonly known as “junk bonds”)); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Futures (including equity index futures, interest rate futures, bond futures and volatility futures); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Swaps (including total or excess return swaps and credit default swaps on indices); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Options (including listed equity index put and call options, listed government bond future put and call options, options on volatility, and swaptions); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Structured notes (including commodity-linked notes); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Exchange-traded funds (“ETFs”); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Forward contracts (including currency forward contracts on developed and emerging markets currencies); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Wholly-owned subsidiary (to gain exposure to the commodities markets); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Asset and mortgage-backed securities and real estate investment trusts (“REITs”); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">U.S. government securities, including agency debentures, and other high quality debt securities; and </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Cash equivalents. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">Investment in the Subsidiary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund seeks to gain exposure to the commodities markets by investing in a wholly-owned subsidiary of the Fund organized as a limited liability company under the laws of the Cayman Islands, Cayman Commodity – ART, LLC (the “ART Subsidiary”). The ART Subsidiary is advised by the Investment Adviser and seeks to gain commodities exposure. The Fund may invest up to 25% of its total assets in the ART Subsidiary. The ART Subsidiary primarily obtains its commodity exposure by investing in commodity-linked derivative instruments (which may include total or excess return swaps on commodity indexes, sub-indexes and single commodities, as well as commodity (U.S. or foreign) futures, commodity options and commodity-linked notes). Commodity-linked swaps are derivative instruments whereby the cash flows agreed upon between counterparties are dependent upon the price of the underlying commodity or commodity index over the life of the swap. Commodity futures contracts are standardized, exchange-traded contracts that provide for the sale or purchase of, or economic exposure to the price of, a commodity or a specified basket of commodities at a future time. An option on commodities gives the purchaser the right (and the writer of the option the obligation) to assume a position in a commodity or a specified basket of commodities at a specified exercise price within a specified period of time. The value of these commodity-linked derivatives will rise and fall in response to changes in the underlying commodity or commodity index. Commodity-linked derivatives expose the ART Subsidiary and the Fund economically to movements in commodity prices. Such instruments may be leveraged so that small changes in the underlying commodity prices would result in disproportionate changes in the value of the instrument. Neither the Fund nor the ART Subsidiary invests directly in physical commodities. The ART Subsidiary may also invest in other instruments, including fixed income securities, either as investments or to serve as margin or collateral for its swap positions, as well as volatility index derivatives and foreign currency transactions (including forward contracts). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may from time to time hold foreign currencies. Additionally, as a result of the Fund’s use of derivatives, the Fund may also hold as collateral significant amounts of U.S. Treasury or short-term investments, including money market funds, repurchase agreements, cash and time deposits. In managing the collateral portion of the Fund’s investment strategy, the Investment Adviser generally seeks capital preservation. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The weighting of a Market Exposure or Trading Strategy within the Fund may be positive or negative. A negative weighting will result from establishing a short position with respect to a Market Exposure or Trading Strategy. As a result of the Fund’s negative weightings in various Market Exposures or Trading Strategies from time to time, the Fund’s net asset value (“NAV”) per share may decline during certain periods, even if the value of any or all of the Market Exposures or Trading Strategies increases during that time. Additionally, the sum of the Fund’s target weightings to each Market Exposure or Trading Strategy may not equal 100%. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may make investment decisions that deviate from those generated by the Investment Adviser’s proprietary investment model, at the discretion of the Investment Adviser. In addition, the Investment Adviser may, in its discretion, make changes to the quantitative methodology used by the Fund, and the Fund may use other proprietary methodologies based on the Investment Adviser’s proprietary research. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund does not invest in hedge funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the ICE BofAML Three-Month U.S. Treasury Bill Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Absence of Regulation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund engages in over-the-counter (“OTC”) transactions, which trade in a dealer network, rather than on an exchange. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Commodity Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in which the ART Subsidiary enters into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the  ART Subsidiary's, and therefore the Fund’s, share value to fluctuate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with OTC transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. The credit quality of the Fund’s portfolio securities or instruments may meet the Fund’s credit quality requirements at the time of purchase but then deteriorate thereafter, and such a deterioration can occur rapidly. In certain instances, the downgrading or default of a single holding or guarantor of the Fund’s holding may impair the Fund’s liquidity and have the potential to cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s use of options, futures, forwards, swaps, options on swaps, structured securities 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Expenses Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">By investing in pooled investment vehicles (including investment companies and exchange-traded funds (“ETFs”)), partnerships, and real estate investment trusts (“REITs”) (“Underlying Funds”) indirectly through the Fund, the investor will incur not only a proportionate share of the expenses of those Underlying Funds held by the Fund (including operating costs and investment management fees), but also the expenses of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks are more pronounced in connection with the Fund’s investments in securities of issuers located in, or otherwise economically tied to, emerging countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investing in the Underlying Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The investments of the Fund may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to limitations and/or conditions prescribed by the Investment Company Act of 1940, as amended (the “Investment Company Act”), or rules, regulations or exemptive relief thereunder. The Fund’s investment </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">performance is directly related to the investment performance of the Underlying Funds it holds. The Fund is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Fund has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund and may be more susceptible to losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 employs a “quantitative” style, and may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund's  NAV and liquidity. Similarly, large Fund share purchases may adversely affect the  Fund's  performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the  Fund's  current expenses being allocated over a smaller asset base, leading to an increase in the  Fund's  expense ratio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Borrowing and the use of derivatives may result in leverage and may make the Fund more volatile. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by the Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests or other reasons. To meet redemption requests, the Fund may be forced to sell  investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 and other issues in the construction, implementation and maintenance of the models (including, for example, data problems, unauthorized changes 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Master Limited Partnership Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Investments in securities of an MLP involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP. Certain MLP securities may trade in lower volumes due to their smaller capitalizations, and may be subject to more abrupt or erratic price movements and lower market liquidity. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Investments in securities of an MLP also include tax-related risks. For example, to the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in an amount of income or gain (or decrease in the amount of loss) that will be recognized by the Fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mid-Cap and Small-Cap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Hedging Foreign Currency Trading Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may engage in forward foreign currency transactions for hedging and non-hedging purposes. The Investment Adviser may purchase or sell foreign currencies through the use of forward contracts based on the Investment Adviser's judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, the Investment Adviser seeks to profit from anticipated movements in currency rates by establishing “long” and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">“short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the Investment Adviser's expectations may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Subsidiary Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The ART Subsidiary is not registered under the Investment Company Act of 1940, as amended (“Investment Company Act”) and is not subject to all the investor protections of the Investment Company Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the ART Subsidiary to operate as described in the Prospectus and the SAI and could adversely affect the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Swaps Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for the Fund or the ART Subsidiary to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Based on a private letter ruling from the Internal Revenue Service (“IRS”), the Fund seeks to gain exposure to the commodity markets through investments in the ART Subsidiary. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The tax treatment of the Fund’s investments in the ART Subsidiary could affect whether income derived from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), or otherwise affect the character, timing and/or amount of the Fund’s taxable income or any gains and distributions made by the Fund. If the IRS were to successfully assert that a Fund’s income from such investments was not “qualifying income,” the Fund may fail to qualify as a regulated investment company under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a regulated investment company, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders. </span><span style="font-family:Times New Roman;font-size:9pt;">Shareholders should review “Other Information” under “Taxation” on page 66 of the Prospectus for more information.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (MSCI World Index (Net, USD, Unhedged)) (the “Regulatory Benchmark”) and the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Performance Benchmark”). The Investment Adviser measures the Fund’s performance against the Performance Benchmark. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, </span><span style="font-family:Times New Roman;font-size:9pt;">please see “Additional Performance and Benchmark Information” on page 28 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before </span><span style="font-family:Times New Roman;font-size:9pt;">and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (MSCI World Index (Net, USD, Unhedged)) (the “Regulatory Benchmark”) and the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Performance Benchmark”). The Investment Adviser measures the Fund’s performance against the Performance Benchmark. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, </span><span style="font-family:Times New Roman;font-size:9pt;">please see “Additional Performance and Benchmark Information” on page 28 of the Prospectus. </span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before </span><span style="font-family:Times New Roman;font-size:9pt;">and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(INSTITUTIONAL)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">6.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-9.75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0657 2020-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0975 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2008-05-30 0.0339 0.0382 0.0409 0.0271 0.0238 0.0300 0.0210 0.0233 0.0274 2008-05-30 0.0742 0.0420 0.0388 2008-05-30 0.0971 0.0537 0.0507 2008-05-30 0.0955 0.0524 0.0494 2008-05-30 0.0913 0.0473 0.0441 2015-07-31 0.0974 0.0537 0.0506 0.0418 0.0317 0.0218 0.2109 0.1214 0.1216 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Commodity Strategy Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Commodity Strategy Fund (the “Fund”) seeks long-term total return.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">100,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 54 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 105 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">100,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 54 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 105 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> 100000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0450 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0050 0.0050 0.0050 0.0050 0.0050 0.0050 0.0025 0.0075 0 0 0.0050 0 0.0034 0.0059 0.0026 0.0034 0.0034 0.0025 0 0.0025 0 0 0 0 0.0034 0.0034 0.0026 0.0034 0.0034 0.0025 0.0015 0.0015 0.0015 0.0015 0.0015 0.0015 0.0124 0.0199 0.0091 0.0099 0.0149 0.0090 -0.0029 -0.0029 -0.0029 -0.0029 -0.0029 -0.0029 0.0095 0.0170 0.0062 0.0070 0.0120 0.0061 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">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.”</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates 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:</span> 543 798 1074 1858 273 596 1046 2293 63 261 476 1093 72 286 519 1187 122 443 786 1755 62 258 470 1081 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 173 596 1046 2293 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e.</span><span style="font-family:Times New Roman;font-size:9pt;">, “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">0</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio. However, the Fund’s portfolio turnover rate is calculated without regard to transactions involving certain short-term instruments or derivatives. If such transactions were included in the calculation, the Fund would have a higher portfolio turnover rate.</span> 0 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund seeks to maintain substantial economic exposure to the performance of the commodities markets. The Fund primarily gains exposure to the commodities markets by investing in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Cayman Commodity – CSF, Ltd. (the “CSF Subsidiary”). The CSF Subsidiary is advised by the Investment Adviser, and has the same investment objective as the Fund. CoreCommodity Management, LLC (the “Sub-Adviser” or “CoreCommodity”) serves as sub-adviser to both the Fund and the CSF Subsidiary. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund seeks to provide exposure to the commodities markets by investing, through the CSF Subsidiary, in commodity-linked investments including, without limitation, commodity swaps, commodity futures contracts, exchange-listed commodity forward contracts, options on commodity futures, and commodity-linked notes. In pursuing its objective, the Fund attempts to provide long and/or short exposure to the returns of real assets that trade in the commodity markets without direct investment in physical commodities. The Fund uses the Bloomberg Commodity Index Total Return (Gross, USD, Unhedged) (“BCOM”) as its performance benchmark, but the Fund is actively managed and will not attempt to replicate the index. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">Investment in the Subsidiary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest up to 25% of its total assets in the CSF Subsidiary. The CSF Subsidiary primarily obtains its commodity exposure by investing in commodity-linked derivative instruments (which typically includes total return swaps). Commodity-linked swaps are derivative instruments whereby the cash flows agreed upon between counterparties are dependent upon the price of the underlying commodity or commodity index (or a component of the underlying commodity index) over the life of the swap. The value of the swap will rise and fall in response to changes in the underlying commodity or commodity index (or component of the underlying commodity index). Commodity-linked swaps expose the CSF Subsidiary and the Fund economically to movements in commodity prices. Such instruments may be leveraged so that small changes in the underlying commodity prices would result in disproportionate changes in the value of the instrument. Neither the Fund nor the CSF Subsidiary invests directly in physical commodities. The CSF Subsidiary will also invest in other instruments, including fixed income securities, either as investments or to serve as margin or collateral for its swap positions. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Sub-Adviser will take various factors into account when seeking commodity market exposure, such as, without limitation, the results of proprietary models developed by the Sub-Adviser, relative price differentials for various commodity futures for current delivery as compared to those for future delivery, and market conditions. Among other strategies, the Fund employs commodity roll-timing strategies. “Rolling” futures exposure is the process by which the holder of a particular futures contract or other instrument providing futures exposure (e.g. swaps) will sell such contract or instrument on or before the expiration date and simultaneously purchase a new contract or instrument with identical terms except for a later expiration date. This process allows a holder of the instrument to extend its current position through the original instrument’s expiration without delivering the underlying asset. The Fund’s rolling may differ from that of the BCOM to the extent necessary to enable the Fund to seek excess returns over the BCOM. The Fund’s “roll-timing” strategies may include, for example, rolling the Fund’s commodity exposure earlier or later versus the BCOM, or holding and rolling positions with longer or different expiration dates than the BCOM. The Fund also may underweight or overweight various commodities as compared to the BCOM, and may utilize commodities that are not components of the BCOM. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">Fixed Income Investments.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> As a result of the Fund’s use of derivatives, the Fund may hold as collateral significant amounts of U.S. Treasury or short-term investments, including money market funds. In managing the collateral portion of the Fund’s investment strategy, the Sub-Adviser generally seeks capital preservation. The average duration will vary. The Sub-Adviser uses derivatives, including futures and swaps, to manage the duration of the Fund’s investment portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">Other.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may also invest in forwards, futures, and swaps, which are used for both hedging and non-hedging purposes. The Fund may invest up to 35% of its net assets in foreign securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the BCOM (Gross, USD, Unhedged).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Absence of Regulation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund engages in over-the-counter (“OTC”) transactions, which trade in a dealer network, rather than on an exchange. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Commodity Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in which the CSF Subsidiary enters into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the CSF Subsidiary's, and therefore the Fund’s, share value to fluctuate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with OTC transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund's investments in non-investment grade fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of  options, futures, forwards, swaps and other derivative instruments may result in losses, including due to adverse market movements. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund's  NAV and liquidity. Similarly, large Fund share purchases may adversely affect the  Fund's  performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the  Fund's  current expenses being allocated over a smaller asset base, leading to an increase in the  Fund's  expense ratio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Borrowing and the use of derivatives may result in leverage and may make the Fund more volatile. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by the Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity.  Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Subsidiary Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The CSF Subsidiary is not registered under the Investment Company Act of 1940, as amended (“Investment Company Act”) and is not subject to all the investor protections of the Investment Company Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the CSF Subsidiary to operate as described in the Prospectus and the SAI and could adversely affect the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Swaps Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for the Fund or the CSF Subsidiary to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Based on a private letter ruling from the Internal Revenue Service (“IRS”), the Fund seeks to gain exposure to the commodity markets through investments in the CSF Subsidiary. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The tax treatment of the Fund’s investments in the CSF Subsidiary could affect whether income derived from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), or otherwise affect the character, timing and/or amount of the Fund’s taxable income or any gains and distributions made by the Fund. If the IRS were to successfully assert that a Fund’s income from such investments was not “qualifying income,” the Fund may fail to qualify as a regulated investment company under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a regulated investment company, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders. </span><span style="font-family:Times New Roman;font-size:9pt;">Shareholders should review “Other Information” under “Taxation” on page 66 of the Prospectus for more information.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (S&amp;P 500</span><span style="font-family:Times New Roman;font-size:4.5pt;position:relative;top:-6.25pt;">®</span><span style="font-family:Times New Roman;font-size:9pt;"> Index) (the “Regulatory Benchmark”) and the Bloomberg Commodity Index Total Return (Gross, USD, Unhedged) (“BCOM”) (the “Performance Benchmark”). The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Investment Adviser uses to measure the Fund’s performance.</span><span style="font-family:Times New Roman;font-size:9pt;"> The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a </span><span style="font-family:Times New Roman;font-size:9pt;">broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 28 of the Prospectus. Through January 22, 2021, the Fund had been managed by GSAM. Performance information set forth below prior to the close of business on January 22, 2021, does not reflect the transition of day-to-day portfolio management from GSAM to CoreCommodity. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, </span><span style="font-family:Times New Roman;font-size:9pt;">before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (S&amp;P 500</span><span style="font-family:Times New Roman;font-size:4.5pt;position:relative;top:-6.25pt;">®</span><span style="font-family:Times New Roman;font-size:9pt;"> Index) (the “Regulatory Benchmark”) and the Bloomberg Commodity Index Total Return (Gross, USD, Unhedged) (“BCOM”) (the “Performance Benchmark”). The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Investment Adviser uses to measure the Fund’s performance.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, </span><span style="font-family:Times New Roman;font-size:9pt;">before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(INSTITUTIONAL)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">26.99%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-41.54%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.2699 2022-03-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.4154 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2007-03-30 0.0968 0.0984 0.0350 0.0350 0.0580 0.0125 0.0577 0.0592 0.0169 2007-03-30 0.1288 0.1004 0.0319 2007-03-30 0.1526 0.1124 0.0432 2007-11-30 0.1512 0.1113 0.0423 2007-11-30 0.1457 0.1058 0.0370 2015-07-31 0.1535 0.1125 0.0433 0.1577 0.1063 0.0572 0.1788 0.1442 0.1481 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Managed Futures Strategy Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Managed Futures Strategy Fund (the “Fund”) seeks to generate long-term absolute return.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 54 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 105 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 54 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 105 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> 50000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0100 0.0100 0.0100 0.0100 0.0100 0.0100 0.0025 0.0075 0 0 0.0050 0 0.0042 0.0067 0.0031 0.0042 0.0042 0.0030 0 0.0025 0 0 0 0 0.0042 0.0042 0.0031 0.0042 0.0042 0.0030 0.0023 0.0023 0.0023 0.0023 0.0023 0.0023 0.0190 0.0265 0.0154 0.0165 0.0215 0.0153 -0.0074 -0.0074 -0.0074 -0.0074 -0.0074 -0.0074 0.0116 0.0191 0.0080 0.0091 0.0141 0.0079 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">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.”</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates 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:</span> 662 1046 1455 2593 294 753 1339 2929 82 414 769 1772 93 448 827 1892 144 602 1086 2424 81 411 764 1760 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 194 753 1339 2929 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e.</span><span style="font-family:Times New Roman;font-size:9pt;">, “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">0</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio. However, the Fund’s portfolio turnover rate is calculated without regard to transactions involving certain short-term instruments or derivatives. If such transactions were included in the calculation, the Fund would have a higher portfolio turnover rate.</span> 0 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund implements a trend-following strategy that takes long and/or short positions in a wide range of asset classes, including equities, fixed income, commodities and currencies, among others, to seek long-term absolute return. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of equities, equity index futures, bonds, bond futures, equity swaps, interest rate swaps, currency forwards and non-deliverable forwards, options, exchange-traded funds (“ETFs”), and structured securities. As a result of the Fund’s use of derivatives, the Fund may also hold significant amounts of U.S. Treasuries or short-term investments, including money market funds, repurchase agreements, cash and time deposits. The Fund’s investments will be made without restriction as to issuer capitalization, country, currency, maturity, or credit rating. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser seeks to identify price trends in various asset classes over short-, medium-, and long-term horizons via a proprietary investment model, in combination with a qualitative overlay. The proprietary investment model uses past asset prices and other market information to seek to determine the direction and the magnitude of the price trend. The investment model tends to have positive view on assets with positive trends and negative view on assets with negative trends. For certain assets where market events produce predictable price patterns, the model adjusts such asset views accordingly. Based on the investment model views, the Fund will take a long or short position in the instrument or asset. Long positions benefit from an increase in price of the underlying instrument or asset, while short positions benefit from a decrease in price of the underlying instrument or asset. The size of the Fund’s position in an instrument or asset will primarily be related to the strength of the overall trend identified by the investment model as well as its forecasted risk. The Fund may make investment decisions that deviate from those generated by the Investment Adviser’s proprietary investment model, at the discretion of the Investment Adviser. In addition, the Investment Adviser may, in its discretion, make changes to its investment model, or use other investment models that are based on the Investment Adviser’s proprietary research. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may implement short positions and may do so by using swaps or futures, or through short sales of any instrument that the Fund may purchase for investment. For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may use leverage (e.g., by borrowing or through derivatives). As a result, the sum of the Fund’s investment exposures may at times exceed the amount of assets invested in the Fund, although these exposures may vary over time. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may seek exposure to the commodities markets by investing in commodity index-linked structured notes. The Fund may also take long and/or short positions in commodities by investing in other investment companies, ETFs or other pooled investment vehicles. The Fund may also gain exposure to the commodities markets by investing in a wholly-owned subsidiary of the Fund organized as a limited liability company under the laws of the Cayman Islands (the “MFS Subsidiary”). The MFS Subsidiary is advised by the Investment Adviser and seeks to gain commodities exposure. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">Investment in the Subsidiary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest up to 25% of its total assets in the MFS Subsidiary. The MFS Subsidiary primarily obtains its commodity exposure by investing in commodity-linked derivative instruments, which may include but are not limited to total return swaps, commodity (U.S. or foreign) futures and commodity-linked notes. Commodity-linked swaps are derivative </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">instruments whereby the cash flows agreed upon between counterparties are dependent upon the price of the underlying commodity or commodity index over the life of the swap. Commodity futures contracts are standardized, exchange-traded contracts that provide for the sale or purchase of, or economic exposure to the price of, a commodity or a specified basket of commodities at a future time. The value of these commodity-linked derivatives will rise and fall in response to changes in the underlying commodity or commodity index. Commodity-linked derivatives expose the MFS Subsidiary and the Fund economically to movements in commodity prices. Such instruments may be leveraged so that small changes in the underlying commodity prices would result in disproportionate changes in the value of the instrument. Neither the Fund nor the MFS Subsidiary invests directly in physical commodities. The MFS Subsidiary may also invest in other instruments, including fixed income securities, either as investments or to serve as margin or collateral for its swap positions, as well as volatility index derivatives and foreign currency transactions (including forward contracts). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the ICE BofAML Three-Month U.S. Treasury Bill Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Absence of Regulation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund engages in over-the-counter (“OTC”) transactions, which trade in a dealer network, rather than on an exchange. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Call/Prepayment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer’s credit quality improves. Under these circumstances, the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Commodity Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in which the MFS Subsidiary enters into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the MFS Subsidiary's, and therefore the Fund’s, share value to fluctuate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with OTC transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund's investments in non-investment grade fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s use of options, futures, forwards, swaps, options on swaps, structured securities 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Expenses Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> By investing in Underlying Funds indirectly through the Fund, the investor will incur a proportionate share of the expenses of those Underlying Funds held by the Fund (including operating costs and investment management fees), in addition to the expenses of the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks are more pronounced in connection with the Fund’s investments in securities of issuers located in, or otherwise economically tied to, emerging countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 employs a “quantitative” style, and may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund's  NAV and liquidity. Similarly, large Fund share purchases may adversely affect the  Fund's  performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the  Fund's  current expenses being allocated over a smaller asset base, leading to an increase in the  Fund's  expense ratio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Borrowing and the use of derivatives may result in leverage and may make the Fund more volatile. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by the Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests or other reasons. To meet redemption requests, the Fund may be forced to sell  investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 and other issues in the construction, implementation and maintenance of the models (including, for example, data problems, unauthorized changes 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Hedging Foreign Currency Trading Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may engage in forward foreign currency transactions for hedging and non-hedging purposes. The Investment Adviser may purchase or sell foreign currencies through the use of forward contracts based on the Investment Adviser’s judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, the Investment Adviser seeks to profit from anticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the Investment Adviser’s expectations may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Subsidiary Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The MFS Subsidiary is not registered under the Investment Company Act of 1940, as amended (“Investment Company Act”) and is not subject to all the investor protections of the Investment Company Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the MFS Subsidiary to operate as described in the Prospectus and the SAI and could adversely affect the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Swaps Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for the Fund or the MFS Subsidiary to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> In reliance on an opinion of counsel, the Fund seeks to gain exposure to the commodity markets primarily through investments in the MFS Subsidiary.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">The tax treatment of the Fund’s investments in the MFS Subsidiary could affect whether income derived from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), or otherwise affect the character, timing and/or amount of the Fund’s taxable income or any gains and distributions made by the Fund. If the IRS were to successfully assert that a Fund’s income from such investments was not “qualifying income,” the Fund may fail to qualify as a regulated investment company under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a regulated investment company, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders. </span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;">Shareholders should review “Other Information” under “Taxation” on page 66 of the Prospectus for more information.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Investor Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg Global Aggregate Index (Gross, USD, Hedged)) (the “Regulatory Benchmark”) and the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Performance Benchmark”). The Investment Adviser measures the Fund’s performance against the Performance </span><span style="font-family:Times New Roman;font-size:9pt;">Benchmark.</span><span style="font-family:Times New Roman;font-size:9pt;"> The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader </span><span style="font-family:Times New Roman;font-size:9pt;">measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 28 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before </span><span style="font-family:Times New Roman;font-size:9pt;">and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Investor Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg Global Aggregate Index (Gross, USD, Hedged)) (the “Regulatory Benchmark”) and the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Performance Benchmark”). The Investment Adviser measures the Fund’s performance against the Performance </span><span style="font-family:Times New Roman;font-size:9pt;">Benchmark.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before </span><span style="font-family:Times New Roman;font-size:9pt;">and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(INVESTOR*)</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Previously, the bar chart above showed the Fund’s annual returns for Institutional Shares. Annual returns for Investor Shares are used now because Investor Shares have more assets than any other share class.</span> <span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">14.20%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:1.47pt;">-7.35%</span><span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2023</span> <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1420 2022-03-31 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0735 2023-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2012-02-29 -0.0530 0.0154 0.0155 -0.0530 -0.0048 0.0022 -0.0314 0.0039 0.0067 2012-02-29 -0.0149 0.0192 0.0135 2012-02-29 0.0064 0.0309 0.0250 2012-02-29 0.0054 0.0296 0.0237 2012-02-29 0.0000 0.0246 0.0187 2018-04-30 0.0064 0.0308 0.0251 0.0418 0.0317 0.0218 0.0486 0.0034 0.0239 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Absolute Return Tracker Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Absolute Return Tracker Fund (the “Fund”) seeks to deliver long-term total return consistent with investment results that approximate the return and risk patterns of a diversified universe of hedge funds.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0063 0.0007 0.0009 0.0079 -0.0006 0.0073 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">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.”</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates 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:</span> 75 246 433 972 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">134</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 1.34 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s Investment Adviser believes that hedge funds derive a large portion of their returns from exposure to sources of market risk (“Market Exposures”) and “Trading Strategies” involving long and/or short positions in Market Exposures and/or individual securities or baskets of securities. In seeking to meet its investment objective, the Fund uses a dynamic investment process to seek to identify the appropriate weights to Market Exposures and Trading Strategies that approximate the return and risk patterns of specific hedge fund sub-strategies. The hedge fund sub-strategies whose returns the Fund seeks to approximate include, but are not limited to, Equity Long Short, Event Driven, Relative Value and Macro sub-strategies (each a “Hedge Fund Sub-Strategy”). To establish the Market Exposures and Trading Strategies that drive the returns of the Hedge Fund Sub-Strategies, the Investment Adviser uses industry analysis of hedge funds, including hedge fund return databases, prime brokerage reports, industry participants and regulatory filings and other public sources. The Investment Adviser then applies a quantitative methodology, in combination with a qualitative overlay, to assess the appropriate weight to each Market Exposure and Trading Strategy. The Fund may seek to establish long and/or short positions in a multitude of Market Exposures, including but not limited to: </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">U.S. and non-U.S. (including emerging market) equity indices; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">U.S. and non-U.S. (including emerging market) fixed income indices; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Credit indices; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Interest rates; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Commodity indices; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Master limited partnership (“MLP”) indices; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Foreign currency exchange rates; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Baskets of top positions held by hedge funds; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Single stocks and single commodities; </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Volatility; and </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Market momentum/trends. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests in instruments that the Investment Adviser believes will assist the Fund in gaining exposure to the Market Exposures. The instruments in which the Fund may invest include, but are not limited to: </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Equity securities (including securities that may convert into equity securities); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">U.S. corporate bonds and other fixed income securities (including non-investment grade fixed income securities (commonly known as “junk bonds”)); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Futures (including equity index futures, interest rate futures, bond futures and volatility futures); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Swaps (including total or excess return swaps and credit default swaps on indices); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Options (including listed equity index put and call options, listed government bond future put and call options, options on volatility, and swaptions); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Structured notes (including commodity-linked notes); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Exchange-traded funds (“ETFs”); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Forward contracts (including currency forward contracts on developed and emerging markets currencies); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Wholly-owned subsidiary (to gain exposure to the commodities markets); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Asset and mortgage-backed securities and real estate investment trusts (“REITs”); </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">U.S. government securities, including agency debentures, and other high quality debt securities; and </span><span style="color:#D15600;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Cash equivalents. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">Investment in the Subsidiary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund seeks to gain exposure to the commodities markets by investing in a wholly-owned subsidiary of the Fund organized as a limited liability company under the laws of the Cayman Islands, Cayman Commodity – ART, LLC (the “ART Subsidiary”). The ART Subsidiary is advised by the Investment Adviser and seeks to gain commodities exposure. The Fund may invest up to 25% of its total assets in the ART Subsidiary. The ART Subsidiary primarily obtains its commodity exposure by investing in commodity-linked derivative instruments (which may include total or excess return swaps on commodity indexes, sub-indexes and single commodities, as well as commodity (U.S. or foreign) futures, commodity options and commodity-linked notes). Commodity-linked swaps are derivative instruments whereby the cash flows agreed upon between counterparties are dependent upon the price of the underlying commodity or commodity index over the life of the swap. Commodity futures contracts are standardized, exchange-traded contracts that provide for the sale or purchase of, or economic exposure to the price of, a commodity or a specified basket of commodities at a future time. An option on commodities gives the purchaser the right (and the writer of the option the obligation) to assume a position in a commodity or a specified basket of commodities at a specified exercise price within a specified period of time. The value of these commodity-linked derivatives will rise and fall in response to changes in the underlying commodity or commodity index. Commodity-linked derivatives expose the ART Subsidiary and the Fund economically to movements in commodity prices. Such instruments may be leveraged so that small changes in the underlying commodity prices would result in disproportionate changes in the value of the instrument. Neither the Fund nor the ART Subsidiary invests directly in physical commodities. The ART Subsidiary may also invest in other instruments, including fixed income securities, either as investments or to serve as margin or collateral for its swap positions, as well as volatility index derivatives and foreign currency transactions (including forward contracts). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may from time to time hold foreign currencies. Additionally, as a result of the Fund’s use of derivatives, the Fund may also hold as collateral significant amounts of U.S. Treasury or short-term investments, including money market funds, repurchase agreements, cash and time deposits. In managing the collateral portion of the Fund’s investment strategy, the Investment Adviser generally seeks capital preservation. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The weighting of a Market Exposure or Trading Strategy within the Fund may be positive or negative. A negative weighting will result from establishing a short position with respect to a Market Exposure or Trading Strategy. As a result of the Fund’s negative weightings in various Market Exposures or Trading Strategies from time to time, the Fund’s net asset value (“NAV”) per share may decline during certain periods, even if the value of any or all of the Market Exposures or Trading Strategies increases during that time. Additionally, the sum of the Fund’s target weightings to each Market Exposure or Trading Strategy may not equal 100%. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may make investment decisions that deviate from those generated by the Investment Adviser’s proprietary investment model, at the discretion of the Investment Adviser. In addition, the Investment Adviser may, in its discretion, make changes to the quantitative methodology used by the Fund, and the Fund may use other proprietary methodologies based on the Investment Adviser’s proprietary research. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund does not invest in hedge funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the ICE BofAML Three-Month U.S. Treasury Bill Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Absence of Regulation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund engages in over-the-counter (“OTC”) transactions, which trade in a dealer network, rather than on an exchange. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Commodity Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in which the ART Subsidiary enters into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the  ART Subsidiary's, and therefore the Fund’s, share value to fluctuate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with OTC transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. The credit quality of the Fund’s portfolio securities or instruments may meet the Fund’s credit quality requirements at the time of purchase but then deteriorate thereafter, and such a deterioration can occur rapidly. In certain instances, the downgrading or default of a single holding or guarantor of the Fund’s holding may impair the Fund’s liquidity and have the potential to cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed income securities. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s use of options, futures, forwards, swaps, options on swaps, structured securities 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Expenses Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">By investing in pooled investment vehicles (including investment companies and exchange-traded funds (“ETFs”)), partnerships, and real estate investment trusts (“REITs”) (“Underlying Funds”) indirectly through the Fund, the investor will incur not only a proportionate share of the expenses of those Underlying Funds held by the Fund (including operating costs and investment management fees), but also the expenses of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks are more pronounced in connection with the Fund’s investments in securities of issuers located in, or otherwise economically tied to, emerging countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investing in the Underlying Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The investments of the Fund may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to limitations and/or conditions prescribed by the Investment Company Act of 1940, as amended (the “Investment Company Act”), or rules, regulations or exemptive relief thereunder. The Fund’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Fund is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Fund has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund and may be more susceptible to losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 employs a “quantitative” style, and may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund's  NAV and liquidity. Similarly, large Fund share purchases may adversely affect the  Fund's  performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the  Fund's  current expenses being allocated over a smaller asset base, leading to an increase in the  Fund's  expense ratio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Borrowing and the use of derivatives may result in leverage and may make the Fund more volatile. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by the Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests or other reasons. To meet redemption requests, the Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 and other issues in the construction, implementation and maintenance of the models (including, for example, data problems, unauthorized changes 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Master Limited Partnership Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Investments in securities of an MLP involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP. Certain MLP securities may trade in lower volumes due to their smaller capitalizations, and may be subject to more abrupt or erratic price movements and lower market liquidity. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Investments in securities of an MLP also include tax-related risks. For example, to the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in an amount of income or gain (or decrease in the amount of loss) that will be recognized by the Fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mid-Cap and Small-Cap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Hedging Foreign Currency Trading Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may engage in forward foreign currency transactions for hedging and non-hedging purposes. The Investment Adviser may purchase or sell foreign currencies through the use of forward contracts based on the Investment Adviser's judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, the Investment Adviser seeks to profit from anticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the Investment Adviser's expectations may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Subsidiary Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The ART Subsidiary is not registered under the Investment Company Act of 1940, as amended (“Investment Company Act”) and is not subject to all the investor protections of the Investment Company Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the ART Subsidiary to operate as described in the Prospectus and the SAI and could adversely affect the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Swaps Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for the Fund or the ART Subsidiary to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Based on a private letter ruling from the Internal Revenue Service (“IRS”), the Fund seeks to gain exposure to the commodity markets through investments in the ART Subsidiary. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The tax treatment of the Fund’s investments in the ART Subsidiary could affect whether income derived from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), or otherwise affect the character, timing and/or amount of the Fund’s taxable income or any gains and distributions made by the Fund. If the IRS were to successfully assert that a Fund’s income from such investments was not “qualifying income,” the Fund may fail to qualify as a regulated investment company under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a regulated investment company, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders. </span><span style="font-family:Times New Roman;font-size:9pt;">Shareholders should review “Other Information” under “Taxation” on page 55 of the Prospectus for more information.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (MSCI World Index (Net, USD, Unhedged)) (the “Regulatory Benchmark”) and the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Performance Benchmark”). The Investment Adviser measures the Fund’s performance against the Performance Benchmark. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 24 of the Prospectus.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost by calling the appropriate phone number on the back cover of </span><span style="font-family:Times New Roman;font-size:9pt;">the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (MSCI World Index (Net, USD, Unhedged)) (the “Regulatory Benchmark”) and the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Performance Benchmark”). The Investment Adviser measures the Fund’s performance against the Performance Benchmark. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 24 of the Prospectus.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(CLASS P)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">6.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-9.66%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.0657 2020-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0966 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-17 0.0971 0.0540 0.0491 0.0890 0.0389 0.0361 0.0587 0.0354 0.0329 0.0418 0.0317 0.0262 0.2109 0.1214 0.1182 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Commodity Strategy Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Commodity Strategy Fund (the “Fund”) seeks long-term total return.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0050 0.0025 0.0025 0.0015 0.0090 -0.0029 0.0061 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">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.”</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, </span><span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates 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:</span> 62 258 470 1081 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e.</span><span style="font-family:Times New Roman;font-size:9pt;">, “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">0</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio. However, the Fund’s portfolio turnover rate is calculated without regard to transactions involving certain short-term instruments or derivatives. If such transactions were included in the calculation, the Fund would have a higher portfolio turnover rate.</span> 0 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund seeks to maintain substantial economic exposure to the performance of the commodities markets. The Fund primarily gains exposure to the commodities markets by investing in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Cayman Commodity – CSF, Ltd. (the “CSF Subsidiary”). The CSF Subsidiary is advised by the Investment Adviser, and has the same investment objective as the Fund. CoreCommodity Management, LLC (the “Sub-Adviser” or “CoreCommodity”) serves as sub-adviser to both the Fund and the CSF Subsidiary. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund seeks to provide exposure to the commodities markets by investing, through the CSF Subsidiary, in commodity-linked investments including, without limitation, commodity swaps, commodity futures contracts, exchange-listed commodity forward contracts, options on commodity futures, and commodity-linked notes. In pursuing its objective, the Fund attempts to provide long and/or short exposure to the returns of real assets that trade in the commodity markets without direct investment in physical commodities. The Fund uses the Bloomberg Commodity Index Total Return (Gross, USD, Unhedged) (“BCOM”) as its performance benchmark, but the Fund is actively managed and will not attempt to replicate the index. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">Investment in the Subsidiary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest up to 25% of its total assets in the CSF Subsidiary. The CSF Subsidiary primarily obtains its commodity exposure by investing in commodity-linked derivative instruments (which typically includes total return swaps). Commodity-linked swaps are derivative instruments whereby the cash flows agreed upon between counterparties are dependent upon the price of the underlying commodity or commodity index (or a component of the underlying commodity index) over the life of the swap. The value of the swap will rise and fall in response to changes in the underlying commodity or commodity index (or component of the underlying commodity index). Commodity-linked swaps expose the CSF Subsidiary and the Fund economically to movements in commodity prices. Such instruments may be leveraged so that small changes in the underlying commodity prices would result in disproportionate changes in the value of the instrument. Neither the Fund nor the CSF Subsidiary invests directly in physical commodities. The CSF Subsidiary will also invest in other instruments, including fixed income securities, either as investments or to serve as margin or collateral for its swap positions. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Sub-Adviser will take various factors into account when seeking commodity market exposure, such as, without limitation, the results of proprietary models developed by the Sub-Adviser, relative price differentials for various commodity futures for current delivery as compared to those for future delivery, and market conditions. Among other strategies, the Fund employs commodity roll-timing strategies. “Rolling” futures exposure is the process by which the holder of a particular futures contract or other instrument providing futures exposure (e.g. swaps) will sell such contract or instrument on or before the expiration date and simultaneously purchase a new contract or instrument with identical terms except for a later expiration date. This process allows a holder of the instrument to extend its current position through the original instrument’s expiration without delivering the underlying asset. The Fund’s rolling may differ from that of the BCOM to the extent necessary to enable the Fund to seek excess returns over the BCOM. The Fund’s “roll-timing” strategies may include, for example, rolling the Fund’s commodity exposure earlier or later versus the BCOM, or holding and rolling positions with longer or different expiration dates than the BCOM. The Fund also may underweight or overweight various commodities as compared to the BCOM, and may utilize commodities that are not components of the BCOM. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">Fixed Income Investments.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> As a result of the Fund’s use of derivatives, the Fund may hold as collateral significant amounts of U.S. Treasury or short-term investments, including money market funds. In managing the collateral portion of the Fund’s investment strategy, the Sub-Adviser generally seeks capital preservation. The average duration will vary. The Sub-Adviser uses derivatives, including futures and swaps, to manage the duration of the Fund’s investment portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">Other.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may also invest in forwards, futures, and swaps, which are used for both hedging and non-hedging purposes. The Fund may invest up to 35% of its net assets in foreign securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the BCOM (Gross, USD, Unhedged).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Absence of Regulation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund engages in over-the-counter (“OTC”) transactions, which trade in a dealer network, rather than on an exchange. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Commodity Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in which the CSF Subsidiary enters into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the  CSF Subsidiary's, and therefore the Fund’s, share value to fluctuate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with OTC transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund's investments in non-investment grade fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund's use of  options, futures, forwards, swaps and other derivative instruments may result in losses, including due to adverse market movements. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund's  NAV and liquidity. Similarly, large Fund share purchases may adversely affect the  Fund's  performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the  Fund's  current expenses being allocated over a smaller asset base, leading to an increase in the  Fund's  expense ratio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Borrowing and the use of derivatives may result in leverage and may make the Fund more volatile. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by the Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity.  Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Subsidiary Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The CSF Subsidiary is not registered under the Investment Company Act of 1940, as amended (“Investment Company Act”) and is not subject to all the investor protections of the Investment Company Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the CSF Subsidiary to operate as described in the Prospectus and the SAI and could adversely affect the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Swaps Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for the Fund or the CSF Subsidiary to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Based on a private letter ruling from the Internal Revenue Service (“IRS”), the Fund seeks to gain exposure to the commodity markets through investments in the CSF Subsidiary. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The tax treatment of the Fund’s investments in the CSF Subsidiary could affect whether income derived from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), or otherwise affect the character, timing and/or amount of the Fund’s taxable income or any gains and distributions made by the Fund. If the IRS were to successfully assert that a Fund’s income from such investments was not “qualifying income,” the Fund may fail to qualify as a regulated investment company under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a regulated investment company, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders. </span><span style="font-family:Times New Roman;font-size:9pt;">Shareholders should review “Other Information” under “Taxation” on page 55 of the Prospectus for more information.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (S&amp;P 500</span><span style="font-family:Times New Roman;font-size:4.5pt;position:relative;top:-6.25pt;">®</span><span style="font-family:Times New Roman;font-size:9pt;"> Index) (the “Regulatory Benchmark”) and the Bloomberg Commodity Index Total Return (Gross, USD, Unhedged) (“BCOM”) (the “Performance Benchmark”). The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Investment Adviser uses to measure the Fund's performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 24 of the Prospectus.</span><span style="font-family:Times New Roman;font-size:9pt;"> Through January 22, 2021, the Fund had been managed by GSAM. </span><span style="font-family:Times New Roman;font-size:9pt;">Performance information set forth below prior to the close of business on January 22, 2021, does not reflect the transition of day-to-day portfolio management from GSAM to CoreCommodity.  </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not </span><span style="font-family:Times New Roman;font-size:9pt;">necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost by </span><span style="font-family:Times New Roman;font-size:9pt;">calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (S&amp;P 500</span><span style="font-family:Times New Roman;font-size:4.5pt;position:relative;top:-6.25pt;">®</span><span style="font-family:Times New Roman;font-size:9pt;"> Index) (the “Regulatory Benchmark”) and the Bloomberg Commodity Index Total Return (Gross, USD, Unhedged) (“BCOM”) (the “Performance Benchmark”). The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Investment Adviser uses to measure the Fund's performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 24 of the Prospectus.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not </span><span style="font-family:Times New Roman;font-size:9pt;">necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR (CLASS P)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">26.93%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-41.50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.2693 2022-03-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.4150 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 0.1523 0.1123 0.0296 2018-04-17 0.1577 0.1063 0.0552 0.1788 0.1442 0.1464 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Managed Futures Strategy Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Managed Futures Strategy Fund (the “Fund”) seeks to generate long-term absolute return.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0100 0.0030 0.0023 0.0153 -0.0074 0.0079 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">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.”</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates 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:</span> 81 411 764 1760 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e.</span><span style="font-family:Times New Roman;font-size:9pt;">, “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">0</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio. However, the Fund’s portfolio turnover rate is calculated without regard to transactions involving certain short-term instruments or derivatives. If such transactions were included in the calculation, the Fund would have a higher portfolio turnover rate.</span> 0 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund implements a trend-following strategy that takes long and/or short positions in a wide range of asset classes, including equities, fixed income, commodities and currencies, among others, to seek long-term absolute return. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of equities, equity index futures, bonds, bond futures, equity swaps, interest rate swaps, currency forwards and non-deliverable forwards, options, exchange-traded funds (“ETFs”), and structured securities. As a result of the Fund’s use of derivatives, the Fund may also hold significant amounts of U.S. Treasuries or short-term investments, including money market funds, repurchase agreements, cash and time deposits. The Fund’s investments will be made without restriction as to issuer capitalization, country, currency, maturity, or credit rating. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser seeks to identify price trends in various asset classes over short-, medium-, and long-term horizons via a proprietary investment model, in combination with a qualitative overlay. The proprietary investment model uses past asset prices and other market information to seek to determine the direction and the magnitude of the price trend. The investment model tends to have positive view on assets with positive trends and negative view on assets with negative trends. For certain assets where market events produce predictable price patterns, the model adjusts such asset views accordingly. Based on the investment model views, the Fund will take a long or short position in the instrument or asset. Long positions benefit from an increase in price of the underlying instrument or asset, while short positions benefit from a decrease in price of the underlying instrument or asset. The size of the Fund’s position in an instrument or asset will primarily be related to the strength of the overall trend identified by the investment model as well as its forecasted risk. The Fund may make investment decisions that deviate from those generated by the Investment Adviser’s proprietary investment model, at the discretion of the Investment Adviser. In addition, the Investment Adviser may, in its discretion, make changes to its investment model, or use other investment models that are based on the Investment Adviser’s proprietary research. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may implement short positions and may do so by using swaps or futures, or through short sales of any instrument that the Fund may purchase for investment. For example, the Fund may enter into a futures contract pursuant to which it agrees to sell an asset (that it does not currently own) at a specified price at a specified point in the future. This gives the Fund a short position with respect to that asset. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may use leverage (e.g., by borrowing or through derivatives). As a result, the sum of the Fund’s investment exposures may at times exceed the amount of assets invested in the Fund, although these exposures may vary over time. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may seek exposure to the commodities markets by investing in commodity index-linked structured notes. The Fund may also take long and/or short positions in commodities by investing in other investment companies, ETFs or other pooled investment vehicles. The Fund may also gain exposure to the commodities markets by investing in a wholly-owned subsidiary of the Fund organized as a limited liability company under the laws of the Cayman Islands (the “MFS Subsidiary”). The MFS Subsidiary is advised by the Investment Adviser and seeks to gain commodities exposure. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">Investment in the Subsidiary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may invest up to 25% of its total assets in the MFS Subsidiary. The MFS Subsidiary primarily obtains its commodity exposure by investing in commodity-linked derivative instruments, which may include but are not limited to total return swaps, commodity (U.S. or foreign) futures and commodity-linked notes. Commodity-linked swaps are derivative instruments whereby the cash flows agreed upon between counterparties are dependent upon the price of the underlying commodity or commodity index over the life of the swap. Commodity futures contracts are standardized, exchange-traded contracts that provide for the sale or purchase of, or economic exposure to the price of, a commodity or a specified basket of commodities at a future time. The value of these commodity-linked derivatives will rise and fall in response to changes in the underlying commodity or commodity index. Commodity-linked derivatives expose the MFS Subsidiary and the Fund economically to movements in commodity prices. Such instruments may be leveraged so that small changes in the underlying commodity prices would result in disproportionate changes in the value of the instrument. Neither the Fund nor the MFS Subsidiary invests directly in physical commodities. The MFS Subsidiary may also invest in other instruments, including fixed income securities, either as investments or to serve as margin or collateral for its swap positions, as well as volatility index derivatives and foreign currency transactions (including forward contracts). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the ICE BofAML Three-Month U.S. Treasury Bill Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Absence of Regulation Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund engages in over-the-counter (“OTC”) transactions, which trade in a dealer network, rather than on an exchange. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Call/Prepayment Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer’s credit quality improves. Under these circumstances, the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Commodity Sector Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in which the MFS Subsidiary enters into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the  MFS Subsidiary’s, and therefore the Fund’s, share value to fluctuate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Counterparty Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with OTC transactions. Therefore, in those instances in which the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Credit/Default Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value (“NAV”). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund's investments in non-investment grade fixed income securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Derivatives Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s use of options, futures, forwards, swaps, options on swaps, structured securities 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 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Expenses Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> By investing in Underlying Funds indirectly through the Fund, the investor will incur a proportionate share of the expenses of those Underlying Funds held by the Fund (including operating costs and investment management fees), in addition to the expenses of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks are more pronounced in connection with the Fund’s investments in securities of issuers located in, or otherwise economically tied to, emerging countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 employs a “quantitative” style, and may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund's  NAV and liquidity. Similarly, large Fund share purchases may adversely affect the  Fund's  performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the  Fund's  current expenses being allocated over a smaller asset base, leading to an increase in the  Fund's  expense ratio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Leverage Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Borrowing and the use of derivatives may result in leverage and may make the Fund more volatile. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by the Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Liquidity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 and other issues in the construction, implementation and maintenance of the models (including, for example, data problems, unauthorized changes 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Hedging Foreign Currency Trading Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may engage in forward foreign currency transactions for hedging and non-hedging purposes. The Investment Adviser may purchase or sell foreign currencies through the use of forward contracts based on the Investment Adviser's judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, the Investment Adviser seeks to profit from anticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the Investment Adviser's expectations may produce significant losses to the Fund. Some of these transactions may also be subject to interest rate risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Other Investment Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> By investing in other investment companies (including ETFs) indirectly through the Fund, investors will incur a proportionate share of the expenses of the other investment companies held by the Fund (including operating costs and investment management fees) in addition to the fees regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">. A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Short Position Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested and may be unlimited. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Subsidiary Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The MFS Subsidiary is not registered under the Investment Company Act of 1940, as amended (“Investment Company Act”) and is not subject to all the investor protections of the Investment Company Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the MFS Subsidiary to operate as described in the Prospectus and the SAI and could adversely affect the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Swaps Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for the Fund or the MFS Subsidiary to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax Risk.</span><span style="font-family:Times New Roman;font-size:9pt;"> In reliance on an opinion of counsel, the Fund seeks to gain exposure to the commodity markets primarily through investments in the MFS Subsidiary.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">The tax treatment of the Fund’s investments in the MFS Subsidiary could affect whether income derived from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), or otherwise affect the character, timing and/or amount of the Fund’s taxable income or any gains and distributions made by the Fund. If the IRS were to successfully assert that a Fund’s income from such investments was not “qualifying income,” the Fund may fail to qualify as a regulated investment company under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a regulated investment company, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders. </span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;">Shareholders should review “Other Information” under “Taxation” on page 55 of the Prospectus for more information.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg Global Aggregate Index (Gross, USD, Hedged)) (the “Regulatory Benchmark”) and the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Performance Benchmark”). The Investment Adviser measures the Fund’s performance against the Performance Benchmark. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 24 of the Prospectus.</span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost by calling the appropriate phone number </span><span style="font-family:Times New Roman;font-size:9pt;">on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg Global Aggregate Index (Gross, USD, Hedged)) (the “Regulatory Benchmark”) and the ICE BofAML Three-Month U.S. Treasury Bill Index (the “Performance Benchmark”). The Investment Adviser measures the Fund’s performance against the Performance Benchmark. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 24 of the Prospectus.</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR (Class P)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">14.24%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:1.47pt;">-7.35%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2023</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1424 2022-03-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.0735 2023-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-17 0.0064 0.0310 0.0291 0.0064 0.0104 0.0118 0.0038 0.0157 0.0156 0.0418 0.0317 0.0262 0.0486 0.0034 0.0222 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> 2026-04-30 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Real Estate Securities Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Real Estate Securities Fund (the “Fund”) seeks total return comprised of long-term growth of capital and dividend income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 36 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 76 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 36 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 76 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> 50000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0087 0.0087 0.0087 0.0087 0.0087 0.0087 0.0087 0.0025 0.0075 0 0.0025 0 0.0050 0 0.0058 0.0083 0.0047 0.0072 0.0058 0.0058 0.0046 0 0.0025 0 0 0 0 0 0 0 0 0.0025 0 0 0 0.0058 0.0058 0.0047 0.0047 0.0058 0.0058 0.0046 0.0170 0.0245 0.0134 0.0184 0.0145 0.0195 0.0133 -0.0049 -0.0049 -0.0049 -0.0049 -0.0049 -0.0049 -0.0049 0.0121 0.0196 0.0085 0.0135 0.0096 0.0146 0.0084 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">The "Other Expenses" for Class R6 Shares have been restated to reflect expenses expected to be incurred during the current fiscal year.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Fund’s operating expenses remain the same  (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 667 1011 1379 2410 299 717 1261 2749 87 376 687 1570 137 531 950 2118 98 410 746 1693 149 565 1007 2235 86 373 682 1559 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 199 717 1261 2749 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">27</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.27 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a portfolio of equity investments in issuers that are primarily engaged in or related to the real estate industry (“real estate industry companies”).</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer is primarily engaged in or related to the real estate industry if it derives at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50% of its gross revenues or net profits from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein. Real estate industry companies may include real estate investment trusts (“REITs”), REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investment strategy is based on the premise that property market fundamentals are the primary determinant of growth, underlying the success of companies in the real estate industry. The Investment Adviser focuses on companies that can achieve sustainable growth in cash flow and dividend paying capability over time. The Investment Adviser attempts to purchase securities so that its underlying portfolio will be diversified geographically and by property type. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 15% of its total assets in foreign securities, including securities quoted in foreign currencies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the stock selection process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also invest up to 20% of its total assets in fixed income investments, such as government, corporate and bank debt obligations and in other equity investments. The Fund concentrates its investments in securities of issuers in the real estate industry. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">THE FUND IS “NON-DIVERSIFIED” UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (“INVESTMENT COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a portfolio of equity investments in issuers that are primarily engaged in or related to the real estate industry (“real estate industry companies”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Dividend-Paying Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">dividend-paying securities that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Geographic Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">If the Fund focuses its investments in securities of issuers located in a particular country or region, the Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Industry Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund concentrates its investments in the real estate industry, which has historically experienced substantial price volatility. This concentration subjects the Fund to greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Diversification Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified  mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Real Estate Industry Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Risks associated with investments in the real estate industry include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. The real estate industry is particularly sensitive to economic downturns. The values of securities of companies in the real estate industry may go through cycles of relative under-performance and out-performance in comparison to equity securities markets in general.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Real Estate Investment Trusts (“REITs”) Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (S&amp;P 500</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">®</span><span style="font-family:Times New Roman;font-size:9pt;"> Index) (the “Regulatory Benchmark”) and the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Investment Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 13 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, </span><span style="font-family:Times New Roman;font-size:9pt;">before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (S&amp;P 500</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">®</span><span style="font-family:Times New Roman;font-size:9pt;"> Index) (the “Regulatory Benchmark”) and the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, </span><span style="font-family:Times New Roman;font-size:9pt;">before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR (INSTITUTIONAL)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">16.75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2021</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-25.07%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1675 2021-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.2507 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 1998-07-27 -0.0605 0.0382 0.0357 -0.1283 0.0098 0.0025 0.0070 0.0265 0.0215 1998-07-27 -0.0240 0.0418 0.0337 1998-07-27 -0.0021 0.0534 0.0454 1998-07-27 -0.0068 0.0485 0.0402 2007-11-30 -0.0038 0.0523 0.0441 2007-11-30 -0.0075 0.0472 0.0389 2015-07-31 -0.0019 0.0535 0.0454 0.0227 0.0485 0.0576 0.1788 0.1442 0.1481 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Global Infrastructure Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Global Infrastructure Fund (the “Fund”) seeks total return comprised of long-term growth of capital and income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 36 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 76 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 36 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 76 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> 50000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0090 0.0090 0.0090 0.0090 0.0025 0.0075 0 0 0 0.0046 0.0071 0.0035 0.0046 0.0034 0 0.0025 0 0 0 0.0046 0.0046 0.0035 0.0046 0.0034 0.0161 0.0236 0.0125 0.0136 0.0124 -0.0039 -0.0039 -0.0028 -0.0039 -0.0028 0.0122 0.0197 0.0097 0.0097 0.0096 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same  (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 667 994 1343 2325 300 699 1225 2666 99 369 659 1487 99 392 707 1601 98 366 654 1475 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 200 699 1225 2666 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">19</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.19 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a portfolio of investments in issuers that are engaged in or related to the infrastructure group of industries (“infrastructure companies”). The Fund will invest primarily in the common stock of infrastructure companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer is engaged in or related to the infrastructure group of industries if it is involved in the ownership, development, construction, renovation, financing, management, sale or operation of infrastructure assets, or that provide the services and raw materials necessary for the construction and maintenance of infrastructure assets. Infrastructure assets include, but are not limited to, utilities, energy, transportation, real estate, media, telecommunications and capital goods. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund will invest in the securities of infrastructure companies that are economically tied to at least three countries, including the United States. Although the Fund will invest, under normal circumstances, primarily in the securities of infrastructure companies that are economically tied to developed countries (namely developed countries in North America and Europe), the Fund may also invest in the securities of infrastructure companies that are economically tied to countries with emerging markets or economies (“emerging countries”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest without restriction as to issuer capitalization (including small- and mid-capitalization companies). A portion of the Fund’s securities are denominated in foreign currencies and held outside the United States. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in real estate investment trusts (“REITs”). The Fund may also invest up to 20% of its total assets (measured at time of purchase) in master limited partnerships (“MLPs”) that are taxed as partnerships and up to 20% of its Net Assets (measured at time of purchase) in issuers that are not infrastructure companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Exchange-traded funds (“ETFs”) that provide exposure to infrastructure companies and derivative instruments, such as futures, that have similar economic exposures to infrastructure companies will be counted towards the Fund’s 80% policy discussed above. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investment strategy combines bottom-up company analysis with fundamental real asset research. The Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. The Investment Adviser may decide to sell a position for various reasons, including valuation and price considerations or for risk management purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund concentrates its investments in the securities of issuers in the infrastructure group of industries. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">THE FUND IS “NON-DIVERSIFIED” UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (“INVESTMENT COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a portfolio of investments in issuers that are engaged in or related to the infrastructure group of industries (“infrastructure companies”). The Fund will invest primarily in the common stock of infrastructure companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Dividend-Paying Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks are more pronounced in connection with the Fund’s investments in securities of issuers located in, or otherwise economically tied to, emerging countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Industry Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund concentrates its investments in securities of companies in the infrastructure group of industries. This concentration subjects the Fund to greater risk of loss as a result of adverse economic, business, political, environmental or other developments in such industries than if its investments were diversified across different industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Infrastructure Company Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Infrastructure companies are susceptible to various factors that may negatively impact their businesses or operations, including costs associated with compliance with and changes in environmental, governmental and other regulations, rising interest costs in connection with capital construction and improvement programs, government budgetary constraints that impact publicly funded projects, the effects of general economic conditions throughout the world, surplus capacity and depletion concerns, increased competition from other providers of services, uncertainties regarding the availability of fuel and other natural resources at reasonable prices, the effects of energy conservation policies, unfavorable tax laws or accounting policies and high leverage. Infrastructure companies will also be affected by innovations in technology that could render the way in which a company delivers a product or service obsolete and natural or man-made disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Master Limited Partnership Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Investments in securities of an MLP involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP. Certain MLP securities may trade in lower volumes due to their smaller capitalizations, and may be subject to more abrupt or erratic price movements and lower market liquidity. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Investments in securities of an MLP also include tax-related risks. For example, to the extent a </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in an amount of income or gain (or decrease in the amount of loss) that will be recognized by the Fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mid-Cap and Small-Cap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Diversification Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified  mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Real Estate Investment Trusts (“REITs”) Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (MSCI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">® </span><span style="font-family:Times New Roman;font-size:9pt;">ACWI Index (Net, USD, Unhedged)) (the “Regulatory Benchmark”) and the Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is generally more representative of the market sectors </span><span style="font-family:Times New Roman;font-size:9pt;">and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Investment Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 13 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past </span><span style="font-family:Times New Roman;font-size:9pt;">performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance </span><span style="font-family:Times New Roman;font-size:9pt;">information is available at no cost at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (MSCI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">® </span><span style="font-family:Times New Roman;font-size:9pt;">ACWI Index (Net, USD, Unhedged)) (the “Regulatory Benchmark”) and the Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) (the “Performance Benchmark”). </span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past </span><span style="font-family:Times New Roman;font-size:9pt;">performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (INSTITUTIONAL)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">16.59%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2019</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-17.20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1659 2019-03-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1720 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2016-06-27 0.0888 0.0632 0.0609 0.0729 0.0491 0.0454 0.0633 0.0471 0.0420 2016-06-27 0.1312 0.0672 0.0592 2016-06-27 0.1536 0.0784 0.0708 2016-06-27 0.1547 0.0780 0.0698 2016-06-27 0.1552 0.0788 0.0710 0.1410 0.0798 0.0708 0.2234 0.1119 0.1281 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares, will vary. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares, will vary. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Real Estate Securities Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Real Estate Securities Fund (the “Fund”) seeks total return comprised of long-term growth of capital and dividend income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0087 0.0046 0.0133 -0.0049 0.0084 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same  (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 86 373 682 1559 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">27</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.27 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a portfolio of equity investments in issuers that are primarily engaged in or related to the real estate industry (“real estate industry companies”).</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> An issuer is primarily engaged in or related to the real estate industry if it derives at least </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50% of its gross revenues or net profits from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein. Real estate industry companies may include real estate investment trusts (“REITs”), REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investment strategy is based on the premise that property market fundamentals are the primary determinant of growth, underlying the success of companies in the real estate industry. The Investment Adviser focuses on companies that can achieve sustainable growth in cash flow and dividend paying capability over time. The Investment Adviser attempts to purchase securities so that its underlying portfolio will be diversified geographically and by property type. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 15% of its total assets in foreign securities, including securities quoted in foreign currencies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the stock selection process. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may also invest up to 20% of its total assets in fixed income investments, such as government, corporate and bank debt obligations and in other equity investments. The Fund concentrates its investments in securities of issuers in the real estate industry. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">THE FUND IS “NON-DIVERSIFIED” UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (“INVESTMENT COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a portfolio of equity investments in issuers that are primarily engaged in or related to the real estate industry (“real estate industry companies”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Dividend-Paying Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Geographic Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">If the Fund focuses its investments in securities of issuers located in a particular country or region, the Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Industry Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund concentrates its investments in the real estate industry, which has historically experienced substantial price volatility. This concentration subjects the Fund to greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund's  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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Diversification Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified  mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Real Estate Industry Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Risks associated with investments in the real estate industry include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. The real estate industry is particularly sensitive to economic downturns. The values of securities of companies in the real estate industry may go through cycles of relative under-performance and out-performance in comparison to equity securities markets in general.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Real Estate Investment Trusts (“REITs”) Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (S&amp;P 500</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">®</span><span style="font-family:Times New Roman;font-size:9pt;"> Index) (the “Regulatory Benchmark”) and the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) (the “Performance Benchmark”).</span><span style="font-family:Times New Roman;font-size:9pt;">The Performance Benchmark is </span><span style="font-family:Times New Roman;font-size:9pt;">generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Investment Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 11 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how </span><span style="font-family:Times New Roman;font-size:9pt;">the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost </span><span style="font-family:Times New Roman;font-size:9pt;">at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (S&amp;P 500</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">®</span><span style="font-family:Times New Roman;font-size:9pt;"> Index) (the “Regulatory Benchmark”) and the FTSE NAREIT All Equity REITs Index (Total Return, USD, Unhedged) (the “Performance Benchmark”).</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how </span><span style="font-family:Times New Roman;font-size:9pt;">the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS P)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">16.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2021</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-25.09%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1676 2021-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.2509 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-17 -0.0017 0.0538 0.0572 -0.0703 0.0256 0.0249 0.0416 0.0384 0.0396 0.0227 0.0485 0.0613 0.1788 0.1442 0.1464 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs Global Infrastructure Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="font-family:Times New Roman;font-size:9pt;">The Goldman Sachs Global Infrastructure Fund (the “Fund”) seeks total return comprised of long-term growth of capital and income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0034 0.0124 -0.0028 0.0096 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 98 366 654 1475 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">19</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.19 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a portfolio of investments in issuers that are engaged in or related to the infrastructure group of industries (“infrastructure companies”). The Fund will invest primarily in the common stock of infrastructure companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">An issuer is engaged in or related to the infrastructure group of industries if it is involved in the ownership, development, construction, renovation, financing, management, sale or operation of infrastructure assets, or that provide the services and raw materials necessary for the construction and maintenance of infrastructure assets. Infrastructure assets include, but are not limited to, utilities, energy, transportation, real estate, media, telecommunications and capital goods. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund will invest in the securities of infrastructure companies that are economically tied to at least three countries, including the United States. Although the Fund will invest, under normal circumstances, primarily in the securities of infrastructure companies that are economically tied to developed countries (namely developed countries in North America and Europe), the Fund may also invest in the securities of infrastructure companies that are economically tied to countries with emerging markets or economies (“emerging countries”). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest without restriction as to issuer capitalization (including small- and mid-capitalization companies). A portion of the Fund’s securities are denominated in foreign currencies and held outside the United States. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may invest in real estate investment trusts (“REITs”). The Fund may also invest up to 20% of its total assets (measured at time of purchase) in master limited partnerships (“MLPs”) that are taxed as partnerships and up to 20% of its Net Assets (measured at time of purchase) in issuers that are not infrastructure companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Exchange-traded funds (“ETFs”) that provide exposure to infrastructure companies and derivative instruments, such as futures, that have similar economic exposures to infrastructure companies will be counted towards the Fund’s 80% policy discussed above. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investment strategy combines bottom-up company analysis with fundamental real asset research. The Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. The Investment Adviser may decide to sell a position for various reasons, including valuation and price considerations or for risk management purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund concentrates its investments in the securities of issuers in the infrastructure group of industries. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">THE FUND IS “NON-DIVERSIFIED” UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (“INVESTMENT COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a portfolio of investments in issuers that are engaged in or related to the infrastructure group of industries (“infrastructure companies”). The Fund will invest primarily in the common stock of infrastructure companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Dividend-Paying Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign and Emerging Countries Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks are more pronounced in connection with the Fund’s investments in securities of issuers located in, or otherwise economically tied to, emerging countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Industry Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund concentrates its investments in securities of companies in the infrastructure group of industries. This concentration subjects the Fund to greater risk of loss as a result of adverse economic, business, political, environmental or other developments in such industries than if its investments were diversified across different industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Infrastructure Company Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Infrastructure companies are susceptible to various factors that may negatively impact their businesses or operations, including costs associated with compliance with and changes in environmental, governmental and other regulations, rising interest costs in connection with capital construction and improvement programs, government budgetary constraints that impact </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">publicly funded projects, the effects of general economic conditions throughout the world, surplus capacity and depletion concerns, increased competition from other providers of services, uncertainties regarding the availability of fuel and other natural resources at reasonable prices, the effects of energy conservation policies, unfavorable tax laws or accounting policies and high leverage. Infrastructure companies will also be affected by innovations in technology that could render the way in which a company delivers a product or service obsolete and natural or man-made disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund's  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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Master Limited Partnership Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Investments in securities of an MLP involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP. Certain MLP securities may trade in lower volumes due to their smaller capitalizations, and may be subject to more abrupt or erratic price movements and lower market liquidity. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Investments in securities of an MLP also include tax-related risks. For example, to the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in an amount of income or gain (or decrease in the amount of loss) that will be recognized by the Fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Mid-Cap and Small-Cap Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Non-Diversification Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified  mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Real Estate Investment Trusts (“REITs”) Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (MSCI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">®</span><span style="font-family:Times New Roman;font-size:9pt;"> ACWI Index (Net, USD, Unhedged)) (the “Regulatory Benchmark”) and the Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) (the “Performance Benchmark”). </span><span style="font-family:Times New Roman;font-size:9pt;">The </span><span style="font-family:Times New Roman;font-size:9pt;">Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Investment Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Performance and Benchmark Information” on page 11 of the Prospectus. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="font-family:Times New Roman;font-size:9pt;">indication of how the Fund will perform in the future.</span><span style="font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost </span><span style="font-family:Times New Roman;font-size:9pt;">at </span><span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a regulatorily required broad-based securities market index (MSCI</span><span style="font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">®</span><span style="font-family:Times New Roman;font-size:9pt;"> ACWI Index (Net, USD, Unhedged)) (the “Regulatory Benchmark”) and the Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) (the “Performance Benchmark”). </span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an </span><span style="font-family:Times New Roman;font-size:9pt;">indication of how the Fund will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR (Class P)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">16.65%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2019</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-17.24%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1665 2019-03-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1724 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-17 0.1553 0.0789 0.0748 0.1377 0.0634 0.0630 0.1038 0.0594 0.0576 0.1410 0.0798 0.0686 0.2234 0.1119 0.1102 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs International Equity Dividend and Premium Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs International Equity Dividend and Premium Fund (the “Fund”) seeks to maximize total return with an emphasis on income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 46 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 92 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 46 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 92 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> 50000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0081 0.0081 0.0081 0.0081 0.0081 0.0025 0.0075 0.0000 0.0000 0.0000 0.0048 0.0073 0.0037 0.0048 0.0036 0.0000 0.0025 0.0000 0.0000 0.0000 0.0048 0.0048 0.0037 0.0048 0.0036 0.0154 0.0229 0.0118 0.0129 0.0117 -0.0035 -0.0035 -0.0029 -0.0035 -0.0029 0.0119 0.0194 0.0089 0.0094 0.0088 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same  (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 665 977 1312 2256 297 682 1193 2599 91 346 621 1406 96 374 674 1526 90 343 616 1395 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 197 682 1193 2599 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">16</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.16 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in dividend-paying equity investments in non-U.S. issuers. The Fund may allocate its assets among countries as determined by the Investment Adviser from time to time. The Fund intends to have investments that are economically tied to at least three countries, not including the United States, and the Fund may invest in the securities of issuers economically tied to emerging market countries. The Fund seeks broad representation of large-cap and mid-cap issuers across major countries and sectors of the international economy, with some exposure to small-cap issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund uses a variety of quantitative techniques, in combination with a qualitative overlay, when selecting investments. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund seeks to generate additional cash flow and may reduce volatility by the sale of call options on the MSCI EAFE Index (Net, USD, Unhedged) (the “MSCI EAFE Index”) or other national or regional stock market indices (or related exchange-traded funds (“ETFs”)). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund expects that, under normal circumstances, it will sell call options in an amount that is between 20% and 75% of the value of the Fund’s portfolio. As the seller of the call options, the Fund will receive cash (the “premium”) from the purchaser. If the purchaser exercises the option, the Fund pays the purchaser the difference between the price of the index and the exercise price of the option. The premium, the exercise price and the market price of the index determine the gain or loss realized by the Fund as the seller of the call option. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">During periods in which the international equity markets are generally unchanged or falling, or in a modestly rising market where the income from premiums exceeds the aggregate appreciation of the underlying index over its exercise price, a diversified portfolio receiving premiums from its call option writing strategy may outperform the same portfolio without such an options strategy. However, in rising markets where the aggregate appreciation of the underlying index over its exercise price exceeds the income from premiums, a portfolio with a call writing strategy could significantly underperform the same portfolio without the options. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund uses a tax-advantaged style and seeks to balance investment and tax considerations, primarily by seeking to avoid or minimize any net short-term capital gains. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in fixed income securities are limited to cash equivalents. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the MSCI EAFE Index and the Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged) (the “Bloomberg Global Aggregate Bond Index”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Dividend-Paying Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">European Investment Risk. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund is more exposed to the regulatory, economic and political risks of Europe and of the European countries in which it invests than funds whose investments are more geographically diversified. Adverse regulatory, economic and political events in Europe may cause the Fund’s investments to decline in value. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of issuers that are domiciled in, or have significant operations in, member countries of the European Union (“EU”) that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. While the EU-UK Trade and Cooperation Agreement governs certain aspects of the EU’s and UK’s relationship following the UK’s withdrawal from the EU (“Brexit”), the full effects of Brexit are unknown at this time and could negatively impact the value of the Fund’s investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Different investment styles (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">., “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.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Japan Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability, which could negatively affect the Fund’s investments. Japan has limited natural resources and relies on imports to meet its commodity needs, such as fossil fuels. Fluctuations or shortages in the commodity markets, trade tariffs, and competition from emerging economies could have a negative impact on the Japanese economy. In the past, Japan’s economic growth has remained relatively low, and it may remain low in the future. The Japanese economic growth rate could be impacted by massive government debt, the Bank of Japan’s monetary policies, interest rate fluctuations, tax increases, budget deficits, consumer confidence and low domestic consumption, currency volatility, certain corporate structural weaknesses, an unstable financial sector, government policy, an aging demographic, a declining population and/or geopolitical conflicts, including with neighboring countries. The performance of the global economy could have a major impact upon equity returns in Japan. Japan has also experienced natural disasters, such as earthquakes and tsunamis, of varying degrees of severity, which could negatively affect the Fund’s investments.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund’s  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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A strategy used by the Investment Adviser may fail to produce the intended results. 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 and other issues in the construction, implementation and maintenance of the models (including, for example, data problems, unauthorized changes 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Option Writing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Writing (selling) call options limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash (the premium) at the time of selling the call option. In a sharp rising market, the Fund could significantly underperform the market. Furthermore, premium received from the Fund’s call option writing strategies may not fully protect it against market declines because the Fund will continue to bear the risk of a decline in the value of its portfolio securities. In a sharply-falling equity market, the Fund will likely also experience sharp declines in its NAV.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax-Managed Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of broad-based securities market indices.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of broad-based securities market indices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(INSTITUTIONAL)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">18.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-24.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1852 2022-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.2408 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2008-01-31 0.2211 0.0613 0.0529 0.2155 0.0563 0.0483 0.1387 0.0489 0.0430 2008-01-31 0.2724 0.0657 0.0509 2008-01-31 0.2964 0.0772 0.0624 2010-08-31 0.2971 0.0761 0.0615 2018-04-30 0.2965 0.0773 0.0625 0.3122 0.0892 0.0818 0.0817 -0.0214 0.0126 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs International Tax-Managed Equity Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 46 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 92 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 46 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 92 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> 50000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0085 0.0085 0.0085 0.0085 0.0085 0.0025 0.0075 0 0 0 0.0023 0.0048 0.0012 0.0023 0.0011 0 0.0025 0 0 0 0.0023 0.0023 0.0012 0.0023 0.0011 0.0133 0.0208 0.0097 0.0108 0.0096 -0.0012 -0.0012 -0.0007 -0.0012 -0.0007 0.0121 0.0196 0.0090 0.0096 0.0089 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same  (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 667 937 1228 2053 299 640 1108 2401 92 302 529 1183 98 332 584 1306 91 299 524 1172 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 199 640 1108 2401 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">175</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 1.75 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in equity investments in non-U.S. issuers. The Fund seeks broad representation of large-cap and mid-cap issuers across major countries and sectors of the international economy, with some exposure to small-cap issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 &amp; 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. As a part of the Investment Adviser’s investment selection process, the Investment Adviser utilizes proprietary models that assess a wide range of indicators, which may include certain environmental, social and governance (“ESG”) indicators. No one indicator, risk or consideration is determinative in the investment selection process. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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: </span><span style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Offsetting long-term and short-term capital gains with long-term and short-term capital losses and creating loss carry-forward positions </span><span style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Managing portfolio turnover that may result in capital gains and losses </span><span style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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. </span><span style="font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the MSCI EAFE Index</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">(Net,</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">USD,</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">Unhedged).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">European Investment Risk. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund is more exposed to the regulatory, economic and political risks of Europe and of the European countries in which it invests than funds whose investments are more geographically diversified. Adverse regulatory, economic and political events in Europe may cause the Fund’s investments to decline in value. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of issuers that are domiciled in, or have significant operations in, member countries of the European Union (“EU”) that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. While the EU-UK Trade and Cooperation Agreement governs certain aspects of the EU’s and UK’s relationship following the UK’s withdrawal from the EU (“Brexit”), the full effects of Brexit are unknown at this time and could negatively impact the value of the Fund’s investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Different investment styles (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">., “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.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Japan Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability, which could negatively affect the Fund’s investments. Japan has limited natural resources and relies on imports to meet its commodity needs, such as fossil fuels. Fluctuations or shortages in the commodity markets, trade tariffs, and competition from emerging economies could have a negative impact on the Japanese economy. In the past, Japan’s economic growth has remained relatively low, and it may remain low in the future. The Japanese economic growth rate could be impacted by massive government debt, the Bank of Japan’s monetary policies, interest rate fluctuations, tax increases, budget deficits, consumer confidence and low domestic consumption, currency volatility, certain corporate structural weaknesses, an unstable financial sector, government policy, an aging demographic, a declining population and/or geopolitical conflicts, including with neighboring countries. The performance of the global economy could have a major impact upon equity returns in Japan. Japan has also experienced natural disasters, such as earthquakes and tsunamis, of varying degrees of severity, which could negatively affect the Fund’s investments.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund’s  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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A strategy used by the Investment Adviser may fail to produce the intended results. 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 and other issues in the construction, implementation and maintenance of the models (including, for example, data problems, unauthorized changes 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax-Managed Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(INSTITUTIONAL)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">17.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-22.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1743 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.2279 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2008-01-31 0.3128 0.0961 0.0835 0.3090 0.0919 0.0804 0.1915 0.0766 0.0687 2008-01-31 0.3698 0.1005 0.0814 2008-01-31 0.3948 0.1123 0.0934 2010-08-31 0.3939 0.1116 0.0923 2018-04-30 0.3945 0.1123 0.0934 0.3122 0.0892 0.0818 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs U.S. Tax-Managed Equity Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs U.S. 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 U.S. equity securities.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 46 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 92 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 46 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 92 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> 50000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0063 0.0063 0.0063 0.0063 0.0063 0.0063 0.0025 0.0075 0 0.0025 0 0 0.0017 0.0042 0.0006 0.0031 0.0017 0.0005 0 0.0025 0 0 0 0 0.0000 0.0000 0.0000 0.0025 0.0000 0.0000 0.0017 0.0017 0.0006 0.0006 0.0017 0.0005 0.0105 0.0180 0.0069 0.0119 0.0080 0.0068 -0.0004 -0.0004 0.0000 0.0000 -0.0004 0.0000 0.0101 0.0176 0.0069 0.0119 0.0076 0.0068 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same  (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 647 862 1094 1759 279 563 971 2113 70 221 384 859 121 378 654 1443 78 251 440 986 69 218 379 847 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 179 563 971 2113 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">188</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 1.88 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in equity investments in U.S. issuers. The Fund seeks broad representation of large-cap, mid-cap and small-cap equity investments representing all major sectors of the U.S. economy. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 &amp; 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. As a part of the Investment Adviser’s investment selection process, the Investment Adviser utilizes proprietary models that assess a wide range of indicators, which may include certain environmental, social and governance (“ESG”) indicators. No one indicator, risk or consideration is determinative in the investment selection process. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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: </span><span style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Offsetting long-term and short-term capital gains with long-term and short-term capital losses and creating loss carry-forward positions </span><span style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Managing portfolio turnover that may result in capital gains and losses </span><span style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Selling tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in fixed income securities are limited to cash equivalents. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Russell 3000</span><span style="color:#000000;font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Different investment styles (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">., “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.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund’s  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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A strategy used by the Investment Adviser may fail to produce the intended results. 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 and other issues in the construction, implementation and maintenance of the models (including, for example, data problems, unauthorized changes 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax-Managed Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class A Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Service, Investor and Class R6 Shares compare to those of a broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart (including “Best Quarter” and “Worst Quarter” information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Performance reflects applicable fee waivers and/or expense limitations in effect </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">during the periods shown. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class A Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Service, Investor and Class R6 Shares compare to those of a broad-based securities market index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart (including “Best Quarter” and “Worst Quarter” information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(Class A)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">23.70%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-21.69%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.2370 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.2169 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2000-04-03 0.0866 0.1151 0.1176 0.0860 0.1138 0.1164 0.0517 0.0916 0.0979 2000-04-03 0.1312 0.1192 0.1156 2000-04-03 0.1535 0.1313 0.1279 2000-04-03 0.1478 0.1257 0.1223 2010-08-31 0.1527 0.1305 0.1268 2018-04-30 0.1537 0.1315 0.1280 0.1715 0.1314 0.1427 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs U.S. Equity Dividend and Premium Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs U.S. Equity Dividend and Premium Fund (the “Fund”) seeks to maximize income and total return.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 46 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 92 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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 46 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 92 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-175 of the Fund’s Statement of Additional Information (“SAI”).</span> 50000 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0069 0.0069 0.0069 0.0069 0.0069 0.0025 0.0075 0.0000 0.0000 0.0000 0.0017 0.0042 0.0006 0.0017 0.0005 0.0000 0.0025 0.0000 0.0000 0.0000 0.0017 0.0017 0.0006 0.0017 0.0005 0.0111 0.0186 0.0075 0.0086 0.0074 -0.0011 -0.0011 -0.0007 -0.0011 -0.0007 0.0100 0.0175 0.0068 0.0075 0.0067 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.</span> <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same  (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 646 873 1118 1818 278 574 996 2171 69 233 410 924 77 263 466 1051 68 230 405 912 <span style="font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Class C Shares – Assuming no redemption</span> 178 574 996 2171 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">29</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.29 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in dividend-paying equity investments in large-cap U.S. issuers. Large-cap issuers are companies with relatively large market capitalizations. As of March 17, 2026, large-cap issuers generally have public stock market capitalizations between $2.8 billion and $4.4 trillion (or above $2.8 billion); however, this capitalization threshold will change over time and with market conditions. The Fund may also invest in securities below the then-existing large-cap issuer capitalization threshold. The Fund invests primarily in a diversified portfolio of common stocks of large-cap U.S. issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund uses a variety of quantitative techniques, in combination with a qualitative overlay, when selecting investments. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund seeks to generate additional cash flow and may reduce volatility by the sale of call options on the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Index or other national or regional stock market indices (or related exchange-traded funds (“ETFs”)). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund expects that, under normal circumstances, it will sell call options in an amount that is between 20% and 75% of the value of the Fund’s portfolio. As the seller of the call options, the Fund will receive cash (the “premium”) from the purchaser. If the purchaser exercises the option, the Fund pays the purchaser the difference between the price of the index and the exercise price of the option. The premium, the exercise price and the market price of the index determine the gain or loss realized by the Fund as the seller of the call option. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">During periods in which the U.S. equity markets are generally unchanged or falling, or in a modestly rising market where the income from premiums exceeds the aggregate appreciation of the underlying index over its exercise price, a diversified portfolio receiving premiums from its call option writing strategy may outperform the same portfolio without such an options strategy. However, in rising markets where the aggregate appreciation of the underlying index over its exercise price exceeds the income from premiums, a portfolio with a call writing strategy could significantly underperform the same portfolio without the options. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund uses a tax-advantaged style and seeks to balance investment and tax considerations, primarily by seeking to avoid or minimize any net short-term capital gains. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in fixed income securities are limited to cash equivalents. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Index and the Bloomberg U.S. Aggregate Bond Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Dividend-Paying Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Different investment styles (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">., “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.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund’s  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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A strategy used by the Investment Adviser may fail to produce the intended results. 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 and other issues in the construction, implementation and maintenance of the models (including, for example, data problems, unauthorized changes 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Option Writing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Writing (selling) call options limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash (the premium) at the time of selling the call option. In a sharp rising market, the Fund could significantly underperform the market. Furthermore, premium received from the Fund’s call option writing strategies may not fully protect it against market declines because the Fund will continue to bear the risk of a decline in the value of its portfolio securities. In a sharply-falling equity market, the Fund will likely also experience sharp declines in its NAV.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax-Managed Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of broad-based securities market indices.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance information is </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares compare to those of broad-based securities market indices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR </span><span style="font-family:Arial;font-size:9pt;">(INSTITUTIONAL)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">19.10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-19.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1910 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1942 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2005-08-31 0.0734 0.1053 0.1094 0.0581 0.0894 0.0933 0.0542 0.0808 0.0856 2005-08-31 0.1170 0.1096 0.1074 2005-08-31 0.1398 0.1216 0.1197 2010-08-31 0.1389 0.1207 0.1184 2018-04-30 0.1394 0.1216 0.1197 0.1788 0.1442 0.1481 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 Shares will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs International Equity Dividend and Premium Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs International Equity Dividend and Premium Fund (the “Fund”) seeks to maximize total return with an emphasis on income.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0081 0.0036 0.0117 -0.0029 0.0088 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same  (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 90 343 616 1395 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">16</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.16 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in dividend-paying equity investments in non-U.S. issuers. The Fund may allocate its assets among countries as determined by the Investment Adviser from time to time. The Fund intends to have investments that are economically tied to at least three countries, not including the United States, and the Fund may invest in the securities of issuers economically tied to emerging market countries. The Fund seeks broad representation of large-cap and mid-cap issuers across major countries and sectors of the international economy, with some exposure to small-cap issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund uses a variety of quantitative techniques, in combination with a qualitative overlay, when selecting investments. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund seeks to generate additional cash flow and may reduce volatility by the sale of call options on the MSCI EAFE Index (Net, USD, Unhedged) (the “MSCI EAFE Index”) or other national or regional stock market indices (or related exchange-traded funds (“ETFs”)). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund expects that, under normal circumstances, it will sell call options in an amount that is between 20% and 75% of the value of the Fund’s portfolio. As the seller of the call options, the Fund will receive cash (the “premium”) from the purchaser. If the purchaser exercises the option, the Fund pays the purchaser the difference between the price of the index and the exercise price of the option. The premium, the exercise price and the market price of the index determine the gain or loss realized by the Fund as the seller of the call option. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">During periods in which the international equity markets are generally unchanged or falling, or in a modestly rising market where the income from premiums exceeds the aggregate appreciation of the underlying index over its exercise price, a diversified portfolio receiving premiums from its call option writing strategy may outperform the same portfolio without such an options strategy. However, in rising markets where the aggregate appreciation of the underlying index over its exercise price exceeds the income from premiums, a portfolio with a call writing strategy could significantly underperform the same portfolio without the options. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund uses a tax-advantaged style and seeks to balance investment and tax considerations, primarily by seeking to avoid or minimize any net short-term capital gains. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in fixed income securities are limited to cash equivalents. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the MSCI EAFE Index and the Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged) (the “Bloomberg Global Aggregate Bond Index”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Dividend-Paying Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">European Investment Risk. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund is more exposed to the regulatory, economic and political risks of Europe and of the European countries in which it invests than funds whose investments are more geographically diversified. Adverse regulatory, economic and political events in Europe may cause the Fund’s investments to decline in value. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of issuers that are domiciled in, or have significant operations in, member countries of the European Union (“EU”) that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. While the EU-UK Trade and Cooperation Agreement governs certain aspects of the EU’s and UK’s relationship following the UK’s withdrawal from the EU (“Brexit”), the full effects of Brexit are unknown at this time and could negatively impact the value of the Fund’s investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Different investment styles (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">., “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.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Japan Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability, which could negatively affect the Fund’s investments. Japan has limited natural resources and relies on imports to meet its commodity needs, such as fossil fuels. Fluctuations or shortages in the commodity markets, trade tariffs, and competition from emerging economies could have a negative impact on the Japanese economy. In the past, Japan’s economic growth has remained relatively low, and it may remain low in the future. The Japanese economic growth rate could be impacted by massive government debt, the Bank of Japan’s monetary policies, interest rate fluctuations, tax increases, budget deficits, consumer confidence and low domestic consumption, currency volatility, certain corporate structural weaknesses, an unstable financial sector, government policy, an aging demographic, a declining population and/or geopolitical conflicts, including with neighboring countries. The performance of the global economy could have a major impact upon equity returns in Japan. Japan has also experienced natural disasters, such as earthquakes and tsunamis, of varying degrees of severity, which could negatively affect the Fund’s investments.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund’s  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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A strategy used by the Investment Adviser may fail to produce the intended results. 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 and other issues in the construction, implementation and maintenance of the models (including, for example, data problems, unauthorized changes 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Option Writing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Writing (selling) call options limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash (the premium) at the time of selling the call option. In a sharp rising market, the Fund could significantly underperform the market. Furthermore, premium received from the Fund’s call option writing strategies may not fully protect it against market declines because the Fund will continue to bear the risk of a decline in the value of its portfolio securities. In a sharply-falling equity market, the Fund will likely also experience sharp declines in its NAV.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax-Managed Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of broad-based securities market indices.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of broad-based securities market indices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR (CLASS P)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">18.48%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-23.93%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1848 2022-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.2393 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-17 0.2961 0.0772 0.0489 0.2889 0.0711 0.0449 0.1843 0.0615 0.0406 0.3122 0.0892 0.0732 0.0817 -0.0214 0.0025 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs International Tax-Managed Equity Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0085 0.0011 0.0096 -0.0007 0.0089 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same  (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 91 299 524 1172 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">175</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 1.75 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in equity investments in non-U.S. issuers. The Fund seeks broad representation of large-cap and mid-cap issuers across major countries and sectors of the international economy, with some exposure to small-cap issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 &amp; 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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. As a part of the Investment Adviser’s investment selection process, the Investment Adviser utilizes proprietary models that assess a wide range of indicators, which may include certain environmental, social and governance (“ESG”) indicators. No one indicator, risk or consideration is determinative in the investment selection process. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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: </span><span style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Offsetting long-term and short-term capital gains with long-term and short-term capital losses and creating loss carry-forward positions </span><span style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Managing portfolio turnover that may result in capital gains and losses </span><span style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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. </span><span style="font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the MSCI EAFE Index</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">(Net,</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">USD,</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;">Unhedged).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">European Investment Risk. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund is more exposed to the regulatory, economic and political risks of Europe and of the European countries in which it invests than funds whose investments are more geographically diversified. Adverse regulatory, economic and political events in Europe may cause the Fund’s investments to decline in value. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of issuers that are domiciled in, or have significant operations in, member countries of the European Union (“EU”) that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. While the EU-UK Trade and Cooperation Agreement governs certain aspects of the EU’s and UK’s relationship following the UK’s withdrawal from the EU (“Brexit”), the full effects of Brexit are unknown at this time and could negatively impact the value of the Fund’s investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Foreign Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Different investment styles (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">., “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.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Japan Risk.</span><span style="font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="font-family:Times New Roman;font-size:9pt;"> The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability, which could negatively affect the Fund’s investments. Japan has limited natural resources and relies on imports to meet its commodity needs, such as fossil fuels. Fluctuations or shortages in the commodity markets, trade tariffs, and competition from emerging economies could have a negative impact on the Japanese economy. In the past, Japan’s economic </span><span style="font-family:Times New Roman;font-size:9pt;">growth has remained relatively low, and it may remain low in the future. The Japanese economic growth rate could be impacted by massive government debt, the Bank of Japan’s monetary policies, interest rate fluctuations, tax increases, budget deficits, consumer confidence and low domestic consumption, currency volatility, certain corporate structural weaknesses, an unstable financial sector, government policy, an aging demographic, a declining population and/or geopolitical conflicts, including with neighboring countries. The performance of the global economy could have a major impact upon equity returns in Japan. Japan has also experienced natural disasters, such as earthquakes and tsunamis, of varying degrees of severity, which could negatively affect the Fund’s investments.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund’s  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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A strategy used by the Investment Adviser may fail to produce the intended results. 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 and other issues in the construction, implementation and maintenance of the models (including, for example, data problems, unauthorized changes 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax-Managed Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:113pt;">CALENDAR YEAR (CLASS P)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">17.54%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-22.82%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1754 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.2282 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-17 0.3942 0.1124 0.0814 0.3893 0.1075 0.0772 0.2407 0.0899 0.0657 0.3122 0.0892 0.0732 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs U.S. Tax-Managed Equity Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs U.S. 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 U.S. equity securities.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0063 0.0005 0.0068 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same  (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 69 218 379 847 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">188</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 1.88 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in equity investments in U.S. issuers. The Fund seeks broad representation of large-cap, mid-cap and small-cap equity investments representing all major sectors of the U.S. economy. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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 &amp; 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. As a part of the Investment Adviser’s investment selection process, the Investment Adviser utilizes proprietary models that assess a wide range of indicators, which may include certain environmental, social and governance (“ESG”) indicators. No one indicator, risk or consideration is determinative in the investment selection process. The </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">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: </span><span style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Offsetting long-term and short-term capital gains with long-term and short-term capital losses and creating loss carry-forward positions </span><span style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Managing portfolio turnover that may result in capital gains and losses </span><span style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Selling tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in fixed income securities are limited to cash equivalents. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the Russell 3000</span><span style="color:#000000;font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Different investment styles (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">., “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.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund’s  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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A strategy used by the Investment Adviser may fail to produce the intended results. 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 and other issues in the construction, implementation and maintenance of the models (including, for example, data problems, unauthorized changes 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Portfolio Turnover Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax-Managed Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS P)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">23.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-21.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.2381 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.2163 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-17 0.1539 0.1315 0.1234 0.1525 0.1293 0.1213 0.0921 0.1051 0.1009 0.1715 0.1314 0.1391 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;">Goldman Sachs U.S. Equity Dividend and Premium Fund—Summary</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Goldman Sachs U.S. Equity Dividend and Premium Fund (the “Fund”) seeks to maximize income and total return.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0069 0.0005 0.0074 -0.0007 0.0067 <span style="font-family:Times New Roman;font-size:7.5pt;font-style:italic;">April 30, 2027</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Expense Example</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same  (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 68 230 405 912 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Portfolio Turnover</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund pays transaction costs when it buys and sells securities or instruments (</span><span style="font-family:Times New Roman;font-size:9pt;font-style:italic;">i.e</span><span style="font-family:Times New Roman;font-size:9pt;">., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, 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, 2025 was </span><span style="font-family:Times New Roman;font-size:9pt;">29</span><span style="font-family:Times New Roman;font-size:9pt;">% of the average value of its portfolio.</span> 0.29 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Principal Strategy</span> <span style="font-family:Times New Roman;font-size:9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in dividend-paying equity investments in large-cap U.S. issuers. Large-cap issuers are companies with relatively large market capitalizations. As of March 17, 2026, large-cap issuers generally have public stock market capitalizations between $2.8 billion and $4.4 trillion (or above $2.8 billion); however, this capitalization threshold will change over time and with market conditions. The Fund may also invest in securities below the then-existing large-cap issuer capitalization threshold. The Fund invests primarily in a diversified portfolio of common stocks of large-cap U.S. issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund uses a variety of quantitative techniques, in combination with a qualitative overlay, when selecting investments. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund seeks to generate additional cash flow and may reduce volatility by the sale of call options on the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Index or other national or regional stock market indices (or related exchange-traded funds (“ETFs”)). </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund expects that, under normal circumstances, it will sell call options in an amount that is between 20% and 75% of the value of the Fund’s portfolio. As the seller of the call options, the Fund will receive cash (the “premium”) from the purchaser. If the purchaser exercises the option, the Fund pays the purchaser the difference between the price of the index and the exercise price of the option. The premium, the exercise price and the market price of the index determine the gain or loss realized by the Fund as the seller of the call option. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">During periods in which the U.S. equity markets are generally unchanged or falling, or in a modestly rising market where the income from premiums exceeds the aggregate appreciation of the underlying index over its exercise price, a diversified portfolio receiving premiums from its call option writing strategy may outperform the same portfolio without such an options strategy. However, in rising markets where the aggregate appreciation of the underlying index over its exercise price exceeds the income from premiums, a portfolio with a call writing strategy could significantly underperform the same portfolio without the options. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund uses a tax-advantaged style and seeks to balance investment and tax considerations, primarily by seeking to avoid or minimize any net short-term capital gains. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s investments in fixed income securities are limited to cash equivalents. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Investment Adviser measures the Fund’s performance against the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Index and the Bloomberg U.S. Aggregate Bond Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Loss of money is a risk of investing in the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Dividend-Paying Investments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> The Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Investment Style Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Different investment styles (</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">., “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.</span> <span style="font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Large Shareholder Transactions Risk. </span><span style="font-family:Times New Roman;font-size:9pt;">The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the  Fund’s  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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Management Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> A strategy used by the Investment Adviser may fail to produce the intended results. 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 and other issues in the construction, implementation and maintenance of the models (including, for example, data problems, unauthorized changes 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Option Writing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Writing (selling) call options limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash (the premium) at the time of selling the call option. In a sharp rising market, the Fund could significantly underperform the market. Furthermore, premium received from the Fund’s call option writing strategies may not fully protect it against market declines because the Fund will continue to bear the risk of a decline in the value of its portfolio securities. In a sharply-falling equity market, the Fund will likely also experience sharp declines in its NAV.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;">Tax-Managed Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> 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.</span> <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;text-transform:uppercase;">Performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of broad-based securities market indices.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> Updated performance information is available at no cost at </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;"> or by calling the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">appropriate phone number on the back cover of the Prospectus. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund’s Class P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of broad-based securities market indices.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">am.gs.com</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:24%;">CALENDAR YEAR (CLASS P)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart above:</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:2.37pt;">19.11%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">-19.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter Return</span> 0.1911 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter Return</span> -0.1942 2020-03-31 <span style="color:#FFFFFF;font-family:Arial;font-size:7.5pt;margin-left:6pt;text-transform:uppercase;">AVERAGE ANNUAL TOTAL RETURN</span><span style="font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;">For the period ended December 31, 2025</span> 2018-04-17 0.1400 0.1217 0.1180 0.1227 0.1047 0.0999 0.0948 0.0940 0.0914 0.1788 0.1442 0.1464 0.0730 -0.0036 0.0210 <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;">Benchmark returns do not reflect any deductions for fees or expenses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to 0.044% 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 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, and Investor Class Shares of the Fund. These arrangements will remain in effect through at least April 30, 2027, and prior to such date the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance.  Class R6 Shares commenced operations on 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 Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged) provides a broad-based measure of the global investment grade fixed rate debt markets. Emphasizing income is part of the Fund’s investment objective, and therefore the Investment Adviser believes that a comparison of the Fund’s performance to that of this index is useful to investors. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.044% of the Fund’s average daily net assets through at least April 30, 2027, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged) provides a broad-based measure of the global investment grade fixed rate debt markets. Emphasizing income is part of the Fund’s investment objective, and therefore the Investment Adviser believes that a comparison of the Fund’s performance to that of this index is useful to investors. A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% 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, 2027, and prior to such date, the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance.  Class R6 Shares commenced operations on 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 Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets through at least April 30, 2027, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. The "Other Expenses" for Class R6 Shares have been restated to reflect expenses expected to be incurred during the current fiscal year. The Investment Adviser has agreed to: (i) waive a portion of its management fee payable by the Fund in order to achieve an effective net management fee rate of 0.80% as an annual percentage of the Fund’s average daily net assets; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. These arrangements will remain in effect through at least April 30, 2027, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. The Investment Adviser has agreed to: (i) waive a portion of its management fee payable by the Fund in order to achieve an effective net management fee rate of 0.80% as an annual percentage of the Fund’s average daily net assets; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. These arrangements will remain in effect through at least April 30, 2027, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. The Investment Adviser has agreed to reduce or limit other “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification and extraordinary expenses) to 0.044% of the Fund's average daily net Assets. 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 0.04% 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, 2027, and prior to such date, the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance.  Class R6 Shares commenced operations on 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. A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. The Investment Adviser has agreed to (i) waive a portion of the management fee in order to achieve an effective net management fee rate of 0.64% of the Fund’s average daily net assets, and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to 0.004% 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 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Class Investor Shares of the Fund. These arrangements will remain in effect through at least April 30, 2027, and prior to such date the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance.  Class R6 Shares commenced operations on 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 Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of investment grade, U.S. dollar-denominated, fixed income securities, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). Maximizing income is part of the Fund’s investment objective, and therefore the Investment Adviser believes that a comparison of the Fund’s performance to that of this index is useful to investors. The Investment Adviser has agreed to (i) waive a portion of the management fee in order to achieve an effective net management fee rate of 0.64% of the Fund’s average daily net assets, and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. These arrangements will remain in effect through at least April 30, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of investment grade, U.S. dollar-denominated, fixed income securities, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). Maximizing income is part of the Fund’s investment objective, and therefore the Investment Adviser believes that a comparison of the Fund’s performance to that of this index is useful to investors. A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase. The “Total Annual Fund Operating Expenses” 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 the affiliated funds in which the Fund invests; (ii) waive a portion of its management fee in an amount equal to the management fee paid to the Investment Adviser by the CSF Subsidiary (as defined below) at an annual rate of 0.42% of the CSF Subsidiary’s average daily net assets; (iii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest expenses on short sales, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.074% of the Fund’s average daily net assets; and (iv) reduce or limit the CSF Subsidiary’s expenses (excluding management fees) to 0.004% of the CSF Subsidiary’s average daily net assets. The management fee waiver arrangement with respect to the CSF Subsidiary may not be discontinued by the Investment Adviser as long as its contract with the CSF Subsidiary is in place. The other management fee waiver arrangements will remain in effect through at least April 30, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. The “Total Annual Fund Operating Expenses” 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 the affiliated funds in which the Fund invests; (ii) waive a portion of its management fee in an amount equal to the management fee paid to the Investment Adviser by the CSF Subsidiary (as defined below) at an annual rate of 0.42% of the CSF Subsidiary’s average daily net assets; (iii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, dividend and interest expenses on short sales, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.074% of the Fund’s average daily net assets; and (iv) reduce or limit the CSF Subsidiary’s expenses (excluding management fees) to 0.004% of the CSF Subsidiary’s average daily net assets. The management fee waiver arrangement with respect to the CSF Subsidiary may not be discontinued by the Investment Adviser as long as its contract with the CSF Subsidiary is in place. The other management fee waiver arrangements will remain in effect through at least April 30, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.034% of the Fund’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Fund’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.11% 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, 2027, and prior to such date, the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.034% of the Fund’s average daily net assets. This arrangement will remain in effect through at least April 30, 2027, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. 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 the affiliated funds in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in affiliated funds; (ii) waive a portion of its management fee in an amount equal to the management fee paid to the Investment Adviser by the ART Subsidiary (as defined below) at an annual rate of 0.42% of the ART Subsidiary’s average daily net assets; (iii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest expenses on short sales, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets; and (iv) reduce or limit the ART Subsidiary’s expenses (excluding management fees) to 0.004% of the ART Subsidiary’s average daily net assets. The management fee waiver arrangement with respect to the ART Subsidiary may not be discontinued by the Investment Adviser as long as its contract with the ART Subsidiary is in place. The other management fee waiver and expense limitation arrangements will remain in effect through at least April 30, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. The “Total Annual Fund Operating Expenses” 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 the affiliated funds in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in affiliated funds; (ii) waive a portion of its management fee in an amount equal to the management fee paid to the Investment Adviser by the ART Subsidiary (as defined below) at an annual rate of 0.42% of the ART Subsidiary’s average daily net assets; (iii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, dividend and interest expenses on short sales, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets; and (iv) reduce or limit the ART Subsidiary’s expenses (excluding management fees) to 0.004% of the ART Subsidiary’s average daily net assets. The management fee waiver arrangement with respect to the ART Subsidiary may not be discontinued by the Investment Adviser as long as its contract with the ART Subsidiary is in place. The other management fee waiver and expense limitation arrangements will remain in effect through at least April 30, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. 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 the management fee in order to achieve an effective net management fee rate of 0.70% as an annual percentage rate of average daily net assets of the Fund; and (ii) waive a portion of its management fee payable by the Fund in an amount equal to any management fees it earns as an investment adviser to the affiliated funds in which the Fund invests; (iii) waive a portion of its management fee in an amount equal to the management fee paid to the Investment Adviser by the MFS Subsidiary (as defined below) at an annual rate of 0.42% of the MFS Subsidiary’s average daily net assets; (iv) 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 0.054% of the Fund’s average daily net assets; and (v) reduce or limit the MFS Subsidiary's expenses (excluding management fees) to 0.004% of the MFS Subsidiary's average daily net assets. The management fee waiver arrangement with respect to the MFS Subsidiary may not be discontinued by the Investment Adviser as long as its contract with the MFS Subsidiary is in place. The other management fee waiver and expense limitation arrangements will remain in effect through at least April 30, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. 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 “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 the management fee in order to achieve an effective net management fee rate of 0.70% as an annual percentage rate of average daily net assets of the Fund; and (ii) waive a portion of its management fee payable by the Fund in an amount equal to any management fees it earns as an investment adviser to the affiliated funds in which the Fund invests; (iii) waive a portion of its management fee in an amount equal to the management fee paid to the Investment Adviser by the MFS Subsidiary (as defined below) at an annual rate of 0.42% of the MFS Subsidiary’s average daily net assets; (iv) 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 0.054% of the Fund’s average daily net assets; and (v) reduce or limit the MFS Subsidiary’s expenses (excluding management fees) to 0.004% of the MFS Subsidiary’s average daily net assets. The management fee waiver arrangement with respect to the MFS Subsidiary may not be discontinued by the Investment Adviser as long as its contract with the MFS Subsidiary is in place. The other management fee waiver and expense limitation arrangements will remain in effect through at least April 30, 2027, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.