GSAZX — Goldman Sachs Short Duration High Yield Fund

GSAZX Fund Overview

GSAZX — Goldman Sachs Short Duration High Yield Fund is a US mutual fund managed by Goldman Sachs Trust, categorised as Short Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Goldman Sachs Trust
• Category: Short Corporate Bond
• Assets under management: $31.42M
• 1-year return: 7.4%
• Ticker: GSAZX
• SEC CIK: 0000822977
• SEC series ID: S000043227
• Share class ID: C000133725

GSAZX Investment Objective and Strategy

Goldman Sachs Short Duration High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Goldman Sachs Trust.

Investment objective

The Goldman Sachs Long Short Credit Strategies Fund (the “Fund”) seeks an absolute return comprised of income and capital appreciation.

Principal investment strategy

The Fund will seek to achieve its investment objective through long and short exposures to credit related instruments. Under normal market conditions, the Fund will invest at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (Net Assets) in the following credit related instruments: (i) fixed rate and floating rate income securities; (ii) loans and loan participations including: (a) senior secured floating rate and fixed rate loans or debt (Senior Loans), (b) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (Second Lien Loans) and (c) other types of secured or unsecured loans with fixed, floating, or variable interest rates; (iii) convertible securities; (iv) collateralized debt, bond and loan obligations; (v) bank and corporate debt obligations; (vi) securities issued or guaranteed by the U.S.

government or its agencies, instrumentalities or sponsored enterprises (U.S. Government Securities), and securities issued by or on behalf of states, territories, and possessions of the United States (including the District of Columbia); (vii) preferred securities and trust preferred securities; (viii) structured securities, including credit-linked notes; and/or (ix) listed and unlisted, public and private, rated and unrated debt instruments and other obligations, including those of financially troubled companies (sometimes known as distressed securities or defaulted securities). The Fund may invest in instruments and obligations directly, or indirectly by investing in derivative or synthetic instruments, including, without limitation, credit default swaps (including credit default swaps on credit related indices) and loan credit default swaps.

The Fund will opportunistically seek short exposures to credit related instruments through the use of such derivatives or synthetic instruments, including, but not limited to, credit default swaps (including credit default swaps on credit related indices). The Fund intends to implement short positions for hedging purposes or to seek to enhance absolute return, 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 buy credit default swaps. Credit default swaps involve the receipt of floating or fixed rate payments in exchange for assuming potential credit losses on an underlying security (or group of securities). When the Fund is the buyer of a credit default swap (buying protection), it may make periodic payments to the seller of the credit default swap to obtain protection against a credit default on a specified underlying asset (or group of assets).

If a default occurs, the seller of a credit default swap may be required to pay the Fund the notional amount of the credit default swap on a specified security (or group of securities). On the other hand, when the Fund is a seller of a credit default swap (commonly known as selling protection), in addition to the credit exposure the Fund has on the other assets held in its portfolio, the Fund is also subject to the credit exposure on the notional amount of the swap since, in the event of a credit default, the Fund may be required to pay the notional amount of the credit default swap on a specified security (or group of securities) to the buyer of the credit swap. The Fund will be the seller of a credit default swap only when the credit of the underlying asset is deemed by the Investment Adviser to meet the Funds minimum credit criteria at the time the swap is first entered into.

The Fund may invest in U.S. dollar denominated as well as non-U.S. dollar denominated (foreign) securities. The Fund may also hold cash, and/or invest in cash equivalents. There is no minimum credit rating for instruments in which the Fund may invest, and the Fund may invest without limitation in securities below investment grade. Non-investment grade fixed income securities (commonly known as junk bonds) are rated BB+, Ba1 or below by a nationally recognized statistical rating organization (NRSRO), or, if unrated, determined by the Investment Adviser to be of comparable credit quality. The Fund may also invest in credit instruments of any maturity or duration. When making investments, the Investment Adviser seeks to identify securities that are both fundamentally mispriced and have a potential catalyst for value creation.

Within this universe, the Investment Adviser seeks perceived risk-adjusted return opportunities with a focus on: Asymmetric return profile (i.e., upside versus downside potential); Relative value analysis and impact on the current portfolio; Technical dynamics in the market (i.e., understanding the price movements in the market relative to supply and demand); and Overall risk/return potential. The Fund employs a sell discipline aimed at minimizing losses. Although the portfolio management team considers many factors when implementing trades, there are three primary reasons why the Fund would exit an investment or trade: Position Target AchievedPosition targets are established at the time of investment and monitored on both an absolute and relative value basis. An asset is typically sold as it approaches the target, unless changes in circumstances dictate a revised target.

Credit Profile Change/Credit EventThe loss of (or change to) a catalyst or change in fundamentals which no longer support the initial investment decision will cause the team to exit a position. Portfolio Re-AllocationEach position is monitored on a relative value basis versus other holdings and market opportunities. Positions are sold or reduced to maintain proper portfolio diversification. The Fund seeks an absolute return comprised of income and capital appreciation. Absolute return performance may be uncorrelated to fixed income and equity markets over the long-term. The Funds investment strategies are intended to reduce volatility (i.e., the Fund may be less impacted by market fluctuations in rising and falling market conditions). The Funds benchmark index is the ICE Bank of America Merrill Lynch U.S.

Dollar Three-Month LIBOR Constant Maturity Index.

GSAZX Holdings

Top 10 holdings of Goldman Sachs Short Duration High Yield Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all GSAZX holdings

GSAZX Portfolio Allocation

Asset-class allocation of Goldman Sachs Short Duration High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.

GSAZX Performance

Total returns for GSAZX (as of 2026-10-01), from SEC filings.

GSAZX Risk Information

Risk metrics for GSAZX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 4.6%

GSAZX Costs and Fees

GSAZX costs about $171 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.71%
• Gross expense ratio: 2.08%
• Portfolio turnover: 54%
• Brokerage commissions: 0.54 bps of average net assets (SEC N-CEN)

GSAZX Cashflows

Over the 12 months to 2026-06, Goldman Sachs Short Duration High Yield Fund had net outflows of $5.18M, from monthly SEC N-PORT filings.

GSAZX Debt Constituents

Largest debt holdings of Goldman Sachs Short Duration High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.

GSAZX Prospectus and SEC Filings

Official Goldman Sachs Short Duration High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-07-29
• Prospectus (485BPOS) — filed 2025-07-28
• Prospectus (485BPOS) — filed 2024-07-26
• Portfolio holdings (N-PORT) — filed 2026-08-26
• Portfolio holdings (N-PORT) — filed 2026-05-26
• Portfolio holdings (N-PORT) — filed 2026-02-23
• Annual census (N-CEN) — filed 2026-06-12
• Annual census (N-CEN) — filed 2025-06-13

Related Funds

Other Short Corporate Bond funds tracked on ABC INVEST:

• Vanguard Short-Term Investment-Grade Fund (VFSTX)
• Vanguard Short-Term Corporate Bond Index Fund (VSCSX)
• American High Income Trust (AHITX)
• Vanguard High-Yield Corporate Fund (VWEHX)
• PGIM High Yield Fund (JDYRX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.