Form 497K GOLDMAN SACHS TRUST
Summary
Prospectus
February 28, 2021
Goldman Sachs Small Cap Growth Insights Fund
Class
P: GSZPX
Before you invest, you may want to review the Goldman Sachs
Small Cap Growth Insights Fund (the “Fund”) Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus, reports to shareholders and other information about the Fund online at www.gsamfunds.com/content/gsam/us/en/individual/literature-and-forms/literature.html. You can also get this information at no cost by calling 800-621-2550 or by sending an e-mail request to
[email protected]. The Fund’s Prospectus and Statement of Additional Information (“SAI”), both dated February 28, 2021, are incorporated by reference into this Summary Prospectus.
It is our intention that beginning on January 1, 2021, paper
copies of the Fund’s annual and semi-annual shareholder reports will not be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports will be made
available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports
electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by calling the applicable toll-free number below or by
contacting your financial intermediary.
You may elect to
receive all future shareholder reports in paper free of charge. If you hold shares of the Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free
800-621-2550 for Institutional and Class R6 shareholders or 800-526-7384 for all other shareholders. If you hold shares of the Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to
receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Fund’s transfer agent if you invest directly with the transfer
agent.
Annual Fund Operating Expenses
(expenses that you pay each year as a
percentage of the value of your investment)
Class P | |
Management Fees | 0.80% |
Other Expenses | 0.11% |
Total Annual Fund Operating Expenses | 0.91% |
Expense Limitation1 | (0.08)% |
Total Annual Fund Operating Expenses After Expense Limitation | 0.83% |
1 | 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 0.004% of the Fund’s average daily net assets through at least February 28, 2022, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. |
2 Summary
Prospectus — Goldman Sachs Small Cap Growth Insights Fund
3 Summary
Prospectus — Goldman Sachs Small Cap Growth Insights Fund
AVERAGE ANNUAL TOTAL RETURN |
For the period ended December 31, 2020 | 1 Year | Since
Inception |
Class P Shares (Inception 4/16/2018) | ||
Returns Before Taxes | 18.20% | 10.34% |
Returns After Taxes on Distributions | 17.40% | 8.73% |
Returns After Taxes on Distributions and Sale of Fund Shares | 11.32% | 7.49% |
Russell 2000® Growth Index (reflects no deduction for fees or expenses) | 34.52% | 16.16% |
After-tax
returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those
shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
4 Summary
Prospectus — Goldman Sachs Small Cap Growth Insights Fund
DOMINSSUM4-21P
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