Form 497K GOLDMAN SACHS TRUST
Summary
Prospectus
February 28, 2021
Goldman Sachs ESG Emerging Markets Equity Fund
Class A: GEBAX Class C: GEBCX Institutional:
GEBIX Investor: GEBNX Class R: GEBRX Class R6: GEBSX
Before you invest, you may want to review the Goldman Sachs
ESG Emerging Markets Equity Fund (the “Fund”) Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus, reports to shareholders and other information about the Fund online at www.gsamfunds.com/mutualfunds. 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.
Shareholder Fees
(fees paid directly from your
investment)
Class A | Class C | Institutional | Investor | Class R | Class R6 | |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 5.50% | None | None | None | None | None |
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds)1 | None | 1.00% | None | None | None | None |
2 Summary
Prospectus — Goldman Sachs ESG Emerging Markets Equity Fund
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the
value of your investment)
Class A | Class C | Institutional | Investor | Class R | Class R6 | |
Management Fees | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
Distribution and/or Service (12b-1) Fees | 0.25% | 0.75% | None | None | 0.50% | None |
Other Expenses | 4.98% | 5.23% | 4.86% | 4.98% | 4.98% | 4.85% |
Service Fees | None | 0.25% | None | None | None | None |
All Other Expenses | 4.98% | 4.98% | 4.86% | 4.98% | 4.98% | 4.85% |
Total Annual Fund Operating Expenses2 | 6.21% | 6.96% | 5.84% | 5.96% | 6.46% | 5.83% |
Expense Limitation3 | (4.74)% | (4.74)% | (4.70)% | (4.74)% | (4.74)% | (4.70)% |
Total Annual Fund Operating Expenses After Expense Limitation | 1.47% | 2.22% | 1.14% | 1.22% | 1.72% | 1.13% |
1 | A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. |
2 | The “Other Expenses” for Class A, Class C, Investor and Class R Shares have been restated to reflect expenses expected to be incurred during the current fiscal year. |
3 | 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 0.124% 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 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Class R and Investor Shares of the Fund. These arrangements will remain in effect through at least February 28, 2022, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees. |
3 Summary
Prospectus — Goldman Sachs ESG Emerging Markets Equity Fund
4 Summary
Prospectus — Goldman Sachs ESG Emerging Markets Equity Fund
AVERAGE ANNUAL TOTAL RETURN |
For the period ended December 31, 2020 | 1 Year | Since
Inception |
Class A Shares (Inception 5/31/2018) | ||
Returns Before Taxes | 24.48% | 11.74% |
Returns After Taxes on Distributions | 24.61% | 11.83% |
Returns After Taxes on Distributions and Sale of Fund Shares | 14.62% | 9.27% |
Class C Shares (Inception 5/31/2018) | ||
Returns Before Taxes | 29.72% | 13.36% |
Institutional Shares (Inception 5/31/2018) | ||
Returns Before Taxes | 32.21% | 14.62% |
Investor Shares (Inception 5/31/2018) | ||
Returns Before Taxes | 32.11% | 14.50% |
Class R Shares (Inception 5/31/2018) | ||
Returns | 31.41% | 13.95% |
Class R6 Shares (Inception 5/31/2018) | ||
Returns Before Taxes | 32.31% | 14.67% |
MSCI Emerging Markets Index (Net, USD, Unhedged) | 18.25% | 8.28% |
The after-tax
returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor, Class R and Class R6 Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do
not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares
through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
5 Summary
Prospectus — Goldman Sachs ESG Emerging Markets Equity Fund
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Prospectus — Goldman Sachs ESG Emerging Markets Equity Fund
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8 Summary
Prospectus — Goldman Sachs ESG Emerging Markets Equity Fund
EMESUM4-21
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