Form 497K GOLDMAN SACHS TRUST
Summary
Prospectus
April 30, 2021
Goldman Sachs Absolute Return Tracker Fund
Class
A: GARTX Class C: GCRTX Institutional: GJRTX Investor: GSRTX Class R: GRRTX Class R6: GARUX
Before you invest, you
may want to review the Goldman Sachs Absolute Return Tracker Fund (the “Fund”) Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus, reports to shareholders and other
information about the Fund online at http://www.gsamfunds.com/mutualfunds. You can also get this information at no cost by calling 800-621-2550 for Institutional, Service and Class R6 shareholders,
800-526-7384 for all other shareholders or by sending an e-mail request to [email protected]. The Fund’s Prospectus and Statement of Additional Information (“SAI”), both dated April 30, 2021, are incorporated by
reference into this Summary Prospectus.
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 Absolute Return Tracker 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 | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
Distribution and/or Service (12b-1) Fees | 0.25% | 0.75% | None | None | 0.50% | None |
Other Expenses | 0.21% | 0.46% | 0.09% | 0.21% | 0.21% | 0.08% |
Service Fees | None | 0.25% | None | None | None | None |
All Other Expenses | 0.21% | 0.21% | 0.09% | 0.21% | 0.21% | 0.08% |
Acquired Fund Fees and Expenses | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% |
Total Annual Fund Operating Expenses2 | 1.24% | 1.99% | 0.87% | 0.99% | 1.49% | 0.86% |
Fee Waiver and Expense Limitation3 | (0.15)% | (0.15)% | (0.15)% | (0.15)% | (0.15)% | (0.15)% |
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation | 1.09% | 1.84% | 0.72% | 0.84% | 1.34% | 0.71% |
1 | A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. |
2 | The “Total Annual Fund Operating Expenses” 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.” |
3 | 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; and (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. 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, 2022, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. |
3 Summary
Prospectus — Goldman Sachs Absolute Return Tracker Fund
4 Summary
Prospectus — Goldman Sachs Absolute Return Tracker Fund
5 Summary
Prospectus — Goldman Sachs Absolute Return Tracker Fund
6 Summary
Prospectus — Goldman Sachs Absolute Return Tracker Fund
AVERAGE ANNUAL TOTAL RETURN |
For the period ended December 31, 2020 | 1 Year | 5 Years | 10 Years |
Class A Shares (Inception 5/30/2008) | |||
Returns Before Taxes | -2.38% | 3.19% | 2.20% |
Returns After Taxes on Distributions | -2.56% | 2.46% | 1.46% |
Returns After Taxes on Distributions and Sale of Fund Shares | -1.34% | 2.20% | 1.46% |
Class C Shares (Inception 5/30/2008) | |||
Returns Before Taxes | 1.38% | 3.55% | 2.00%* |
Institutional Shares (Inception 5/30/2008) | |||
Returns Before Taxes | 3.60% | 4.77% | 3.17% |
Investor Shares (Inception 5/30/2008) | |||
Returns Before Taxes | 3.54% | 4.63% | 3.03% |
Class R Shares (Inception 5/30/2008) | |||
Returns | 3.06% | 4.09% | 2.52% |
Class R6 Shares (Inception 7/31/2015)** | |||
Returns Before Taxes | 3.71% | 4.76% | 3.17% |
HFRX Global Hedge Fund Index (net of management, administrative and performance/incentive fees)*** | 6.79% | 3.29% | 1.25% |
* | 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 July 31, 2015. 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 HFRX Global Hedge Fund Index (net of management, administrative and performance/incentive fees) is a trademark of Hedge Fund Research, Inc. (“HFR”). HFR has not participated in the formation of the Fund. HFR does not endorse or approve the Fund or make any recommendation with respect to investing in the Fund. |
7 Summary
Prospectus — Goldman Sachs Absolute Return Tracker Fund
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. 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.
8 Summary
Prospectus — Goldman Sachs Absolute Return Tracker Fund
SELSATSUM1-21
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