Form 497K GOLDMAN SACHS TRUST
GOLDMAN SACHS TRUST
Class A, Class C, Institutional, Investor, Class R, Class R6 and Class P Shares of the
Goldman Sachs Alternative Premia Fund and Goldman Sachs Managed Futures Strategy Fund
(together, the Funds)
Supplement dated July 14, 2021 to the
Summary Prospectuses (Multi-Class Summaries) and Statutory Prospectus
(Multi-Class Prospectus) (with respect to Class A, Class C, Institutional, Investor,
Class R and Class R6 Shares); the Summary Prospectuses (Class P Summaries
and, together with the Multi-Class Summaries, the Summary Prospectuses),
Statutory Prospectus (Class P Prospectus and, together with the
Multi-Class Prospectus, the Prospectuses) (with respect to Class P Shares);
and the Statement of Additional Information (SAI),
each dated April 30, 2021
The Board of Trustees of Goldman Sachs Trust recently approved a change to the Funds benchmark indices from the ICE Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index (with respect to the Alternative Premia Fund) and the ICE Bank of America Merrill Lynch U.S. Dollar One-Month LIBOR Constant Maturity Index (with respect to the Managed Futures Strategy Fund) to the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index. This change will be effective July 29, 2021 (the Effective Date). Accordingly, on the Effective Date, the Funds Prospectuses, Summary Prospectuses and SAI are revised as follows:
The following replaces the last paragraph under the Goldman Sachs Alternative Premia FundSummaryPrincipal Strategy section in the Funds Prospectuses and the Principal Strategy section in the Alternative Premia Funds Summary Prospectuses:
The Funds primary benchmark index is the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index.
The following replaces the last paragraph under the Goldman Sachs Managed Futures Strategy FundSummaryPrincipal Strategy section in the Funds Prospectuses and the Principal Strategy section in the Managed Futures Strategy Funds Summary Prospectuses:
The Funds benchmark index is the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index.
The following sentence is added after the first sentence under the Goldman Sachs Alternative Premia FundSummaryPerformance section in the Funds Prospectuses and the Performance section in the Alternative Premia Funds Summary Prospectuses:
As of July 29, 2021, the Funds primary benchmark index was changed from the ICE Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index to the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index. The Adviser believes that the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index is a more appropriate index in light of the forthcoming cessation of LIBOR.
The following sentence is added after the first sentence under the Goldman Sachs Managed Futures Strategy FundSummaryPerformance sections in the Funds Prospectuses and the Performance section in the Managed Futures Strategy Funds Summary Prospectuses:
As of July 29, 2021, the Funds benchmark index was changed from the ICE Bank of America Merrill Lynch U.S. Dollar One-Month LIBOR Constant Maturity Index to the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index. The Adviser believes that the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index is a more appropriate index in light of the forthcoming cessation of LIBOR.
The following is added under the last row in the table under the Goldman Sachs Alternative Premia FundSummaryAverage Annual Total Return section in the Funds Multi-Class Prospectus and in the Average Annual Total Return table under the Performance section in the Alternative Premia Funds Multi-Class Summary Prospectus:
ICE Bank of America Merrill Lynch
Three-Month U.S. Treasury Bill Index |
0.67% | 1.20% | 0.63% |
*** | Effective July 29, 2021, the Funds primary benchmark index was changed from the ICE Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index to the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index. |
The following is added under the last row in the table under the Goldman Sachs Managed Futures Strategy FundSummaryAverage Annual Total Return section in the Funds Multi-Class Prospectus and in the Average Annual Total Return table under the Performance section in the Managed Futures Strategy Funds Multi-Class Summary Prospectus:
ICE Bank of America Merrill Lynch
Three-Month U.S. Treasury Bill Index |
0.67% | 1.20% | 0.63% |
*** | Effective July 29, 2021, the Funds benchmark index was changed from the ICE Bank of America Merrill Lynch U.S. Dollar One-Month LIBOR Constant Maturity Index to the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index. |
The following is added under the last row in the table under the Goldman Sachs Alternative Premia FundSummaryAverage Annual Total Return section in the Funds Class P Prospectus and in the Average Annual Total Return table under the Performance section in the Alternative Premia Funds Class P Summary Prospectus:
ICE Bank of America Merrill Lynch
Three-Month U.S. Treasury Bill Index |
0.67% | 1.62% |
* | Effective July 29, 2021, the Funds primary benchmark index was changed from the ICE Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index to the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index. |
The following is added under the last row in the table under the Goldman Sachs Managed Futures Strategy FundSummaryAverage Annual Total Return section in the Funds Class P Prospectus and in the Average Annual Total Return table under the Performance section in the Managed Futures Strategy Funds Class P Summary Prospectus:
ICE Bank of America Merrill Lynch
Three-Month U.S. Treasury Bill Index |
0.67% | 1.62% |
* | Effective July 29, 2021, the Funds benchmark index was changed from the ICE Bank of America Merrill Lynch U.S. Dollar One-Month LIBOR Constant Maturity Index to the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index. |
The following replaces the twelfth paragraph under the Investment Management ApproachPrincipal Investment StrategiesAlternative Premia Fund section in the Funds Prospectuses:
The Funds primary benchmark index is the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index.
The following replaces the tenth paragraph under the Investment Management ApproachPrincipal Investment StrategiesManaged Futures Strategy Fund section in the Funds Prospectuses:
The Funds benchmark index is the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index.
The following replaces the paragraph relating to the Alternative Premia Fund under the Management ServicesPortfolio ManagersCompensation section in the Funds SAI:
Alternative Premia Fund: ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index, MSCI All Country World Index Investable Market Index (Net, USD, Unhedged) and Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Unhedged)
The following replaces the paragraph relating to the Managed Futures Strategy Fund under the Management ServicesPortfolio ManagersCompensation section in the Funds SAI:
Managed Futures Strategy Fund: ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index
This Supplement should be retained with your Prospectuses, Summary Prospectuses and SAI for future reference.
SELSAT34STK-21
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