Form 497K GOLDMAN SACHS TRUST
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GOLDMAN SACHS TRUST
Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares (as applicable) of the
Goldman Sachs China Equity Fund
Goldman Sachs ESG Emerging Markets Equity Fund
Supplement dated December 18, 2020 to the
Prospectuses, Summary Prospectuses and Statement of Additional Information (SAI), dated February 28, 2020, as supplemented to date
The Board of Trustees of Goldman Sachs Trust (the Board) recently approved a change to each Funds sub-classification under the Investment Company Act of 1940 from diversified to non-diversified and the elimination of any related fundamental investment restrictions.
These changes are subject to approval by the respective shareholders of each Fund at a meeting that will be held on or about April 9, 2021 (the Meeting). Changing each Funds status to non-diversified would provide Goldman Sachs Asset Management, L.P., the Funds investment adviser, with enhanced flexibility to invest a greater portion of each Funds assets in one or more issuers. Given the weightings of the largest holdings in the Funds respective benchmarks and the appreciation of the Funds largest holdings, the portfolio managers of each Fund believe that it is important to have this additional flexibility, and that they will be better able to execute each Funds investment strategy and other policies with this additional flexibility. If approved by shareholders at the Meeting for a Fund, that Fund, as a non-diversified fund, may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
Prior to the Meeting, shareholders of the Funds entitled to vote at the Meeting will receive a proxy statement that will contain additional information about the Funds diversification status and fundamental restrictions.
This supplement should be retained with your Prospectuses, Summary Prospectuses and SAI for future reference.
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