Form 497K GOLDMAN SACHS TRUST
GOLDMAN SACHS TRUST
Class A, Class C, Institutional, Investor, Service, Class P, Class R and Class R6 Shares
(as applicable) of the
Goldman Sachs Concentrated Growth Fund
Goldman Sachs Technology Opportunities Fund
Goldman Sachs Strategic Growth Fund
Supplement dated December 29, 2020 to the
Prospectuses, Summary Prospectuses and Statement of Additional Information (SAI), each
dated December 29, 2020, each as supplemented to date
At a meeting held on September 16, 2020, the Board of Trustees of the Goldman Sachs Trust (the Board) approved a change to each respective 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 to be held on or about January 8, 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 any 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.