Form 497K GOLDMAN SACHS TRUST
December 29, 2020
Goldman Sachs Growth Opportunities Fund
Class P: GGQPX
Before you invest, you may want to review the Goldman Sachs Growth Opportunities 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/content/gsam/us/en/advisors/fund-center/summary-prospectuses.html. You can also get this information at no cost by calling 800-621-2550 or by sending an e-mail request to firstname.lastname@example.org. The Fund’s Prospectus and Statement of Additional Information (“SAI”), both dated December 29, 2020, 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. 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.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|Total Annual Fund Operating Expenses||1.01%|
|Fee Waiver and Expense Limitation2||(0.12)%|
|Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation||0.89%|
|1||The “Other Expenses” for Class P Shares have been restated to reflect expenses expected to be incurred during the current fiscal year.|
|2||The Investment Adviser has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.86% as an annual percentage rate for the Fund’s average daily net assets; (ii) 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; and (iii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service and shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. These arrangements will remain in effect through at least December 29, 2021, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.|
2 Summary Prospectus — Goldman Sachs Growth Opportunities Fund
3 Summary Prospectus — Goldman Sachs Growth Opportunities Fund
|AVERAGE ANNUAL TOTAL RETURN|
|For the period ended December 31, 2019||1 Year||Since
|Class P Shares (Inception 4/17/2018)|
|Returns Before Taxes||34.78%||12.02%|
|Returns After Taxes on Distributions||27.96%||5.03%|
|Returns After Taxes on Distributions and Sale of Fund Shares||25.17%||8.51%|
|Russell Midcap® Growth Index (reflects no deduction for fees or expenses)||35.47%||13.42%|
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.
4 Summary Prospectus — Goldman Sachs Growth Opportunities Fund