Form 497K GOLDMAN SACHS TRUST
December 29, 2020
Goldman Sachs Strategic Factor Allocation Fund
Institutional: SFAFX Class R6: SRAFX
Before you invest, you may want to review the Goldman Sachs Strategic Factor Allocation 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/mutualfunds. You can also get this information at no cost by calling 800-621-2550 or by sending an e-mail request to email@example.com. 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 no longer 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 for Institutional and Class R6 shareholders . 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.
The Goldman Sachs Strategic Factor Allocation Fund (the “Fund”) seeks long-term total return.
|Fees and Expenses of the Fund|
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.
2 Summary Prospectus — Goldman Sachs Strategic Factor Allocation Fund
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|Acquired (Underlying) Fund Fees and Expenses1||0.15%||0.15%|
|Total Annual Fund Operating Expenses||0.97%||0.96%|
|Fee Waiver and Expense Limitation2||(0.13)%||(0.13)%|
|Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation||0.84%||0.83%|
|1||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 (Underlying) Fund Fees and Expenses.”|
|2||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 any of 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 (ii) reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, taxes, dividend and interest expenses on short sales, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.164% 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 these arrangements without the approval of the Board of Trustees.|
3 Summary Prospectus — Goldman Sachs Strategic Factor Allocation Fund
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influencing the Intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your Intermediary’s website for more information.
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