Form 497K GOLDMAN SACHS TRUST
Summary
Prospectus
December 29, 2020
Goldman Sachs Equity Income Fund
Class A:
GSGRX Class C: GSGCX Institutional: GSIIX Service: GSGSX Investor: GRGTX Class R: GRGRX Class R6: GRGUX
Before
you invest, you may want to review the Goldman Sachs Equity Income 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 for Institutional, Service and Class R6 shareholders,
800-526-7384 for all other shareholders or by sending an e-mail request to [email protected]. 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 for Institutional, Service and Class R6 shareholders or 800-526-7384 for all other 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.
Shareholder Fees
(fees paid directly from your
investment)
Class A | Class C | Institutional | Service | Investor | Class R | Class R6 | |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 5.50% | None | None | None | None | None | None |
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds)1 | None | 1.00% | None | None | None | None | None |
2 Summary
Prospectus — Goldman Sachs Equity Income Fund
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the
value of your investment)
Class A | Class C | Institutional | Service | Investor | Class R | Class R6 | |
Management Fees | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Distribution and/or Service (12b-1) Fees | 0.25% | 0.75% | 0.00% | 0.25% | 0.00% | 0.50% | 0.00% |
Other Expenses | 0.29% | 0.54% | 0.17% | 0.42% | 0.29% | 0.29% | 0.16% |
Service Fees | 0.00% | 0.25% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Shareholder Administration Fees | 0.00% | 0.00% | 0.00% | 0.25% | 0.00% | 0.00% | 0.00% |
All Other Expenses | 0.29% | 0.29% | 0.17% | 0.17% | 0.29% | 0.29% | 0.16% |
Total Annual Fund Operating Expenses | 1.23% | 1.98% | 0.86% | 1.36% | 0.98% | 1.48% | 0.85% |
Expense Limitation2 | (0.19)% | (0.19)% | (0.13)% | (0.13)% | (0.19)% | (0.19)% | (0.13)% |
Total Annual Fund Operating Expenses After Expense Limitation | 1.04% | 1.79% | 0.73% | 1.23% | 0.79% | 1.29% | 0.72% |
1 | A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. |
2 | The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, 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. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Fund’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Fund. These arrangements will remain in effect through at least December 29, 2021, and prior to such date the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. |
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