Form 497K GOLDMAN SACHS TRUST
Summary
Prospectus
July 29, 2021
Goldman Sachs High Yield Fund
Class A:
GSHAX Class C: GSHCX Institutional: GSHIX Service: GSHSX Investor: GSHTX Class R: GSHRX Class R6: GSHUX
Before
you invest, you may want to review the Goldman Sachs High Yield 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 July 29, 2021, are incorporated by
reference into this Summary Prospectus.
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) | 4.50% | 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 |
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 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Distribution and/or Service (12b-1) Fees | 0.25% | 0.75% | None | 0.25% | None | 0.50% | None |
Other Expenses | 0.16% | 0.41% | 0.08% | 0.33% | 0.16% | 0.16% | 0.07% |
Service Fees | None | 0.25% | None | None | None | None | None |
Shareholder Administration Fees | None | None | None | 0.25% | None | None | None |
All Other Expenses | 0.16% | 0.16% | 0.08% | 0.08% | 0.16% | 0.16% | 0.07% |
Acquired Fund Fees and Expenses | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
Total Annual Fund Operating Expenses2 | 1.14% | 1.89% | 0.81% | 1.31% | 0.89% | 1.39% | 0.80% |
Fee Waiver and Expense Limitation3 | (0.13%) | (0.13%) | (0.08%) | (0.08%) | (0.13%) | (0.13%) | (0.08%) |
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation2 | 1.01% | 1.76% | 0.73% | 1.23% | 0.76% | 1.26% | 0.72% |
1 | A contingent deferred sales charge (“CDSC”) of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase. |
2 | The ”Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation” and “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 Fund Fees and Expenses.” |
3 | 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 0.67% as an annual percentage rate for the Fund’s average daily net assets; and (ii) 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 |
2 Summary
Prospectus — Goldman Sachs High Yield Fund
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 0.05% 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 July 29, 2022, and prior to such date the Investment Adviser and Goldman Sachs
may not terminate the arrangements without the approval of the Board of Trustees.
3 Summary
Prospectus — Goldman Sachs High Yield Fund
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Prospectus — Goldman Sachs High Yield Fund
SSFISUM2-21
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