Form 497K GOLDMAN SACHS TRUST
Summary
Prospectus
July 29, 2021
Goldman Sachs Short Duration Government Fund
Class
A: GSSDX Class C: GSDCX Institutional: GSTGX Service: GSDSX Investor: GTDTX Class R6: GSTUX
Before
you invest, you may want to review the Goldman Sachs Short Duration Government 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 http://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 R6 | |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 1.50% | 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 | 0.65% | 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 R6 | |
Management Fees | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% | 0.44% |
Distribution and/or Service (12b-1) Fees | 0.25% | 0.75% | None | 0.25% | None | None |
Other Expenses | 0.18% | 0.43% | 0.10% | 0.35% | 0.18% | 0.09% |
Service Fees | None | 0.25% | None | None | None | None |
Shareholder Administration Fees | None | None | None | 0.25% | None | None |
All Other Expenses | 0.18% | 0.18% | 0.10% | 0.10% | 0.18% | 0.09% |
Acquired Fund Fees and Expenses2 | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
Total Annual Fund Operating Expenses | 0.90% | 1.65% | 0.57% | 1.07% | 0.65% | 0.56% |
Fee Waiver and Expense Limitation3 | (0.08%) | (0.43%) | (0.08%) | (0.08%) | (0.08%) | (0.08%) |
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation | 0.82% | 1.22% | 0.49% | 0.99% | 0.57% | 0.48% |
1 | A contingent deferred sales charge (“CDSC”) of 0.65% is imposed on Class C Shares redeemed within 12 months of purchase. |
2 | The “Total Annual Fund Operating Expenses” and "Total Annual Fund Operating Expenses After Expense Limitation" do not correlate to the ratios of the 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 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; and (ii) 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 |
2 Summary
Prospectus — Goldman Sachs Short Duration Government Fund
expenses) to 0.004% of the Fund’s
average daily net assets. In addition, Goldman Sachs & Co. LLC (“Goldman Sachs”) has agreed to waive a portion of the distribution (12b-1) and service fees equal to 0.35% of the average daily net assets attributable to Class C Shares
of the Fund. These arrangements will remain in effect through at least July 29, 2022, and prior to such date the Investment Adviser or Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of
Trustees.
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Prospectus — Goldman Sachs Short Duration Government Fund
4 Summary
Prospectus — Goldman Sachs Short Duration Government Fund
AVERAGE ANNUAL TOTAL RETURN |
For the period ended December 31, 2020 | 1 Year | 5 Years | 10 Years | Inception
Date |
Class A Shares | 5/1/1997 | |||
Returns Before Taxes | 2.00% | 1.42% | 0.83% | |
Returns After Taxes on Distributions | 1.51% | 0.71% | 0.33% | |
Returns After Taxes on Distributions and Sale of Fund Shares | 1.18% | 0.77% | 0.42% | |
Class C Shares | 8/15/1997 | |||
Returns Before Taxes | 2.50% | 1.32% | 0.60%* | |
Institutional Shares | 8/15/1988 | |||
Returns Before Taxes | 3.91% | 2.07% | 1.33% | |
Service Shares | 4/10/1996 | |||
Returns Before Taxes | 3.39% | 1.56% | 0.83% | |
Investor Shares | 11/30/2007 | |||
Returns Before Taxes | 3.81% | 1.98% | 1.25% | |
Class R6 Shares** | 7/31/2015 | |||
Returns Before Taxes | 3.92% | 2.08% | 1.34% | |
ICE BofAML Two-Year U.S.Treasury Note Index (reflects no deduction for fees or expenses) | 3.03% | 1.76% | 1.20% |
* | Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance. |
** | Class R6 Shares commenced operations on July 31, 2015. Prior to that date, the performance of Class R6 Shares shown in the table above is that of Institutional Shares. Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had higher returns because: (i) Institutional Shares and Class R6 Shares represent interests in the same portfolio of securities; and (ii) Class R6 Shares have lower expenses. |
The after-tax returns are for Class A
Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares will vary. 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.
5 Summary
Prospectus — Goldman Sachs Short Duration Government Fund
6 Summary
Prospectus — Goldman Sachs Short Duration Government Fund
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8 Summary
Prospectus — Goldman Sachs Short Duration Government Fund
SDFISUM3-21
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