# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-25-166704
**Filing Date:** 2025-7
**Character Count:** 27920
**Document Hash:** 6afe35059fb0ed0215a692366292eec2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-166704.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001193125-25-166704

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250728

**EFFECTIVENESS DATE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-17619
- **FILM NUMBER:** 251157038

**BUSINESS ADDRESS:**
- **STREET 1:** 71  SOUTH WACKER DRIVE
- **STREET 2:** C/O GOLDMAN SACHS & CO
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126554400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19910711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19900104

## Series and Classes Contracts Data

### Goldman Sachs Inflation Protected Securities Fund (Series ID: S000018567)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000051524 | Class A         | GSAPX           |
| C000051525 | Class C         | GSCFX           |
| C000051526 | Institutional   | GSIPX           |
| C000059010 | Class R         | GSRPX           |
| C000059011 | Investor Shares | GSTPX           |
| C000161294 | Class R6 Shares | GSRUX           |

Summary

Prospectus

![](g54701gsamhorizlogo.gif)

------

July 29, 2025

Goldman Sachs Inflation Protected Securities Fund

Class A: GSAPX Class C: GSCFX Institutional: GSIPX Investor: GSTPX Class R: GSRPX Class R6: GSRUX

<br>Before you invest, you may want to review the Goldman Sachs Inflation Protected Securities 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 dfinview.com/GoldmanSachs. You can also get this information at no cost by calling 800-621-2550 for Institutional and Class R6 shareholders, 800-526-7384 for all other shareholders or by sending an e-mail request to gs-funds-document-requests@gs.com. The Fund's Prospectus and Statement of Additional Information ("SAI"), both dated July 29, 2025, are incorporated by reference into this Summary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment Objective<br>

The Goldman Sachs Inflation Protected Securities Fund (the "Fund") seeks real return consistent with preservation of capital.

Fees and Expenses of the Fund<br>

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**. You may

qualify for sales charge discounts on purchases of Class A Shares if you invest at least $100,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in "Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares" beginning on page 73 and in "Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts" on page 141 of the Prospectus and "Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends" beginning on page B-187 of the Fund's Statement of Additional Information ("SAI").

Shareholder Fees

**(fees paid directly from your investment)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R** | **Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering <br> price)<br>| 3.75% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original <br> purchase price or sale proceeds)<sup>1</sup> <br>|  | 1.00% |  |  |  |  |

---

Annual Fund Operating Expenses

**(expenses that you pay each year as a percentage of the value of your investment)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R** | **Class R6** |
| Management Fees | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.75% |  |  | 0.50% |  |
| Other Expenses | 0.31% | 0.56% | 0.23% | 0.31% | 0.31% | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Fees |  | 0.25% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Expenses | 0.31% | 0.31% | 0.23% | 0.31% | 0.31% | 0.22% |
| **Total Annual Fund Operating Expenses** | 0.82% | 1.57% | 0.49% | 0.57% | 1.07% | 0.48% |
| Expense Limitation<sup>2</sup> <br>| (0.15%) | (0.15%) | (0.15%) | (0.15%) | (0.15%) | (0.15%) |
| **Total Annual Fund Operating Expenses After Expense Limitation** | 0.67% | 1.42% | 0.34% | 0.42% | 0.92% | 0.33% |

---

<sup>1</sup>

*A contingent deferred sales charge ("CDSC") of 1.00% is imposed on Class C Shares redeemed within 12 months of purchase.*

<sup>2</sup>

*The Investment Adviser has agreed to reduce or limit "Other Expenses" (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.044% of the Fund's average daily net assets. This arrangement will remain in effect through at least July 29, 2026, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Expense Example<br>

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5%

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2 Summary Prospectus — Goldman Sachs Inflation Protected Securities Fund

return each year and that the Fund's operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitations arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | $441 | $613 | $799 | $1337 |
| Class C Shares | $245 | $481 | $841 | $1855 |
| Institutional Shares | $35 | $142 | $259 | $601 |
| Investor Shares | $43 | $168 | $303 | $699 |
| Class R Shares | $94 | $325 | $576 | $1292 |
| Class R6 Shares | $34 | $139 | $254 | $589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class C Shares – <br> Assuming no redemption<br>| $145 | $481 | $841 | $1855 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

Portfolio Turnover<br>

The Fund pays transaction costs when it buys and sells securities or instruments (*i.e*., "turns over" its portfolio). A high rate of portfolio turnover may result in increased transaction costs, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in the annual fund operating expenses or in the expense example above, but are reflected in the Fund's performance. The Fund's portfolio turnover rate for the fiscal year ended March 31, 2025 was 222% of the average value of its portfolio.

Principal Strategy<br>

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ("Net Assets") in inflation protected securities ("IPS") of varying maturities issued by the U.S. Treasury ("TIPS") and other U.S. and non-U.S. Government agencies and corporations ("CIPS"). IPS are designed to provide inflation protection to investors. The U.S. Treasury uses the Consumer Price Index for Urban Consumers (the "CPIU") as the measurement of inflation, while other issuers of IPS may use other indices as the measure of inflation. IPS are income-generating instruments whose interest and principal payments are adjusted for inflation—a sustained increase in prices that erodes the purchasing power of money. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, such as the CPIU. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of an investment. Because of this inflation adjustment feature, inflation protected bonds typically have lower yields than conventional fixed-rate bonds.

The remainder of the Fund's Net Assets (up to 20%) may be invested in other fixed income securities, including securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored enterprises ("U.S. Government Securities"), asset-backed securities, mortgage-backed securities, corporate securities, non-investment grade fixed income securities and securities issued by foreign corporate and governmental issuers.

The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds ("ETFs").

The Fund also intends to invest in derivatives, including (but not limited to) futures and inflation-linked swaps, primarily to hedge the Fund's portfolio risks, manage the Fund's duration, and/or gain exposure to certain fixed income securities.

The Fund's target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index, plus or minus 2 years, and over the past five years ended June 30, 2025, the duration of this index has ranged between 6.35 and 7.84 years. "Duration" is a measure of a debt security's price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that security's market price.

The Investment Adviser measures the Fund's performance against the Bloomberg U.S. TIPS Index.

Fixed Income Investment Philosophy:

Our process:

◼

Combines diversified sources of return by employing multiple strategies

◼

Takes a global perspective to seek relative value opportunities

◼

Employs focused specialist teams to seek to identify short-term mis-pricings and incorporate long-term views

◼

Emphasizes a risk-aware approach as we view risk management as both an offensive and defensive tool

No one factor or consideration is determinative in the fundamental investment process.

Principal Risks of the Fund<br>

**Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. Investments in the Fund involve substantial risks which prospective investors should consider carefully before investing. The Fund's principal risks are presented below in alphabetical order, and not in the order of importance or potential exposure.**

***CPIU Measurement Risk.*** The CPIU is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. There can be no assurance that the CPIU will accurately measure the real rate of inflation in the prices of goods and services, which may affect the valuation of the Fund.

***Credit/Default Risk.*** An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities or instruments may deteriorate rapidly, which may impair the Fund's liquidity and cause significant deterioration in net asset value ("NAV"). These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund's investments in non-investment grade fixed income securities.

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3 Summary Prospectus — Goldman Sachs Inflation Protected Securities Fund

***Deflation Risk.*** The Fund will be subject to the risk that prices throughout the economy may decline over time, resulting in "deflation." If this occurs, the principal and income of IPS held by the Fund would likely decline in price, which could result in losses for the Fund.

***Derivatives Risk.*** The Fund's use of futures and inflation-linked swaps and other derivative instruments may result in losses, including due to adverse market movements. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

***Inflation Protected Securities Risk.*** The value of IPS generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of IPS. The market for IPS may be less developed or liquid, and more volatile, than certain other securities markets.

***Interest Rate Risk.*** When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

***Large Shareholder Transactions Risk.*** The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

***Market Risk.*** The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade,

sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments.

***Tax Consequences Risk.*** The Fund will be subject to the risk that adjustments for inflation to the principal amount of an inflation indexed bond may give rise to original issue discount, which will be includable in the Fund's gross income.

***U.S. Government Securities Risk.*** The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and government sponsored enterprises, including those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

------

4 Summary Prospectus — Goldman Sachs Inflation Protected Securities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Performance<br>

The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund's Institutional Shares from year to year; and (b) how the average annual total returns of the Fund's Class A, Class C, Institutional, Investor, Class R and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) (the "Regulatory Benchmark") and the Bloomberg U.S. Treasury Inflation-Protected Securities ("TIPS") Index (the "Performance Benchmark"). The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Investment Adviser uses to measure the Fund's performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with new regulatory requirements. For additional information about these benchmark indices, please see "Additional Performance and Benchmark Information" on page 48 of the Prospectus. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at am.gs.com or by calling the appropriate phone number on the back cover of the Prospectus.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.

CALENDAR YEAR (INSTITUTIONAL CLASS)

------

![](g54701imgde5408b51.jpg)

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| | | |
|:---|:---|:---|
|  | **Returns** | **Quarter ended** |
| Year-to-Date Return | &nbsp;&nbsp; 4.77% | June 30, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart above:** | **Returns** | **Quarter ended** |
| Best Quarter Return | &nbsp;&nbsp; 4.46% | March 31, 2016 |
| Worst Quarter Return | &nbsp;&nbsp; -6.07% | June 30, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> **For the period ended December 31, 2024** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AVERAGE ANNUAL TOTAL RETURN<br> **For the period ended December 31, 2024** | **1 Year**  | **5 Years**  | **10 Years**  | &nbsp;&nbsp; **Inception**<br> **Date** <br>|
| **Class A Shares** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8/31/2007  |
| Returns Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp; -2.15%  | &nbsp;&nbsp;&nbsp;&nbsp; 0.50%  | &nbsp;&nbsp;&nbsp;&nbsp; 1.30%  |  |
| Returns After Taxes on Distributions | &nbsp;&nbsp;&nbsp;&nbsp; -3.81%  | &nbsp;&nbsp;&nbsp;&nbsp; -1.12%  | &nbsp;&nbsp;&nbsp;&nbsp; 0.17%  |  |
| Returns After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;&nbsp;&nbsp; -1.27%  | &nbsp;&nbsp;&nbsp;&nbsp; -0.28%  | &nbsp;&nbsp;&nbsp;&nbsp; 0.52%  |  |
| **Class C Shares** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8/31/2007  |
| Returns Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp; -0.23%  | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%  | &nbsp;&nbsp;&nbsp;&nbsp; 0.92%\*  |  |
| **Institutional Shares** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8/31/2007  |
| Returns Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp; 1.86%  | &nbsp;&nbsp;&nbsp;&nbsp; 1.58%  | &nbsp;&nbsp;&nbsp;&nbsp; 2.02%  |  |
| **Investor Shares** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11/30/2007  |
| Returns Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp; 1.78%  | &nbsp;&nbsp;&nbsp;&nbsp; 1.51%  | &nbsp;&nbsp;&nbsp;&nbsp; 1.94%  |  |
| **Class R Shares** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11/30/2007  |
| Returns | &nbsp;&nbsp;&nbsp;&nbsp; 1.33%  | &nbsp;&nbsp;&nbsp;&nbsp; 1.00%  | &nbsp;&nbsp;&nbsp;&nbsp; 1.43%  |  |
| **Class R6 Shares** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2015  |
| Returns Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp; 1.88%  | &nbsp;&nbsp;&nbsp;&nbsp; 1.60%  | &nbsp;&nbsp;&nbsp;&nbsp; 2.03%\*\*  |  |
| Bloomberg U.S. TIPS Index | &nbsp;&nbsp;&nbsp;&nbsp; 1.83%  | &nbsp;&nbsp;&nbsp;&nbsp; 1.86%  | &nbsp;&nbsp;&nbsp;&nbsp; 2.24%  |  |
| Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;&nbsp;&nbsp; 1.25%  | &nbsp;&nbsp;&nbsp;&nbsp; -0.33%  | &nbsp;&nbsp;&nbsp;&nbsp; 1.35%  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Benchmark returns do not reflect any deductions for fees or expenses.*

*\**

*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, 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.

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5 Summary Prospectus — Goldman Sachs Inflation Protected Securities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio Management<br>

Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the "Investment Adviser" or "GSAM").

*Portfolio Managers:* Peter Stone, Managing Director, has managed the Fund since 2020 and Simon Dangoor, Managing Director, has managed the Fund since July 2025.

Buying and Selling Fund Shares<br>

The minimum initial investment for Class A and Class C Shares is, generally, $1,000. The minimum initial investment for Institutional Shares is, generally, $1,000,000 for individual or certain institutional investors, alone or in combination with other assets under the management of the Investment Adviser and its affiliates. There is no minimum for initial purchases of Investor, Class R and Class R6 Shares, except for certain institutional investors who purchase Class R6 Shares directly with the Fund's transfer agent for which the minimum initial investment is $5,000,000. Those share classes with a minimum initial investment requirement do not impose it on certain employee benefit plans, and Institutional Shares do not impose it on certain investment advisers investing on behalf of other accounts.

The minimum subsequent investment for Class A and Class C shareholders is $50, except for certain employee benefit plans, for which there is no minimum. There is no minimum subsequent investment for Institutional, Investor, Class R or Class R6 shareholders.

You may purchase and redeem (sell) shares of the Fund on any business day through certain intermediaries that have a relationship with Goldman Sachs & Co. LLC ("Goldman Sachs"), including banks, trust companies, brokers, registered investment advisers and other financial institutions ("Intermediaries").

Tax Information<br>

The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Investments made through tax-deferred arrangements may become taxable upon withdrawal from such arrangements.

&nbsp;&nbsp;&nbsp; Payments to Broker-Dealers and <br> Other Financial Intermediaries<br>

If you purchase the Fund through an Intermediary, the Fund and/or its related companies may pay the Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by 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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6 Summary Prospectus — Goldman Sachs Inflation Protected Securities Fund

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7 Summary Prospectus — Goldman Sachs Inflation Protected Securities Fund

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8 Summary Prospectus — Goldman Sachs Inflation Protected Securities Fund

SDFISUM3-25

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