# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-25-334703
**Filing Date:** 2025-12
**Character Count:** 22482
**Document Hash:** dc2147efa642fb88ba310da404357f3f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-334703.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001193125-25-334703

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**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:** 251607760

**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 Small Cap Growth Fund (Series ID: S000061413)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000198881 | Class A Shares       | GSBDX           |
| C000198882 | Class C Shares       | GSBAX           |
| C000198883 | Institutional Shares | GSAJX           |
| C000198884 | Investor Shares      | GSAHX           |
| C000198886 | Class R6 Shares      | GSBEX           |

Summary

Prospectus

![](g41315gsamhorizlogo.gif)

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December 29, 2025

Goldman Sachs Small Cap Growth Fund

Class A: GSBDX Class C: GSBAX Institutional: GSAJX Investor Shares: GSAHX Class R6: GSBEX

Before you invest, you may want to review the Goldman Sachs Small Cap Growth 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 December 29, 2025, are incorporated by reference into this Summary Prospectus.

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

Investment Objective<br>

The Goldman Sachs Small Cap Growth Fund (the "Fund") seeks long-term growth 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 $50,000 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 50 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 111 of the Prospectus and "Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends" beginning on page B-134 of the Fund's Statement of Additional Information ("SAI").

Shareholder Fees

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or <br> 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 R6** |
| Management Fees | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.75% |  |  |  |
| Other Expenses<sup>2</sup> <br>| 0.30% | 0.55% | 0.19% | 0.30% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Fees |  | 0.25% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Expenses | 0.30% | 0.30% | 0.19% | 0.30% | 0.18% |
| **Total Annual Fund Operating Expenses** | 1.40% | 2.15% | 1.04% | 1.15% | 1.03% |
| Fee Waiver and Expense Limitation<sup>3</sup> <br>| (0.18)% | (0.18)% | (0.13)% | (0.18)% | (0.13)% |
| **Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation** | 1.22% | 1.97% | 0.91% | 0.97% | 0.90% |

---

<sup>1</sup>

*A contingent deferred sales charge ("CDSC") of 1% is imposed on Class C Shares redeemed within 12 months of purchase.*

<sup>2</sup>

*The "Other Expenses" for Investor Shares have been restated to reflect expenses expected to be incurred during the current fiscal year.*

<sup>3</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 0.024% 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 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, and Investor Shares of the Fund. These arrangements will remain in effect through at least December 29, 2026, 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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2 Summary Prospectus — Goldman Sachs Small Cap Growth Fund

&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 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 and/or Class R6 Shares at the end of those periods, unless otherwise stated. The Example also assumes that your investment has a 5% 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 limitation 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 | $667 | $952 | $1257 | $2123 |
| Class C Shares | $300 | $656 | $1138 | $2469 |
| Institutional Shares | $93 | $318 | $561 | $1259 |
| Investor Shares | $99 | $348 | $616 | $1381 |
| Class R6 Shares | $92 | $315 | $556 | $1248 |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Class C Shares – <br> Assuming no <br> redemption<br>| $200 | $656 | $1138 | $2469 |

---

&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, including brokerage commissions, 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 August 31, 2025 was 73% 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 a diversified portfolio of equity investments in small-cap issuers. Small-cap issuers are companies with relatively small market capitalizations. As of November 28, 2025, small-cap issuers generally have public stock market capitalizations between $11 million and $31 billion; however, this capitalization range will change over time and with market conditions. The Fund may also invest in securities outside of the then-existing small-cap issuer capitalization range at the time of investment. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in countries with emerging markets or economies ("emerging countries") and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly.

The Fund's fundamental equity growth investment process involves evaluating potential investments based on specific characteristics believed to indicate a high-quality business with sustainable growth,

including strong business franchises, favorable long-term prospects, and excellent management. The Investment Adviser will also consider valuation of companies when determining whether to buy and/or sell securities. The Investment Adviser may integrate environmental, social and governance ("ESG") factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. The Investment Adviser may decide to sell a position for various reasons, including when a company's fundamental outlook deteriorates, because of valuation and price considerations, for risk management purposes, or when a company is deemed to be misallocating capital or a company no longer fits within the Fund's definition of a small-cap company.

The Fund may invest up to 20% of its Net Assets in fixed income securities, such as government, corporate and bank debt obligations.

The Investment Adviser measures the Fund's performance against the Russell 2000<sup>®</sup> Growth Index.

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.**

***Investment Style Risk.*** Different investment styles (*e.g*., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Growth investing is an example of an investment style.Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase.

***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 net asset value ("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,

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3 Summary Prospectus — Goldman Sachs Small Cap Growth Fund

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.

***Mid-Cap and Small-Cap Risk.*** Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

***Stock Risk.*** Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

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, Service, Investor and Class R6 Shares compare to those of a regulatorily required broad-based securities market index (Russell 3000<sup>®</sup> Index) (the "Regulatory Benchmark") and the Russell 2000<sup>®</sup> Growth 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 regulatory requirements. For additional information about these benchmark indices, please see "Additional Performance and Benchmark Information" on page 29 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\*)

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![](g41315scgmc.jpg)

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

*\**

*Previously, the bar chart above showed the Fund's annual returns for Class A Shares. Annual returns for Institutional Shares are used because Institutional Shares now have greater net assets than any other share class.*

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

---

| | | |
|:---|:---|:---|
|  | **Returns** | **Quarter ended** |
| Year-to-Date Return | &nbsp;&nbsp; 7.73% | September 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; 36.48% | June 30, 2020 |
| Worst Quarter Return | &nbsp;&nbsp; -20.84% | March 31, 2020 |

---

&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**  | &nbsp;&nbsp; **Since**<br> **Inception** <br>| &nbsp;&nbsp; **Inception**<br> **Date** <br>|
| **Class A Shares** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/2019  |
| Returns Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp; 14.63%  | &nbsp;&nbsp;&nbsp;&nbsp; 9.99%  | &nbsp;&nbsp;&nbsp;&nbsp; 11.13%  |  |
| Returns After Taxes on Distributions | &nbsp;&nbsp;&nbsp;&nbsp; 14.63%  | &nbsp;&nbsp;&nbsp;&nbsp; 8.65%  | &nbsp;&nbsp;&nbsp;&nbsp; 9.80%  |  |
| Returns After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;&nbsp;&nbsp; 8.66%  | &nbsp;&nbsp;&nbsp;&nbsp; 7.41%  | &nbsp;&nbsp;&nbsp;&nbsp; 8.36%  |  |
| **Class C Shares** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/2019  |
| Returns Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp; 19.39%  | &nbsp;&nbsp;&nbsp;&nbsp; 10.41%  | &nbsp;&nbsp;&nbsp;&nbsp; 11.51%  |  |
| **Institutional Shares** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/2019  |
| Returns Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp; 21.66%  | &nbsp;&nbsp;&nbsp;&nbsp; 11.63%  | &nbsp;&nbsp;&nbsp;&nbsp; 12.75%  |  |
| **Investor Shares** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/2019  |
| Returns Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp; 21.59%  | &nbsp;&nbsp;&nbsp;&nbsp; 11.52%  | &nbsp;&nbsp;&nbsp;&nbsp; 12.63%  |  |
| **Class R6 Shares** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/2019  |
| Returns Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp; 21.57%  | &nbsp;&nbsp;&nbsp;&nbsp; 11.63%  | &nbsp;&nbsp;&nbsp;&nbsp; 12.75%  |  |
| Russell 2000<sup>®</sup> Growth Index | &nbsp;&nbsp;&nbsp;&nbsp; 15.11%  | &nbsp;&nbsp;&nbsp;&nbsp; 6.85%  | &nbsp;&nbsp;&nbsp;&nbsp; 8.28%  |  |
| Russell 3000<sup>®</sup> Index | &nbsp;&nbsp;&nbsp;&nbsp; 23.74%  | &nbsp;&nbsp;&nbsp;&nbsp; 13.85%  | &nbsp;&nbsp;&nbsp;&nbsp; 14.82%  |  |

---

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

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

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4 Summary Prospectus — Goldman Sachs Small Cap Growth Fund

Portfolio Management<br>

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

*Portfolio Managers:* Gregory Tuorto, Managing Director; and Jessica Katz, Managing Director, have managed the Fund since its inception in 2019.

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 or 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 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").

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

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 shares of 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.

EQG1SUM4-25

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