<SEC-DOCUMENT>0001193125-21-100533.txt : 20210330
<SEC-HEADER>0001193125-21-100533.hdr.sgml : 20210330
<ACCEPTANCE-DATETIME>20210330171555
ACCESSION NUMBER: 0001193125-21-100533
CONFORMED SUBMISSION TYPE: 497K
PUBLIC DOCUMENT COUNT: 3
FILED AS OF DATE: 20210330
DATE AS OF CHANGE: 20210330
EFFECTIVENESS DATE: 20210330
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: GOLDMAN SACHS TRUST
CENTRAL INDEX KEY: 0000822977
IRS NUMBER: 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: 21787894
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>
<EXISTING-SERIES-AND-CLASSES-CONTRACTS>
<SERIES>
<OWNER-CIK>0000822977
<SERIES-ID>S000051191
<SERIES-NAME>Goldman Sachs Investor Money Market Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000166002
<CLASS-CONTRACT-NAME>Administration Shares
<CLASS-CONTRACT-TICKER-SYMBOL>FMKXX
</CLASS-CONTRACT>
</SERIES>
</EXISTING-SERIES-AND-CLASSES-CONTRACTS>
</SERIES-AND-CLASSES-CONTRACTS-DATA>
</SEC-HEADER>
<DOCUMENT>
<TYPE>497K
<SEQUENCE>1
<FILENAME>d35482d497k.htm
<DESCRIPTION>GOLDMAN SACHS TRUST
<TEXT>
<HTML><HEAD>
<TITLE>Goldman Sachs Trust</TITLE>
</HEAD>
<BODY bgcolor="white"> <DIV style="width:100%;"> <DIV style="background-color:#88B980;height:141pt;width:100%;" type="OverlapColorBlock"> <DIV style="padding-left:12pt;width:95.75%;" type="Block">
<DIV style="color:#FFFFFF;font-family:Times New Roman;font-size:36pt;font-style:Normal;font-weight:Normal;line-height:37pt;padding-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Summary</DIV>
<DIV style="color:#FFFFFF;font-family:Times New Roman;font-size:36pt;font-style:Normal;font-weight:Normal;line-height:37pt;text-align:left;text-decoration:none;text-transform:none;">Prospectus</DIV> </DIV>
<DIV style="padding-left:12pt;padding-top:6pt;width:95.75%;" type="Block"> <HR noshade="noshade" style="background-color:#FFFFFF;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #FFFFFF;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">March 30, 2021</DIV> </DIV> </DIV>
<DIV style="background-color:#117300;height:24pt;width:99.50%;" type="OverlapColorBlock"> <DIV style="padding-left:12pt;width:95.75%;" type="Block">
<DIV style="color:#FFFFFF;font-family:Arial;font-size:12pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-top:4pt;text-align:left;text-decoration:none;text-transform:uppercase;">Investor Money Market Fund<BR> </DIV> </DIV> </DIV>
<DIV style="margin-top:13pt;width:95.46%;" type="Block"> <DIV style="color:#117300;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">Administration
Shares: FMKXX <BR> </DIV> </DIV> <DIV style="margin-top:14pt;width:95%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Before you invest, you may want to review the
Investor Money Market 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 <FONT
style="text-decoration:underline;">www.gsamfunds.com/moneymarketfunds.</FONT> You can also get this information at no cost by calling 800-621-2550 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 March 30, 2021, are incorporated by reference into this Summary Prospectus.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">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 toll-free number below or by contacting
your financial intermediary.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">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. 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.</DIV> </DIV> <DIV style="margin-top:2pt;">
<DIV style="float:left;overflow:hidden;position:relative;width:48.40%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:38.19%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:top;width:93.98%;" bgcolor="#117300">Investment
Objective </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">The Goldman
Sachs Investor Money Market Fund (the “Fund”) seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market
instruments.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:8pt;width:52.66%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:top;width:95.63%;" bgcolor="#117300">Fees
and Expenses of the Fund </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV> </DIV>
<DIV style="float:right;overflow:hidden;position:relative;width:48.40%;" type="Block">
<DIV style="color:#117300;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Shareholder Fees</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">(fees paid directly from your investment)</DIV>
<DIV style="text-align:center;">
<TABLE style="border-bottom:0.5pt solid #000000;border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;line-height:7pt;padding-bottom:3pt;padding-right:6pt;padding-top:4pt;text-align:left;vertical-align:bottom;width:78.54%;">  </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:8pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;padding-top:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:21.46%;" bgcolor="#E7F1E6">Money
<BR> Market<BR> Fund </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.88pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:78.54%;">Maximum
Sales Charge (Load) Imposed on Purchases </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt;padding-top:1.88pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.46%;" bgcolor="#E7F1E6">None
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:78.54%;">Maximum
Deferred Sales Charge (Load) </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.46%;" bgcolor="#E7F1E6">None
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:78.54%;">Maximum
Sales Charge (Load) Imposed on Reinvested Dividends </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.46%;" bgcolor="#E7F1E6">None
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:78.54%;">Redemption
Fees </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.46%;" bgcolor="#E7F1E6">None
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:78.54%;">Exchange
Fees </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.46%;" bgcolor="#E7F1E6">None
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;"> <DIV style="clear:both;padding-top:109pt;width:95.46%;" type="Block"> <DIV style="margin-top:140pt;text-align:Right;width:100%;">
<IMG src="g98856imgbac5a8211.gif" alt=" "> </DIV> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;"> <DIV style="width:595pt;"></DIV> <P style="margin:0pt;page-break-before:always;"> </P>
<DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#808080;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;text-align:left;text-decoration:none;text-transform:none;">2 <FONT style="text-transform:uppercase;">Summary
Prospectus — Investor Money Market Fund<BR> </FONT></DIV> </DIV> <DIV style="margin-top:15.5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:48.40%;" type="Block">
<DIV style="color:#117300;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Annual Fund Operating Expenses</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">(expenses that you pay each year as a percentage of the
value of your investment)</DIV> <DIV style="text-align:center;">
<TABLE style="border-bottom:0.5pt solid #000000;border-collapse:collapse;border-top:0.5pt solid #000000;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:4pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:78.54%;">Management
Fees </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:8.22pt;padding-right:6pt;padding-top:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.46%;" bgcolor="#E7F1E6">0.16%
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:78.54%;">Other
Expenses </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:8.22pt;padding-right:6pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.46%;" bgcolor="#E7F1E6">0.31%
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:78.54%;">Administration
Fees </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:16pt;padding-right:6pt;padding-top:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.46%;" bgcolor="#E7F1E6">0.25%
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:3pt;padding-left:8pt;padding-right:6pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:78.54%;">All
Other Expenses </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:3pt;padding-left:16pt;padding-right:6pt;padding-top:1.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.46%;" bgcolor="#E7F1E6">0.06%
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:9pt;padding-bottom:1.5pt;padding-left:10pt;padding-right:6pt;padding-top:2.38pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:78.54%;">Total
Annual Fund Operating Expenses </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:8.22pt;padding-right:6pt;padding-top:2.38pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.46%;" bgcolor="#E7F1E6">0.47%
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:78.54%;">Expense
Limitation<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">1</SUP> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.46%;" bgcolor="#E7F1E6">(0.04)%
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:9pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:2.38pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:78.54%;">Total
Annual Fund Operating Expenses After Expense Limitation </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:8.22pt;padding-right:6pt;padding-top:2.38pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.46%;" bgcolor="#E7F1E6">0.43%
</TD></TR></TABLE> </DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:7pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:italic;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:4.60%;"><SUP
style="font-size:85%;font-style:italic;text-transform:none;vertical-align:text-top;">1</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;font-weight:Normal;line-height:9.5pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:95.40%;">The Investment
Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, administration fees, taxes, interest, brokerage fees, other expenses shareholder meetings, litigation
and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets through at least March 30, 2022, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the
Board of Trustees. </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:7.5pt;font-style:italic;font-weight:Normal;line-height:10.5pt;text-align:left;text-decoration:none;text-transform:none;"> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:8pt;width:30.69%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:top;width:92.51%;" bgcolor="#117300">Expense
Example </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">This Example is
intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The Example assumes that you invest $10,000 in
Administration Shares of the Fund for the time periods indicated and then redeem all of your Administration Shares at the end of those periods. 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 the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</DIV>
<DIV style="text-align:center;">
<TABLE style="border-bottom:0.5pt solid #000000;border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:6pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;line-height:7pt;padding-bottom:2.25pt;padding-right:12pt;padding-top:4pt;text-align:left;vertical-align:bottom;width:33.76%;">  </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:8pt;padding-bottom:2.25pt;padding-left:12pt;padding-right:12pt;padding-top:4pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.99%;" bgcolor="#E7F1E6">1
Year </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:8pt;padding-bottom:2.25pt;padding-left:12pt;padding-right:12pt;padding-top:4pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.05%;">3
Years </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:8pt;padding-bottom:2.25pt;padding-left:12pt;padding-right:12pt;padding-top:4pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.05%;" bgcolor="#E7F1E6">5
Years </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:8pt;padding-bottom:2.25pt;padding-left:12pt;padding-right:6pt;padding-top:4pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.44%;">10
Years </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:0pt;padding-right:12pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:33.76%;">Administration
Shares </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:12pt;padding-right:12pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.99%;" bgcolor="#E7F1E6">$44
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:12pt;padding-right:12pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.05%;">$147
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:12pt;padding-right:12pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.05%;" bgcolor="#E7F1E6">$259
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:12pt;padding-right:6pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.44%;">$588
</TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:4pt;font-style:Normal;font-weight:Normal;line-height:7pt;text-align:right;text-decoration:none;text-transform:none;"> </DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:8pt;width:33.75%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:top;width:93.19%;" bgcolor="#117300">Principal
Strategy </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">The Fund pursues
its investment objective by investing in securities issued or guaranteed by the United States or certain U.S. govern- ment agencies or instrumentalities (“U.S. Government Securities”), obligations of banks (which may exceed 25% of its
total assets), commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, and repurchase agreements. The Fund may also invest in U.S. dollar-denominated obligations of foreign banks, foreign
companies and foreign governments. The Fund may not invest more than 25% of its total assets in the securities of any one foreign government.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The Fund intends to be a “retail money market
fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”). “Retail money market funds” are money market funds that have policies
and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the Fund values its securities using the amortized cost method. The Fund seeks to maintain a stable net
asset value (“NAV”) of $1.00 per share.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Under Rule 2a-7, the Fund may invest only in U.S.
dollar-denominated securities that meet certain risk-limiting conditions relating to portfolio quality, maturity, diversification and liquidity.</DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48.40%;" type="Block">
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:8pt;width:47.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:top;width:95.12%;" bgcolor="#117300">Principal
Risks of the Fund </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">You could
lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your
ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. 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. The Fund's principal risks are presented below in alphabetical order, and not in the order of importance or potential
exposure.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Banking Industry Risk.<FONT
style="font-style:Normal;font-weight:Normal;"> An adverse development in the banking industry (domestic or foreign) may affect the value of the Fund’s investments more than if the Fund were not invested to such a degree in the banking
industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal, regulatory and monetary policy and general economic cycles.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Credit/Default Risk.<FONT
style="font-style:Normal;font-weight:Normal;"> An issuer or guarantor of a security held by the Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay
interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in NAV.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Foreign Risk.<FONT
style="font-style:Normal;font-weight:Normal;"> Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections; less stringent accounting,
corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, confiscations, trade restrictions (including tariffs) and
other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. In addition, the Fund will be subject to the risk that an issuer of foreign sovereign
debt or the government authorities that control the repayment of the debt may be unable or unwilling to repay the principal or interest when due.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Interest Rate Risk.<FONT
style="font-style:Normal;font-weight:Normal;"> When interest rates increase, the Fund’s yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. The risks associated with
changing interest rates may have unpredictable effects on the markets and the Fund’s investments. A low or negative interest rate environment poses additional risks to the Fund, because low or negative yields on the Fund’s portfolio
holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out of current income, or, at times, maintain a stable $1.00 share price and/or achieve its investment objective.
Fluctuations in interest rates may also affect the liquidity of the Fund’s investments.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Large Shareholder Transactions Risk. <FONT
style="font-style:Normal;font-weight:Normal;">The Fund may experience adverse effects when certain large shareholders (including financial intermediaries who may make investment decisions on behalf of underlying clients) 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</FONT></DIV> </DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;"> <DIV style="width:595pt;"></DIV> <P style="margin:0pt;page-break-before:always;"> </P>
<DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#808080;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;text-align:left;text-decoration:none;text-transform:none;">3 <FONT style="text-transform:uppercase;">Summary
Prospectus — Investor Money Market Fund<BR> </FONT></DIV> </DIV> <DIV style="margin-top:15.5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:48.40%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Liquidity Risk<FONT style="font-weight:Normal;">.
</FONT><FONT style="font-style:Normal;font-weight:Normal;">The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult
to value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell
one or more portfolio positions, or selling such positions at an unfavorable time and/or under unfavorable conditions, can adversely affect the Fund’s ability to maintain a stable $1.00 share price. Liquidity risk may also refer to the risk
that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other
things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other
circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Market Risk<FONT style="font-weight:Normal;">.</FONT><FONT
style="font-style:Normal;font-weight:Normal;"> 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 or governments and/or general economic conditions
throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also
significantly impact the Fund and its investments.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Municipal Securities Risk.<FONT
style="font-style:Normal;font-weight:Normal;"> Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business or political developments if
it invests a substantial portion of its assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal
securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully
taxable at the federal level and may be subject to tax at the state level.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Stable NAV Risk.<FONT
style="font-style:Normal;font-weight:Normal;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If any money market fund that intends to maintain a stable NAV fails to do so (or if there is a perceived threat of
such a failure), other such money market funds, including the Fund, could be subject to increased redemption activity, which could adversely affect the Fund’s NAV. Shareholders of the Fund should not rely on or expect the Investment Adviser or
an affiliate to purchase distressed assets from the Fund, make capital infusions into the Fund, enter into capital support agreements with the Fund or take other actions to help the Fund maintain a stable $1.00 share price.</FONT></DIV> </DIV>
<DIV style="float:right;overflow:hidden;position:relative;width:48.40%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:bold;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">U.S. Government Securities Risk. <FONT
style="font-style:Normal;font-weight:Normal;">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. Certain U.S. Government
securities, including securities 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.</FONT></DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:8pt;width:25.41%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:top;white-space:nowrap;width:90.95%;" bgcolor="#117300">Performance
</TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">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 Administration Shares from year to year; and (b) the average annual total returns of the Fund’s Administration
Shares. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers and/or expense limitations in effect during the periods shown. Updated performance information is
available at no cost at <FONT style="text-decoration:underline;">www.gsamfunds.com/performance</FONT> or by calling 1-800-621-2550.</DIV>
<DIV style="color:#117300;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">CALENDAR YEAR</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
<DIV style="margin-left:1.53%;margin-top:13.5pt;text-align:Center;width:96.93%;">
<IMG src="g98856immas.jpg" alt=" ">
</DIV> <DIV style="text-align:center;">
<TABLE style="border-bottom:0.5pt solid #000000;border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:6pt;width:98.85%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #117300;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:8pt;padding-bottom:3pt;padding-left:3pt;padding-right:6pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:59.21%;">During
the periods shown in the chart above: </TD>
<TD style="border-bottom:0.5pt solid #117300;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:8pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.34%;">Returns
</TD>
<TD style="border-bottom:0.5pt solid #117300;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:8pt;padding-bottom:3pt;padding-left:6pt;padding-right:3pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:27.45%;">Quarter
ended </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:3pt;padding-right:6pt;padding-top:2.38pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:59.21%;" bgcolor="#E7F1E6">Best
Quarter Return </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt;padding-top:2.38pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.34%;" bgcolor="#E7F1E6">0.56%
</TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:3pt;padding-top:2.38pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:27.45%;" bgcolor="#E7F1E6">March
31, 2019 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:3pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:59.21%;" bgcolor="#E7F1E6">Worst
Quarter Return </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.34%;" bgcolor="#E7F1E6">0.00%
</TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:6pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:27.45%;" bgcolor="#E7F1E6">December
31, 2020 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:4pt;font-style:Normal;font-weight:Normal;line-height:7pt;text-align:left;text-decoration:none;text-transform:none;"> </DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:8pt;width:53.39%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:top;width:95.69%;" bgcolor="#117300">AVERAGE
ANNUAL TOTAL RETURN </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;"> </DIV>
<DIV style="text-align:center;">
<TABLE style="border-bottom:0.5pt solid #000000;border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:8pt;padding-bottom:3pt;padding-left:0pt;padding-right:9pt;padding-top:4pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">For
the period ended December 31, 2020 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:8pt;padding-bottom:3pt;padding-left:9pt;padding-right:9pt;padding-top:4pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.54%;" bgcolor="#E7F1E6">1
Year </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:8pt;padding-bottom:3pt;padding-left:9pt;padding-right:6pt;padding-top:4pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.43%;">Since
<BR> Inception </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:9pt;padding-bottom:4pt;padding-left:0pt;padding-right:9pt;padding-top:2.38pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:69.18%;">Administration
Shares<FONT style="font-weight:Normal;"> (Inception 1/29/2016)</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt;padding-top:2.38pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.54%;" bgcolor="#E7F1E6">0.43%
</TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-bottom:4pt;padding-left:9pt;padding-right:6pt;padding-top:2.38pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.43%;">1.05%
</TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:right;text-decoration:none;text-transform:none;"> </DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:8pt;width:42.55%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:top;width:94.60%;" bgcolor="#117300">Portfolio
Management </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">Goldman Sachs
Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or “GSAM”).</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:8pt;width:55.70%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:top;width:95.87%;" bgcolor="#117300">Buying
and Selling Fund Shares </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">Generally, Administration Shares may be purchased
only 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”) that have agreed to provide administration services to their customers who are the beneficial owners of Administration Shares. The minimum initial investment requirement imposed upon Intermediaries for the
purchase of Administration Shares is generally</DIV> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;"> <DIV style="width:595pt;"></DIV>
<P style="margin:0pt;page-break-before:always;"> </P>
<DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#808080;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;text-align:left;text-decoration:none;text-transform:none;">4 <FONT style="text-transform:uppercase;">Summary
Prospectus — Investor Money Market Fund<BR> </FONT></DIV> </DIV> <DIV style="margin-top:15.5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:48.40%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">$10 million, and there is no minimum imposed upon additional
investments. Intermediaries may, however, impose a minimum amount for initial and additional investments in Administration Shares, and may establish other requirements such as a minimum account balance.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">You may purchase and redeem (sell) shares of the Fund
on any business day through an Intermediary.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Investments in the Investor Funds<SUP
style="font-size:85%;font-style:italic;text-transform:none;vertical-align:text-top;">SM</SUP> are limited to accounts beneficially owned by natural persons.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:8pt;width:30.98%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:top;width:92.58%;" bgcolor="#117300">Tax
Information </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48.40%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:8pt;width:57.91%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#FFFFFF;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:top;width:96.03%;" bgcolor="#117300">Payments
to Broker-Dealers and<BR> Other Financial Intermediaries </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV> </DIV> </DIV> <DIV style="clear:both;"> <DIV style="clear:both;padding-top:529pt;width:100%;" type="Block">
<DIV style="clear:both;color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:611pt;text-align:left;text-decoration:none;text-transform:none;">FSADMSUM8-21</DIV> </DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <DIV style="width:595pt;"></DIV> </BODY></HTML>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>