Summary Prospectus by Investment Company (Form 497K)

GOLDMAN SACHS TRUST

Goldman Sachs Multi-Sector Fixed Income Funds

Class A, Class C, Institutional, Service, Investor, Class R, Class R6 and Class P Shares, as applicable, of the

Goldman Sachs Bond Fund

Goldman Sachs Income Fund

Supplement dated April 24, 2026 to the

Prospectuses, Summary Prospectuses and Statement of Additional Information ("SAI"),

each dated July 29, 2025, as supplemented to date

The Board of Trustees of the Goldman Sachs Trust (the "Board") has approved Agreements and Plans of Reorganization (each, a "Plan" and together, the "Plans"), which contemplate the conversion of each of the Goldman Sachs Bond Fund and Goldman Sachs Income Fund (each, an "Acquired Fund," and together, the "Acquired Funds") with and into the Goldman Sachs Core Plus Bond ETF and Goldman Sachs Income ETF, respectively, (each, an "Acquiring Fund," and together, the "Acquiring Funds," and collectively with the Acquired Funds, the "Funds"). Each Acquiring Fund is a newly-created shell series of the Goldman Sachs ETF Trust and will operate as an exchange-traded fund ("ETF"). Each Acquiring Fund will be managed in a substantially similar manner to its corresponding Acquired Fund. The reorganizations were recommended by the Funds' investment adviser, Goldman Sachs Asset Management, L.P. (the "Investment Adviser"), because it believes the investment strategy of each Acquired Fund would be better positioned in an ETF format. The Board of Trustees of the Goldman Sachs ETF Trust also approved the reorganizations. The reorganizations are expected to close on or about August 7, 2026, or on such other date as the parties to the reorganizations shall agree (the "Closing Date").

Under the terms of each Plan, an Acquired Fund will transfer all of its assets to its corresponding Acquiring Fund and the Acquiring Fund will assume all of the liabilities of the Acquired Fund. Subsequently, each Acquired Fund will be liquidated and shareholders of the Acquired Fund will receive shares of its corresponding Acquiring Fund (an ETF) that are equal in aggregate net asset value ("NAV") to the shares of the Acquired Fund held on the Closing Date (except for certain shareholders discussed below). For any fractional shares of the Acquired Fund owned by a shareholder, such shareholder shall receive a cash payment in lieu of fractional shares of its corresponding Acquiring Fund, which cash payment may be taxable.

Importantly, in order to receive shares of an Acquiring Fund as part of a reorganization, Acquired Fund shareholders must hold their shares of the Acquired Fund through a brokerage account eligible to hold and trade shares of an ETF as of the Closing Date for such shareholder.

Acquired Fund shareholders who do not hold their shares of the applicable Acquired Fund through a brokerage account that can accept Acquiring Fund shares as of the Closing Date (except with respect to fund direct IRA shareholders as discussed above)("Cash-Out Shareholders") will have their investments in the Acquired Fund liquidated and will receive cash equal to the net asset value of their Acquired Fund shares. The conversion of Acquired Fund shares to cash will likely be a taxable event for Cash-Out Shareholders who hold their shares in a taxable account.

The Board, after careful consideration, unanimously approved each Plan. After considering the recommendation of the Investment Adviser, the Board concluded that: (i) the reorganizations are in the best interests of each Acquired Fund; and (ii) the interests of the shareholders of each Acquired Fund will not be diluted as a result of a reorganization. Completion of each reorganization is subject to a number of conditions, but shareholders of an Acquired Fund are not required to approve a Plan. Existing Acquired Fund shareholders will receive a combined information statement/prospectus describing in detail both the proposed reorganizations and the applicable Acquiring Fund and summarizing the Board's considerations in approving each Plan.

Each reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes, except with respect to cash received in lieu of fractional shares of an Acquiring Fund and cash to be delivered to Cash-Out Shareholders. Shareholders should contact their tax advisers concerning the tax consequences of the reorganizations.

Beginning on April 24, 2026: (i) no Contingent Deferred Sales Charge ("CDSC") will be imposed on redemptions of Class A and Class C Shares of an Acquired Fund; (ii) no sales charge will be imposed on purchases of Class A Shares; and (iii) any current Letter of Intent under which Class A Shares were purchased will be considered completed. In addition, beginning on April 30, 2026, all distribution (Rule 12b-1), service and shareholder administration fees on all applicable share classes will be waived.

As of the close of business on May 26, 2026, each Acquired Fund will close to new shareholders. Existing shareholders of an Acquired Fund as of such date may continue to purchase shares of, or exchange into, the Acquired Fund until close of business on August 3, 2026. Additionally, existing shareholders of an Acquired Fund may continue to reinvest dividends and distributions, if any, into the Acquired Fund through the Closing Date. The final date to exchange out or redeem shares of an Acquired Fund will be August 6, 2026. These dates may change if the closing date of a reorganization changes. Any changes to a closing date of a reorganization will be communicated to shareholders.

In connection with the reorganizations, effective as of close of business on May 31, 2026, each Acquired Fund will declare and pay distributions from net investment income on a monthly basis. Prior to May 31, 2026, each Acquired Fund declares and pays distributions from net investment income on a daily basis and monthly basis, respectively.

IMPORTANT NOTICE ABOUT YOUR FUND ACCOUNT

QUESTIONS AND ANSWERS

The following is a brief Q&A that provides information to help you to determine if you need to take action with respect to your shareholder account prior to the reorganizations in order to receive shares of an Acquiring Fund.

Q. How will a reorganization affect me as a shareholder? What do I need to do to prepare for the reorganizations?

A. If the applicable reorganization is consummated, you will cease to be a shareholder of your Acquired Fund. It is important for you to determine whether you hold your Acquired Fund shares in the type of account that can accommodate the receipt of the Acquiring Fund shares that will be received in a reorganization. If you hold your Acquired Fund shares in an account directly with the Acquired Fund at the Acquired Fund's transfer agent or in a brokerage account with a financial intermediary that only allows you to hold mutual fund shares, you will need to set up a brokerage account that allows investment in ETF shares if you elect to participate in a reorganization.

We suggest you provide your broker with a copy of the quarterly statement from your Acquired Fund. Your broker will require your account number with your Acquired Fund, which can be found on your statement. Your broker will help you complete a form to initiate the transfer. Once you sign that form, your broker will submit the form to the transfer agent directly, and the shares will be transferred into your brokerage account. The sooner you initiate the transfer, the better.

If such a change is not made before the applicable reorganization, you will not receive shares of an Acquiring Fund as part of a reorganization. Instead, your investment will be liquidated and you will receive cash equal in value to the NAV of your Acquired Fund shares. This will likely be a taxable event for shareholders who hold their shares in a taxable account.

In some cases, the return of cash or the transfer of your investment may be subject to fees and expenses and may also be subject to tax. It may take time for you to receive your cash. Different tax considerations apply to you if you hold your Acquired Fund shares through a fund direct IRA and exchange your Acquired Fund shares for the equivalent share class of Goldman Sachs Financial Square Government Fund. For more information on the impact that the reorganization will have on you and your investments, or if you are unsure about the ability of your account to accept shares of the Acquiring Fund, please contact your financial advisor or other financial intermediary.

No action on the part of the Acquired Funds or their shareholders is required for shareholders that hold shares of an Acquired Fund through a brokerage account that can hold shares of the applicable Acquiring Fund.

After the reorganization, individual shares of an Acquiring Fund may only be purchased and sold in the secondary market. Shares of the Acquiring Funds will be listed on NYSE Arca, Inc. Shares of the Acquiring Funds may also be traded on other national securities exchanges, electronic crossing networks, and other alternative trading systems. Should you decide to purchase or sell shares of an Acquiring Fund after a reorganization, you will need to place a trade through a broker who will execute your trade in the secondary market at prevailing market prices. Because an Acquiring Fund's shares will trade at market prices rather than at NAV, the Acquiring Fund's shares may trade at a price less than (discount) or greater than (premium) the Acquiring Fund's NAV. As with all transactions for ETFs, your broker may charge a commission for purchase and sale transactions.

Q. What if I do not want to own shares of the applicable Acquiring Fund?

A. If you do not want to receive shares of the applicable Acquiring Fund in connection with the reorganizations, you can exchange your Acquired Fund shares for shares of another Goldman Sachs mutual fund that is not participating in a reorganization or redeem your Acquired Fund shares. Prior to doing so, however, you should consider the tax consequences associated with either action. Redemption of your Acquired Fund shares will be a taxable event if you hold your shares in a taxable account. The last date to redeem your shares or exchange them into another Goldman Sachs mutual fund prior to the reorganization is August 6, 2026.

In connection with the reorganizations discussed herein, an information statement/prospectus that will be included in a registration statement on Form N-14 will be filed with the Securities and Exchange Commission (the "SEC"). After the registration statement is filed with the SEC, it may be amended or withdrawn and the information statement/prospectus will not be distributed to shareholders unless and until the registration statement becomes effective. Investors are urged to read the materials and any other relevant documents when they become available because they will contain important information about the reorganizations. After they are filed, free copies of the materials will be available on the SEC's web site at www.sec.gov. These materials also will be available at no charge by calling: 1-800-526-7384 or on the Funds' website (am.gs.com).

This communication is for informational purposes only and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.

This Supplement should be retained with your Prospectuses, Summary Prospectuses and SAI for future reference.

GSBNDINCSTK 04-26