Form 497 GOLDMAN SACHS TRUST
GOLDMAN SACHS TRUST
Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares (as applicable) of the
Goldman Sachs Emerging Markets Equity Fund
Goldman Sachs Emerging Markets Equity Insights Fund
Supplement dated January 8, 2021 to the
Prospectuses, Summary Prospectuses and Statement of Additional Information (the SAI),
each dated February 28, 2020, as supplemented to date
At a special meeting of the shareholders of the Goldman Sachs Trust held on January 8, 2021, the Funds shareholders approved a proposal to change the Funds sub-classification under the Investment Company Act of 1940, as amended, from diversified to non-diversified and eliminated any related fundamental investment restrictions.
Accordingly, effective immediately, the Funds are non-diversified and may invest a greater portion of their assets in one or more issuers or in fewer issuers than diversified mutual funds.
As a non-diversified fund, each Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
This supplement should be retained with your Prospectuses, Summary Prospectuses
and SAI for future reference.