GOLDMAN
SACHS TRUST
Goldman Sachs Fundamental
Equity Value Funds
Class A,
Class B, Class C, Institutional, Service,
Class IR and Class R Shares of the
Goldman
Sachs Large Cap Value Fund
Goldman Sachs Mid Cap Value Fund
Supplement
dated December 1, 2011 to the
Prospectus dated December 29, 2010 (the
Prospectus)
Effective December 29, 2011, due to changes in sector research
coverage assignments, Dolores Bamford will no longer serve as a
portfolio manager for the Goldman Sachs Large Cap Value Fund and
John Arege will no longer serve as a portfolio manager for the
Goldman Sachs Mid Cap Value Fund.
Effective immediately, the Goldman Sachs Large Cap
Value FundSummaryPortfolio ManagementPortfolio
Managers section of the Prospectus is replaced in its
entirety with the following:
Portfolio Managers: Andrew Braun, Managing Director,
Co-Chief Investment Officer, Value Equity, has managed the Fund
since 2001; Sean Gallagher, Managing Director, Co-Chief
Investment Officer, Value Equity, has managed the Fund since
2001; Dolores Bamford, CFA, Managing Director, has managed the
Fund since 2002 (and will manage the Fund through December 28,
2011); John Arege, CFA, Managing Director, has managed the Fund
since 2009; and Charles Brook Dane, CFA, Vice
President, has managed the Fund since 2010.
Effective immediately, the Goldman Sachs Mid Cap Value
FundSummaryPortfolio ManagementPortfolio
Managers section of the Prospectus is replaced in its
entirety with the following:
Portfolio Managers: Andrew Braun, Managing Director,
Co-Chief Investment Officer, Value Equity, has managed the Fund
since 2001; Sean Gallagher, Managing Director, Co-Chief
Investment Officer, Value Equity, has managed the Fund since
2001; Dolores Bamford, CFA, Managing Director, has managed the
Fund since 2002; John Arege, CFA, Managing Director, has managed
the Fund since 2009 (and will manage the Fund through December
28, 2011); and Scott Carroll, CFA, Managing Director, has
managed the Fund since 2002.
Additionally, effective December 29, 2011, in the chart under
the Service ProvidersFund Managers section of
the Prospectus, the reference to the Goldman Sachs Large Cap
Value Fund is removed from Fund Responsibilities for
Ms. Bamford and the reference to the Goldman Sachs Mid Cap Value
Fund is removed from Fund Responsibilities for Mr.
Arege.
This Supplement should be retained with your Prospectus for
future reference.