GOLDMAN SACHS TRUST
Goldman Sachs MLP and Energy Infrastructure Funds
Class A, Class C, Institutional, Investor, Class R, Class R6, Class T and Class P Shares of the
Goldman Sachs MLP & Energy Fund (the Fund)
Supplement dated December 14, 2018 to the
Statutory Prospectus (Multi-Class Prospectus), Summary Prospectus (Multi-Class Summary) and Statement of Additional Information (SAI), each dated March 30, 2018, each as supplemented to date (with respect to Class A, Class C, Institutional, Investor, Class R, Class R6 and Class T Shares) and to the Statutory Prospectus (Class P Prospectus and, together with the Multi-Class Prospectus, the Prospectuses), Summary Prospectus (Class P Summary and, together with the Multi-Class Summary, the Summary Prospectuses) and SAI, each dated April 16, 2018, each as supplemented to
date (with respect to Class P Shares)
The Board of Trustees of the Goldman Sachs Trust recently approved a change to the Funds benchmark index. This change will be effective January 2, 2019 (the Effective Date). Accordingly, on the Effective Date, the Funds Prospectuses, Summary Prospectuses and SAI are revised as follows:
The following replaces the last paragraph under the Goldman Sachs MLP & Energy FundSummaryPrincipal Strategy and the Investment Management ApproachPrincipal Investment StrategiesGoldman Sachs MLP & Energy Fund sections in the Funds Prospectuses and the Principal Strategy section in the Funds Summary Prospectuses:
The Funds benchmark is the Alerian Midstream Energy Select Index. The Alerian Midstream Energy Select Index is a float-adjusted, capitalization-weighted index, whose constituents are engaged in midstream activities involving energy commodities.
The following replaces the second paragraph under the Management ServicesPortfolio ManagersCompensation section in the Funds SAI:
For compensation purposes, the benchmark for the Goldman Sachs MLP Energy Infrastructure Fund is the Alerian MLP Index and the benchmark for the Goldman Sachs MLP & Energy Fund is the Alerian Midstream Energy Select Index.
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This Supplement should be retained with your Prospectuses, Summary Prospectuses and SAI for future reference.
MLPE2TBDSTK 12-18