497

RULE 497 FILING

On behalf of the Goldman Sachs Financial Square Federal Instruments Fund (the “Fund”), a series of Goldman Sachs Trust, and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information. The interactive data files included as exhibits to this filing relate to the supplement filed with the Securities and Exchange Commission on behalf of Preferred Shares of the Fund pursuant to Rule 497(e) on November 29, 2019 (Accession No. 0001193125-19-303261), which is incorporated by reference into this Rule 497 Filing.

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Dec. 28, 2018

GOLDMAN SACHS TRUST

Preferred Shares of the

Goldman Sachs Financial Square Federal Instruments Fund

(the “Fund”)

Supplement dated November 29, 2019 to the

Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”), each dated December 28, 2018, as supplemented to date

Effective December 2, 2019 (the “Effective Date”), Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) has agreed to increase its waiver of a portion of the management fee equal annually to 0.06% of the Fund’s average daily net assets. This arrangement will remain in effect through at least December 27, 2020, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

Accordingly, on the Effective Date, the Fund’s Summary Prospectus and Prospectus are revised as follows:

The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Financial Square Federal Instruments Fund—Summary—Fees and Expenses of the Fund” section of the Prospectus and the “Fees and Expenses of the Fund” section of the Summary Prospectus:

	Federal Instruments Fund
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment):
Management Fees1		0.18%
Other Expenses		0.16%
Administration Fees		0.10	%
All Other Expenses		0.06	%
Total Annual Fund Operating Expenses		0.34%
Fee Waiver and Expense Limitation2		(0.10)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation		0.24%

¹ The Fund’s “Management Fees” have been restated to reflect current fees.

² The Investment Adviser has agreed to: (i) not impose a portion of the Management Fee equal annually to 0.06% of the Fund’s average daily net assets through at least December 27, 2020; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets through at least December 28, 2019. Prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

The following replaces the table included in the “Financial Square Federal Instruments Fund—Summary—Expense Example” section of the Prospectus and the “Expense Example” section of the Summary Prospectus:

	1 Year		3 Years		5 Years		10 Years
Preferred Shares	$	25	$	99	$	181	$	421

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

GOLDMAN SACHS TRUST

Prospectus Date

rr_ProspectusDate

Dec. 28, 2018

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

GOLDMAN SACHS TRUST

Preferred Shares of the

Goldman Sachs Financial Square Federal Instruments Fund

(the “Fund”)

Supplement dated November 29, 2019 to the

Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”), each dated December 28, 2018, as supplemented to date

Effective December 2, 2019 (the “Effective Date”), Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) has agreed to increase its waiver of a portion of the management fee equal annually to 0.06% of the Fund’s average daily net assets. This arrangement will remain in effect through at least December 27, 2020, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

Accordingly, on the Effective Date, the Fund’s Summary Prospectus and Prospectus are revised as follows:

The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Financial Square Federal Instruments Fund—Summary—Fees and Expenses of the Fund” section of the Prospectus and the “Fees and Expenses of the Fund” section of the Summary Prospectus:

	Federal Instruments Fund
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment):
Management Fees1		0.18%
Other Expenses		0.16%
Administration Fees		0.10	%
All Other Expenses		0.06	%
Total Annual Fund Operating Expenses		0.34%
Fee Waiver and Expense Limitation2		(0.10)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation		0.24%

¹ The Fund’s “Management Fees” have been restated to reflect current fees.

² The Investment Adviser has agreed to: (i) not impose a portion of the Management Fee equal annually to 0.06% of the Fund’s average daily net assets through at least December 27, 2020; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets through at least December 28, 2019. Prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

The following replaces the table included in the “Financial Square Federal Instruments Fund—Summary—Expense Example” section of the Prospectus and the “Expense Example” section of the Summary Prospectus:

	1 Year		3 Years		5 Years		10 Years
Preferred Shares	$	25	$	99	$	181	$	421

Goldman Sachs Financial Square Federal Instruments Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

GOLDMAN SACHS TRUST

Preferred Shares of the

Goldman Sachs Financial Square Federal Instruments Fund

(the “Fund”)

Supplement dated November 29, 2019 to the

Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”), each dated December 28, 2018, as supplemented to date

Effective December 2, 2019 (the “Effective Date”), Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) has agreed to increase its waiver of a portion of the management fee equal annually to 0.06% of the Fund’s average daily net assets. This arrangement will remain in effect through at least December 27, 2020, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

Accordingly, on the Effective Date, the Fund’s Summary Prospectus and Prospectus are revised as follows:

The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Financial Square Federal Instruments Fund—Summary—Fees and Expenses of the Fund” section of the Prospectus and the “Fees and Expenses of the Fund” section of the Summary Prospectus:

	Federal Instruments Fund
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment):
Management Fees1		0.18%
Other Expenses		0.16%
Administration Fees		0.10	%
All Other Expenses		0.06	%
Total Annual Fund Operating Expenses		0.34%
Fee Waiver and Expense Limitation2		(0.10)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation		0.24%

¹ The Fund’s “Management Fees” have been restated to reflect current fees.

² The Investment Adviser has agreed to: (i) not impose a portion of the Management Fee equal annually to 0.06% of the Fund’s average daily net assets through at least December 27, 2020; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets through at least December 28, 2019. Prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

The following replaces the table included in the “Financial Square Federal Instruments Fund—Summary—Expense Example” section of the Prospectus and the “Expense Example” section of the Summary Prospectus:

	1 Year		3 Years		5 Years		10 Years
Preferred Shares	$	25	$	99	$	181	$	421

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

December 27, 2020 December 28, 2019

Expenses Restated to Reflect Current [Text]

rr_ExpensesRestatedToReflectCurrent

The Fund’s “Management Fees” have been restated to reflect current fees.

Goldman Sachs Financial Square Federal Instruments Fund | Preferred Shares, Federal Instruments Fund

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.18%

^[1]

Administration Fees

rr_Component2OtherExpensesOverAssets

0.10%

All Other Expenses

rr_Component3OtherExpensesOverAssets

0.06%

Other Expenses

rr_OtherExpensesOverAssets

0.16%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

0.34%

Fee Waiver and Expense Limitation

rr_FeeWaiverOrReimbursementOverAssets

(0.10%)

^[2]

Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation

rr_NetExpensesOverAssets

0.24%

1 Year

rr_ExpenseExampleYear01

$ 25

3 Years

rr_ExpenseExampleYear03

99

5 Years

rr_ExpenseExampleYear05

181

10 Years

rr_ExpenseExampleYear10

$ 421

[1] The Fund’s “Management Fees” have been restated to reflect current fees.

[2] The Investment Adviser has agreed to: (i) not impose a portion of the Management Fee equal annually to 0.06% of the Fund’s average daily net assets through at least December 27, 2020; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund’s average daily net assets through at least December 28, 2019. Prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Document Type	dei_DocumentType	497
Document Period End Date	dei_DocumentPeriodEndDate	Aug. 31, 2018
Registrant Name	dei_EntityRegistrantName	GOLDMAN SACHS TRUST
Central Index Key	dei_EntityCentralIndexKey	0000822977
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Nov. 29, 2019
Document Effective Date	dei_DocumentEffectiveDate	Nov. 29, 2019
Prospectus Date	rr_ProspectusDate	Dec. 28, 2018
Entity Inv Company Type	dei_EntityInvCompanyType	N-1A

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	GOLDMAN SACHS TRUST
Prospectus Date	rr_ProspectusDate	Dec. 28, 2018
Document Creation Date	dei_DocumentCreationDate	Nov. 29, 2019