0001193125-20-027991.txt : 20200207 0001193125-20-027991.hdr.sgml : 20200207 20200207145436 ACCESSION NUMBER: 0001193125-20-027991 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200207 DATE AS OF CHANGE: 20200207 EFFECTIVENESS DATE: 20200207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDMAN SACHS TRUST CENTRAL INDEX KEY: 0000822977 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-17619 FILM NUMBER: 20586932 BUSINESS ADDRESS: STREET 1: 71 SOUTH WACKER DRIVE STREET 2: C/O GOLDMAN SACHS & CO CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126554400 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 FORMER COMPANY: FORMER CONFORMED NAME: GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19910711 FORMER COMPANY: FORMER CONFORMED NAME: SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19900104 0000822977 S000009314 Goldman Sachs Balanced Strategy Portfolio C000025447 Institutional GIPIX C000025448 Service GIPSX C000025449 Class A GIPAX C000025451 Class C GIPCX C000058959 Class R GIPRX C000058960 Investor Shares GIPTX C000161531 Class R6 Shares GIPUX C000201783 Class P Shares GAOPX 0000822977 S000009325 Goldman Sachs Growth and Income Strategy Portfolio C000025511 Institutional GOIIX C000025512 Service GOISX C000025513 Class A GOIAX C000025515 Class C GOICX C000058961 Class R GPIRX C000058962 Investor Shares GPITX C000161532 Class R6 Shares GOIUX C000201784 Class P Shares GGSPX 0000822977 S000009336 Goldman Sachs Growth Strategy Portfolio C000025577 Institutional GGSIX C000025578 Service GGSSX C000025579 Class A GGSAX C000025581 Class C GGSCX C000058973 Class R GGSRX C000058974 Investor Shares GGSTX C000161533 Class R6 Shares GGSUX C000201785 Class P Shares GGPPX 0000822977 S000015982 Goldman Sachs Satellite Strategies Portfolio C000043943 Institutional Shares GXSIX C000043944 Class A GXSAX C000058996 Class R GXSRX C000058997 Investor Shares GXSTX C000065655 Class C GXSCX C000070486 Service GXSSX C000161535 Class R6 Shares GXSUX C000201787 Class P Shares GMFPX 497 1 d879704d497.htm GOLDMAN SACHS TRUST Goldman Sachs Trust

GOLDMAN SACHS TRUST

Goldman Sachs Fund of Funds Portfolios

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

Goldman Sachs Balanced Strategy Portfolio

Goldman Sachs Growth and Income Strategy Portfolio

Goldman Sachs Growth Strategy Portfolio

Goldman Sachs Satellite Strategies Portfolio

(each, a “Portfolio” and, collectively, the “Portfolios”)

Supplement dated February 7, 2020 to the

Multi-Class and Class P Prospectuses dated April 30, 2019, as supplemented to date (the “Prospectuses”)

Effective immediately, the Portfolios’ Prospectuses are revised as follows:

The following table replaces the “Average Annual Total Return” table under the “Goldman Sachs Balanced Strategy Portfolio—Summary—Performance” section of the Multi-Class Prospectus:

 

  AVERAGE ANNUAL TOTAL RETURN     

 

For the period ended December 31, 2018    1 Year      5 Years      10 Years      Since
Inception		  

Class A Shares (Inception 1/2/98)

            

Returns Before Taxes

      –12.00%        0.84%        4.71%        3.76%  

Returns After Taxes on Distributions

      –13.14%        –0.33%        3.66%        2.57%  

Returns After Taxes on Distributions and Sale of Portfolio Shares

      –6.76%        0.22%        3.34%        2.57%  

Balanced Strategy Composite Index

      –2.57%        3.91%        6.33%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

Class C Shares (Inception 1/2/98)

            

Returns Before Taxes

      –8.53%        1.23%        4.51%        3.27% * 

Balanced Strategy Composite Index

      –2.57%        3.91%        6.33%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

Institutional Shares (Inception 1/2/98)

            

Returns Before Taxes

      –6.53%        2.40%        5.73%        4.46%  

Balanced Strategy Composite Index

      –2.57%        3.91%        6.33%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

For the period ended December 31, 2018    1 Year      5 Years      10 Years      Since
Inception		  

Service Shares (Inception 1/2/98)

            

Returns Before Taxes

      –6.93%        2.06%        5.38%        3.98%  

Balanced Strategy Composite Index

      –2.57%        3.91%        6.33%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

Investor Shares (Inception 11/30/07)

            

Returns Before Taxes

      –6.61%        2.26%        5.56%        2.85%  

Balanced Strategy Composite Index

      –2.57%        3.91%        6.33%        4.06%  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%        3.15%  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%        3.93%  

Class R Shares (Inception 11/30/07)

            

Returns

      –7.07%        1.78%        5.07%        2.37%  

Balanced Strategy Composite Index

      –2.57%        3.91%        6.33%        4.06%  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%        3.15%  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%        3.93%  

Class R6 Shares (Inception 7/31/15)**

            

Returns Before Taxes

      –6.52%        2.41%        5.73%        4.46%  

Balanced Strategy Composite Index

      –2.57%        3.91%        6.33%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

 

† 

Information for this index was not available back to the inception dates of these share classes.

*

Class C Shares automatically convert into Class A Shares ten years after the purchase date. The Since Inception performance for Class C Shares does not reflect the conversion to Class A Shares after the first ten years of performance.

**

Class R6 Shares commenced operations on July 31, 2015. Prior to that date, the performance of Class R6 Shares shown in the table above is that of Institutional Shares, including since inception performance as of Institutional Shares’ inception date. Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had higher returns because: (i) Institutional Shares and Class R6 Shares represent interests in the same portfolio of securities; and (ii) Class R6 Shares have lower expenses.

The following table replaces the “Average Annual Total Return” table under the “Goldman Sachs Balanced Strategy Portfolio—Summary—Performance” section of the Class P Prospectus:

 

  AVERAGE ANNUAL TOTAL RETURN     

 

For the period ended December 31, 2018    1 Year      5 Years      10 Years     

Since

Inception

  

Institutional Shares (Inception 1/2/98)*

            

Returns Before Taxes

      –6.53%        2.40%        5.73%        4.46%  

Returns After Taxes on Distributions

      –7.87%        1.06%        4.53%        3.12%  

Returns After Taxes on Distributions and Sale of Portfolio Shares

      –3.49%        1.35%        4.12%        3.08%  

Balanced Strategy Composite Index

      –2.57%        3.91%        6.33%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees or expenses)

      1.76%        3.44%        3.78%         N/A†  

 

† 

Information for this index was not available back to the inception date of this share class.

*

Returns are for a share class that is not presented that would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the share classes do not have the same expenses.

The following table replaces the “Average Annual Total Return” table under the “Goldman Sachs Growth and Income Strategy Portfolio—Summary—Performance” section of the Multi-Class Prospectus:

 

  AVERAGE ANNUAL TOTAL RETURN     

 

For the period ended December 31, 2018    1 Year      5 Years      10 Years      Since
Inception		  

Class A Shares (Inception 1/2/98)

            

Returns Before Taxes

      –13.92%        1.45%        6.22%        4.09%  

Returns After Taxes on Distributions

      –14.65%        0.61%        5.42%        3.11%  

Returns After Taxes on Distributions and Sale of Portfolio Shares

      –8.08%        0.83%        4.73%        2.96%  

Growth and Income Strategy Composite Index

      –4.81%        4.07%        7.47%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

Class C Shares (Inception 1/2/98)

            

Returns Before Taxes

      –10.52%        1.83%        6.02%        3.59% * 

Growth and Income Strategy Composite Index

      –4.81%        4.07%        7.47%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

For the period ended December 31, 2018    1 Year      5 Years      10 Years      Since
Inception		  

Institutional Shares (Inception 1/2/98)

            

Returns Before Taxes

      –8.63%        3.00%        7.23%        4.78%  

Growth and Income Strategy Composite Index

      –4.81%        4.07%        7.47%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

Service Shares (Inception 1/2/98)

            

Returns Before Taxes

      –9.00%        2.51%        6.71%        4.27%  

Growth and Income Strategy Composite Index

      –4.81%        4.07%        7.47%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

Investor Shares (Inception 11/30/07)

            

Returns Before Taxes

      –8.68%        2.87%        7.07%        2.67%  

Growth and Income Strategy Composite Index

      –4.81%        4.07%        7.47%        3.91%  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%        3.15%  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%        3.93%  

Class R Shares (Inception 11/30/07)

            

Returns

      –9.10%        2.36%        6.56%        2.18%  

Growth and Income Strategy Composite Index

      –4.81%        4.07%        7.47%        3.91%  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%        3.15%  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%        3.93%  

Class R6 Shares (Inception 7/31/15)**

            

Returns Before Taxes

      –8.61%        3.00%        7.24%        4.79%  

Growth and Income Strategy Composite Index

      –4.81%        4.07%        7.47%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

 

† 

Information for this index was not available back to the inception dates of these share classes.

*

Class C Shares automatically convert into Class A Shares ten years after the purchase date. The Since Inception performance for Class C Shares does not reflect the conversion to Class A Shares after the first ten years of performance.

**

Class R6 Shares commenced operations on July 31, 2015. Prior to that date, the performance of Class R6 Shares shown in the table above is that of Institutional Shares, including since inception performance as of Institutional Shares’ inception date. Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had higher returns because: (i) Institutional Shares and Class R6 Shares represent interests in the same portfolio of securities; and (ii) Class R6 Shares have lower expenses.

The following table replaces the “Average Annual Total Return” table under the “Goldman Sachs Growth and Income Strategy Portfolio—Summary—Performance” section of the Class P Prospectus:

 

  AVERAGE ANNUAL TOTAL RETURN     

 

For the period ended December 31, 2018    1 Year      5 Years      10 Years      Since
Inception		  

Institutional Shares (Inception 1/2/98)*

            

Returns Before Taxes

      –8.63%        3.00%        7.23%        4.78%  

Returns After Taxes on Distributions

      –9.53%        2.00%        6.28%        3.67%  

Returns After Taxes on Distributions and Sale of Portfolio Shares

      –4.91%        1.97%        5.53%        3.49%  

Growth and Income Strategy Composite Index

      –4.81%        4.07%        7.47%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

 

† 

Information for this index was not available back to the inception date of this share class.

*

Returns are for a share class that is not presented that would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the share classes do not have the same expenses.

The following table replaces the “Average Annual Total Return” table under the “Goldman Sachs Growth Strategy Portfolio—Summary—Performance” section of the Multi-Class Prospectus:

 

  AVERAGE ANNUAL TOTAL RETURN     

 

For the period ended December 31, 2018    1 Year      5 Years      10 Years      Since
Inception		  

Class A Shares (Inception 1/2/98)

            

Returns Before Taxes

      –15.87%        2.07%        7.28%        3.97%  

Returns After Taxes on Distributions

      –16.53%        1.45%        6.72%        3.30%  

Returns After Taxes on Distributions and Sale of Portfolio Shares

      –9.18%        1.42%        5.78%        3.04%  

Growth Strategy Composite Index

      –7.09%        4.19%        8.52%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

Class C Shares (Inception 1/2/98)

            

Returns Before Taxes

      –12.46%        2.46%        7.09%        3.48% * 

Growth Strategy Composite Index

      –7.09%        4.19%        8.52%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

For the period ended December 31, 2018    1 Year      5 Years      10 Years      Since
Inception		  

Institutional Shares (Inception 1/2/98)

            

Returns Before Taxes

      –10.65%        3.64%        8.32%        4.66%  

Growth Strategy Composite Index

      –7.09%        4.19%        8.52%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

Service Shares (Inception 1/2/98)

            

Returns Before Taxes

      –11.06%        3.14%        7.79%        4.14%  

Growth Strategy Composite Index

      –7.09%        4.19%        8.52%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

Investor Shares (Inception 11/30/07)

            

Returns Before Taxes

      –10.74%        3.50%        8.17%        2.51%  

Growth Strategy Composite Index

      –7.09%        4.19%        8.52%        3.61%  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%        3.15%  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%        3.93%  

Class R Shares (Inception 11/30/07)

            

Returns

      –11.18%        2.97%        7.62%        2.00%  

Growth Strategy Composite Index

      –7.09%        4.19%        8.52%        3.61%  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%        3.15%  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%        3.93%  

Class R6 Shares (Inception 7/31/15)**

            

Returns Before Taxes

      –10.55%        3.66%        8.33%        4.67%  

Growth Strategy Composite Index

      –7.09%        4.19%        8.52%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

 

† 

Information for this index was not available back to the inception dates of these share classes.

*

Class C Shares automatically convert into Class A Shares ten years after the purchase date. The Since Inception performance for Class C Shares does not reflect the conversion to Class A Shares after the first ten years of performance.

**

Class R6 Shares commenced operations on July 31, 2015. Prior to that date, the performance of Class R6 Shares shown in the table above is that of Institutional Shares, including since inception performance as of Institutional Shares’ inception date. Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had higher returns because: (i) Institutional Shares and Class R6 Shares represent interests in the same portfolio of securities; and (ii) Class R6 Shares have lower expenses.

The following table replaces the “Average Annual Total Return” table under the “Goldman Sachs Growth Strategy Portfolio—Summary—Performance” section of the Class P Prospectus:

 

  AVERAGE ANNUAL TOTAL RETURN     

 

For the period ended December 31, 2018    1 Year      5 Years      10 Years      Since
Inception		  

Institutional Shares (Inception 1/2/98)*

            

Returns Before Taxes

      –10.65%        3.64%        8.32%        4.66%  

Returns After Taxes on Distributions

      –11.47%        2.94%        7.67%        3.88%  

Returns After Taxes on Distributions and Sale of Portfolio Shares

      –6.05%        2.67%        6.68%        3.60%  

Growth and Income Strategy Composite Index

      –7.09%        4.19%        8.52%         N/A†  

MSCI® ACWI (Net, USD, Unhedged; reflects no deduction for fees or expenses)

      –9.41%        4.26%        9.45%         N/A†  

Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged; reflects no deduction for fees, expenses or taxes)

      1.76%        3.44%        3.78%         N/A†  

 

† 

Information for this index was not available back to the inception date of this share class.

*

Returns are for a share class that is not presented that would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the share classes do not have the same expenses.

The following table replaces the “Average Annual Total Return” table under the “Goldman Sachs Satellite Strategies Portfolio—Summary—Performance” section of the Multi-Class Prospectus:

 

  AVERAGE ANNUAL TOTAL RETURN     

 

For the period ended December 31, 2018    1 Year      5 Years      10 Years      Since
Inception		  

Class A Shares (Inception 3/30/07)

            

Returns Before Taxes

      –15.30%        –0.20%        6.03%        0.79%  

Returns After Taxes on Distributions

      –16.06%        –1.26%        4.72%        –0.51%  

Returns After Taxes on Distributions and Sale of Portfolio Shares

      –8.90%        –0.52%        4.35%        0.14%  

Satellite Strategies Composite Index

      –5.34%        3.87%        7.48%        4.33%  

S&P 500® Index (reflects no deduction for fees or expenses)

      –4.38%        8.49%        13.11%        7.20%  

Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees or expenses)

      0.01%        2.52%        3.48%        3.86%  

MSCI® EAFE® Net Total Return Index (reflects no deduction for fees or expenses)

      –13.79%        0.53%        6.31%        0.94%  

Class C Shares (Inception 3/30/07)

            

Returns Before Taxes

      –11.96%        0.15%        5.82%        0.51%*  

Satellite Strategies Composite Index

      –5.34%        3.87%        7.48%        4.33%  

S&P 500® Index (reflects no deduction for fees or expenses)

      –4.38%        8.49%        13.11%        7.20%  

Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees or expenses)

      0.01%        2.52%        3.48%        3.86%  

MSCI® EAFE® Net Total Return Index (reflects no deduction for fees or expenses)

      –13.79%        0.53%        6.31%        0.94%  

For the period ended December 31, 2018    1 Year      5 Years      10 Years      Since
Inception		  

Institutional Shares (Inception 3/30/07)

            

Returns Before Taxes

      –10.06%        1.32%        7.05%        1.65%  

Satellite Strategies Composite Index

      –5.34%        3.87%        7.48%        4.33%  

S&P 500® Index (reflects no deduction for fees or expenses)

      –4.38%        8.49%        13.11%        7.20%  

Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees or expenses)

      0.01%        2.52%        3.48%        3.86%  

MSCI® EAFE® Net Total Return Index (reflects no deduction for fees or expenses)

      –13.79%        0.53%        6.31%        0.94%  

Service Shares (Inception 8/29/08)

            

Returns Before Taxes

      –10.41%        0.84%        6.53%        1.60%  

Satellite Strategies Composite Index

      –5.34%        3.87%        7.48%        5.21%  

S&P 500® Index (reflects no deduction for fees or expenses)

      –4.38%        8.49%        13.11%        9.00%  

Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees or expenses)

      0.01%        2.52%        3.48%        3.67%  

MSCI® EAFE® Net Total Return Index (reflects no deduction for fees or expenses)

      –13.79%        0.53%        6.31%        2.29%  

Investor Shares (Inception 11/30/07)

            

Returns Before Taxes

      –10.19%        1.17%        6.88%        1.06%  

Satellite Strategies Composite Index

      –5.34%        3.87%        7.48%        4.00%  

S&P 500® Index (reflects no deduction for fees or expenses)

      –4.38%        8.49%        13.11%        7.13%  

Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees or expenses)

      0.01%        2.52%        3.48%        3.63%  

MSCI® EAFE® Net Total Return Index (reflects no deduction for fees or expenses)

      –13.79%        0.53%        6.31%        0.19%  

Class R Shares (Inception 11/30/07)

            

Returns

      –10.56%        0.68%        6.37%        0.56%  

Satellite Strategies Composite Index

      –5.34%        3.87%        7.48%        4.00%  

S&P 500® Index (reflects no deduction for fees or expenses)

      –4.38%        8.49%        13.11%        7.13%  

Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees or expenses)

      0.01%        2.52%        3.48%        3.63%  

MSCI® EAFE® Net Total Return Index (reflects no deduction for fees or expenses)

      –13.79%        0.53%        6.31%        0.19%  

Class R6 Shares (Inception 7/31/15)**

            

Returns Before Taxes

      –10.04%        1.33%        7.05%        1.66%  

Satellite Strategies Composite Index

      –5.34%        3.87%        7.48%        4.33%  

S&P 500® Index (reflects no deduction for fees or expenses)

      –4.38%        8.49%        13.11%        7.20%  

Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees or expenses)

      0.01%        2.52%        3.48%        3.86%  

MSCI® EAFE® Net Total Return Index (reflects no deduction for fees or expenses)

      –13.79%        0.53%        6.31%        0.94%  

 

*

Class C Shares automatically convert into Class A Shares ten years after the purchase date. The Since Inception performance for Class C Shares does not reflect the conversion to Class A Shares after the first ten years of performance.

**

Class R6 Shares commenced operations on July 31, 2015. Prior to that date, the performance of Class R6 Shares shown in the table above is that of Institutional Shares, including since inception performance as of Institutional Shares’ inception date. Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had higher returns because: (i) Institutional Shares and Class R6 Shares represent interests in the same portfolio of securities; and (ii) Class R6 Shares have lower expenses.

The following table replaces the “Average Annual Total Return” table under the “Goldman Sachs Satellite Strategies Portfolio—Summary—Performance” section of the Class P Prospectus:

 

  AVERAGE ANNUAL TOTAL RETURN     

 

For the period ended December 31, 2018    1 Year      5 Years      10 Years      Since
Inception		  

Institutional Shares (Inception 3/30/07)*

            

Returns Before Taxes

      –10.06%        1.32%        7.05%        1.65%  

Returns After Taxes on Distributions

      –10.99%        0.07%        5.57%        0.20%  

Returns After Taxes on Distributions and Sale of Portfolio Shares

      –5.77%        0.57%        5.12%        0.74%  

Satellite Strategies Composite Index

      –5.34%        3.87%        7.48%        4.33%  

S&P 500® Index (reflects no deduction for fees or expenses)

      –4.38%        8.49%        13.11%        7.20%  

Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees or expenses)

      0.01%        2.52%        3.48%        3.86%  

MSCI® EAFE® Net Total Return Index (reflects no deduction for fees or expenses)

      –13.79%        0.53%        6.31%        0.94%  

 

*

Returns are for a share class that is not presented that would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the share classes do not have the same expenses.

This Supplement should be retained with your Prospectuses for future reference.

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