XML 11 R2.htm IDEA: XBRL DOCUMENT

Feb. 28, 2020

GOLDMAN SACHS TRUST

Class A, Class C, Institutional, Investor, Class P and Class R6 Shares of the

Goldman Sachs Income Builder Fund

(the “Fund”)

Supplement dated June 19, 2020 to the

Prospectuses and Summary Prospectuses,

each dated February 28, 2020, as supplemented to date

The Board of Trustees of Goldman Sachs Trust (the “Board”) recently approved lowering the: (1) investment minimum for purchasing Class A Shares at net asset value (“NAV”) without imposition of a sales load from $1 million to $250,000; and (2) transfer agency fees for certain of the Fund’s share classes. Additionally, Goldman Sachs Asset Management, L.P. (“GSAM”), the Fund’s investment adviser, and Goldman Sachs & Co. LLC (“Goldman Sachs”), the Fund’s transfer agent, have agreed to waive, reduce and/or reimburse certain fees and expenses. Collectively, these fee reductions, fee waivers and/or expense limitations are intended to reduce the total net annual fund operating expense ratio for each of the Fund’s share classes.

Each of the above changes are effective July 20, 2020 (the “Effective Date”).

Accordingly, as of the Effective Date, the Fund’s Prospectuses and Summary Prospectuses are revised as follows:

The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnotes in the “Goldman Sachs Income Builder Fund—Summary—Fees and Expenses of the Fund” section of the Multi-Class Prospectus and the “Fees and Expenses of the Fund” section of the Multi-Class Summary Prospectus:


	Class A			Class C			Institutional			Investor			Class R6
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.52%			0.52%			0.52%			0.52%			0.52%
Distribution and/or Service (12b-1) Fees		0.25%			0.75%			None			None			None
Other Expenses²		0.19%			0.44%			0.10%			0.19%			0.09%
Service Fees		Non	e		0.25	%		Non	e		Non	e		Non	e
All Other Expenses		0.19	%		0.19	%		0.10	%		0.19	%		0.09	%
Acquired Fund Fees and Expenses		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Total Annual Fund Operating Expenses		0.99%			1.74%			0.65%			0.74%			0.64%
Fee Waiver and Expense Limitation³		(0.16)%			(0.16)%			(0.16)%			(0.16)%			(0.16)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation		0.83%			1.58%			0.49%			0.58%			0.48%

¹	A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.

²	The “Other Expenses” for Class A, Class C and Investor Shares have been restated to reflect expenses expected to be incurred during the current fiscal year.

The Investment Adviser has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee of 0.44% as an annual percentage of daily net assets; (ii) waive a portion of its management fee in an amount equal to any management fees it earns as an investment adviser to the affiliated funds in which the Fund invests; and (iii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. These arrangements will remain in effect through at least July 20, 2021, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

The following replaces in its entirety the “Goldman Sachs Income Builder Fund—Summary—Expense Example” section of the Multi-Class Prospectus and the “Expense Example” section of the Multi-Class Summary Prospectus:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Institutional Shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be:



	1 Year		3 Years		5 Years		10 Years

Class A Shares	$	630	$	833	$	1,052	$	1,683

Class C Shares
– Assuming complete redemption at end of period	$	261	$	532	$	929	$	2,038
– Assuming no redemption	$	161	$	532	$	929	$	2,038

Institutional Shares	$	50	$	192	$	346	$	795

Investor Shares	$	59	$	220	$	396	$	903

Class R6 Shares	$	49	$	189	$	341	$	783

The following replaces in its entirety the “Annual Fund Operating Expenses” table and its related footnote in the “Goldman Sachs Income Builder Fund—Summary—Fees and Expenses of the Fund” section of the Class P Prospectus and the “Annual Fund Operating Expenses” section of the Class P Summary Prospectus:


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

Management Fees		0.52%
Distribution and/or Service (12b-1) Fees		None
Other Expenses		0.09	%
Acquired Fund Fees and Expenses		0.03	%
Total Annual Fund Operating Expenses		0.64%
Fee Waiver and Expense Limitation¹		(0.16)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation		0.48%

The following replaces in its entirety the “Goldman Sachs Income Builder Fund—Summary—Expense Example” section of the Class P Prospectus and the “Expense Example” section of the Class P Summary Prospectus:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:



	1 Year		3 Years		5 Years		10 Years

Class P Shares	$	49	$	189	$	341	$	783