UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. )

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GOLDMAN SACHS TRUST

(Name of Registrant as Specified In Its Charter)

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URGENT: YOUR VOTE IS CRITICAL

PLEASE VOTE TODAY

WE MUST RECEIVE YOUR VOTE PRIOR TO APRIL 9, 2021

GS China Equity Fund

GS ESG Emerging Markets Equity Fund

Recently, we sent you proxy material regarding the Special Meeting of Shareholders that is scheduled for April 9, 2021. It is critical that your voice be heard on this very important proposal concerning making a change to your fund’s subclassification from ‘diversified’ to ‘non-diversified’. The Board has unanimously voted for this change to take place. But it cannot move forward without the support of shareholders like you.

According to our records, we have not received your vote!

It is important that we receive your vote prior to April 9^th because it will help to avoid adjourning the meeting further and having to spend additional money soliciting your votes.

If you have any questions or would like to vote,

please call the number listed below:

855-643-7312

Your vote is important no matter the size of your fund holdings. Please vote promptly so your vote can be received prior to the April 9, 2021, Special Meeting of Shareholders.

The funds have made it very easy for you to vote.

Choose one of the following methods:

Visit the Website noted on your proxy card and enter the control number that appears on the proxy card. Follow the on-screen prompts to vote. Return the executed proxy card in the postage-paid envelope provided so it is received prior to April 9, 2021. Call the phone number above Monday through Friday, 9am to 10pm, Eastern time to speak with a proxy specialist. OR Call the toll free touch-tone phone number listed on your proxy card. Have your proxy card with control number available. Follow the touch-tone prompts to vote.

THANK YOU FOR VOTING

GS C ESG r1