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Printmgr File PART B STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 30, 2021, AS SUPPLEMENTED SEPTEMBER 24, 2021 CLASS A CLASS C INSTITUTIONAL INVESTOR CLASS R CLASS R6 SERVICE CLASS P FUND SHARES SHARES SHARES SHARES SHARES SHARES SHARES SHARES GOLDMAN SACHS ABSOLUTE RETURN GARTX GCRTX GJRTX GSRTX GRRTX GARUX — GSGPX TRACKER FUND GOLDMAN SACHS COMMODITY STRATEGY GSCAX GSCCX GCCIX GCCTX GCCRX GCCUX — GGRPX FUND GOLDMAN SACHS ALTERNATIVE PREMIA GDAFX GDCFX GDIFX GDHFX GDRFX GDHUX — GSSPX FUND GOLDMAN SACHS MANAGED FUTURES GMSAX GMSCX GMSSX GFIRX GFFRX GMSWX — GMQPX STRATEGY FUND GOLDMAN SACHS DEFENSIVE EQUITY FUND GDEAX GDECX GDEIX GDEJX GDERX GDESX — GDEPX GOLDMAN SACHS REAL ESTATE GREAX GRECX GREIX GRETX GRERX GREUX GRESX GMJPX SECURITIES FUND GOLDMAN SACHS INTERNATIONAL REAL GIRAX GIRCX GIRIX GIRTX — GIRUX — GGEPX ESTATE SECURITIES FUND GOLDMAN SACHS GLOBAL REAL ESTATE GARGX GARKX GARSX GARJX GARHX GARVX — GGUPX SECURITIES FUND GOLDMAN SACHS GLOBAL GGIAX GGICX GGIDX GGINX GGIEX GGIJX — GGWPX INFRASTRUCTURE FUND GOLDMAN SACHS U.S. EQUITY DIVIDEND GSPAX GSPQX GSPKX GVIRX — GIDWX — GSFPX AND PREMIUM FUND GOLDMAN SACHS INTERNATIONAL EQUITY GIDAX GIDCX GIDHX GIRVX — GIDUX — GGHPX DIVIDEND AND PREMIUM FUND GOLDMAN SACHS U.S. TAX-MANAGED GCTAX GCTCX GCTIX GQIRX — GCTRX GCTSX GSDPX EQUITY FUND GOLDMAN SACHS INTERNATIONAL GATMX GCTMX GHTMX GITRX — GHTRX — GGCPX TAX-MANAGED EQUITY FUND (Alternative, Real Estate Securities and Tax-Advantaged Equity Funds of Goldman Sachs Trust) 71 South Wacker Drive Chicago, Illinois 60606 This Statement of Additional Information (the “SAI”) is not a prospectus. This SAI should be read in conjunction with the prospectuses for the Goldman Sachs Absolute Return Tracker Fund, Goldman Sachs Commodity Strategy Fund, Goldman Sachs Alternative Premia Fund, Goldman Sachs Managed Futures Strategy Fund, Goldman Sachs Defensive Equity Fund, Goldman Sachs Real Estate Securities Fund, Goldman Sachs International Real Estate Securities Fund, Goldman Sachs Global Real Estate Securities Fund, Goldman Sachs Global Infrastructure Fund, Goldman Sachs U.S. Equity Dividend and Premium Fund, Goldman Sachs International Equity Dividend and Premium Fund, Goldman Sachs U.S. Tax-Managed Equity Fund, and Goldman Sachs International Tax-Managed Equity Fund, each dated April 30, 2021, as they may be further amended and/or supplemented from time to time (the “Prospectuses”), and which may be obtained without charge from Goldman Sachs & Co. LLC by calling the applicable telephone number, or writing to one of the addresses, listed below or from institutions (“Intermediaries”) acting on behalf of their customers. The audited financial statements and related report of PricewaterhouseCoopers LLP, independent registered public accounting firm for each Fund, contained in each Fund’s 2020 Annual Report, are incorporated herein by reference in the section “FINANCIAL STATEMENTS.” No other portions of each Fund’s Annual Report are incorporated by reference herein. A Fund’s Annual Report may be obtained upon request and without charge by calling Goldman Sachs & Co. LLC toll-free at 1-800-526-7384 (for Class A, Class C, Investor and Class R Shareholders) or 1-800-621-2550 (for Class R6, Institutional, Service and Class P Shareholders). GSAM® is a registered service mark of Goldman Sachs & Co LLC. TABLE OF CONTENTS INTRODUCTION 1 INVESTMENT OBJECTIVES AND POLICIES 1 DESCRIPTION OF INVESTMENT SECURITIES AND PRACTICES 10 INVESTMENT RESTRICTIONS 56 TRUSTEES AND OFFICERS 65 MANAGEMENT SERVICES 77 POTENTIAL CONFLICTS OF INTEREST 99 PORTFOLIO TRANSACTIONS AND BROKERAGE 115 NET ASSET VALUE 119 SHARES OF THE TRUST 121 TAXATION 125 FINANCIAL STATEMENTS 132 PROXY VOTING 133 PAYMENTS TO OTHERS (INCLUDING INTERMEDIARIES) 134 OTHER INFORMATION 140 DISTRIBUTION AND SERVICE PLANS 144 OTHER INFORMATION REGARDING MAXIMUM SALES CHARGE, PURCHASES, REDEMPTIONS, EXCHANGES AND DIVIDENDS 147 SERVICE PLAN AND SHAREHOLDER ADMINISTRATION PLAN 151 CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES 152 APPENDIX A DESCRIPTION OF SECURITIES RATINGS 1-A APPENDIX B GSAM PROXY VOTING GUIDELINES SUMMARY 1-B APPENDIX C SUB-ADVISER PROXY VOTING GUIDELINES SUMMARY 1-C APPENDIX D STATEMENT OF INTENTION 1-D i GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street New York, New York 10282 CoreCommodity Management, LLC Investment Sub-Adviser to: Goldman Sachs Commodity Strategy Fund 680 Washington Boulevard 11th Floor Stamford, Connecticut 06901 GOLDMAN SACHS & CO. LLC Distributor 200 West Street New York, New York 10282 GOLDMAN SACHS & CO. LLC Transfer Agent 71 South Wacker Drive Chicago, Illinois 60606 Toll-free (in U.S.) 800-526-7384 (for Class A, Class C, Investor and Class R Shareholders) or 800-621-2550 (for Class R6, Institutional, Service and Class P Shareholders). ii INTRODUCTION Goldman Sachs Trust (the “Trust”) is an open-end management investment company. The Trust is organized as a Delaware statutory trust and was established by a Declaration of Trust dated January 28, 1997. The Trust is a successor to a Massachusetts business trust that was combined with the Trust on April 30, 1997. The following series of the Trust are described in this SAI: Goldman Sachs Absolute Return Tracker Fund (“Absolute Return Tracker Fund”), Goldman Sachs Commodity Strategy Fund (“Commodity Strategy Fund”), Goldman Sachs Alternative Premia Fund (prior to October 30, 2017, Goldman Sachs Dynamic Allocation Fund) (“Alternative Premia Fund”), Goldman Sachs Managed Futures Strategy Fund (“Managed Futures Strategy Fund”), Goldman Sachs Defensive Equity Fund (“Defensive Equity Fund”), Goldman Sachs Real Estate Securities Fund (“Real Estate Securities Fund”), Goldman Sachs International Real Estate Securities Fund (“International Real Estate Securities Fund”), Goldman Sachs Global Real Estate Securities Fund (“Global Real Estate Securities Fund”), Goldman Sachs Global Infrastructure Fund (“Global Infrastructure Fund”), Goldman Sachs U.S. Equity Dividend and Premium Fund (“U.S. Equity Dividend and Premium Fund”), Goldman Sachs International Equity Dividend and Premium Fund (“International Equity Dividend and Premium Fund”), Goldman Sachs U.S. Tax-Managed Equity Fund (prior to April 30, 2014, the Goldman Sachs Structured Tax-Managed Equity Fund) (“U.S. Tax-Managed Equity Fund”), and Goldman Sachs International Tax-Managed Equity Fund (prior to April 30, 2014, the Goldman Sachs Structured International Tax-Managed Equity Fund) (“International Tax-Managed Equity Fund”) (collectively referred to herein as the “Funds”). The Trustees of the Trust have authority under the Declaration of Trust to create and classify shares into separate series and to classify and reclassify any series or portfolio of shares into one or more classes without further action by shareholders, and have created the Funds and other series pursuant thereto. Additional series may be added in the future from time to time. The Real Estate Securities Fund currently offers eight classes of shares: Class A Shares, Class C Shares, Class R Shares, Investor Shares, Class R6 Shares, Institutional Shares, Service Shares and Class P Shares. The Absolute Return Tracker Fund, Commodity Strategy Fund, Alternative Premia Fund, Defensive Equity Fund, Global Infrastructure Fund, Global Real Estate Securities Fund and Managed Futures Strategy Fund currently offer seven classes of shares: Class A Shares, Class C Shares, Class R Shares, Investor Shares, Class R6 Shares, Institutional Shares and Class P Shares. The U.S. Tax-Managed Equity Fund currently offers seven classes of shares: Class A Shares, Class C Shares, Investor Shares, Class R6 Shares, Institutional Shares, Service Shares and Class P Shares. The International Real Estate Securities Fund, U.S. Equity Dividend and Premium Fund, International Equity Dividend and Premium Fund and International Tax-Managed Equity Fund currently offer six classes of shares: Class A Shares, Class C Shares, Investor Shares, Class R6 Shares, Institutional Shares and Class P Shares. See “SHARES OF THE TRUST.” Prior to August 15, 2017, Investor Shares were named Class IR Shares. Goldman Sachs Asset Management, L.P. (“GSAM” or the “Investment Adviser”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as the investment adviser to the Funds. CoreCommodity Management, LLC (“CoreCommodity” or the “Sub-Adviser”) serves as investment sub-adviser to the Commodity Strategy Fund. In addition, Goldman Sachs serves as each Fund’s distributor (the “Distributor”) and transfer agent (the “Transfer Agent”). JPMorgan Chase Bank, N.A. (“JPMorgan Chase”) serves as custodian to each Fund except for the Defensive Equity Fund and Global Infrastructure Fund. The Defensive Equity Fund’s custodian is State Street Bank and Trust Company (“State Street”). The Global Infrastructure Fund’s custodian is The Bank of New York Mellon (“BNYM”). The following information relates to and supplements the description of each Fund’s investment policies contained in the Prospectuses. See the Prospectuses for a more complete description of the Funds’ investment objectives and policies. Investing in the Funds entails certain risks and there is no assurance that a Fund will achieve its objective. Capitalized terms used but not defined herein have the same meaning as in the Prospectuses. INVESTMENT OBJECTIVES AND POLICIES Each Fund has a distinct investment objective and policies. There can be no assurance that a Fund’s investment objective will be achieved. Each of the Absolute Return Tracker Fund, Commodity Strategy Fund, Alternative
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