PART B STATEMENT OF ADDITIONAL INFORMATION DATED MARCH 30, 2021 GOLDMAN SACHS FINANCIAL SQUARE FUNDSSM PRIME TREASURY TREASURY OBLIGATIONS MONEY MARKET OBLIGATIONS INSTRUMENTS TREASURY SHARE CLASS FUND FUND FUND FUND SOLUTIONS FUND INSTITUTIONAL FPOXX FSMXX FTOXX FTIXX FEDXX ADMINISTRATION FBAXX FADXX FGAXX FRAXX FVAXX CAPITAL GCPXX GCKXX GCTXX GCIXX GCFXX CASH MANAGEMENT GFOXX GSCXX GTOXX GICXX GFCXX PREFERRED GPPXX GPMXX GPOXX GPIXX GPFXX PREMIER GOPXX GPRXX GTPXX GIPXX GFPXX RESOURCE GBRXX GREXX GTRXX GIRXX GFRXX SELECT GSPXX GSMXX GSOXX GSIXX GSFXX SERVICE FBSXX FSVXX FYAXX FYSXX FVSXX GOLDMAN SACHS GOLDMAN SACHS FINANCIAL SQUARE FUNDSSM INVESTOR FUNDSSM FEDERAL TAX-EXEMPT INSTRUMENTS MONEY MARKET MONEY MARKET SHARE CLASS GOVERNMENT FUND FUND FUND FUND INSTITUTIONAL/ CLASS I FGTXX FIRXX FMJXX FTXXX ADMINISTRATION FOAXX FIOXX FMKXX FEAXX CAPITAL GCGXX FIKXX — GCXXX CASH MANAGEMENT GVCXX FIWXX FHMXX GXCXX CLASS A FSOXX — FMEXX FKIXX CLASS C FSGXX — FMGXX FCYXX PREFERRED GPGXX FIHXX — GPTXX PREMIER GGPXX FIQXX — GXPXX RESOURCE GVRXX — FHRXX GXRXX CLASS R6 FGGXX — — — SELECT GSGXX FIJXX — GSTXX SERVICE FOSXX FILXX FHSXX FESXX Money Market Funds of the Goldman Sachs Trust 71 South Wacker Drive Chicago, Illinois 60606 TABLE OF CONTENTS INTRODUCTION B-1 INVESTMENT OBJECTIVES AND POLICIES B-1 INVESTMENT RESTRICTIONS B-15 TRUSTEES AND OFFICERS B-20 MANAGEMENT SERVICES B-31 POTENTIAL CONFLICTS OF INTEREST B-39 PORTFOLIO TRANSACTIONS B-52 NET ASSET VALUE B-53 REDEMPTIONS B-56 SHARES OF THE TRUST B-58 TAXATION B-62 FINANCIAL STATEMENTS B-68 PROXY VOTING B-68 PAYMENTS TO OTHERS (INCLUDING INTERMEDIARIES) B-69 OTHER INFORMATION B-75 ADMINISTRATION PLANS B-78 SERVICE PLANS AND SHAREHOLDER ADMINISTRATION PLANS B-81 SELECT PLAN B-83 CAPITAL ADMINISTRATION PLAN B-85 SERVICE PLAN AND ADMINISTRATION PLAN B-87 DISTRIBUTION AND SERVICE PLANS B-89 APPENDIX A: DESCRIPTION OF SECURITIES RATINGS 1-A APPENDIX B: GSAM PROXY VOTING GUIDELINES SUMMARY 1-B GOLDMAN SACHS ASSET MANAGEMENT, L.P., Investment Adviser 200 West Street New York, New York 10282 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.) 1-800-621-2550 (for Institutional/Class I, Administration, Capital, Cash Management, Preferred, Premier, Resource, Class R6, Select and Service Shareholders) or 1-800-526-7384 (for Class A and Class C Shareholders) 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 Financial Square Prime Obligations Fund (“Financial Square Prime Obligations Fund”), Goldman Sachs Financial Square Money Market Fund (“Financial Square Money Market Fund”), Goldman Sachs Financial Square Treasury Instruments Fund (“Financial Square Treasury Instruments Fund”), Goldman Sachs Financial Square Treasury Obligations Fund (“Financial Square Treasury Obligations Fund”), Goldman Sachs Financial Square Treasury Solutions Fund (“Financial Square Treasury Solutions Fund”), Goldman Sachs Financial Square Government Fund (“Financial Square Government Fund”), Goldman Sachs Financial Square Federal Instruments Fund (“Financial Square Federal Instruments Fund”), Goldman Sachs Investor Money Market Fund (“Investor Money Market Fund”) and Goldman Sachs Investor Tax-Exempt Money Market Fund (“Investor Tax-Exempt Money Market Fund”). Prior to March 31, 2016, the Investor Tax-Exempt Money Market Fund’s name was “Goldman Sachs Financial Square Tax-Free Money Market Fund.” 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. Pursuant thereto, the Trustees have created the Funds and other series. Additional series may be added in the future from time to time. The Financial Square Prime Obligations Fund, Financial Square Money Market Fund, Financial Square Treasury Obligations Fund, Financial Square Treasury Instruments Fund and Financial Square Treasury Solutions Fund currently offer nine classes of shares: Institutional Shares, Administration Shares, Capital Shares, Cash Management Shares, Preferred Shares, Premier Shares, Resource Shares, Select Shares and Service Shares. The Financial Square Government Fund currently offers twelve classes of shares: Institutional Shares, Administration Shares, Capital Shares, Cash Management Shares, Class A Shares, Class C Shares, Preferred Shares, Premier Shares, Resource Shares, Class R6 Shares, Select Shares and Service Shares. The Financial Square Federal Instruments Fund currently offers eight classes of shares: Institutional Shares, Administration Shares, Capital Shares, Cash Management Shares, Preferred Shares, Premier Shares, Select Shares and Service Shares. The Investor Money Market Fund currently offers seven classes of shares: Class I Shares, Administration Shares, Cash Management Shares, Class A Shares, Class C Shares, Resource Shares and Service Shares. The Investor Tax-Exempt Money Market Fund currently offers eleven classes of shares: Class I Shares, Administration Shares, Capital Shares, Cash Management Shares, Class A Shares, Class C Shares, Preferred Shares, Premier Shares, Resource Shares, Select Shares and Service Shares. See “SHARES OF THE TRUST.” Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as the investment adviser to the Funds. GSAM is sometimes referred to herein as the “Investment Adviser.” In addition, Goldman Sachs serves as each Fund’s distributor (the “Distributor”) and transfer agent (the “Transfer Agent”). The Bank of New York Mellon (“BNYM”) serves as the custodian to the Funds. The following information relates to and supplements the description of each Fund’s investment objective and policies contained in the Prospectuses. See the Prospectuses for a more complete description of each Fund’s investment objective 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. Effective September 1, 2020, the Funds’ fiscal year end was changed from August 31 to November 30. INVESTMENT OBJECTIVES AND POLICIES Each Fund has a distinct investment objective and policies. Each Fund is a diversified, open-end management investment company (as defined in the Investment Company Act of 1940, as amended (the “Act”)). Additional information about the Funds, their policies, and the investment instruments they may hold, is provided below. All investment objectives and investment policies not specifically designated as fundamental may be changed without shareholder approval. However, with respect to the Financial Square Treasury Instruments Fund, Financial Square Treasury Solutions Fund, Financial Square Government Fund and Financial Square Federal Instruments Fund, shareholders will be provided with sixty (60) days’ notice in the manner prescribed by the U.S. Securities and Exchange Commission (“SEC”) before any change in a Fund’s policy to invest, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in the particular type of investment suggested by the Fund’s name. B-1 To the extent described in the Prospectuses and further below, the policies of the Investor Tax-Exempt Money Market Fund to invest at least 80% of its Net Assets in municipal obligations, the interest from which, if any, is in the opinion of bond counsel excluded from gross income for federal income tax purposes, and the policy of the Financial Square Treasury Obligations Fund to limit its investments to U.S. Treasury Obligations and related repurchase agreements, are fundamental policies that may not be changed without shareholder approval. U.S. Government Securities The Financial Square Prime Obligations, Financial Square Money Market, Financial Square Government, Financial Square Federal Instruments and Investor Money Market Funds may invest in government securities, which are securities issued or guaranteed by the U.S. government or certain U.S. government agencies or instrumentalities (“U.S. Government Securities”). Some U.S. Government Securities (such as Treasury bills, notes and bonds, which differ only in their interest rates, maturities and times of issuance) are supported by the full faith and credit of the United States. Others, such as obligations issued or guaranteed by U.S. government agencies, instrumentalities or sponsored enterprises, are supported either by (i) the right of the issuer to borrow from the U.S. Treasury Department (the “Treasury”), (ii) the discretionary authority of the U.S. government to purchase certain obligations of the issuer or (iii) the credit of the issuer. The U.S. government is under no legal obligation, in general, to purchase the obligations of its agencies, instrumentalities or sponsored enterprises. No assurance can be given that the U.S. government will provide financial support to the U.S. government agencies, instrumentalities or sponsored