GOLDMAN SACHS TRUST. This Supplement should be retained with the Summary Prospectuses, Prospectuses and SAI for future reference. EQG2CONFIDSTK 07-18

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1 GOLDMAN SACHS TRUST Goldman Sachs Fundamental Equity Growth Funds Class A, Class C, Institutional, Service, Investor, Class P, Class R, Class R6 and Class T Shares (as applicable) of the Goldman Sachs Growth Opportunities Fund Goldman Sachs Small/Mid Cap Growth Fund Goldman Sachs Technology Opportunities Fund (the Funds ) Supplement dated July 17, 2018 to the Summary Prospectuses, Prospectus and Statement of Additional Information ( SAI ), each dated December 29, 2017, as supplemented to date (with respect to Class A, Class C, Institutional, Service, Investor, Class R, Class R6 and Class T Shares) and to the Summary Prospectuses, Prospectus and SAI, each dated April 16, 2018, as supplemented to date (with respect to Class P Shares) Effective immediately, Steven M. Barry will no longer serve as a portfolio manager for the Goldman Sachs Small/Mid Cap Growth Fund. Daniel Zimmerman and Michael DeSantis will continue to serve as portfolio managers for the Fund. There are no changes to the portfolio managers for the Goldman Sachs Growth Opportunities Fund and Goldman Sachs Technology Opportunities Fund. Accordingly, effective immediately, all references to Mr. Barry in the Goldman Sachs Small/Mid Cap Growth Fund s Summary Prospectuses and the Prospectuses and SAI with respect to the Goldman Sachs Small/Mid Cap Growth Fund are deleted in their entirety. In addition, effective September 30, 2018, the Goldman Sachs Growth Opportunities Fund s and the Goldman Sachs Technology Opportunities Funds disclosures are modified as follows: All references to Steven M. Barry s title in the Summary Prospectuses, Prospectuses and SAI are changed to Managing Director, Chief Investment Officer, Fundamental Equity U.S. Equity. This Supplement should be retained with the Summary Prospectuses, Prospectuses and SAI for future reference. EQG2CONFIDSTK 07-18

2 GOLDMAN SACHS TRUST Goldman Sachs Fundamental Equity Growth Funds Class A, Class C, Institutional, Service, Investor, Class R6, Class T and Class P Shares of the Goldman Sachs Technology Opportunities Fund (the Fund ) Supplement dated June 18, 2018 to the Summary Prospectus ( Multi-Class Summary ), Statutory Prospectus ( Multi-Class Prospectus ) and Statement of Additional Information ( SAI ), each dated December 29, 2017, each as supplemented to date (with respect to Class A, Class C, Institutional, Service, Investor, Class R6 and Class T Shares) and to the Summary Prospectus ( Class P Summary and, together with the Multi-Class Summary, the Summary Prospectuses ), Statutory Prospectus ( Class P Prospectus and, together with the Multi-Class Prospectus, the Prospectuses ) and SAI, each dated April 16, 2018 (with respect to Class P Shares) The Board of Trustees of the Goldman Sachs Trust recently approved changes to the Fund s benchmark index. These changes will be effective July 2, 2018 (the Effective Date ). Accordingly, on the Effective Date, the Fund s Prospectuses and SAI are revised as follows: The following replaces the last paragraph under the Goldman Sachs Technology Opportunities Fund Summary Principal Strategy section in the Fund s Prospectuses and the Principal Strategy section of the Fund s Summary Prospectuses: The Fund s benchmark index is the NASDAQ Composite Total Return Index. The following sentence is added after the first sentence under the Goldman Sachs Technology Opportunities Fund Summary Performance section in the Fund s Prospectuses and the Performance section in the Fund s Summary Prospectuses: As of July 2, 2018, the Fund s benchmark index was changed from the S&P North American Technology Sector Index to the NASDAQ Composite Total Return Index. The Adviser believes that the NASDAQ Composite Total Return Index is a more appropriate index against which to measure performance in light of the Fund s investment strategy. The following is added above the last row for Class A Shares in the table under the Goldman Sachs Technology Opportunities Fund Summary Average Annual Total Return section in the Fund s Multi-Class Prospectus and in the Average Annual Total Return table under the Performance section in the Multi-Class Summary: NASDAQ Composite Total Return Index (reflects no deduction for fees or expenses)*** 8.84% 16.97% 9.46% N/A^ *** Effective July 2, 2018, the Fund s benchmark index was changed from the S&P North American Technology Sector Index to the NASDAQ Composite Total Return Index. Because September 30, 2010 is the inception date for Investor Shares, the Since Inception performance for the NASDAQ Composite Total Return Index with respect to Investor Shares is 15.32%. ^ The NASDAQ Composite Total Return Index commenced operations on September 24, Since the NASDAQ Composite Total Return Index has not been in existence as long as the Fund, Since Inception returns are not available.

3 The following is added above the last row for Institutional Shares in the table under the Goldman Sachs Technology Opportunities Fund Summary Average Annual Total Return section in the Fund s Class P Prospectus and in the Average Annual Total Return table under the Performance section in the Class P Summary: NASDAQ Composite Total Return Index (reflects no deduction for fees or expenses)** 29.64% 19.39% 11.21% N/A^ ** Effective July 2, 2018, the Fund s benchmark index was changed from the S&P North American Technology Sector Index to the NASDAQ Composite Total Return Index. ^ The NASDAQ Composite Total Return Index commenced operations on September 23, Since the NASDAQ Composite Total Return Index has not been in existence as long as the Fund, Since Inception returns are not available. The following replaces the last paragraph under the Investment Management Approach Principal Investment Strategies Technology Opportunities Fund section in the Prospectuses: The Fund s benchmark is the NASDAQ Composite Total Return Index. The NASDAQ Composite Total Return Index is a diverse, market capitalization-weighted index that is made up of over 3,000 stocks listed on the NASDAQ exchange. All references to the S&P North American Technology Sector Index in the SAI are hereby replaced with NASDAQ Composite Total Return Index. * * * This Supplement should be retained with the Summary Prospectuses, Prospectuses and SAI for future reference. EQGS3INDEXSTK 06-18

4 GOLDMAN SACHS TRUST Supplement dated June 15, 2018 to the current Prospectuses and Statements of Additional Information ( SAIs ) for each applicable Goldman Sachs Fund that offers Class A Shares and/or Class C Shares (each, a Fund and, collectively, the Funds ) This supplement describes certain changes to the features of Class A and Class C Shares of the Funds. Namely, (1) Class C Shares will now be converted automatically to Class A Shares ten years after the purchase date subject to the terms of the Prospectus and (2) shareholders purchasing Fund shares through Ameriprise Financial or Morgan Stanley Wealth Management may be eligible for certain sales charge waivers and discounts. I. Changes to Class C Share Conversion Policy Class C Shares of the Funds are sold through intermediaries to retail investors. Currently, shareholders may exchange their Class C Shares for Class A Shares of the same Fund after ten years without imposition of a front end sales charge or contingent deferred sales charge, subject to the terms of the Prospectus and SAI. The Board of Trustees of Goldman Sachs Trust has approved a new feature for Class C Shares such that Class C Shares will now be converted automatically to Class A Shares ten years after the purchase date. These conversions will occur quarterly, with the first conversion occurring in September Accordingly, effective July 30, 2018, the following changes are made to each Fund s disclosure: A. In the Shareholder Guide section of the Prospectus, the heading A Common Question Applicable to the Purchase of Class C Shares is revised to Common Questions Applicable to the Purchase of Class C Shares. B. In the Shareholder Guide section of the Prospectus, the following is added to the end of the section titled Common Questions Applicable to the Purchase of Class C Shares : What Should I Know About The Automatic Conversion Of Class C Shares? Class C Shares of a Fund will automatically convert into Class A Shares (which bear lower distribution and service (12b-1) fees and do not bear additional personal and account maintenance services fees) of the same Fund on or about the fifteenth day of the last month of the quarter that is ten years after the purchase date. No sales charges or other charges will apply in connection with any conversion. If you acquire Class C Shares of a Fund by exchange from Class C Shares of another Goldman Sachs Fund, your Class C Shares will convert into Class A Shares of such Fund based on the date of the initial purchase. If you acquire Class C Shares through reinvestment of distributions, your Class C Shares will convert into Class A Shares based on the date of the initial purchase of the shares on which the distribution was paid.

5 Shareholders will not recognize a gain or loss for federal income tax purposes upon the conversion of Class C Shares for Class A Shares of the same Fund. The automatic conversion of Class C Shares to Class A Shares will not apply to shares held through group retirement plan recordkeeping platforms of certain Intermediaries who hold such shares in an omnibus account and do not track participant level share lot aging to facilitate such a conversion. Effective on or about September 17, 2018, new employee benefit plans are not eligible to purchase Class C Shares. Employee benefit plans which have this share class of a Fund available to participants on or before September 18, 2018, may continue to open accounts for new participants in such share class of the Fund and purchase additional shares in existing participant accounts. If you purchased your shares through an Intermediary, it is the responsibility of your Intermediary to work with the Transfer Agent to effect the conversion and to ensure that Class C Shares are automatically converted after the appropriate period of time. In addition, if your shares are no longer subject to a CDSC, you may be able to exchange your Class C Shares for Class A Shares without the payment of a sales charge prior to the automatic conversion subject to the policies and procedures of the Intermediary through whom you have purchased your shares. Please contact your Intermediary with questions regarding your eligibility to exchange Class C Shares for Class A Shares. C. The paragraph titled Class C Exchanges is removed from the Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends section of the SAI. II. Changes to Intermediary-Specific Sales Charge Policies Goldman Sachs Trust, on behalf of the Funds, has established certain sales charge waivers and discounts applicable to investors who purchase Class A and Class C Shares of the Funds. Investors who purchase or redeem shares of the Funds through certain intermediaries that have a relationship with Goldman Sachs & Co. LLC, including banks, trust companies, brokers, registered investment advisers and other financial institutions ( Intermediaries ) may also be eligible for different or additional sales charge waivers and discounts, as implemented by an Intermediary. Effective immediately, the following is added to the Appendix titled Additional Information About Sales Charge Variations, Waivers and Discounts in each Fund s Prospectus: AMERIPRISE FINANCIAL Effective June 30, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible only for the following front-end sales charge waivers and discounts, which may differ from those disclosed elsewhere in this Fund s prospectus or SAI.

6 Front-End Sales Charge Waivers on Class A Shares Available at Ameriprise Financial Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employersponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs. Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial s platform (if an Advisory or similar share class for such investment advisory program is not available). Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family). Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges. Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members. Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor s spouse, advisor s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant. Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). MORGAN STANLEY WEALTH MANAGEMENT Effective July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund s Prospectus or SAI.

7 Front-End Sales Charge Waivers on Class A Shares Available at Morgan Stanley Wealth Management Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employersponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans Morgan Stanley employee and employee-related accounts according to Morgan Stanley s account linking rules Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund Shares purchased through a Morgan Stanley self-directed brokerage account Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management s share class conversion program Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. This Supplement should be retained with your Prospectus and SAI for future reference. GSTC2ASHRSTK 06-18

8 GOLDMAN SACHS TRUST Goldman Sachs Growth Opportunities Fund (the Fund ) Supplement dated February 14, 2018 to the Statutory Prospectus ( Prospectus ) dated December 29, 2017, as supplemented to date The Fund s Prospectus is revised as follows: The following replaces in its entirety the Annual Fund Operating Expenses table and its related footnotes in the Goldman Sachs Growth Opportunities Fund Summary Fees and Expenses of the Fund section of the Prospectus: Class A Class C Institutional Service Investor Class R Class R6 Class T Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees % 0.90% 0.90% 0.90% 0.90% 0.90% 0.90% 0.90% Distribution and/or Service (12b-1) Fees 0.25% 0.75% None 0.25% None 0.50% None 0.25% Other Expenses % 0.45% 0.06% 0.31% 0.20% 0.20% 0.05% 0.20% Service Fees None 0.25% None None None None None None Shareholder Administration Fees None None None 0.25% None None None None All Other Expenses 0.20% 0.20% 0.06% 0.06% 0.20% 0.20% 0.05% 0.20% Total Annual Fund Operating Expenses 1.35% 2.10% 0.96% 1.46% 1.10% 1.60% 0.95% 1.35% Fee Waiver and Expense Limitation 4 (0.06)% (0.06)% (0.01)% (0.01)% (0.06)% (0.06)% (0.01)% (0.06)% Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation 1.29% 2.04% 0.95% 1.45% 1.04% 1.54% 0.94% 1.29% 1 A contingent deferred sales charge ( CDSC ) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. 2 The Fund s Management Fees have been restated to reflect current fees. 3 The Other Expenses for Class T Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year. 4 The Investment Adviser has agreed to reduce or limit Other Expenses (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund s average daily net assets. Additionally, Goldman Sachs & Co. LLC ( Goldman Sachs ), the Fund s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of Other Expenses ) equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, Class R and Class T Shares of the Fund. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees.

9 The following replaces in its entirety the table in the Goldman Sachs Growth Opportunities Fund Summary Expense Example section of the Prospectus: 1 Year 3 Years 5 Years 10 Years Class A Shares $674 $949 $1,243 $2,080 Class C Shares Assuming complete redemption at end of period $307 $652 $1,123 $2,426 Assuming no redemption $207 $652 $1,123 $2,426 Institutional Shares $ 97 $305 $ 530 $1,177 Service Shares $148 $461 $ 796 $1,745 Investor Shares $106 $344 $ 600 $1,335 Class R Shares $157 $499 $ 865 $1,895 Class R6 Shares $ 96 $302 $ 525 $1,165 Class T Shares $378 $661 $ 965 $1,828 EQG21FEECHG 02-18

10 GOLDMAN SACHS TRUST Goldman Sachs Fundamental Equity Growth Funds Goldman Sachs Growth Opportunities Fund Goldman Sachs Small/Mid Cap Growth Fund Goldman Sachs Technology Opportunities Fund (each a Fund ) Supplement dated January 9, 2018 to the Prospectus, Summary Prospectuses and Statement of Additional Information (the SAI ), each dated December 29, 2017 Effective immediately, Goldman Sachs Asset Management, L.P. (the Investment Adviser ) will centralize its Fundamental Equity U.S. Value and Fundamental Equity U.S. Growth Teams into a single Fundamental Equity U.S. Equity Team. The Investment Adviser believes that these changes will benefit the Funds by providing a more holistic investment perspective and the ability to leverage investment ideas across the U.S. Fundamental Equity platform. Effective immediately, Sung Cho and Charles Brook Dane will serve as portfolio managers for Goldman Sachs Technology Opportunities Fund. In addition, effective immediately, Jonathan A. Neitzell and Lawrence Tankel will no longer serve as portfolio managers for Goldman Sachs Technology Opportunities Fund. Sean Gallagher will join Steven M. Barry as Co-Chief Investment Officer of the Fundamental Equity U.S. Equity Team. Mr. Barry and Michael DeSantis will continue to serve as portfolio managers for Goldman Sachs Technology Opportunities Fund. There are no changes to the portfolio managers for Goldman Sachs Growth Opportunities and Goldman Sachs Small/Mid Cap Growth Funds. Accordingly, effective immediately, the Funds disclosures are modified as follows: All references to the Growth Team or Growth Investment Team are replaced with Fundamental Equity U.S. Equity Team. All references to Messrs. Neitzell and Tankel in the Prospectus, Goldman Sachs Technology Opportunities Fund s Summary Prospectus and SAI are deleted in their entirety. The following replaces in its entirety the Portfolio Managers subsection of the Goldman Sachs Growth Opportunities Fund Summary Portfolio Management section of the Prospectus and the Portfolio Managers subsection of the Portfolio Management section of the Summary Prospectus: Portfolio Managers: Steven M. Barry, Managing Director, Co-Chief Investment Officer Fundamental Equity U.S. Equity, has managed the Fund since 1999; and Ashley R. Woodruff, CFA, Managing Director, has managed the Fund since 2014.

11 The following replaces in its entirety the Portfolio Managers subsection of the Goldman Sachs Small/Mid Cap Growth Fund Summary Portfolio Management section of the Prospectus and the Portfolio Managers subsection of the Portfolio Management section of the Summary Prospectus: Portfolio Managers: Steven M. Barry, Managing Director, Co-Chief Investment Officer Fundamental Equity U.S. Equity, has managed the Fund since 2005; Daniel Zimmerman, CFA, Managing Director, has managed the Fund since 2014; and Michael DeSantis, CFA, Vice President, has managed the Fund since The following replaces in its entirety the Portfolio Managers subsection of the Goldman Sachs Technology Opportunities Fund Summary Portfolio Management section of the Prospectus and the Portfolio Managers subsection of the Portfolio Management section of the Summary Prospectus: Portfolio Managers: Steven M. Barry, Managing Director, Co-Chief Investment Officer Fundamental Equity U.S. Equity, has managed the Fund since 1999; Michael DeSantis, CFA, Vice President, has managed the Fund since 2013; Sung Cho, CFA, Managing Director, has managed the Fund since 2018; and Charles Brooke Dane, CFA, Vice President, has managed the Fund since The following replaces in its entirety the GSAM s Growth Investment Philosophy, Buy Strategy, Valuation and Sell Discipline subsections under the Investment Management Approach Principal Investment Strategies section of the Prospectus: GSAM s Fundamental U.S. Equity Investment Approach: GSAM believes that strong fundamental, bottom-up research combined with a disciplined investment process is essential for generating superior performance over the long-term. The team s investment process involves: (1) using multiple industry-specific valuation metrics to identify real economic value and company potential in stocks, screened by valuation, profitability and business characteristics; (2) conducting in-depth company research and assessing overall business quality; and (3) buying those securities that a sector portfolio manager recommends, taking into account feedback from the rest of the portfolio management team. The Investment Adviser may decide to sell a position for various reasons, including valuation and price considerations, readjustment of the Investment Adviser s outlook based on subsequent events, the Investment Adviser s ongoing assessment of the quality and effectiveness of management, if new investment ideas offer the potential for better risk/reward profiles than existing holdings, or for risk management purposes. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions. GSAM s Growth Investment Philosophy: 1. Invest as if buying the company/business, not simply trading its stock: Understand the business, management, products and competition. Perform intensive, hands-on fundamental research.

12 Seek businesses with strategic competitive advantages. Over the long-term, expect each company s stock price ultimately to track the growth in the value of the business. 2. Buy high-quality growth businesses that possess strong business franchises, favorable long-term prospects and excellent management. 3. Purchase superior long-term growth companies at attractive valuations, giving the investor the potential to fully capture returns from above-average growth rates. In the Service Providers Fund Managers section of the Prospectus, (i) Mr. Barry s title is changed to Managing Director, Co-Chief Investment Officer, Fundamental Equity U.S. Equity and (ii) the following rows are added to the table in the Growth Investment Team subsection: Sung Cho, CFA Managing Director Charles Brook Dane, CFA Vice President Portfolio Manager Technology Opportunities Portfolio Manager Technology Opportunities Since 2018 Since 2018 Mr. Cho joined the Investment Adviser in He is a portfolio manager on the Fundamental Equity Team, where he has broad research responsibilities. Prior to joining GSAM, he was a management consultant focused on Strategy and Operations at Deloitte Consulting. Mr. Dane joined the Investment Adviser in 2010 as a portfolio manager for the Fundamental Equity Team. Prior to joining the Investment Adviser, Mr. Dane spent 13 years at Putnam Investments as a research analyst and more recently as a portfolio manager. This Supplement should be retained with your Prospectus, Summary Prospectuses and SAI for future reference. EQG2CONFIDSTK 01-18

13 GOLDMAN SACHS TRUST Supplement dated December 29, 2017 to the current Summary Prospectus, Statutory Prospectus and Statement of Additional Information for each applicable Goldman Sachs Fund that has Class T Shares, as listed on Exhibit A (each, a Fund and collectively, the Funds ) Class T Shares for the Funds listed on Exhibit A are not currently offered by the Funds. This Supplement should be retained with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information for future reference. Exhibit A Goldman Sachs Fundamental Equity Growth Funds Goldman Sachs Capital Growth Fund Goldman Sachs Concentrated Growth Fund Goldman Sachs Flexible Cap Fund Goldman Sachs Strategic Growth Fund Goldman Sachs Growth Opportunities Fund Goldman Sachs Small/Mid Cap Growth Fund Goldman Sachs Technology Opportunities Fund Goldman Sachs Fundamental Equity Value Funds Goldman Sachs Equity Income Fund Goldman Sachs Focused Value Fund Goldman Sachs Large Cap Value Fund Goldman Sachs Mid Cap Value Fund Goldman Sachs Small Cap Value Fund Goldman Sachs Small/Mid Cap Value Fund EQGCLASTSUP 12-17

14 Prospectus December 29, 2017 GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS Goldman Sachs Growth Opportunities Fund Class A Shares: GGOAX Class C Shares: GGOCX Institutional Shares: GGOIX Service Shares: GGOSX Investor Shares (formerly Class IR Shares): GGOTX Class R Shares: GGORX Class R6 Shares: GGOUX Class T Shares: GTGOX Goldman Sachs Small/Mid Cap Growth Fund Class A Shares: GSMAX Class C Shares: GSMGX Institutional Shares: GSMYX Service Shares: GSMQX Investor Shares (formerly Class IR Shares): GTMTX Class R Shares: GTMRX Class R6 Shares: GTMUX Class T Shares: GSTMX Goldman Sachs Technology Opportunities Fund Class A Shares: GITAX Class C Shares: GITCX Institutional Shares: GITIX Service Shares: GITSX Investor Shares (formerly Class IR Shares): GISTX Class R6 Shares: GTORX Class T Shares: GTOTX THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. AN INVESTMENT IN A FUND IS NOT A BANK DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. AN INVESTMENT IN A FUND INVOLVES INVESTMENT RISKS, AND YOU MAY LOSE MONEY IN A FUND.

15 Table of Contents Goldman Sachs Growth Opportunities Fund Summary 1 Goldman Sachs Small/Mid Cap Growth Fund Summary 6 Goldman Sachs Technology Opportunities Fund Summary 11 Investment Management Approach 17 Risks of the Funds 23 Service Providers 28 Distributions 32 Shareholder Guide 33 How To Buy Shares 33 How To Sell Shares 42 Taxation 49 Appendix A Additional Information on Portfolio Risks, Securities and Techniques 51 Appendix B Financial Highlights 67 Appendix C Additional Information About Sales Charge Variations, Waivers and Discounts 74

16 Goldman Sachs Growth Opportunities Fund Summary Investment Objective The Goldman Sachs Growth Opportunities Fund (the Fund ) seeks long-term growth of capital. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A or Class T Shares if you invest at least $50,000 or $250,000, respectively, in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in Shareholder Guide Common Questions Applicable to the Purchase of Class A Shares beginning on page 38 and Shareholder Guide Common Questions Applicable to the Purchase of Class T Shares beginning on page 40 and in Appendix C Additional Information About Sales Charge Variations, Waivers and Discounts on page 74 of the Prospectus and Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends beginning on page B-106 of the Fund s Statement of Additional Information ( SAI ). Class A Class C Institutional Service Investor Class R Class R6 Class T Shareholder Fees (fees paid directly from your investment) Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% None None None None None None 2.50% Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds) 1 None 1.00% None None None None None None Class A Class C Institutional Service Investor Class R Class R6 Class T Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees % 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% 0.92% Distribution and/or Service (12b-1) Fees 0.25% 0.75% None 0.25% None 0.50% None 0.25% Other Expenses % 0.45% 0.06% 0.31% 0.20% 0.20% 0.05% 0.20% Service Fees None 0.25% None None None None None None Shareholder Administration Fees None None None 0.25% None None None None All Other Expenses 0.20% 0.20% 0.06% 0.06% 0.20% 0.20% 0.05% 0.20% Total Annual Fund Operating Expenses 1.37% 2.12% 0.98% 1.48% 1.12% 1.62% 0.97% 1.37% Fee Waiver and Expense Limitation 4 (0.06)% (0.06)% (0.01)% (0.01)% (0.06)% (0.06)% (0.01)% (0.06)% Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation 1.31% 2.06% 0.97% 1.47% 1.06% 1.56% 0.96% 1.31% 1 A contingent deferred sales charge ( CDSC ) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. 2 The Fund s Management Fees have been restated to reflect current fees. 3 The Other Expenses for Class T Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year. 4 The Investment Adviser has agreed to reduce or limit Other Expenses (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Fund s average daily net assets. Additionally, Goldman Sachs & Co. LLC ( Goldman Sachs ), the Fund s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of Other Expenses ) equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, Class R and Class T Shares of the Fund. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Expense Example 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, Service, Investor, Class R, Class R6 and/or Class T Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor, Class R, Class R6 and/or Class T Shares at the end of those periods, unless otherwise stated. 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 1

17 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 A Shares $676 $954 $1,253 $2,101 Class C Shares Assuming complete redemption at end of period $309 $658 $1,134 $2,447 Assuming no redemption $209 $658 $1,134 $2,447 Institutional Shares $ 99 $311 $ 541 $1,200 Service Shares $150 $467 $ 807 $1,768 Investor Shares $108 $350 $ 611 $1,358 Class R Shares $159 $505 $ 876 $1,917 Class R6 Shares $ 98 $308 $ 535 $1,189 Class T Shares $380 $667 $ 976 $1,850 Portfolio Turnover The Fund pays transaction costs when it buys and sells securities or instruments (i.e., turns over its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in the annual fund operating expenses or in the expense example above, but are reflected in the Fund s performance. The Fund s portfolio turnover rate for the fiscal year ended August 31, 2017 was 61% of the average value of its portfolio. Principal Strategy The Fund invests, under normal circumstances, at least 90% of its total assets measured at the time of purchase ( Total Assets ) in equity investments with a primary focus on mid-cap companies. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in approximately companies that are considered by the Investment Adviser to be positioned for long-term growth. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Total Assets in foreign securities, including securities of issuers in countries with emerging markets or economies ( emerging countries ) and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly. The Fund s fundamental equity growth investment process involves evaluating potential investments based on specific characteristics believed to indicate a high-quality business with sustainable growth, including strong business franchises, favorable long-term prospects, and excellent management. The Investment Adviser will also consider valuation of companies when determining whether to buy and/or sell securities. The Investment Adviser may decide to sell a position for various reasons, including when a company s fundamental outlook deteriorates, because of valuation and price considerations, for risk management purposes, or when a company is deemed to be misallocating capital or a company no longer fits within the Fund s definition of a mid cap company. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions. The Fund s benchmark index is the Russell Midcap Growth Index. Principal Risks of the Fund Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ( FDIC ) or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. Investments in the Fund involve substantial risks which prospective investors should consider carefully before investing. Investment Style Risk. Different investment styles (e.g., growth, value or quantitative ) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Large Shareholder Transactions Risk. The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund s net asset value ( NAV ) and liquidity. Similarly, large Fund share purchases may adversely affect the Fund s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to 2

18 shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund s current expenses being allocated over a smaller asset base, leading to an increase in the Fund s expense ratio. Market Risk. The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Mid-Cap and Small-Cap Risk. Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks. Stock Risk. Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Performance The bar chart and table below provide an indication of the risks of investing in the Fund by showing: (a) changes in the performance of the Fund s Class A Shares from year to year; and (b) how the average annual total returns of the Fund s Class A, Class C, Institutional, Service, Investor, Class R, Class R6 and Class T Shares compare to those of a broad-based securities market index. The Fund s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at or by calling the appropriate phone number on the back cover of the Prospectus. The bar chart (including Best Quarter and Worst Quarter information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. TOTAL RETURN CALENDAR YEAR (CLASS A) The total return for Class A Shares for the nine-month period ended September 30, 2017 was 19.98% Best Quarter Q % Worst Quarter Q % 19.33% 57.58% 18.63% % -4.06% 19.02% 31.82% 10.99% -5.62%1.11% AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, Year 5 Years 10 Years Since Inception Class A Shares (Inception 5/24/99) Returns Before Taxes 4.43% 9.45% 7.23% 9.66% Returns After Taxes on Distributions 5.02% 6.98% 5.50% 8.44% Returns After Taxes on Distributions and Sale of Fund Shares 2.00% 7.50% 5.78% 8.18% Russell Midcap Growth Index (reflects no deduction for fees or expenses) 7.31% 13.49% 7.83% 6.74% Class C Shares (Inception 5/24/99) Returns Before Taxes 0.62% 9.88% 7.04% 9.19% Russell Midcap Growth Index (reflects no deduction for fees or expenses) 7.31% 13.49% 7.83% 6.74% Institutional Shares (Inception 5/24/99) Returns Before Taxes 1.49% 11.14% 8.27% 10.44% Russell Midcap Growth Index (reflects no deduction for fees or expenses) 7.31% 13.49% 7.83% 6.74% Service Shares (Inception 5/24/99) Returns Before Taxes 0.95% 10.57% 7.73% 9.89% Russell Midcap Growth Index (reflects no deduction for fees or expenses) 7.31% 13.49% 7.83% 6.74% 3

19 For the period ended December 31, Year 5 Years 10 Years Since Inception Investor Shares (Inception 11/30/07) Returns Before Taxes 1.41% 10.98% N/A 7.06% Russell Midcap Growth Index (reflects no deduction for fees or expenses) 7.31% 13.49% N/A 7.39% Class R Shares (Inception 11/30/07) Returns 0.90% 10.42% N/A 6.53% Russell Midcap Growth Index (reflects no deduction for fees or expenses) 7.31% 13.49% N/A 7.39% Class R6 Shares (Inception 7/31/15)* Returns Before Taxes 1.49% 11.14% 8.27% 10.45% Russell Midcap Growth Index (reflects no deduction for fees or expenses) 7.31% 13.49% 7.83% 6.74% Class T Shares** Returns Before Taxes 4.43% 9.45% 7.23% 9.66% Russell Midcap Growth Index (reflects no deduction for fees or expenses) 7.31% 13.49% 7.83% 6.74% * Class R6 Shares commenced operations on July 31, Prior to that date, the performance of the Class R6 Shares shown in the table above is that of the 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. ** As of the date of the Prospectus, Class T Shares have not commenced operations. Performance of Class T Shares shown in the table above is that of Class A Shares, including since inception performance as of Class A Shares inception date. Performance has not been adjusted to reflect the lower maximum sales charge (load) imposed on purchases of Class T Shares. Class T Shares would have had higher returns because: (i) Class A Shares and Class T Shares represent interests in the same portfolio of securities; and (ii) Class T Shares impose a lower maximum sales charge (load) on purchases. The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor, Class R6 and Class T Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Portfolio Management Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the Investment Adviser or GSAM ). Portfolio Managers: Steven M. Barry, Managing Director, Chief Investment Officer Fundamental Equity, Chief Investment Officer Growth Equity, has managed the Fund since 1999; and Ashley R. Woodruff, CFA, Managing Director, has managed the Fund since Buying and Selling Fund Shares The minimum initial investment for Class A and Class C Shares is, generally, $1,000. The minimum initial investment for Institutional Shares is, generally, $1,000,000 for individual or certain institutional investors, alone or in combination with other assets under the management of the Investment Adviser and its affiliates. There is no minimum for initial purchases of Investor, Class R, Class R6 and Class T Shares, except for certain institutional investors who purchase Class R6 Shares directly with the Fund s transfer agent for which the minimum initial investment is $5,000,000. Those share classes with a minimum initial investment requirement do not impose it on certain employee benefit plans, and Institutional Shares do not impose it on certain investment advisers investing on behalf of other accounts. The minimum subsequent investment for Class A and Class C shareholders is $50, except for certain employee benefit plans, for which there is no minimum. There is no minimum subsequent investment for Institutional, Investor, Class R, Class R6 or Class T shareholders. The Fund does not impose minimum purchase requirements for initial or subsequent investments in Service Shares, although an Intermediary (as defined below) may impose such minimums and/or establish other requirements such as a minimum account balance. You may purchase and redeem (sell) shares of the Fund on any business day through certain intermediaries that have a relationship with Goldman Sachs, including banks, trust companies, brokers, registered investment advisers and other financial institutions ( Intermediaries ). Tax Information For important tax information, please see Tax Information on page 16 of the Prospectus. 4

20 Payments to Broker-Dealers and Other Financial Intermediaries For important information about financial intermediary compensation, please see Payments to Broker-Dealers and Other Financial Intermediaries on page 16 of the Prospectus. 5

21 Goldman Sachs Small/Mid Cap Growth Fund Summary Investment Objective The Goldman Sachs Small/Mid Cap Growth Fund (the Fund ) seeks long-term growth of capital. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A or Class T Shares if you invest at least $50,000 or $250,000, respectively, in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in Shareholder Guide Common Questions Applicable to the Purchase of Class A Shares beginning on page 38 and Shareholder Guide Common Questions Applicable to the Purchase of Class T Shares beginning on page 40 and in Appendix C Additional Information About Sales Charge Variations, Waivers and Discounts on page 74 of the Prospectus and Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends beginning on page B-106 of the Fund s Statement of Additional Information ( SAI ). Class A Class C Institutional Service Investor Class R Class R6 Class T Shareholder Fees (fees paid directly from your investment) Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% None None None None None None 2.50% Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds) 1 None 1.00% None None None None None None Class A Class C Institutional Service Investor Class R Class R6 Class T Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees % 0.84% 0.84% 0.84% 0.84% 0.84% 0.84% 0.84% Distribution and/or Service (12b-1) Fees 0.25% 0.75% None 0.25% None 0.50% None 0.25% Other Expenses % 0.46% 0.07% 0.32% 0.21% 0.21% 0.06% 0.21% Service Fees None 0.25% None None None None None None Shareholder Administration Fees None None None 0.25% None None None None All Other Expenses 0.21% 0.21% 0.07% 0.07% 0.21% 0.21% 0.06% 0.21% Total Annual Fund Operating Expenses 1.30% 2.05% 0.91% 1.41% 1.05% 1.55% 0.90% 1.30% Fee Waiver and Expense Limitation 4 (0.03)% (0.03)% None None (0.03)% (0.03)% None (0.03)% Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation 1.27% 2.02% 0.91% 1.41% 1.02% 1.52% 0.90% 1.27% 1 A contingent deferred sales charge ( CDSC ) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. 2 The Fund s Management Fees have been restated to reflect current fees. 3 The Other Expenses for Class T Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year. 4 The Investment Adviser has agreed to reduce or limit Other Expenses (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.064% of the Fund s average daily net assets. Additionally, Goldman Sachs & Co. LLC ( Goldman Sachs ), the Fund s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of Other Expenses ) equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, Class R and Class T Shares of the Fund. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Expense Example 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, Service, Investor, Class R, Class R6 and/or Class T Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor, Class R, Class R6 and/or Class T Shares at the end of those periods, unless otherwise stated. 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 6

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