GOLDMAN SACHS TRUST Supplement dated November 2, 2017 to the current Prospectuses, Summary Prospectuses and Statements of Additional Information for each applicable Goldman Sachs Fund that has Class R6 Shares, as listed on Exhibit A (each, a Fund and, collectively, the Funds ) Goldman Sachs Trust (the Trust ), on behalf of the Funds, has modified certain eligibility requirements applicable to investors who purchase Class R6 Shares of the Funds. Effective December 2, 2017, Class R6 Shares generally will be available to the following investors who purchase shares of the Funds through certain intermediaries that have a contractual relationship with Goldman Sachs & Co. LLC ( Goldman Sachs, Distributor or Transfer Agent ), including banks, trust companies, brokers, registered investment advisers and other financial institutions ( Intermediaries ), using a plan level or omnibus account, unless otherwise noted below. Investors who purchase Class R6 Shares through asset-based fee programs of certain Intermediaries that have entered into a contractual relationship with the Distributor to offer Class R6 Shares through such programs; Section 401(k), 403(b), 457, profit sharing, money purchase pension, tax-sheltered annuity, defined benefit pension, non-qualified deferred compensation plans and non-qualified pension plans or other employee benefit plans (including health savings accounts) or SIMPLE plans that are sponsored by one or more employers (including governmental or church employers) or employee organizations ( Employee Benefit Plans ); Registered investment companies or bank collective trusts; Institutional investors, including companies, foundations, endowments, municipalities, trusts and other entities, investing at least $5,000,000 directly with the Transfer Agent; and Other investors at the discretion of the Trust s officers. Notwithstanding anything to the contrary, for the purposes of Class R6 Shares eligibility, the term Intermediary does not include Goldman Sachs or its affiliates and Class R6 Shares will not be available to clients of Goldman Sachs Private Wealth Management, The Goldman Sachs Trust Company, N.A., The Goldman Sachs Trust Company of Delaware or The Ayco Company, L.P. This Supplement should be retained with your Prospectus, Summary Prospectus, and Statement of Additional Information for future reference. R6SHRESDISTR 10-17
Exhibit A Goldman Sachs Absolute Return Multi-Asset Fund Goldman Sachs Absolute Return Tracker Fund Goldman Sachs Balanced Strategy Portfolio Goldman Sachs Bond Fund Goldman Sachs Capital Growth Fund Goldman Sachs Commodity Strategy Fund Goldman Sachs Concentrated Growth Fund Goldman Sachs Core Fixed Income Fund Goldman Sachs Alternative Premia Fund Goldman Sachs Blue Chip Fund Goldman Sachs Emerging Markets Debt Fund Goldman Sachs Emerging Markets Equity Fund Goldman Sachs Emerging Markets Equity Insights Fund Goldman Sachs Enhanced Income Fund Goldman Sachs Equity Growth Strategy Portfolio Goldman Sachs Equity Income Fund Goldman Sachs Financial Square Government Fund Goldman Sachs Flexible Cap Fund Goldman Sachs Focused International Equity Fund Goldman Sachs Focused Value Fund Goldman Sachs Global Income Fund Goldman Sachs Global Infrastructure Fund Goldman Sachs Global Real Estate Securities Fund Goldman Sachs Government Income Fund Goldman Sachs Growth and Income Strategy Portfolio Goldman Sachs Growth Opportunities Fund Goldman Sachs Growth Strategy Portfolio Goldman Sachs High Quality Floating Rate Fund Goldman Sachs High Yield Fund Goldman Sachs Income Builder Fund Goldman Sachs Inflation Protected Securities Fund Goldman Sachs International Equity Insights Fund Goldman Sachs International Real Estate Securities Fund Goldman Sachs International Small Cap Insights Fund Goldman Sachs Investment Grade Credit Fund Goldman Sachs Large Cap Growth Insights Fund Goldman Sachs Large Cap Value Fund Goldman Sachs Large Cap Value Insights Fund Goldman Sachs Mid Cap Value Fund Goldman Sachs MLP & Energy Fund Goldman Sachs Real Estate Securities Fund Goldman Sachs Satellite Strategies Portfolio
Goldman Sachs Short Duration Government Fund Goldman Sachs Short Duration Income Fund Goldman Sachs Small Cap Equity Insights Fund Goldman Sachs Small Cap Growth Insights Fund Goldman Sachs Small Cap Value Fund Goldman Sachs Small Cap Value Insights Fund Goldman Sachs Small/Mid Cap Growth Fund Goldman Sachs Small/Mid Cap Value Fund Goldman Sachs Strategic Growth Fund Goldman Sachs Strategic Income Fund Goldman Sachs Strategic International Equity Fund Goldman Sachs Tactical Exposure Fund Goldman Sachs U.S. Equity Insights Fund Goldman Sachs U.S. Mortgages Fund
GOLDMAN SACHS TRUST Supplement dated June 28, 2017 to the current Summary Prospectuses, Statutory Prospectuses ( Prospectuses ) and Statements of Additional Information ( SAIs ) for each applicable Goldman Sachs Fund that has Class A, Class C, Class IR, Class R or Class T Shares, as listed on Exhibit A, or Class R6 Shares, as listed on Exhibit B (each a Fund and collectively the Funds ) At a meeting held on June 14-15, 2017, the Board of Trustees of the Goldman Sachs Trust approved a change to the transfer agency fees for (i) Class A, Class C, Class IR, Class R and Class T Shares of the Funds listed in Exhibit A and (ii) Class R6 Shares of the Funds listed in Exhibit B. Fund-specific transfer agency fee waivers, if any, will remain in place through the date stated in the applicable Prospectus. Effective July 28, 2017, the Funds Prospectuses and SAIs are revised as follows: 1. With respect to each Fund listed on Exhibit A, the Service Providers Distributor and Transfer Agent section of the Funds Prospectuses and the Management Services Distributor and Transfer Agent Transfer Agent section of the Funds SAIs are revised to reflect that Goldman Sachs & Co., LLC, as each Fund s transfer agent, is entitled to receive a transfer agency fee equal, on an annualized basis, to 0.18% (previously, 0.19%) of average daily net assets with respect to the Class A, Class C, Class IR, Class R and Class T Shares. As a result, the change in the transfer agency fees may impact the total expenses you pay in connection with your investment in Class A, Class C, Class IR, Class R and Class T Shares. 2. With respect to each Fund listed on Exhibit B, the Service Providers Distributor and Transfer Agent section of the Funds Prospectuses and the Management Services Distributor and Transfer Agent Transfer Agent section of the Funds SAIs are revised to reflect that Goldman Sachs & Co., LLC, as each Fund s transfer agent, is entitled to receive a transfer agency fee equal, on an annualized basis, to 0.03% (previously, 0.02%) of average daily net assets with respect to the Class R6 Shares. As a result, the change in the transfer agency fees may impact the total expenses you pay in connection with your investment in Class R6 Shares. This Supplement should be retained with your Summary Prospectus, Prospectus and SAI for future reference. GSTITAFEECHG 06-17
EXHIBIT A Goldman Sachs Global Tax-Aware Equity Portfolios Goldman Sachs Enhanced Dividend Global Equity Portfolio Goldman Sachs Tax-Advantaged Global Equity Portfolio Goldman Sachs Tax-Advantaged Equity Funds Goldman Sachs International Equity Dividend and Premium Fund Goldman Sachs International Tax-Managed Equity Fund Goldman Sachs U.S. Equity Dividend and Premium Fund Goldman Sachs U.S. Tax-Managed Equity Fund Goldman Sachs International Equity Insights Funds Goldman Sachs Emerging Markets Equity Insights Fund Goldman Sachs International Equity Insights Fund Goldman Sachs International Small Cap Insights Fund Goldman Sachs Dividend Focus Funds Goldman Sachs Income Builder Fund Goldman Sachs Rising Dividend Growth Fund Goldman Sachs Domestic Equity Insights Funds Goldman Sachs Large Cap Growth Insights Fund Goldman Sachs Large Cap Value Insights Fund Goldman Sachs Small Cap Equity Insights Fund Goldman Sachs Small Cap Growth Insights Fund Goldman Sachs Small Cap Value Insights Fund Goldman Sachs U.S. Equity Insights Fund
Goldman Sachs Fundamental Equity Growth Funds Goldman Sachs Capital Growth Fund Goldman Sachs Concentrated Growth Fund Goldman Sachs Dynamic U.S. Equity Fund Goldman Sachs Flexible Cap Growth Fund (effective August 30, 2017, Goldman Sachs Flexible Cap Fund ) Goldman Sachs Focused Growth 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 Goldman Sachs Fundamental Emerging Markets Equity Funds Goldman Sachs Asia Equity Fund Goldman Sachs Emerging Markets Equity Fund Goldman Sachs N-11 Equity Fund Goldman Sachs Fundamental International Equity Funds Goldman Sachs Focused International Equity Fund Goldman Sachs Strategic International Equity Fund
Goldman Sachs Select Satellite Funds Goldman Sachs Absolute Return Tracker Fund Goldman Sachs Dynamic Allocation Fund Goldman Sachs Managed Futures Strategy Fund Goldman Sachs Real Estate and Global Infrastructure Funds Goldman Sachs Global Infrastructure Fund Goldman Sachs Global Real Estate Securities Fund Goldman Sachs International Real Estate Securities Fund Goldman Sachs Real Estate Securities Fund Goldman Sachs Fund of Funds Portfolios Goldman Sachs Balanced Strategy Portfolio Goldman Sachs Equity Growth Strategy Portfolio Goldman Sachs Growth and Income Strategy Portfolio Goldman Sachs Growth Strategy Portfolio Goldman Sachs Satellite Strategies Portfolio Goldman Sachs MLP Energy Infrastructure Fund Goldman Sachs Absolute Return Multi-Asset Fund Goldman Sachs Long Short Fund
EXHIBIT B Goldman Sachs International Equity Insights Funds Goldman Sachs Emerging Markets Equity Insights Fund Goldman Sachs International Equity Insights Fund Goldman Sachs International Small Cap Insights Fund Goldman Sachs Dividend Focus Funds Goldman Sachs Income Builder Fund Goldman Sachs Domestic Equity Insights Funds Goldman Sachs Large Cap Growth Insights Fund Goldman Sachs Large Cap Value Insights Fund Goldman Sachs Small Cap Equity Insights Fund Goldman Sachs Small Cap Growth Insights Fund Goldman Sachs Small Cap Value Insights Fund Goldman Sachs U.S. Equity Insights Fund Goldman Sachs Fundamental Equity Growth Funds Goldman Sachs Capital Growth Fund Goldman Sachs Concentrated Growth Fund Goldman Sachs Dynamic U.S. Equity Fund Goldman Sachs Flexible Cap Growth Fund (effective August 30, 2017, Goldman Sachs Flexible Cap Fund ) Goldman Sachs Focused Growth Fund Goldman Sachs Strategic Growth Fund Goldman Sachs Growth Opportunities Fund Goldman Sachs Small/Mid Cap Growth 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 Goldman Sachs Fundamental Emerging Markets Equity Funds Goldman Sachs Emerging Markets Equity Fund Goldman Sachs Fundamental International Equity Funds Goldman Sachs Focused International Equity Fund Goldman Sachs Strategic International Equity Fund Goldman Sachs Select Satellite Funds Goldman Sachs Absolute Return Tracker Fund Goldman Sachs Commodity Strategy Fund Goldman Sachs Dynamic Allocation Fund
Goldman Sachs Real Estate and Global Infrastructure Funds Goldman Sachs Global Infrastructure Fund Goldman Sachs Global Real Estate Securities Fund Goldman Sachs International Real Estate Securities Fund Goldman Sachs Real Estate Securities Fund Goldman Sachs Fund of Funds Portfolios Goldman Sachs Balanced Strategy Portfolio Goldman Sachs Equity Growth Strategy Portfolio Goldman Sachs Growth and Income Strategy Portfolio Goldman Sachs Growth Strategy Portfolio Goldman Sachs Satellite Strategies Portfolio Goldman Sachs Short Duration and Government Fixed Income Funds Goldman Sachs Enhanced Income Fund Goldman Sachs Government Income Fund Goldman Sachs High Quality Floating Rate Fund Goldman Sachs Inflation Protected Securities Fund Goldman Sachs Short Duration Government Fund Goldman Sachs Short Duration Income Fund
Goldman Sachs Multi Sector Fixed Income Funds Goldman Sachs Bond Fund Goldman Sachs Core Fixed Income Fund Goldman Sachs Global Income Fund Goldman Sachs Strategic Income Fund Goldman Sachs Single Sector Fixed Income Funds Goldman Sachs Emerging Markets Debt Fund Goldman Sachs High Yield Fund Goldman Sachs Investment Grade Credit Fund Goldman Sachs U.S. Mortgages Fund Goldman Sachs Absolute Return Multi-Asset Fund
GOLDMAN SACHS TRUST Supplement dated June 16, 2017 to the current Summary Prospectuses, Statutory Prospectuses and Statements of Additional Information for each applicable Goldman Sachs Fund that has Class IR Shares, as listed on Exhibit A (each, a Fund and, collectively, the Funds ) At a meeting held on June 14-15, 2017, the Board of Trustees of the Goldman Sachs Trust approved the renaming of the Funds Class IR Shares to Investor Shares. Effective August 15, 2017, all references to Class IR Shares in the Funds Summary Prospectuses, Statutory Prospectuses and Statements of Additional Information are hereby replaced with Investor Shares. This Supplement should be retained with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information for future reference. CLASSIRSHRES 06-17
EXHIBIT A Goldman Sachs Municipal Fixed Income Funds Goldman Sachs High Yield Municipal Fund Goldman Sachs Dynamic Municipal Income Fund Goldman Sachs Short Duration Tax-Free Fund Goldman Sachs Single Sector Fixed Income Funds Goldman Sachs Dynamic Emerging Markets Debt Fund Goldman Sachs Emerging Markets Debt Fund Goldman Sachs High Yield Fund Goldman Sachs High Yield Floating Rate Fund Goldman Sachs Investment Grade Credit Fund Goldman Sachs Local Emerging Markets Debt Fund Goldman Sachs U.S. Mortgages Fund Goldman Sachs Multi Sector Fixed Income Funds Goldman Sachs Bond Fund Goldman Sachs Core Fixed Income Fund Goldman Sachs Global Income Fund Goldman Sachs Strategic Income Fund Goldman Sachs Short Duration and Government Fixed Income Funds Goldman Sachs Enhanced Income Fund Goldman Sachs High Quality Floating Rate Fund Goldman Sachs Short Duration Government Fund Goldman Sachs Inflation Protected Securities Fund Goldman Sachs Government Income Fund Goldman Sachs Short Duration Income Fund Goldman Sachs Fixed Income Alternatives Funds Goldman Sachs Fixed Income Macro Strategies Fund (effective June 20, 2017, Goldman Sachs Strategic Macro Fund ) Goldman Sachs Long Short Credit Strategies Fund Goldman Sachs Fundamental Equity Growth Funds Goldman Sachs Capital Growth Fund Goldman Sachs Concentrated Growth Fund Goldman Sachs Dynamic U.S. Equity Fund Goldman Sachs Flexible Cap Growth Fund Goldman Sachs Focused Growth 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 Focused Value Fund Goldman Sachs Growth and Income Fund (effective June 20, 2017, Goldman Sachs Equity Income 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 Goldman Sachs Tax-Advantaged Equity Funds Goldman Sachs International Equity Dividend and Premium Fund Goldman Sachs International Tax-Managed Equity Fund Goldman Sachs U.S. Tax-Managed Equity Fund Goldman Sachs U.S. Equity Dividend and Premium Fund Goldman Sachs Dividend Focus Funds Goldman Sachs Income Builder Fund Goldman Sachs Rising Dividend Growth Fund Goldman Sachs Select Satellite Funds Goldman Sachs Absolute Return Tracker Fund Goldman Sachs Commodity Strategy Fund Goldman Sachs Dynamic Allocation Fund Goldman Sachs Managed Futures Strategy Fund Goldman Sachs Real Estate Securities and Global Infrastructure Funds Goldman Sachs International Real Estate Securities Fund Goldman Sachs Real Estate Securities Fund Goldman Sachs Global Real Estate Securities Fund Goldman Sachs Global Infrastructure Fund Goldman Sachs Fundamental Emerging Markets Equity Funds Goldman Sachs Asia Equity Fund Goldman Sachs Emerging Markets Equity Fund Goldman Sachs N-11 Equity Fund Goldman Sachs Fundamental International Equity Funds Goldman Sachs Focused International Equity Fund Goldman Sachs Strategic International Equity Fund Goldman Sachs Domestic Equity Insights Funds Goldman Sachs Large Cap Growth Insights Fund Goldman Sachs Large Cap Value Insights Fund Goldman Sachs Small Cap Equity Insights Fund Goldman Sachs Small Cap Growth Insights Fund Goldman Sachs Small Cap Value Insights Fund Goldman Sachs U.S. Equity Insights Fund
Goldman Sachs International Equity Insights Funds Goldman Sachs Emerging Markets Equity Insights Fund Goldman Sachs International Equity Insights Fund Goldman Sachs International Small Cap Insights Fund Goldman Sachs Long Short Fund Goldman Sachs MLP Energy Infrastructure Fund Goldman Sachs Absolute Return Multi-Asset Fund Goldman Sachs Fund of Funds Portfolios Goldman Sachs Balanced Strategy Portfolio Goldman Sachs Growth and Income Strategy Portfolio Goldman Sachs Growth Strategy Portfolio Goldman Sachs Equity Growth Strategy Portfolio Goldman Sachs Satellite Strategies Portfolio
GOLDMAN SACHS TRUST Supplement dated April 28, 2017 to the Summary Prospectuses, Statutory Prospectuses and Statements of Additional Information, each dated April 28, 2017, 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 in Exhibit A are not currently offered by the Goldman Sachs Trust. This Supplement should be retained with your Summary Prospectus, Statutory Prospectus or Statement of Additional Information for future reference. CLASSTGRWTHVAL 04-17
EXHIBIT A Goldman Sachs Fundamental Equity Growth Funds Goldman Sachs Capital Growth Fund Goldman Sachs Concentrated Growth Fund Goldman Sachs Flexible Cap Growth Fund Goldman Sachs Focused Growth 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 Focused Value Fund Goldman Sachs Growth and Income 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 Goldman Sachs Long Short Fund Goldman Sachs Funds of Funds Portfolios Goldman Sachs Balanced Strategy Portfolio Goldman Sachs Equity Growth Strategy Portfolio Goldman Sachs Growth and Income Strategy Portfolio Goldman Sachs Growth Strategy Portfolio Goldman Sachs Satellite Strategies Portfolio Goldman Sachs Select Satellite Funds Goldman Sachs Absolute Return Tracker Fund Goldman Sachs Commodity Strategy Fund Goldman Sachs Dynamic Allocation Fund Goldman Sachs Managed Futures Strategy Fund Goldman Sachs Real Estate Securities and Global Infrastructure Funds Goldman Sachs International Real Estate Securities Fund Goldman Sachs Real Estate Securities Fund Goldman Sachs Global Real Estate Securities Fund Goldman Sachs Global Infrastructure Fund Goldman Sachs Tax-Advantaged Equity Funds 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 Goldman Sachs International Tax-Managed Equity Fund
Summary Prospectus April 28, 2017 GOLDMAN SACHS REAL ESTATE SECURITIES FUND Class A: GREAX Class C: GRECX Institutional: GREIX Service: GRESX Class IR: GRETX Class R: GRERX Class R6: GREUX Class T: GRELX Before you invest, you may want to review the Goldman Sachs Real Estate Securities Fund s (the Fund ) Prospectus, which contains more information about the Fund and its risks. You can find the Fund s Prospectus and other information about the Fund, including the Statement of Additional Information ( SAI ) and most recent annual reports to shareholders, online at www.gsamfunds.com/summaries. You can also get this information at no cost by calling 800-621-2550 for Institutional, Service and Class R6 shareholders, 800-526-7384 for all other shareholders or by sending an e-mail request to gs-funds-document-requests@gs.com. The Fund s Prospectus and SAI, both dated April 28, 2017, are incorporated by reference into this Summary Prospectus. INVESTMENT OBJECTIVE The Fund seeks total return comprised of long-term growth of capital and dividend income. 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 43 and Shareholder Guide Common Questions Applicable to the Purchase of Class T Shares beginning on page 46 and in Appendix C Additional Information About Sales Charge Variations, Waivers and Discounts on page 84 of the Prospectus and Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends beginning on page B-128 of the Fund s SAI. SHAREHOLDER FEES (fees paid directly from your investment) Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) Class A Class C Institutional Service Class IR Class R Class R6 Class T 5.50% None None None None None None 2.50% Maximum Deferred Sales Charge (Load) (as a percentage of None 1.00% None None None None None None the lower of original purchase price or sale proceeds) 1 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Class A Class C Institutional Service Class IR Class R Class R6 Class T Management Fees 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% Distribution and/or Service (12b-1) Fees 0.25% 0.75% None 0.25% None 0.50% None 0.25% Other Expenses 2 0.27% 0.52% 0.12% 0.37% 0.27% 0.27% 0.10% 0.27% 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 0.27% 0.27% 0.12% 0.12% 0.27% 0.27% 0.10% 0.27% Total Annual Fund Operating Expenses 1.52% 2.27% 1.12% 1.62% 1.27% 1.77% 1.10% 1.52% Fee Waiver and Expense Limitation 3 (0.21)% (0.21)% (0.21)% (0.21)% (0.21)% (0.21)% (0.21)% (0.21)% Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation 3 1.31% 2.06% 0.91% 1.41% 1.06% 1.56% 0.89% 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 Other Expenses for Class R6 Shares have been restated to reflect expenses expected to be incurred during the current fiscal year. The Other Expenses for Class T Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year. 3 The Investment Adviser has agreed to: (i) waive a portion of its management fees in order to achieve an effective net management fee of no higher than 0.87% as an annual percentage of the average daily net assets of the Fund; and (ii) 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, shareholder meeting, litigation, indemnification and extraordinary expenses) to 0.004% of the Fund s average daily net assets. These arrangements will remain in effect through at least April 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The Fund s Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation have been restated to reflect the fee waiver and expense limitation currently in effect.
2 SUMMARY PROSPECTUS GOLDMAN SACHS REAL ESTATE SECURITIES FUND 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. The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Class IR, 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, Class IR, Class R, Class R6 and/or Class T 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: 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 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 December 31, 2016 was 31% of the average value of its portfolio. PRINCIPAL STRATEGY 1 Year 3 Years 5 Years 10 Years Class A Shares $676 $985 $1,315 $2,247 Class C Shares Assuming complete $309 $690 $1,197 $2,590 redemption at end of period Assuming no redemption $209 $690 $1,197 $2,590 Institutional Shares $93 $336 $597 $1,346 Service Shares $144 $491 $862 $1,906 Class IR Shares $108 $382 $677 $1,517 Class R Shares $159 $537 $940 $2,068 Class R6 Shares $91 $329 $587 $1,323 Class T Shares $380 $699 $1,039 $2,001 The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) ( Net Assets ) in a portfolio of equity investments in issuers that are primarily engaged in or related to the real estate industry ( real estate industry companies ). An issuer is primarily engaged in or related to the real estate industry if it derives at least 50% of its gross revenues or net profits from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein. Real estate industry companies may include real estate investment trusts ( REITs ), REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry. The Fund s investment strategy is based on the premise that property market fundamentals are the primary determinant of growth, underlying the success of companies in the real estate industry. The Investment Adviser focuses on companies that can achieve sustainable growth in cash flow and dividend paying capability over time. The Investment Adviser attempts to purchase securities so that its underlying portfolio will be diversified geographically and by property type. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 15% of its total assets in foreign securities, including securities quoted in foreign currencies. The Fund may also invest up to 20% of its total assets in fixed income investments, such as government, corporate and bank debt obligations and in other equity investments. The Fund concentrates its investments in securities of issuers in the real estate industry. THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED ( INVESTMENT COMPANY ACT ), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS. The Fund s benchmark index is the Wilshire U.S. Real Estate Securities 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. Geographic Risk. If the Fund focuses its investments in securities of issuers located in a particular country or region, the Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters. Industry Concentration Risk. The Fund concentrates its investments in the real estate industry, which has historically experienced substantial price volatility. This concentration subjects the Fund to greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries. 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
3 SUMMARY PROSPECTUS GOLDMAN SACHS REAL ESTATE SECURITIES FUND 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 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. Non-Diversification Risk. The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. Real Estate Industry Risk. Risks associated with investments in the real estate industry include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. The real estate industry is particularly sensitive to economic downturns. The values of securities of companies in the real estate industry may go through cycles of relative under-performance and out-performance in comparison to equity securities markets in general. REIT Risk. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. 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 Institutional Shares from year to year; and (b) how the average annual total returns of the Fund s Class A, Class C, Institutional, Service, Class IR, 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 www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. TOTAL RETURN Best Quarter Q3 09 +33.86% Worst Quarter Q4 08 39.31% -15.63% -40.54% 2007 2008 25.48% 27.67% 2009 CALENDAR YEAR (INSTITUTIONAL) 2010 10.32% 16.59% 2.54% 3.56% 5.81% 2011 2012 2013 30.10% 2014 2015 2016
4 SUMMARY PROSPECTUS GOLDMAN SACHS REAL ESTATE SECURITIES FUND AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2016 1 Year 5 Years 10 Years Since Inception Class A Shares (Inception 07/27/98) Returns Before Taxes -0.40% 9.57% 3.18% 9.34% Returns After Taxes on Distributions -3.65% 8.17% 1.83% 7.71% Returns After Taxes on Distributions and Sale of Fund Shares 1.25% 7.14% 2.11% 7.28% Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses) 7.61% 12.23% 4.80% 10.06% Class C Shares (Inception 07/27/98) Returns Before Taxes 3.51% 9.99% 3.00% 8.88% Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses) 7.61% 12.23% 4.80% 10.06% Institutional Shares (Inception 07/27/98) Returns Before Taxes 5.81% 11.25% 4.20% 10.13% Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses) 7.61% 12.23% 4.80% 10.06% Service Shares (Inception 07/27/98) Returns Before Taxes 5.20% 10.68% 3.65% 9.59% Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses) 7.61% 12.23% 4.80% 10.06% Class IR Shares (Inception 11/30/07) Returns Before Taxes 5.65% 11.09% N/A 5.87% Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses) 7.61% 12.23% N/A 6.91% Class R Shares (Inception 11/30/07) Returns 5.08% 10.55% N/A 5.36% Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses) 7.61% 12.23% N/A 6.91% Class R6 Shares (Inception 07/31/15)* Returns 5.77% 11.26% 4.20% 10.14% Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses) 7.61% 12.23% 4.80% 10.06% Class T Shares (Inception 4/28/17)** Returns Before Taxes -0.40% 9.57% 3.18% 9.34% Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses) 7.61% 12.23% 4.80% 10.06% * Class R6 Shares commenced operations on July 31, 2015. Prior to that date, the performance of the Class R6 Shares shown in the table above is that of the Institutional Shares. 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. 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, Class IR and Class T Shares, and returns for Class R and Class R6 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.
5 SUMMARY PROSPECTUS GOLDMAN SACHS REAL ESTATE SECURITIES FUND PORTFOLIO MANAGEMENT Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the Investment Adviser or GSAM ). Portfolio Managers: Nora Creedon, Managing Director, has managed the Fund since 2010; Timothy Ryan, CFA, Managing Director, has managed the Fund since 2010; and Kristin Kuney, CFA, Vice President, has managed the Fund since 2017. 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 Class IR, Class R, Class R6 and Class T Shares. 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, Class IR, 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 & Co. ( Goldman Sachs ), including banks, trust companies, brokers, registered investment advisers and other financial institutions ( Intermediaries ). TAX INFORMATION The Fund s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Investments through tax-deferred arrangements may become taxable upon withdrawal from such arrangements. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES If you purchase the Fund through an Intermediary, the Fund and/ or its related companies may pay the Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your Intermediary s website for more information.
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8 SUMMARY PROSPECTUS GOLDMAN SACHS REAL ESTATE SECURITIES FUND RESSUM3-17