GOLDMAN SACHS TRUST Form 497
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GOLDMAN SACHS TRUST
Goldman Sachs Alternative Premium Fund
Supplement dated December 17, 2021 to
Prospectus, summary prospectus and declaration of additional information (?? SAI ??),
each dated April 30, 2021, as completed to date
At a meeting held in December 14-15, 2021, on the recommendation of Goldman Sachs Asset Management, LP, the Board of Directors (the ?? Board ??) of the Goldman Sachs Trust (the ?? Trust ??) approved a proposed liquidation of the Goldman Sachs Alternative Premia Fund ( the âFundâ), a series of the Trust. After careful consideration of a number of factors, the Board has concluded that it is advisable and in the best interests of the Fund and its shareholders to wind up the Fund. The Fund will be liquidated on or around February 11, 2022 (the ?? Liquidation Date ??), in accordance with a Liquidation Plan approved by the Board. The wind up date is subject to change without notice at the discretion of the officers of the Trust.
Suspension of sales. Shares of the Fund will no longer be available for purchase at the close of business on January 17, 2022, except that existing shareholders of the Fund may continue to purchase shares of the Fund until February 7, 2022. To the extent that dividend or distribution payments are made prior to the liquidation date, they will continue to be paid in cash, additional shares of the Fund or shares of other Goldman Sachs Funds, depending on each shareholder. current choice, as indicated in the Prospectuses.
Liquidation of assets. With immediate effect, the Fund may deviate from its stated investment objective and policies as it prepares to liquidate and distribute its assets to shareholders. It is expected that the Fund’s portfolio will be positioned in cash, cash equivalents or other liquid assets no later than the liquidation date. In connection with the liquidation, all outstanding shares of the Fund on the Liquidation Date will be automatically redeemed by the Fund. Each shareholder of record on the liquidation date will receive proceeds from automatic redemptions equal to the shareholder’s share of the net assets of the Fund plus accrued and unpaid profits of the Fund at the time of liquidation. The liquidation of the Fund’s portfolio is likely to lead to an increase in transaction costs, which must be borne by the Fund and its shareholders, and may result in higher capital gains for taxable shareholders. Shareholders should contact their tax advisers regarding the tax consequences of the liquidation.
Other alternatives. At any time before the liquidation date, shareholders may redeem their shares in the Fund and receive their net asset value in cash. or in kind, like provided in the Prospectuses. Shareholders may also switch their shares for shares of the same class of another Goldman Sachs Fund at net asset value without the imposition of any initial selling commission or deferred selling commission. Repurchase of shares by current shareholders between December 17, 2021 and the liquidation date will not be subject to any applicable conditional deferred sales commission.
Some shareholders may redeem all or part of their shares in the Fund prior to the liquidation date and, as a result, the Fund and its remaining shareholders may be adversely affected. These shareholder redemptions may also have a negative impact on the net asset value per share of the Fund.
This Supplement should be kept with your Prospectus, Summary Prospectus and SAI for future reference.