Filed by Goldman Sachs ETF Trust
pursuant to Rule 425 Under the Securities Act of 1933
Subject Company: Goldman Sachs Trust (File Nos. 811-05349 and
033-17619)
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PLEASE READ – YOUR ATTENTION
IS REQUIRED – FAILURE TO ACT COULD IMPACT YOUR INVESTMENT
JULY 6, 2026
Re: Goldman Sachs Bond Fund Reorganization with and into the Goldman Sachs Core Plus Bond ETF
Dear [Client],
On April 24, 2026, the Board of Trustees of
the Goldman Sachs Bond Fund (the “Fund”) approved an Agreement and Plan of Reorganization (the “Plan”) to merge the Fund with and into the Goldman Sachs Core Plus Bond ETF (the “ETF”), a newly created ETF. The
reorganization is expected to occur on or about August 7, 2026 (the “Reorganization Date”).
Under the terms of the Plan, the Fund will
be liquidated and shareholders who hold shares of the Fund in a brokerage account that permits investments in ETF shares will receive shares of the ETF that are equal in aggregate net asset value (“NAV”) to shares of the Fund on the
Reorganization Date. Shareholders may receive a cash payment in lieu of fractional shares of the ETF. The reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes,
except with respect to cash received in lieu of fractional ETF shares which may be taxable.
In order to participate in the Reorganization and receive
shares of the ETF, you must hold shares of the Fund in a brokerage account prior to the Reorganization Date. You have been identified as a shareholder who owns shares of the Fund in an account directly with the transfer agent for the Fund
(“Fund Direct Account”). Your Fund Direct Account is NOT a brokerage account and does NOT permit investment in ETF shares. Therefore, if you intend to participate in the reorganization and receive ETF shares, your
action is immediately required, as described below.
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If you intend to participate in the reorganization and receive ETF shares: |
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Please contact a financial intermediary immediately to discuss the process of transferring Fund shares
from your Fund Direct Account to a brokerage account that permits investment in ETF shares. |
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If you do not want to receive shares of the ETF in connection with the reorganization:
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You can exchange your Fund shares for shares of another Goldman Sachs mutual fund that is not participating in a
reorganization or redeem your Fund shares. Prior to doing so, however, you should consider the tax consequences associated with either action. Redemption of your Fund shares will be a taxable event if you hold your shares in a taxable account.
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If no action is taken prior to the Reorganization Date or if you do not wish to participate in the
reorganization: |
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Fund shares held in a taxable Fund Direct Account will be converted to cash and cash proceeds will be returned to
you. The sale of Fund shares and return of cash proceeds will likely be a taxable event. |
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Fund shares held in a fiduciary Fund Direct Account (e.g., IRA, 403(b), etc.) will be exchanged into the
equivalent share class of the Goldman Sachs Financial Square Government Fund. |
In connection with the reorganization, an information
statement/prospectus dated June 16, 2026 (“Information Statement/Prospectus”) that is included in a registration statement on Form N-14 was filed with the Securities and Exchange Commission
(“SEC”). We urge you to review the Fund’s Prospectus Supplement dated April 24, 2026 and the Information Statement/Prospectus because they contain important information about the reorganization. Free copies of the materials
are available on the SEC’s web site at www.sec.gov. These materials are also available at no charge by calling:
1-800-526-7384 or on the Fund’s website (am.gs.com).
Please contact Goldman Sachs at
1-800-526-7384 if you have any questions.
Regards,
Goldman Sachs Asset Management
This material is provided for
informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment
recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.
The Goldman Sachs Bond Fund invests primarily in fixed income securities, including U.S. government securities, including agency issued adjustable rate
and fixed rate mortgage-backed securities or other mortgage-related securities, corporate debt securities, collateralized loan obligations, privately issued mortgage-backed securities, To Be Announced mortgage-backed-securities, asset-backed
securities, high yield non-investment grade securities and fixed income securities of issuers located in emerging countries. The Fund may gain exposure to agency issued mortgage-backed securities through
several methods, including by utilizing to-be-announced agreements in agency issued mortgage-backed securities. The Fund’s investments in fixed income securities
are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to
maturity and not to the value of the Fund’s shares. Investments in mortgage-backed securities, privately issued adjustable rate and fixed rate mortgage-backed securities, are also subject to prepayment risk (i.e., the risk that
in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). High yield, lower rated investments involve greater price volatility
and present greater risks than higher rated fixed income securities. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and
adverse economic, social or political developments. The Fund’s investments are also subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual
companies, particular sectors or governments and/or general economic conditions. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or
benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and liquidity risk (i.e., the risk that an investment may not be able to be
sold without a substantial drop in price, if at all). Taking short positions and utilizing reverse repurchase agreements involve leverage of the Fund’s assets and present various other risks. Losses on short positions are
potentially unlimited as a loss occurs when the value of an asset with respect to which the Fund has a short position increases. The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must
be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders. The Fund’s investments in other investment companies (including ETFs) subject it to additional expenses.
A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman
Sachs & Co. LLC by calling 1-800-526-7384. Please consider a fund’s objectives, risks, and charges and
expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund.
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
Confidentiality
No part of this material may,
without Goldman Sachs Asset Management’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of
the recipient.
© 2026 Goldman Sachs. All rights reserved.
510471-OTU-2542310 GST Code: 3691
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GOLDMAN SACHS ASSET MANAGEMENT |
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