GSAM Ranked #1 for US Equity in Barron’s Annual Ranking

Divergence Plays Out in Markets

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The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit the fund pages for the most recent month-end returns. The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. Shares of some of the funds may be subject to a redemption fee. Please refer to the shareholder guide and current prospectus for the Fund, accessible from the literature section, for additional pricing information.

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. by calling (retail — 1-800-526-7384) (institutional – 1-800-621-2550). 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.

Performance reflects cumulative total returns for periods of less than one year and average annual total returns for periods of greater than one year. Since inception returns for periods of less than one year are cumulative. All Fund performance data reflect the reinvestment of distributions.

1 GROWTH OF $10,000: A graphical measurement of a portfolio’s gross return that simulates the performance of an initial investment of $10,000 over the given time period. The example provided does not reflect the deduction of investment advisory fees which would reduce an investor’s return. Please be advised that since this example is calculated gross of fees the compounding effect of an investment manager’s fees are not taken into consideration and the deduction of such fees would have a significant impact on the returns the greater the time period and as such the value of the $10,000, if calculated on a net basis, would be significantly lower than shown in this example.

Mutual funds are subject to various risks, as described fully in each Fund’s prospectus. There can be no assurance that the Funds will achieve their investment objectives. The Funds may be subject to style risk, which is the risk that the particular investing style of the Fund (i.e. growth or value) may be out of favor in the marketplace for various periods of time. Equity securities are more volatile than fixed income securities and subject to greater risks. Investments in fixed income securities are subject to the risks associated with debt securities generally including credit, liquidity and interest rate risk. High yield, lower rated investments involve greater price volatility, are less liquid 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 or political developments. The Fund is also subject to the risk that the issuers of sovereign debt or the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in bonds of similar projects or in particular types of municipal securities. The Fund may invest in loans directly, through loan assignments, or indirectly, by purchasing participations or sub-participations from financial institutions. Indirect purchases may subject the Fund to greater delays, expenses and risks than direct obligations in the case that a borrower fails to pay scheduled principal and interest. 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. Investments in MLPs are subject to certain risks, including risks related to limited control and limited rights to vote, potential conflicts of interest, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to force sales at undesirable times or prices. MLPs are also subject to risks relating to their complex tax structure. including the risk that an MLP could lose its tax status as a partnership, resulting in a reduction in the value of the Fund’s investment in the MLP and lower income to the Fund. The Fund’s strategy of investing primarily in MLPs, resulting in its being taxed as a regular corporation. or “C” corporation, involves complicated and in some cases unsettled accounting, tax and valuation issues. Many MLPs in which the Fund invests operate facilities within the energy sector and are also subject to risks affecting that sector. Because the Fund concentrates its investments in the energy sector. the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting industries within that sector than if its investments were more diversified across different industries. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Investments in foreign securities entail special risks such as currency, political, economic, and market risks. These risks are heightened in emerging markets. Investments in the Liquid Alternative Funds expose investors to risks that have the potential to result in losses. These strategies involve risks that may not be present in more traditional (e.g.. equity or fixed income) mutual funds. These Funds generally may seek sources of returns that perform differently from broader securities markets. However, correlations among different asset classes may shift over time, and if this occurs a Fund’s performance may track broader markets. In addition, if returns are in fact uncorrelated to the broader securities markets, a Fund may underperform those markets. For example, in periods of robust equity market returns, returns from a Fund may be lower or negative. The use of alternative investment techniques such as shorting or leveraging creates an opportunity for increased returns but also creates the possibility for greater loss. Leverage increases a Fund’s sensitivity to market movements. Funds that use leverage can be expected to be more “volatile” than other funds that do not use leverage. This means if the instruments such a Fund buys decrease in market value, the value of the Fund’s shares will decrease by even more. Losses on short positions are potentially unlimited, since the positions lose value as the asset that was sold short increases in value. Taking short positions leverages a Fund’s assets, because the Fund is exposed to market movements beyond the amount of its actual investments. 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. There is risk that alternative funds hold investments that may be difficult to value and as a result the values used by alternative funds to price investments may be different from those used by others to price the same investments. At times, a Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. There is also the risk that funds will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. There may be additional risks that the Funds do not currently foresee or consider material.

*Dividends are not guaranteed and a company’s future ability to pay dividends may be limited.

NAV: The NAV (Net Asset Value) represents the net assets of the Fund (ex-dividend) divided by the total number of shares. The expense ratios of the funds, both with and without any waivers and expense limitations, are as set forth above. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratio may increase without shareholder approval.

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