Goldman Sachs Trust

As filed with the Securities and Exchange Commission on December 27, 2022

1933 Act Registration No. 033-17619
1940 Act Registration No. 811-05349

United States
Securities and Exchange Commission

Washington, D.C. 20549

Form N-1A Registration Statement
UNDER
THE SECURITIES ACT OF 1933	☒

Pre-Effective Amendment No. ___

☐

Post-Effective Amendment No. 877

☒

and/or
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940	☒
Amendment No. 878	☒
(Check appropriate box or boxes)

GOLDMAN SACHS TRUST

(Exact Name of Registrant as Specified in Charter)

71 South Wacker Drive
Chicago, Illinois 60606

(Address of Principal Executive Offices)

Registrant's Telephone Number, Including Area Code: (312) 655-4400

CAROLINE L. KRAUS, ESQ.
Goldman Sachs & Co. LLC
200 West Street
New York, New York 10282
(Name and Address of Agent for Service)

Copies to:

STEPHEN H. BIER, ESQ.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

BRENDEN P. CARROLL, ESQ.

Dechert LLP

1900 K Street, NW

Washington, DC 20006

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of the registration statement

It is proposed that this filing will become effective (check appropriate box)

☐	immediately upon filing pursuant to paragraph (b)
☒	on December 29, 2022 pursuant to paragraph (b)
☐	60 days after filing pursuant to paragraph (a)(1)
☐	on (date) pursuant to paragraph (a)(1)
☐	75 days after filing pursuant to paragraph (a)(2)
☐	on (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:
☐	this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Title of Securities Being Registered:

Class A Shares, Class C Shares, Institutional Shares, Investor Shares, Service Shares, Class P Shares, Class R Shares and Class R6 Shares of the Goldman Sachs Large Cap Core Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Equity Income Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund and Goldman Sachs Small Cap Value Fund; Class A Shares, Class C Shares, Institutional Shares, Investor Shares, Class P Shares, Class R Shares and Class R6 Shares of the Goldman Sachs Concentrated Growth Fund, Goldman Sachs Flexible Cap Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Value Fund and Goldman Sachs U.S. Equity ESG Fund; and Class A Shares, Class C Shares, Institutional Shares, Investor Shares, Service Shares, Class P Shares and Class R6 Shares of the Goldman Sachs Technology Opportunities Fund.

Prospectus
December 29, 2022

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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.

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Goldman Sachs Concentrated Growth Fund

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Class A Shares: GCGAX

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Class C Shares: GCGCX

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Institutional Shares: GCRIX

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Investor Shares: GGCTX

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Class R Shares: GGCRX

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Class R6 Shares: GCGUX

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Goldman Sachs Flexible Cap Fund

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Class A Shares: GALLX

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Class C Shares: GCLLX

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Institutional Shares: GILLX

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Investor Shares: GSLLX

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Class R Shares: GRLLX

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Class R6 Shares: GFCUX

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Goldman Sachs Large Cap Core Fund (formerly, Goldman Sachs Capital Growth Fund)

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Class A Shares: GSCGX

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Class C Shares: GSPCX

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Institutional Shares: GSPIX

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Service Shares: GSPSX

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Investor Shares: GSPTX

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Class R Shares: GSPRX

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Class R6 Shares: GSPUX

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Goldman Sachs Strategic Growth Fund

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Class A Shares: GGRAX

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Class C Shares: GGRCX

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Institutional Shares: GSTIX

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Service Shares: GSTSX

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Investor Shares: GSTTX

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Class R Shares: GSTRX

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Class R6 Shares: GGRUX

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Goldman Sachs U.S. Equity ESG Fund

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Class A Shares: GAGVX

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Class C Shares: GCGVX

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Institutional Shares: GINGX

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Investor Shares: GIRGX

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Class R Shares: GRGVX

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Class R6 Shares: GDEUX

Table of Contents

Goldman Sachs Concentrated Growth Fund—Summary	1
Goldman Sachs Flexible Cap Fund—Summary	6
Goldman Sachs Large Cap Core Fund—Summary	11
Goldman Sachs Strategic Growth Fund—Summary	16
Goldman Sachs U.S. Equity ESG Fund—Summary	21
Investment Management Approach	27
Risks of the Funds	35
Service Providers	42
Distributions	46
Shareholder Guide	47
How To Buy Shares	47
How To Sell Shares	56
Taxation	63
Appendix A
Additional Information on Portfolio Risks, Securities and Techniques	65
Appendix B
Financial Highlights	79
Appendix C
Additional Information About Sales Charge Variations, Waivers and Discounts	113

Goldman Sachs Concentrated Growth Fund—Summary

Investment Objective

The Goldman Sachs Concentrated 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, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 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 52 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 113 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-147 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees

(fees paid directly from your investment)

	Class A	Class C	Institutional	Investor	Class R	Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50%	None	None	None	None	None
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

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class A	Class C	Institutional	Investor	Class R	Class R6
Management Fees	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%
Distribution and/or Service (12b-1) Fees	0.25%	0.75%	0.00%	0.00%	0.50%	0.00%
Other Expenses	0.30%	0.55%	0.18%	0.30%	0.30%	0.17%
Service Fees	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%
All Other Expenses	0.30%	0.30%	0.18%	0.30%	0.30%	0.17%
Total Annual Fund Operating Expenses	1.31%	2.06%	0.94%	1.06%	1.56%	0.93%
Expense Limitation and Fee Waiver2	(0.25)%	(0.25)%	(0.17)%	(0.25)%	(0.25)%	(0.17)%
Total Annual Fund Operating Expenses After Expense Limitation and Fee Waiver	1.06%	1.81%	0.77%	0.81%	1.31%	0.76%

A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.

The Investment Adviser has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.72% as an annual percentage of the Fund’s average daily net assets; and to (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% 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 0.08% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Fund. These arrangements will remain in effect through at least December 29, 2023, 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.

the Fund’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or 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	$652	$919	$1,206	$2,021
Class C Shares	$284	$622	$1,085	$2,370
Institutional Shares	$79	$283	$504	$1,139
Investor Shares	$83	$312	$560	$1,272
Class R Shares	$133	$468	$826	$1,835
Class R6 Shares	$78	$279	$498	$1,127

Class C Shares – Assuming no redemption

$184

$622

$1,085

$2,370

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, 2022 was 29% 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 selected for their potential to achieve capital appreciation over the long term. The Fund may invest in securities of companies of any capitalization. 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 seeks to achieve its investment objective by investing, under normal circumstances, in approximately 30-40 companies that are considered by the Investment Adviser to be positioned for long-term growth. 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 integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. 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. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions.

The Fund may invest up to 10% of its Total Assets in fixed income securities, such as government, corporate and bank debt obligations.

The Fund’s benchmark index is the Russell 1000® 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. The Fund's principal risks are presented below in alphabetical order, and not in the order of importance or potential exposure.

Foreign and Emerging Countries Risk. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of

securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in, or otherwise economically tied to, emerging countries.

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. Growth investing is an example of an investment style. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase.

Issuer Concentration Risk. The Fund intends to invest in up to approximately 40 companies. This relatively small number of issuers may subject the Fund to greater risks, because a decline in the value of any single investment held by the Fund may adversely affect the Fund’s overall value more than it would affect that of a fund holding a greater number of investments.

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, which may occur rapidly or unexpectedly, 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 or otherwise maintains 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. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

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.

Sector Risk. To the extent the Fund focuses its investments in one or more sectors (such as the information technology sector), the Fund will be subject, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions or developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

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 (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.

CALENDAR YEAR (CLASS A)

	Returns	Quarter ended
Year-to-Date Return	-34.94%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	29.18%	June 30, 2020
Worst Quarter Return	-16.73%	December 31, 2018

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	5 Years	10 Years	Inception Date
Class A Shares				9/3/2002
Returns Before Taxes	15.95%	21.66%	16.59%
Returns After Taxes on Distributions	10.56%	18.34%	13.83%
Returns After Taxes on Distributions and Sale of Fund Shares	12.15%	16.78%	12.97%
Class C Shares				9/3/2002
Returns Before Taxes	20.53%	22.12%	16.37%*
Institutional Shares				9/3/2002
Returns Before Taxes	23.07%	23.46%	17.69%
Investor Shares				11/30/2007
Returns Before Taxes	22.97%	23.35%	17.55%
Class R Shares				11/30/2007
Returns	22.37%	22.72%	16.96%
Class R6 Shares				7/31/2015
Returns Before Taxes	23.10%	23.48%	17.71%**
Russell 1000® Growth Index (reflects no deduction for fees or expenses)	27.60%	25.30%	19.77%

Class C Shares automatically convert into Class A Shares eight years after the purchase date. The 10-Year performance for Class C Shares does not reflect the conversion to Class A Shares after the first eight years of performance.

Class R6 Shares commenced operations on July 31, 2015. Prior to that date, the performance of Class R6 Shares shown in the table above is that of 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.

The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Investor and Class R6 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, Co-Chief Investment Officer—Fundamental Equity U.S. Equity, has managed the Fund since 2002; and Stephen E. Becker, CFA, Managing Director, Co-Chief Investment Officer—Fundamental Equity U.S. Equity, has managed the Fund since 2013.

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 institutional investors or certain wrap account sponsors, 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 and Class R6 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 or Class R6 shareholders.

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 26 of the Prospectus.

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 26 of the Prospectus.

Goldman Sachs Flexible Cap Fund—Summary

Investment Objective

The Goldman Sachs Flexible Cap Fund (the "Fund") seeks long-term growth of capital.

Fees and Expenses of the Fund

Shareholder Fees

(fees paid directly from your investment)

	Class A	Class C	Institutional	Investor	Class R	Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50%	None	None	None	None	None
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

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class A	Class C	Institutional	Investor	Class R	Class R6
Management Fees	0.55%	0.55%	0.55%	0.55%	0.55%	0.55%
Distribution and/or Service (12b-1) Fees	0.25%	0.75%	0.00%	0.00%	0.50%	0.00%
Other Expenses	0.80%	1.05%	0.68%	0.80%	0.80%	0.67%
Service Fees	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%
All Other Expenses	0.80%	0.80%	0.68%	0.80%	0.80%	0.67%
Total Annual Fund Operating Expenses	1.60%	2.35%	1.23%	1.35%	1.85%	1.22%
Expense Limitation2	(0.64)%	(0.64)%	(0.64)%	(0.64)%	(0.64)%	(0.64)%
Total Annual Fund Operating Expenses After Expense Limitation	0.96%	1.71%	0.59%	0.71%	1.21%	0.58%

A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.

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.

	1 Year	3 Years	5 Years	10 Years
Class A Shares	$643	$968	$1,316	$2,295
Class C Shares	$274	$672	$1,197	$2,637
Institutional Shares	$60	$327	$614	$1,432
Investor Shares	$73	$364	$678	$1,568
Class R Shares	$123	$520	$941	$2,117
Class R6 Shares	$59	$324	$609	$1,421

Class C Shares – Assuming no redemption

$174

$672

$1,197

$2,637

Portfolio Turnover

Principal Strategy

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in equity investments in small-, mid- and large-cap issuers. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Net 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 seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth of capital. The Investment Adviser uses a combination of fundamental research and quantitative factors to achieve its investment objective. The Fund’s fundamental equity growth investment process involves evaluating potential investments based on specific characteristics believed to identify high-quality businesses with sustainable growth prospects, including strong business franchises, favorable long-term prospects, and excellent management. The Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process.

Investments will be further evaluated for their exposures to quantitative factors, such as, for example, valuation, profitability and volatility, to seek to enhance the Fund’s risk adjusted returns. Risk management, portfolio construction and sizing of positions will be informed by portfolio-level quantitative factor considerations. 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. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions.

The Fund may invest up to 20% of its Net Assets in fixed income securities (including high yield fixed income securities), such as government, corporate and bank debt obligations.

The Fund’s benchmark index is the S&P 500® Index.

Principal Risks of the Fund

imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in, or otherwise economically tied to, emerging countries.

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, Investor, Class R and Class R6 Shares compare to those of a broad-based securities market index. Through August 31, 2017, the Fund had been known as the Goldman Sachs Flexible Cap Growth Fund, and certain of its principal investment strategies differed. Performance information set forth below reflects the performance resulting from the Fund’s former strategies prior to that date. 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.

CALENDAR YEAR (CLASS A)

	Returns	Quarter ended
Year-to-Date Return	-23.49%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	21.34%	June 30, 2020
Worst Quarter Return	-18.79%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	5 Years	10 Years	Inception Date
Class A Shares				1/31/2008
Returns Before Taxes	19.42%	18.89%	16.00%
Returns After Taxes on Distributions	17.34%	15.81%	13.38%
Returns After Taxes on Distributions and Sale of Fund Shares	12.35%	14.27%	12.46%
Class C Shares				1/31/2008
Returns Before Taxes	24.36%	19.35%	15.79%*
Institutional Shares				1/31/2008
Returns Before Taxes	26.88%	20.68%	17.11%
Investor Shares				1/31/2008
Returns Before Taxes	26.67%	20.54%	16.96%
Class R Shares				1/31/2008
Returns	26.06%	19.94%	16.38%
Class R6 Shares				7/31/2015
Returns Before Taxes	26.87%	20.70%	17.12%**
S&P 500® Index (Total Return, Unhedged, USD) (reflects no deduction for fees or expenses)	28.71%	18.46%	16.54%

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, Co-Chief Investment Officer—Fundamental Equity U.S. Equity, has managed the Fund since 2008.

Buying and Selling Fund Shares

Tax Information

For important tax information, please see “Tax Information” on page 26 of the Prospectus.

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 26 of the Prospectus.

Goldman Sachs Large Cap Core Fund—Summary

Investment Objective

The Goldman Sachs Large Cap Core Fund (the "Fund") seeks long-term growth of capital.

Fees and Expenses of the Fund

Shareholder Fees

(fees paid directly from your investment)

	Class A	Class C	Institutional	Service	Investor	Class R	Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50%	None	None	None	None	None	None
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

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	Investor	Class R	Class R6
Management Fees	0.70%	0.70%	0.70%	0.70%	0.70%	0.70%	0.70%
Distribution and/or Service (12b-1) Fees	0.25%	0.75%	0.00%	0.25%	0.00%	0.50%	0.00%
Other Expenses	0.20%	0.45%	0.08%	0.33%	0.20%	0.20%	0.07%
Service Fees	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%
Shareholder Administration Fees	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%	0.00%
All Other Expenses	0.20%	0.20%	0.08%	0.08%	0.20%	0.20%	0.07%
Total Annual Fund Operating Expenses	1.15%	1.90%	0.78%	1.28%	0.90%	1.40%	0.77%
Expense Limitation and Fee Waiver2	(0.11)%	(0.11)%	(0.08)%	(0.08)%	(0.11)%	(0.11)%	(0.08)%
Total Annual Fund Operating Expenses After Expense Limitation and Fee Waiver	1.04%	1.79%	0.70%	1.20%	0.79%	1.29%	0.69%

A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.

The Investment Adviser has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.66% as an annual percentage of the Fund’s average daily net assets; and (ii) 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 0.004% 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 and Class R Shares of the Fund. These arrangements will remain in effect through at least December 29, 2023, 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.

each year and that the Fund’s operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or 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	$650	$885	$1,138	$1,861
Class C Shares	$282	$586	$1,016	$2,213
Institutional Shares	$72	$241	$425	$959
Service Shares	$122	$398	$695	$1,538
Investor Shares	$81	$276	$488	$1,098
Class R Shares	$131	$432	$755	$1,670
Class R6 Shares	$70	$238	$420	$947

Class C Shares – Assuming no redemption

$182

$586

$1,016

$2,213

Portfolio Turnover

Principal Strategy

The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. The Fund will invest in both value and growth companies. The Fund’s fundamental equity 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 integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. 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. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions.

The Fund may invest up to 10% of its Total Assets in fixed income securities, such as government, corporate and bank debt obligations.

The Fund’s benchmark index is the Russell 1000® Index.

Principal Risks of the Fund

issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in, or otherwise economically tied to, emerging countries.

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 and Class R6 Shares compare to those of a broad-based securities market index. Through February 11, 2022, certain of the Fund’s principal investment strategies differed. Performance information set forth below reflects the performance resulting from the Fund’s former strategies prior to that date. 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.

CALENDAR YEAR (CLASS A)

	Returns	Quarter ended
Year-to-Date Return	-25.93%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	21.25%	June 30, 2020
Worst Quarter Return	-19.10%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	5 Years	10 Years	Inception Date
Class A Shares				4/20/1990
Returns Before Taxes	17.76%	19.62%	16.26%
Returns After Taxes on Distributions	14.51%	16.19%	13.33%
Returns After Taxes on Distributions and Sale of Fund Shares	11.93%	14.85%	12.56%
Class C Shares				8/15/1997
Returns Before Taxes	22.53%	20.10%	16.06%*
Institutional Shares				8/15/1997
Returns Before Taxes	25.10%	21.45%	17.38%
Service Shares				8/15/1997
Returns Before Taxes	24.46%	20.85%	16.80%
Investor Shares				11/30/2007
Returns Before Taxes	24.92%	21.29%	17.21%
Class R Shares				11/30/2007
Returns	24.36%	20.68%	16.63%
Class R6 Shares				7/31/2015
Returns Before Taxes	25.11%	21.46%	17.38%**
Russell 1000® Index (reflects no deduction for fees or expenses)	26.46%	18.41%	16.53%

The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 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, Co-Chief Investment Officer—Fundamental Equity U.S. Equity, has managed the Fund since 2000; and Stephen E. Becker, CFA, Managing Director, Co-Chief Investment Officer—Fundamental Equity U.S. Equity, has managed the Fund since 2013.

Buying and Selling Fund Shares

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. LLC (“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 26 of the Prospectus.

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 26 of the Prospectus.

Goldman Sachs Strategic Growth Fund—Summary

Investment Objective

The Goldman Sachs Strategic Growth Fund (the "Fund") seeks long-term growth of capital.

Fees and Expenses of the Fund

Shareholder Fees

(fees paid directly from your investment)

	Class A	Class C	Institutional	Service	Investor	Class R	Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50%	None	None	None	None	None	None
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

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	Investor	Class R	Class R6
Management Fees	0.71%	0.71%	0.71%	0.71%	0.71%	0.71%	0.71%
Distribution and/or Service (12b-1) Fees	0.25%	0.75%	0.00%	0.25%	0.00%	0.50%	0.00%
Other Expenses	0.33%	0.58%	0.21%	0.46%	0.33%	0.33%	0.20%
Service Fees	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%
Shareholder Administration Fees	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%	0.00%
All Other Expenses	0.33%	0.33%	0.21%	0.21%	0.33%	0.33%	0.20%
Total Annual Fund Operating Expenses	1.29%	2.04%	0.92%	1.42%	1.04%	1.54%	0.91%
Expense Limitation and Fee Waiver2	(0.25)%	(0.25)%	(0.17)%	(0.17)%	(0.25)%	(0.25)%	(0.17)%
Total Annual Fund Operating Expenses After Expense Limitation and Fee Waiver	1.04%	1.79%	0.75%	1.25%	0.79%	1.29%	0.74%

A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.

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 0.004% 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 0.08% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Fund. These arrangements will remain in effect through at leastDecember 29, 2023, 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.

	1 Year	3 Years	5 Years	10 Years
Class A Shares	$650	$913	$1,196	$2,000
Class C Shares	$282	$616	$1,075	$2,349
Institutional Shares	$77	$276	$493	$1,116
Service Shares	$127	$433	$760	$1,687
Investor Shares	$81	$306	$550	$1,248
Class R Shares	$131	$462	$816	$1,813
Class R6 Shares	$76	$273	$487	$1,104

Class C Shares – Assuming no redemption

$182

$616

$1,075

$2,349

Portfolio Turnover

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. 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 seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. 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 integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. 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. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions.

The Fund may invest up to 10% of its Total Assets in fixed income securities, such as government, corporate and bank debt obligations.

The Fund’s benchmark index is the Russell 1000® Growth Index.

THE FUND IS “NON-DIVERSIFIED” UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.

Principal Risks of the Fund

Non-Diversification Risk. The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or 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.

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 and Class R6 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.

CALENDAR YEAR (CLASS A)

	Returns	Quarter ended
Year-to-Date Return	-34.27%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	28.22%	June 30, 2020
Worst Quarter Return	-16.54%	December 31, 2018

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	5 Years	10 Years	Inception Date
Class A Shares				5/24/1999
Returns Before Taxes	14.84%	22.91%	17.98%
Returns After Taxes on Distributions	11.08%	16.93%	13.83%
Returns After Taxes on Distributions and Sale of Fund Shares	10.69%	16.65%	13.56%
Class C Shares				5/24/1999
Returns Before Taxes	19.49%	23.39%	17.77%*
Institutional Shares				5/24/1999
Returns Before Taxes	22.06%	24.80%	19.12%
Service Shares				5/24/1999
Returns Before Taxes	21.34%	24.15%	18.53%
Investor Shares				1/6/2009
Returns Before Taxes	21.83%	24.61%	18.94%
Class R Shares				1/6/2009
Returns	21.26%	24.00%	18.38%
Class R6 Shares				7/31/2015
Returns Before Taxes	22.02%	24.80%	19.13%**
Russell 1000® Growth Index (reflects no deduction for fees or expenses)	27.60%	25.30%	19.77%

Portfolio Management

Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or “GSAM”).

Buying and Selling Fund Shares

Tax Information

For important tax information, please see “Tax Information” on page 26 of the Prospectus.

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 26 of the Prospectus.

Goldman Sachs U.S. Equity ESG Fund—Summary

Investment Objective

The Goldman Sachs U.S. Equity ESG Fund (the "Fund") seeks long-term growth of capital.

Fees and Expenses of the Fund

Shareholder Fees

(fees paid directly from your investment)

	Class A	Class C	Institutional	Investor	Class R	Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50%	None	None	None	None	None
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

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class A	Class C	Institutional	Investor	Class R	Class R6
Management Fees	0.55%	0.55%	0.55%	0.55%	0.55%	0.55%
Distribution and/or Service (12b-1) Fees	0.25%	0.75%	0.00%	0.00%	0.50%	0.00%
Other Expenses2	1.37%	1.62%	1.25%	1.37%	1.37%	1.24%
Service Fees	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%
All Other Expenses	1.37%	1.37%	1.25%	1.37%	1.37%	1.24%
Total Annual Fund Operating Expenses	2.17%	2.92%	1.80%	1.92%	2.42%	1.79%
Expense Limitation3	(1.13)%	(1.13)%	(1.13)%	(1.13)%	(1.13)%	(1.13)%
Total Annual Fund Operating Expenses After Expense Limitation	1.04%	1.79%	0.67%	0.79%	1.29%	0.66%

A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.

“Other Expenses” for Class C, Institutional, Investor, and Class R6 Shares of the Fund have been restated to reflect expenses expected to be incurred during the current fiscal year.

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.

	1 Year	3 Years	5 Years	10 Years
Class A Shares	$650	$1,089	$1,552	$2,831
Class C Shares	$282	$797	$1,438	$3,162
Institutional Shares	$68	$456	$869	$2,023
Investor Shares	$81	$493	$932	$2,151
Class R Shares	$131	$646	$1,188	$2,670
Class R6 Shares	$67	$453	$864	$2,012

Class C Shares – Assuming no redemption

$182

$797

$1,438

$3,162

Portfolio Turnover

Principal Strategy

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in U.S. issuers that the Investment Adviser believes adhere to the Fund’s environmental, social and governance (“ESG”) criteria. Such equity investments may include exchange-traded funds (“ETFs”), futures and other instruments with similar economic exposures. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in approximately 30-50 companies that are considered by the Investment Adviser to be positioned for long-term growth of capital.

The Fund’s ESG criteria are generally designed to exclude companies that are directly engaged in, and/or derive significant revenue from, certain industries or product lines, including, but not limited to:

◼

alcohol;

◼

tobacco;

◼

gambling;

◼

adult entertainment;

◼

for-profit prisons;

◼

weapons;

◼

oil and gas exploration and production;

◼

thermal coal mining; and

◼

thermal coal power generation.

In determining whether a company is directly engaged in, and/or derives significant revenue from, the industries or product lines listed above, the Fund will use revenue thresholds for certain industries or product lines (e.g., companies that derive more than 5% of revenue from tobacco) and categorical exclusions for other industries or product lines (e.g., companies that derive any revenue from controversial weapons) and apply such thresholds and exclusions to data provided by one or more third-party vendor(s). Generally, the highest revenue threshold used will be 5%. The Investment Adviser, in its sole discretion, retains the right not to use data provided by third-party vendors where it deems the data to be not representative of a company’s current business operations. In such cases, or where data on specific companies may not be available from third-party vendors, the Investment Adviser may make reasonable estimates or otherwise exercise its discretion. The Fund’s ESG criteria may be updated periodically to, among other things, add or remove certain industries or product lines from the screening process, revise the revenue thresholds and categorical exclusions applicable to such activities, or change particular industries or product lines from a categorical exclusion to a revenue threshold, or vice versa.

Once the Investment Adviser determines that an issuer meets the Fund’s ESG criteria, the Investment Adviser conducts a supplemental analysis of individual companies’ corporate governance factors and a range of environmental and social factors that may vary by sector. This supplemental analysis will be conducted alongside traditional fundamental, bottom-up financial analysis of individual companies, using traditional fundamental metrics. The Investment Adviser may engage in active dialogues with company management teams to further inform investment decision-making and to foster best corporate governance practices using its fundamental and ESG analysis. The Fund may invest in a company prior to completion of the supplemental analysis or without engaging with company management. Instances in which the supplemental analysis may not be completed prior to investment include but are not limited to initial public offerings (“IPOs”), in-kind transfers, corporate actions, and/or certain short-term holdings.

The Investment Adviser may sell holdings for several reasons, including, among others, changes in a company’s fundamentals or earnings, a company no longer meeting the Fund’s ESG criteria, or a company otherwise failing to conform to the Investment Adviser’s investment philosophy. The Fund seeks to provide broad U.S. equity market exposure by investing in securities of U.S. issuers of any investment style and any market capitalization.

The Fund may also invest up to 20% of its Net Assets in equity investments that may not adhere to the Fund’s ESG criteria, in non-U.S. issuers, and in fixed income securities, such as government, corporate and bank debt obligations.

The Fund’s performance benchmark index is the S&P 500® Index.

Principal Risks of the Fund

ESG Standards Risk. The Fund’s adherence to its ESG criteria and the application of the Investment Adviser’s supplemental ESG analysis when selecting investments generally will affect the Fund’s exposure to certain companies, sectors, regions, and countries and may affect the Fund’s performance depending on whether such investments are in or out of favor. For example, the Fund generally will not seek to invest in companies that the Investment Adviser believes have adverse social or environmental impacts (e.g., alcohol, tobacco, gambling, adult entertainment, oil and gas, coal or weapons companies). Adhering to the ESG criteria and applying the Investment Adviser’s supplemental ESG analysis may also affect the Fund’s performance relative to similar funds that do not adhere to such criteria or apply such analysis. When assessing whether an issuer meets the Fund’s ESG criteria and conducting an ESG analysis of an issuer, the Investment Adviser generally will rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. ESG information from third-party data providers may be incomplete, inaccurate or unavailable and may vary significantly from one third-party data provider to another, which may adversely impact the investment process. Certain investments may be dependent on U.S. and foreign government policies, including tax incentives and subsidies, which may change without notice. The Fund’s ESG criteria and the application of the supplemental ESG analysis may be changed without shareholder approval.

Issuer Concentration Risk. The Fund intends to invest in up to approximately 50 companies. This relatively small number of issuers may subject the Fund to greater risks, because a decline in the value of any single investment held by the Fund may adversely affect the Fund’s overall value more than it would affect that of a fund holding a greater number of investments.

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, Investor, Class R and Class R6 Shares compare to those of a broad-based securities market index. Between November 1, 2017 through August 30, 2020, the Fund had been known as the Goldman Sachs Blue Chip Fund, between May 1, 2015 through October 31, 2017, the Fund had been known as the Goldman Sachs Dynamic U.S. Equity Fund and, since the Fund’s inception through April 30, 2015, the Fund had been known as the Goldman Sachs U.S. Equity Fund, and certain of its principal investment strategies differed.

Performance information set forth below prior to August 31, 2020 reflects the performance resulting from the Fund’s former strategies. 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.

CALENDAR YEAR (CLASS A)

	Returns	Quarter ended
Year-to-Date Return	-28.76%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	17.62%	June 30, 2020
Worst Quarter Return	-17.31%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	5 Years	10 Years	Inception Date
Class A Shares				11/30/2009
Returns Before Taxes	20.08%	17.22%	14.87%
Returns After Taxes on Distributions	19.44%	14.66%	12.60%
Returns After Taxes on Distributions and Sale of Fund Shares	12.12%	13.10%	11.61%
Class C Shares				11/30/2009
Returns Before Taxes	25.09%	17.67%	14.66%*
Institutional Shares				11/30/2009
Returns Before Taxes	27.50%	18.96%	15.96%
Investor Shares				11/30/2009
Returns Before Taxes	27.32%	18.84%	15.80%
Class R Shares				11/30/2009
Returns	26.80%	18.27%	15.24%
Class R6 Shares				7/31/2015
Returns Before Taxes	27.45%	18.98%	15.97%**
S&P 500® Index (reflects no deduction for fees or expenses)	28.71%	18.46%	16.54%

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, Co-Chief Investment Officer—Fundamental Equity U.S. Equity, has managed the Fund since 2010; Stephen E. Becker, CFA, Managing Director, Co-Chief Investment Officer—Fundamental Equity U.S. Equity, has managed the Fund since 2009; and Kevin Martens, Vice President, has managed the Fund since August 2020.

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 and Class R6 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.

Tax Information

For important tax information, please see “Tax Information” on page 26 of the Prospectus.

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 26 of the Prospectus.

Fundamental Equity Growth Funds –
Additional Summary Information

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 made 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.

Investment Management Approach

INVESTMENT OBJECTIVE

The Concentrated Growth, Flexible Cap, Large Cap Core, Strategic Growth and U.S. Equity ESG Funds seek long-term growth of capital. Each Fund’s investment objective may be changed without shareholder approval upon 60 days’ notice.

PRINCIPAL INVESTMENT STRATEGIES

Concentrated Growth Fund

The Fund invests, under normal circumstances, at least 90% of its Total Assets in equity investments selected for their potential to achieve capital appreciation over the long term. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in approximately 30-40 companies that are considered by the Investment Adviser to be positioned for long-term growth.

The Fund may invest in securities of companies of any capitalization. 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 emerging countries and securities quoted in foreign currencies.

The Fund may invest up to 10% of its Total Assets in fixed income securities, such as government, corporate and bank debt obligations. The Fund may also invest in stock, warrants, and other securities of special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek potential acquisition opportunities.

The Fund’s benchmark is the Russell 1000® Growth Index. The Russell 1000 Growth® Index is an unmanaged market capitalization weighted index of common stock prices that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Flexible Cap Fund

The Fund invests, under normal circumstances, at least 80% of its Net Assets in equity investments in small-, mid- and large-cap issuers. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth of capital. The Investment Adviser uses a combination of fundamental research and quantitative factors to achieve its investment objective. The Fund’s fundamental equity growth investment process involves evaluating potential investments based on specific characteristics believed to identify high-quality businesses with sustainable growth prospects, including strong business franchises, favorable long-term growth prospects, and excellent management. Investments will be further evaluated for their exposures to quantitative factors, such as, for example, valuation, profitability and volatility, to seek to enhance the Fund’s risk adjusted returns. Risk management, portfolio construction and sizing of positions will be informed by portfolio-level quantitative factor considerations. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in 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. Shareholders will be provided with sixty days’ notice in the manner prescribed by the Securities and Exchange Commission (“SEC”) before any change in the Fund’s policy to invest at least 80% of its Net Assets in the particular type of investment suggested by its name.

The Fund may invest up to 20% of its Net Assets in fixed income securities (including high yield fixed income securities), such as government, corporate and bank debt obligations. The Fund may also invest in stock, warrants, and other securities of SPACs or similar special purpose entities that pool funds to seek potential acquisition opportunities.

The Fund’s benchmark is the S&P 500® Index. The S&P 500® Index is the Standard & Poor’s 500 Composite index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

Large Cap Core Fund

The Fund invests, under normal circumstances, at least 80% of its Net Assets in a diversified portfolio of equity investments in large-cap issuers. Large-cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalizations of companies constituting the Russell 1000® Index at the time of investment. If the market capitalization of an issuer held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. As of September 30, 2022, the capitalization range of the companies in the Russell 1000® Index was between $271.25 million and $2.20 trillion. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in 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 emerging countries and securities quoted in foreign currencies. Shareholders will be provided with sixty days’ notice in the manner prescribed by the SEC before any change in the Fund’s policy to invest at least 80% of its Net Assets in the particular type of investment suggested by its name.

The Fund may invest up to 10% of its Total Assets in fixed income securities, such as government, corporate and bank debt obligations. The Fund may also invest in stock, warrants, and other securities of SPACs or similar special purpose entities that pool funds to seek potential acquisition opportunities.

The Fund’s benchmark is the Russell 1000® Index. The Russell 1000® Index is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies.

Strategic Growth Fund

The Fund invests, under normal circumstances, at least 90% of its Total Assets in equity investments. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in 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 emerging countries and securities quoted in foreign currencies.

The Fund may invest up to 10% of its Total Assets in fixed income securities, such as government, corporate and bank debt obligations. The Fund may also invest in stock, warrants, and other securities of SPACs or similar special purpose entities that pool funds to seek potential acquisition opportunities.

U.S. Equity ESG Fund

The Fund invests, under normal circumstances, at least 80% of its Net Assets in a diversified portfolio of equity investments in U.S. issuers that the Investment Adviser believes adhere to the Fund’s ESG criteria. Such equity investments may include ETFs, futures and other instruments with similar economic exposures. Shareholders will be provided with sixty days’ notice in the manner prescribed by the SEC before any change in the Fund’s policy to invest at least 80% of its Net Assets in the particular type of investment suggested by its name.

The Fund seeks to achieve its investment objective by investing, under normal circumstances, in approximately 30-50 companies that are considered by the Investment Adviser to be positioned for long-term growth of capital.

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alcohol;

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tobacco,

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gambling

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adult entertainment;

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for-profit prisons;

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weapons;

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oil and gas exploration and production;

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thermal coal mining; and

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thermal coal power generation.

Investment Management Approach

remove certain industries or product lines from the screening process, revise the revenue thresholds and categorical exclusions applicable to such activities, or change particular industries or product lines from a categorical exclusion to a revenue threshold, or vice versa. The Investment Adviser may periodically review portfolio holdings against the Fund’s ESG criteria.

These corporate governance considerations may include:

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quality of earnings;

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concern for shareholder interests and minority shareholder rights;

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unethical business conduct, for example unethical methods of obtaining contracts and/or close connections with authorities;

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board structure;

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board diversity;

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executive management team, for example CEO/CFO effectiveness and acting in interest of shareholders; and

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executive compensation.

Environmental and social considerations may include:

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environmental and social reporting, disclosure and transparency;

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material environmental litigation and/or controversies;

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material social litigation and/or controversies;

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labor practices, for example track record in treatment of employees and supply chain management;

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human rights considerations; and

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climate change policies and environmental practices.

The Investment Adviser may engage in active dialogues with company management teams to further inform investment decision-making and to foster best corporate governance practices using its fundamental and ESG analysis. The Fund may invest in a company prior to completion of the supplemental analysis or without engaging with company management. Instances in which the supplemental analysis may not be completed prior to investment include but are not limited to IPOs, in-kind transfers, corporate actions, and/or certain short-term holdings. The Fund may also invest in stock, warrants, and other securities of SPACs or similar special purpose entities that pool funds to seek potential acquisition opportunities.

The Investment Adviser may sell holdings for several reasons, including, among others, changes in a company’s fundamentals or earnings, a company no longer meeting the Fund’s ESG criteria, or a company otherwise failing to conform to the Investment Adviser’s investment philosophy. The Fund may also invest up to 20% of its Net Assets in equity investments that may not adhere to the Fund’s ESG criteria, in non-U.S. issuers, and in fixed income securities, such as government, corporate and bank debt obligations.

A U.S. issuer is an issuer economically tied to the United States. In determining whether an issuer is economically tied to the United States, the Investment Adviser will consider whether the issuer:

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Has a class of securities whose principal securities market is in the United States;

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Has its principal office in the United States;

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Derives 50% or more of its total revenue or profit from goods produced, sales made or services provided in the United States;

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Maintains 50% or more of its assets in the United States; or

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Is otherwise determined to be economically tied to the United States by the Investment Adviser in its discretion. For example, the Investment Adviser may use the classifications assigned by third parties, including an issuer’s “country of risk” as determined by Bloomberg or the classifications assigned to an issuer by the Fund’s benchmark index provider. These classifications are generally based on a number of criteria, including an issuer’s country of domicile, the primary stock exchange on which an issuer’s securities trade, the location from which the majority of an issuer’s revenue is derived, and an issuer’s reporting currency. Although the Investment Adviser may rely on these classifications, it is not required to do so.

The Fund’s performance benchmark index is the S&P 500® Index. The S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

All Funds

sponsored enterprises (“U.S. Government Securities”), commercial paper rated at least A-2 by S&P Global Ratings (“Standard & Poor’s”), P-2 by Moody’s Investors Service, Inc. (“Moody’s”) or having a comparable credit rating by another nationally recognized statistical rating organization (“NRSRO”) (or if unrated, determined by the Investment Adviser to be of comparable credit quality), certificates of deposit, bankers’ acceptances, repurchase agreements, non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year, exchange-traded funds (“ETFs”) and other investment companies and cash items. When a Fund’s assets are invested in such instruments, the Fund may not be achieving its investment objective.

References in the Prospectus to a Fund’s benchmark are for informational purposes only, and unless otherwise noted, are not an indication of how a particular Fund is managed.

GSAM Fundamental U.S. Equity Team’s Investment Approach:

GSAM believes that fundamental, bottom-up research combined with a disciplined investment process is essential for seeking to generate attractive performance over the long-term.

The team’s investment process for the Funds involves: (1) using multiple industry-specific valuation metrics to identify 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; (3) considering a wide range of factors as part of the fundamental investment process, which may include integrating environmental, social and governance (“ESG”) factors alongside traditional fundamental factors; and (4) buying those securities that a sector portfolio manager recommends, taking into account feedback from the rest of the portfolio management team.

The GSAM Fundamental Equity team may integrate ESG factors alongside traditional fundamental factors as part of its fundamental research process to seek to assess overall business quality and valuation, as well as potential risks. Traditional fundamental factors that the GSAM Fundamental Equity team may consider include, but are not limited to, cash flows, balance sheet leverage, return on invested capital, industry dynamics, earnings quality and profitability. ESG factors that the GSAM Fundamental Equity team may consider include, but are not limited to, carbon intensity and emissions profiles, workplace health and safety, community impact, governance practices and stakeholder relations, employee relations, board structure, transparency and management incentives. The identification of a risk related to an ESG factor will not necessarily exclude a particular security or sector that, in the GSAM Fundamental Equity team’s view, is otherwise suitable and attractively priced for investment, and the GSAM Fundamental Equity team may invest in a security or sector without integrating ESG factors or considerations into its fundamental investment process. The relevance of specific traditional fundamental factors and ESG factors to the fundamental investment process varies across asset classes, sectors and strategies. GSAM Fundamental Equity team may utilize data sources provided by third-party vendors and/or engage directly with issuers when assessing the above factors.

GSAM Fundamental Equity team employs a fundamental investment process that considers a wide range of factors, and no one factor or consideration is determinative.

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 Value Team’s Investment Philosophy:

1. Businesses represent compelling value when:

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Market uncertainty exists.

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Their economic value is not recognized by the market.

2. By quality, we mean companies that have:

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Sustainable operating or competitive advantage.

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Excellent stewardship of capital.

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Capability to earn above their cost of capital.

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Strong or improving balance sheets and cash flow.

3. Through intensive, firsthand fundamental research our portfolio managers seek to purchase quality businesses selling at compelling valuations.

As stakeholders, the Funds have a vested interest in helping the companies in which they invest unlock value by improving corporate practices and being thoughtful stewards of capital. As part of its focus on long-term, active ownership, the Investment Adviser may, in certain circumstances, use proxy voting and engagement as some of the tools available to encourage positive corporate decision making and productive change, where possible.

Investment Management Approach

GSAM Growth Team’s Investment Philosophy:

1. Invest as if buying the company/business, not simply trading its stock:

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Understand the business, management, products and competition.

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Perform intensive, hands-on fundamental research.

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Seek businesses with strategic competitive advantages.

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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 long-term growth companies at attractive valuations, giving the investor the potential to capture returns from above-average growth rates.

GSAM Fundamental Equity Quantitative Team’s Investment Philosophy:

For the Goldman Sachs Flexible Cap Fund, the Investment Adviser uses a combination of fundamental research and quantitative factors when determining whether to buy and/or sell securities and, more generally, to construct the Fund’s portfolio (e.g., determining the size of positions in certain securities). In addition to fundamental analysis, the Fund’s investments will be evaluated for their exposures to quantitative factors such as, for example, valuation, profitability or volatility. For the valuation factor, typical measures may include earnings yield or book-to-price ratios, among others. For the profitability factor, typical measures may include return on equity or cash flow to income, among others. For the volatility factor, typical measures may include average absolute asset returns over a previous period (e.g., six-month period), among others. Factor exposures will be used to evaluate the expected returns characteristics of each individual position, as well as to manage the overall factor-risk exposures at the portfolio level, with the overarching objective to seek to improve the Fund’s risk-adjusted returns. Short-term quantitative factors may also be used in the trading process to seek to improve trading cost performance.

ADDITIONAL FEES AND EXPENSES INFORMATION

Differences in the “Expense Limitation” ratios across a Fund’s share classes are the result of, among other things, the effect of mathematical rounding on the daily accrual of expense reimbursement, particularly, in respect to share classes with small amounts of assets.

Differences in the “Other Expenses” ratios across a Fund’s share classes are the result of, among other things, contractual differences in transfer agency fees and/or the effect of mathematical rounding on the daily accrual of certain expenses, particularly, in respect to share classes with small amounts of assets.

ADDITIONAL PERFORMANCE INFORMATION

The below is additional information that relates to the “Performance” section of each Fund’s Summary section.

Note that the “Best Quarter” and “Worst Quarter” figures shown in the “Performance” section of each Fund’s Summary section are applicable only to the time period covered by the bar chart.

These definitions apply to the after-tax returns shown in the “Performance” section of each Fund’s Summary section.

Average Annual Total Returns Before Taxes. These returns do not reflect taxes on distributions on a Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed (sold) by you.

Average Annual Total Returns After Taxes on Distributions. These returns assume that taxes are paid on distributions on a Fund’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption (sale) of the Class A Shares at the end of the performance period.

Average Annual Total Returns After Taxes on Distributions and Sale of Shares. These returns reflect taxes paid on distributions on a Fund’s Class A Shares and taxes applicable when the shares are redeemed (sold).

capital losses resulting from the redemption are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Fund Shares to be greater than the Returns After Taxes on Distributions or even the Returns Before Taxes.

OTHER INVESTMENT PRACTICES AND SECURITIES

Although each Fund’s principal investment strategies are described in the Fund’s Summary—Principal Strategy section of the Prospectus, the following tables identify some of the investment techniques that may (but are not required to) be used by the Funds in seeking to achieve their investment objectives. The tables also highlight the differences and similarities among the Funds in their use of these techniques and other investment practices and investment securities. Numbers in these tables show allowable usage only; for actual usage, consult the Funds’ annual/semi-annual reports. For more information about these and other investment practices and securities, see Appendix A.

Each Fund publishes on its website (http://www.gsamfunds.com) complete portfolio holdings for the Fund as of the end of each calendar quarter subject to a fifteen calendar day lag between the date of the information and the date on which the information is disclosed. In addition, the Funds publish on their website month-end top ten holdings subject to a fifteen calendar day lag between the date of the information and the date on which the information is disclosed. In addition, a description of the Funds’ policies and procedures with respect to the disclosure of the Funds’ portfolio holdings is available in the Funds’ SAI.

Investment Management Approach

10 Percent of total assets (including securities lending collateral) (italic type) 10 Percent of net assets (excluding borrowings for investment purposes) (roman type) • No specific percentage limitation on usage; limited only by the objectives and strategies of the Fund — Not permitted	Concentrated Growth Fund	Flexible Cap Fund	Large Cap Core Fund	Strategic Growth Fund	U.S. Equity ESG Fund
Investment Practices
Borrowings	33 1∕3	33 1∕3	33 1∕3	33 1∕3	33 1∕3
Credit, Currency, Index, Interest Rate, Total Return and Mortgage Swaps and Options on Swaps	—	•	—	—	—
Cross Hedging of Currencies	•	•	•	—	—
Custodial Receipts and Trust Certificates	•	•	•	•	•
Equity Swaps	•	•	•	—	—
Foreign Currency Transactions (including forward contracts)*	•	•	•	•	•
Futures Contracts and Options and Swaps on Futures Contracts	•	•	•	•	•
Illiquid Investments**	15	15	15	15	15
Investment Company Securities (including ETFs)1	10	10	10	10	10
Options on Foreign Currencies2	•	•	•	•	—
Options3	•	•	•	•	—
Preferred Stock, Warrants and Stock Purchase Rights	•	•	•	•	•
Repurchase Agreements	•	•	•	•	•
Securities Lending	33 1∕3	33 1∕3	33 1∕3	33 1∕3	33 1∕3
Short Sales Against the Box	25	25	25	25	—
Unseasoned Companies	•	•	•	•	•
When-Issued Securities and Forward Commitments	•	•	•	•	•

Limited by the amount the Fund invests in foreign securities.

Illiquid investments are any investments that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

This percentage limitation does not apply to a Fund’s investments in investment companies (including ETFs) where a higher percentage limitation is permitted under the Investment Company Act or rules, regulations or exemptive relief thereunder.

The Funds (except for the U.S. Equity ESG Fund) may purchase and sell call and put options on foreign currencies.

The Funds (except for the U.S. Equity ESG Fund) may sell call and put options and purchase call and put options on securities and other instruments in which the Funds may invest or any index consisting of securities or other instruments in which they may invest.

10 Percent of total assets (italic type) 10 Percent of net assets (including borrowings for investment purposes) (roman type) • No specific percentage limitation on usage; limited only by the objectives and strategies of the Fund — Not permitted	Concentrated Growth Fund	Flexible Cap Fund	Large Cap Core Fund	Strategic Growth Fund	U.S. Equity ESG Fund
Investment Securities
American, European and Global Depositary Receipts	•	•	•	•	•
Asset-Backed and Mortgage-Backed Securities4	•	•	•	•	—
Bank Obligations4	•	•	•	•	•
Convertible Securities5	•	•	•	•	•
Corporate Debt Obligations4	•	•	•	•	•
Equity Investments	90+	80+	80+	90+	80+
Emerging Country Securities6	10	25	10	10	—
Fixed Income Securities7	10	20	10	10	20
Foreign Securities6	25	25	25	25	20
Initial Public Offerings (“IPOs”)	•	•	•	•	•
Master Limited Partnerships	•	•	•	•	•
Non-Investment Grade Fixed Income Securities8	—	10	10	10	—
Pre-IPO Investments (including late-stage private equity securities)	—	•	—	—	—
Private Investments in Public Equity (“PIPEs”)	•	•	•	•	•
Real Estate Investment Trusts (“REITs”)	•	•	•	•	•
Special Purpose Acquisition Companies (“SPACs”)	•	•	•	•	•
Structured Securities (which may include equity linked notes)9	•	•	•	•	•
Temporary Investments	•	•	•	•	•
U.S. Government Securities4	•	•	•	•	•

Limited by the amount the Fund invests in fixed income securities.

All Funds use the same rating criteria for convertible and non-convertible debt securities.

The Large Cap Core, Strategic Growth and Concentrated Growth Funds may each invest in the aggregate up to 25% of their total assets, and the Flexible Cap Fund may invest in the aggregate up to 25% of its net assets, in foreign securities, including emerging country securities. The U.S. Equity ESG Fund may invest in the aggregate up to 20% of its net assets in foreign securities and may not invest in emerging country securities.

Except as noted under “Non-Investment Grade Fixed Income Securities,” fixed income securities must be investment grade (i.e., BBB– or higher by Standard & Poor’s, Baa3 or higher by Moody’s or have a comparable credit rating by another NRSRO or if unrated, determined by the Investment Adviser to be of comparable credit quality).

May be BB+ or lower by Standard & Poor’s, Ba1 or lower by Moody’s or have a comparable credit rating by another NRSRO at the time of investment.

Structured securities are not subject to the same minimum credit quality requirements as a Fund’s investments in fixed income securities.

Risks of the Funds

Loss of money is a risk of investing in the Fund (which, for the remainder of this Prospectus, refers to one or more of the Funds offered in this Prospectus). An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other governmental agency. The principal risks of the Fund are discussed in the Summary section of the Prospectus. The following section provides additional information on the risks that apply to the Fund, which may result in a loss of your investment. The risks applicable to the Fund are presented below in alphabetical order, and not in the order of importance or potential exposure. 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.

✓ Principal Risk • Additional Risk	Concentrated Growth Fund	Flexible Cap Fund	Large Cap Core Fund	Strategic Growth Fund	U.S. Equity ESG Fund
Credit/Default	•	•	•	•	•
Cybersecurity	•	•	•	•	•
Derivatives	•	•	•	•	•
Emerging Countries	✓	✓	✓	✓
ESG Integration	•	•	•	•
ESG Standards					✓
Foreign	✓	✓	✓	✓	•
Geographic	•	•	•	•	•
Initial Public Offering (“IPO”)	•	•	•	•	•
Interest Rate	•	•	•	•	•
Investment Style	✓	✓	✓	✓	✓
Issuer Concentration	✓				✓
Large Shareholder Transactions	✓	✓	✓	✓	✓
Liquidity	•	•	•	•	•
Management	•	•	•	•	•
Market	✓	✓	✓	✓	✓
Master Limited Partnerships	•	•	•	•	•
Mid-Cap and Small-Cap	✓	✓	•	•	•
NAV	•	•	•	•	•
Non-Diversification				✓
Non-Investment Grade Fixed Income Securities		•	•	•
Pre-IPO Investments		•
Private Investments in Public Equity (“PIPEs”)	•	•	•	•	•
Sector	✓			✓
Special Purpose Acquisition Companies (“SPACs”)	•	•	•	•	•
Stock	✓	✓	✓	✓	✓
U.S. Government Securities	•	•	•	•	•

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Credit/Default Risk—An issuer or guarantor of fixed income securities or instruments held by the Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. The credit quality of the Fund’s portfolio securities or instruments may meet the Fund’s credit quality requirements at the time of purchase but then deteriorate thereafter, and such a deterioration can occur rapidly. In certain instances, the downgrading or default of a single holding or guarantor of the Fund’s holdings may impair the Fund’s liquidity and have the potential to cause significant NAV deterioration. These risks are heightened in market environments where interest rates are rising as well as in connection with the Fund’s investments in non-investment grade fixed-income securities.

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Cybersecurity Risk—The Fund may be susceptible to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among others, stealing or corrupting confidential information and other data that is maintained online or digitally for financial gain, denial-of-service attacks on websites causing operational disruption, and the unauthorized release of confidential information and other data. Cyber-attacks have the ability to cause significant disruptions and impact business operations; to result in financial losses; to prevent shareholders from transacting business; to interfere with the Fund’s calculation of NAV; and to lead to violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs and/or additional compliance costs. Cyber-attacks affecting the Fund or its Investment Adviser, custodian, Transfer Agent, or other third-party service providers may adversely impact the Fund and its shareholders.

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Derivatives Risk—The Fund’s use of options, futures, forwards, swaps, options on swaps, structured securities and other derivatives and similar instruments (collectively referred to in this paragraph as “derivatives”) may result in losses, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill, or lacks the capacity or authority to fulfill, its contractual obligations, liquidity risk, which includes the risk that the Fund will not be able to close its derivatives position when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. Derivatives may be used for both hedging and non-hedging purposes.

The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments, and there is no guarantee that the use of derivatives will achieve their intended result. If the Investment Adviser is incorrect in its expectation of the timing or level of fluctuation in securities prices, interest rates, currency prices or other variables, the use of derivatives could result in losses, which in some cases may be significant. A lack of correlation between changes in the value of derivatives and the value of the portfolio assets (if any) being hedged could also result in losses. In addition, there is a risk that the performance of the derivatives or other instruments used by the Investment Adviser to replicate the performance of a particular asset class may not accurately track the performance of that asset class.

The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation or legality or enforceability of a contract.

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Emerging Countries Risk—Investments in securities of issuers located in, or otherwise economically tied to, emerging countries are subject to the risks associated with investments in foreign securities. The securities markets of most emerging countries are less liquid, developed and efficient, are subject to greater price volatility, and have smaller market capitalizations. In addition, emerging markets and frontier countries may have more or less government regulation and generally do not impose as extensive and frequent accounting, auditing, financial and other reporting requirements as the securities markets of more developed countries. As a result, there could be less information available about issuers in emerging and frontier market countries, which could negatively affect the Investment Adviser’s ability to evaluate local companies or their potential impact on the Fund’s performance. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the imposition of sanctions or exchange controls (including repatriation restrictions). The legal remedies for investors in emerging and frontier markets may be more limited than the remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors may be limited. These risks are not normally associated with investments in more developed countries. For more information about these risks, see Appendix A.

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ESG Integration Risk—The Investment Adviser employs a fundamental investment process that may integrate ESG factors with traditional fundamental factors. The relevance and weightings of specific ESG factors to or within the fundamental investment process varies across asset classes, sectors and strategies and no one factor or consideration is determinative. When integrating ESG factors into the investment process, the Investment Adviser may rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, which may adversely impact the investment process. Moreover, ESG information, whether from an external and/or internal source, is, by nature and in many instances, based on a qualitative and subjective assessment. An element of subjectivity and discretion is therefore inherent to the interpretation and use of ESG data. The process for conducting ESG assessments and implementation of ESG views in client/fund portfolios, including the format and content of such analysis and the tools and/or data used to perform such analysis, may also vary among the Investment Adviser’s portfolio management teams. While the Investment Adviser believes that the integration of material ESG factors into the Fund’s investment process has the potential to identify financial risks and contribute to the Fund’s long-term performance, ESG factors may not be considered for each and every investment decision, and there is no guarantee that the integration of ESG factors will result in better performance. Investors can differ in their views of what constitutes positive or negative ESG characteristics. Moreover, the current lack of common standards may result in different approaches to integrating ESG factors. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. The Investment Adviser’s approach to ESG integration may evolve and develop over time, both due to a refinement of investment decision-making processes to address ESG factors and risks, and because of legal and regulatory developments.

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ESG Standards Risk—The U.S. Equity ESG Fund’s adherence to its ESG criteria and the application of the Investment Adviser’s supplemental ESG analysis when selecting investments generally will affect the Fund’s exposure to certain companies, sectors, regions, and countries and may affect the Fund’s performance depending on whether such investments are in or out of favor. For

Risks of the Funds

example, the Fund generally will not seek to invest in companies that the Investment Adviser believes have adverse social or environmental impacts (e.g., alcohol, tobacco, gambling, adult entertainment, oil and gas, coal or weapons companies). Adhering to the ESG criteria and applying the Investment Adviser’s supplemental ESG analysis may also affect the Fund’s performance relative to similar funds that do not adhere to such criteria or apply such analysis. Certain investments may be dependent on U.S. and foreign government policies, including tax incentives and subsidies, which may change without notice.

The exclusionary criteria related to the Fund’s ESG criteria may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. The Fund’s investments in certain companies may be susceptible to various factors that may impact their businesses or operations, including costs associated with government budgetary constraints that impact publicly funded projects and clean energy initiatives, the effects of general economic conditions throughout the world, increased competition from other providers of services, unfavorable tax laws or accounting policies and high leverage.

Currently, there is a lack of common industry standards relating to the development and application of ESG criteria, which may make it difficult to compare the Fund’s principal investment strategies with the investment strategies of other funds that integrate certain ESG criteria. Although the Fund intends to invest in issuers that the Investment Adviser believes adhere to the Fund’s ESG criteria, the subjective value that investors may assign to certain types of ESG criteria may differ substantially from that of the Fund. Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. In addition, the application of the Investment Adviser’s supplemental ESG analysis may differ by asset class, sector, country and region, and an issuer’s ESG practices may change over time. When assessing whether an issuer meets the Fund’s ESG criteria and conducting an ESG analysis of an issuer, the Investment Adviser generally will rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. ESG information from third-party data providers may be incomplete, inaccurate or unavailable and may vary significantly from one third-party data provider to another, which may adversely impact the investment process. The Fund’s ESG criteria and the application of the supplemental ESG analysis may be changed without shareholder approval.

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Foreign Risk—When the Fund invests in foreign securities, it may be subject to risk of loss not typically associated with U.S. issuers. Loss may result because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; less liquid, developed or efficient trading markets; greater volatility; and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from, among other things, deteriorating economic and business conditions in other countries, including the United States, regional and global conflicts, the imposition of sanctions, exchange controls (including repatriation restrictions), foreign taxes, confiscation of assets and property, trade restrictions (including tariffs), expropriations and other government restrictions by the United States and other governments, higher transaction costs, difficulty enforcing contractual obligations or from problems in share registration, settlement or custody. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. These types of measures may include, but are not limited to, banning a sanctioned country from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing the assets of particular countries, entities, or persons. The imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country, downgrades in the credit ratings of the sanctioned country or companies located in or economically tied to the sanctioned country, devaluation of the sanctioned country’s currency, and increased market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. The Fund or the Investment Adviser may determine not to invest in, or may limit its overall investment in, a particular issuer, country or geographic region due to, among other things, heightened risks regarding sanctions, repatriation restrictions, confiscation of assets and property, expropriation or nationalization. Geopolitical developments in certain countries in which the Fund may invest have caused, or may in the future cause, significant volatility in financial markets. For example, the United Kingdom (“UK”) withdrew from the European Union (“EU”) on January 31, 2020 (commonly known as “Brexit”), which has resulted in ongoing market volatility and caused additional market disruption on a global basis. The UK and the EU signed the EU-UK Trade and Cooperation Agreement (“TCA”), which is an agreement on the terms governing certain aspects of the EU’s and UK’s relationship post Brexit. However, under the TCA, many aspects of the EU-UK relationship remain subject to further negotiation. Although the full effects of Brexit are unknown at this time, Brexit may continue to result in fluctuations of exchange rates, increased illiquidity, inflation, and changes in legal and regulatory regimes to which certain of the Fund’s assets are subject. These and other geopolitical developments, including ongoing regional armed conflict in Europe, could negatively impact the value of the Fund’s investments.

The Fund's investments in foreign securities may also be subject to foreign currency risk, as described above, the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund may have exposure to foreign currencies) to decline in value. Foreign risks will normally be greatest when the Fund invests in securities of issuers located in emerging countries. For more information about these risks, see Appendix A.

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Geographic Risk—If the Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its 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.

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IPO Risk—The market value of shares issued in an IPO may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about a company’s business model, quality of management, earnings growth potential, and other criteria used to evaluate its investment prospects. The purchase of IPO shares may involve high transaction costs. Investments in IPO shares, which are subject to market risk and liquidity risk, involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time.

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Interest Rate Risk—When interest rates increase, fixed income securities or instruments held by the Fund (which may include inflation protected securities) will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund’s investments, and funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

Although interest rates in the United States remain at relatively low levels, they are expected to increase in the future. Certain countries have experienced negative interest rates on certain fixed-income instruments. Changing interest rates may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility.

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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. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase. Also, because growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds will typically underperform when value investing is in favor. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors. A value stock may decrease in price or fail to increase in price as anticipated if other investors do not eventually recognize the stock’s potential value, or if other events or factors that could increase the stock price do not materialize.

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Issuer Concentration Risk—Under normal circumstances, the Concentrated Growth Fund and the U.S. Equity ESG Fund intend to invest in up to approximately 40 and 50 companies, respectively. As a result of the relatively small number of issuers in which the Fund generally invests, it may be subject to greater risks than the fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a mutual fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer in the Fund and may be susceptible to greater losses because of these developments.

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Risks of the Funds

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.

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Liquidity Risk—The Fund may invest in securities or instruments that trade in lower volumes, that are less liquid than other investments and/or that may become illiquid or less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. When there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the security or instrument at all. An inability to sell one or more portfolio positions can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

Illiquidity can be caused by a drop in overall market trading volume, an inability to find a willing buyer, or legal restrictions on the securities' resale. To the extent that the traditional dealer counterparties that engage in fixed income trading do not maintain inventories of bonds (which provide an important indication of their ability to “make markets”) that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets. Additionally, market participants other than the Fund may attempt to sell fixed income holdings at the same time as the Fund, which could cause downward pricing pressure and contribute to decreased liquidity.

Because the Fund may invest in non-investment grade fixed income securities, small- and mid-capitalization stocks, REITs and/or emerging country issuers, the Fund may be especially subject to the risk that during certain periods, the liquidity of particular issuers or industries, or all securities within a particular investment category, may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events (including periods of rapid interest rate changes), or adverse investor perceptions, whether or not accurate.

Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period stated in the Prospectus or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests or other reasons. While the Fund reserves the right to meet redemption requests through in-kind distributions, the Fund may instead choose to raise cash to meet redemption requests through sales of portfolio securities or permissible borrowings. If the Fund is forced to sell investments at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors’ interests.

Certain shareholders, including clients or affiliates of the Investment Adviser and/or other funds managed by the Investment Adviser, may from time to time own or control a significant percentage of the Fund's shares. Redemptions by these shareholders of their shares of the Fund may further increase the Fund's liquidity risk and may impact the Fund's NAV. These shareholders may include, for example, institutional investors, funds of funds, discretionary advisory clients, certain participating insurance companies, accounts or Goldman Sachs affiliates and other shareholders, whose buy-sell decisions are controlled by a single decision-maker.

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Management Risk—A strategy used by the Investment Adviser may fail to produce the intended results.

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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. Price changes may be temporary or last for extended periods. The Fund's investments may be overweighted from time to time in one or more sectors or countries, which will increase the Fund's exposure to risk of loss from adverse developments affecting those sectors or countries.

Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, local, regional and global events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also adversely impact issuers, markets and economies, including in ways that cannot necessarily be foreseen. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such conditions, events and actions may result in greater market risk.

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market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. Investment in those MLPs may restrict the Fund’s ability to take advantage of other investment opportunities. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

To the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in an amount of income or gain (or decrease in the amount of loss) that will be recognized by the Fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests. Furthermore, any return of capital distribution received from the MLP may require the Fund to restate the character of its distributions and amend any shareholder tax reporting previously issued. Moreover, a change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which could result in a reduction of the value of the Fund's investment in the MLP and lower income to the Fund.

Individuals and certain other noncorporate entities are generally eligible for a 20% deduction with respect to taxable income from MLPs. Currently, there is not a regulatory mechanism for regulated investment companies such as the Fund to pass through the 20% deduction to shareholders. As a result, in comparison, investors investing directly in MLPs would generally be eligible for the 20% deduction for such taxable income from these investments while investors investing in MLPs held indirectly if any through the Fund would not be eligible for the 20% deduction for their share of such taxable income.

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Mid-Cap and Small-Cap Risk—The securities of mid-capitalization 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. 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. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund's portfolio. Generally, the smaller the company size, the greater these risks become.

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NAV Risk—The net asset value of the Fund and the value of your investment will fluctuate.

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Non-Diversification Risk—The Strategic Growth Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Strategic Growth 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.

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Non-Investment Grade Fixed Income Securities Risk—Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

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Pre-IPO Investments Risk—The Flexible Cap Fund may invest in privately held companies, including companies that may issue shares in IPOs. Investments in pre-IPO shares involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. Investments in these companies are less liquid and difficult to value, and there is significantly less information available about these companies’ business models, quality of management, earnings growth potential, and other criteria used to evaluate their investment prospects. Although there is a potential the pre-IPO shares that the Flexible Cap Fund buys may increase in value if the company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Fund’s investments to decrease significantly. Moreover, because pre-IPO shares are generally not freely or publicly tradeable, the Flexible Cap Fund may not have access to purchase or the ability to sell these shares in the amounts or at the prices the Fund desires. The companies that the Flexible Cap Fund anticipates holding successful IPOs may not ever issue shares in an IPO and a liquid market for their shares may never develop, which may negatively affect the price at which the Fund can sell these shares and make it more difficult to sell these shares, which could also adversely affect the Fund’s liquidity.

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Private Investments in Public Equities Risk—The Fund may purchase equity securities in a private placement that are issued by issuers who have outstanding, publicly-traded equity securities of the same class (“private investments in public equity” or “PIPEs”). Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last many months. Until the public registration process is completed, PIPEs are restricted as to resale and the Fund cannot freely trade the securities. Generally, such restrictions cause the PIPEs to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.

Risks of the Funds

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Sector Risk—To the extent the Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund will be subject to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

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Special Purpose Acquisition Companies Risk—The Fund may invest in stock, warrants, and other securities of SPACs. A SPAC is typically a publicly traded company that raises funds through an IPO for the purpose of acquiring or merging with another company to be identified subsequent to the SPAC’s IPO. Because SPACs and similar entities are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. An investment in a SPAC is subject to a variety of risks, including that (i) prior to any acquisition or merger, a SPAC’s assets are typically invested in U.S. government securities, money market funds and similar investments whose returns or yields may be significantly lower than those of the Fund’s other investments; (ii) the Fund generally will not receive significant income from its investments in SPACs (both prior to and after any acquisition or merger) and, therefore, the Fund’s investments in SPACs will not significantly contribute to the Fund’s distributions to shareholders; (iii) attractive acquisition or merger targets may become scarce if the number of SPACs seeking to acquire operating businesses increases; (iv) an attractive acquisition or merger target may not be identified at all, in which case the SPAC will be required to return any remaining monies to shareholders, and the Fund may be subject to opportunity costs to the extent that alternative investments would have produced higher returns; (v) if an acquisition or merger target is identified, the Fund may elect not to participate in, or vote to approve, the proposed transaction or the Fund may be required to divest its interests in the SPAC, due to regulatory or other considerations, in which case the Fund may not reap any resulting benefits; (vi) an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; (vii) only a thinly traded market for shares of or interests in a SPAC may develop, or there may be no market at all, leaving the Fund unable to sell its interest in a SPAC or to sell its interest only at a lower price; and (viii) the values of investments in SPACs may be highly volatile and may depreciate significantly over time. In addition, the Fund may obtain certain private rights and other interests issued by a SPAC (commonly referred to as “founder shares”), which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an IPO.

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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. Stock prices may fluctuate from time to time in response to the activities of individual companies and in response to general market and economic conditions. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, and the stock prices of such companies may suffer a decline in response.

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U.S. Government Securities Risk—The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Agency (“FHFA”) acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.

More information about the Fund’s portfolio securities and investment techniques, and its associated risks, is provided in Appendix A. You should consider the investment risks discussed in this section and in Appendix A. Both are important to your investment choice.

Service Providers

INVESTMENT ADVISER

Investment Adviser	Fund
Goldman Sachs Asset Management, L.P. (“GSAM”) 200 West Street New York, NY 10282	Concentrated Growth Flexible Cap Large Cap Core Strategic Growth U.S. Equity ESG

GSAM has been registered as an investment adviser with the SEC since 1990 and is an indirect, wholly-owned subsidiary of The Goldman Sachs Group, Inc. and an affiliate of Goldman Sachs. Founded in 1869, The Goldman Sachs Group, Inc. is a publicly-held financial holding company and a leading global investment banking, securities and investment management firm. As of September 30, 2022, GSAM, including its investment advisory affiliates, had assets under supervision of approximately $2.19 trillion.

The Investment Adviser provides day-to-day advice regarding the Fund’s portfolio transactions. The Investment Adviser makes the investment decisions for the Fund and places purchase and sale orders for the Fund’s portfolio transactions in U.S. and foreign markets. As permitted by applicable law, these orders may be directed to any executing brokers, dealers, futures commission merchants or other counterparties, including Goldman Sachs and its affiliates. While the Investment Adviser is ultimately responsible for the management of the Fund, it is able to draw upon the research and expertise of its asset management affiliates for portfolio decisions and management with respect to certain portfolio securities. In addition, the Investment Adviser has access to the research and certain proprietary technical models developed by Goldman Sachs (subject to legal, internal, regulatory and Chinese Wall restrictions), and will apply quantitative and qualitative analysis in determining the appropriate allocations among categories of issuers and types of securities.

The Investment Adviser also performs the following additional services for the Fund (to the extent not performed by others pursuant to agreements with the Fund):

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Supervises all non-advisory operations of the Fund

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Provides personnel to perform necessary executive, administrative and clerical services to the Fund

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Arranges for the preparation of all required tax returns, reports to shareholders, prospectuses and statements of additional information and other reports filed with the SEC and other regulatory authorities

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Maintains the records of the Fund

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Provides office space and all necessary office equipment and services

An investment in the Fund may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third-party service providers or trading counterparties. Although the Fund attempts to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect the Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. The Fund and its shareholders could be negatively impacted as a result.

From time to time, Goldman Sachs or its affiliates may invest “seed” capital in the Fund. These investments are generally intended to enable the Fund to commence investment operations and achieve sufficient scale. Goldman Sachs and its affiliates may hedge the exposure of the seed capital invested in the Fund by, among other things, taking an offsetting position in the benchmark of the Fund.

Service Providers

MANAGEMENT FEES AND OTHER EXPENSES

As compensation for its services and its assumption of certain expenses, the Investment Adviser is entitled to the following fees, computed daily and payable monthly, at the annual rates listed below (as a percentage of each respective Fund’s average daily net assets):

Fund	Contractual Management Fee Annual Rate	Average Daily Net Assets	Actual Rate For the Fiscal Year Ended August 31, 2022*
Concentrated Growth	0.76%	First $1 Billion	0.76%
	0.68%	Next $1 Billion
	0.65%	Next $3 Billion
	0.64%	Next $3 Billion
	0.62%	Over $8 Billion
Flexible Cap	0.55%	First $1 Billion	0.55%
	0.50%	Next $1 Billion
	0.47%	Next $3 Billion
	0.46%	Next $3 Billion
	0.45%	Over $8 Billion
Large Cap Core	0.71%	First $1 Billion	0.67%
	0.64%	Next $1 Billion
	0.61%	Over $2 Billion
Strategic Growth	0.71%	First $1 Billion	0.71%
	0.64%	Next $1 Billion
	0.61%	Next $3 Billion
	0.59%	Next $3 Billion
	0.58%	Over $8 Billion
U.S. Equity ESG	0.55%	First $1 Billion	0.55%
	0.50%	Next $1 Billion
	0.47%	Next $3 Billion
	0.46%	Next $3 Billion
	0.45%	Over $8 Billion

The Actual Rate may not correlate to the Contractual Management Fee Annual Rate as a result of management fee waivers that may be in effect from time to time.

The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.72% as an annual percentage rate of Concentrated Growth Fund and 0.66% as an annual percentage of the Large Cap Core Fund’s average daily net assets. This arrangement will remain in effect through at least December 29, 2023, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. This management fee waiver may be modified or terminated by the Investment Adviser at its discretion and without shareholder approval after such date, although the Investment Adviser does not presently intend to do so.

In addition to the management fee waiver described above, the Investment Adviser may waive an additional portion of its management fee, including fees earned as the Investment Adviser to any affiliated funds in which the Fund invests, from time to time, and may discontinue or modify any such waivers in the future, consistent with the terms of any fee waiver arrangements that may be in place.

A discussion regarding the basis for the Board of Trustees’ approval of the Management Agreement for the Fund in 2022 is available in the Fund's annual report dated August 31, 2022.

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 (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses), to 0.004%, 0.004%, 0.004%, 0.004% and 0.084% of average daily net assets for the Concentrated Growth, Flexible Cap, Large Cap Core, Strategic Growth and U.S. Equity ESG Funds, respectively, through at least December 29, 2023, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The expense limitations may be modified or terminated by the Investment Adviser at its discretion and without shareholder approval after such date, although the Investment Adviser does not presently intend to do so. The Fund’s “Other Expenses” may be further reduced by any custody and transfer agency fee credits received by the Fund.

FUND MANAGERS

Fundamental Equity U.S. Equity Team

The individuals jointly and primarily responsible for the day-to-day management of the Fund are listed below. The Fund’s portfolio managers' individual responsibilities may differ and may include, among other things, security selection, asset allocation, risk budgeting and general oversight of the management of the Fund’s portfolios.

Name and Title	Fund Responsibility	Years Primarily Responsible	Five Year Employment History
Steven M. Barry Managing Director Co-Chief Investment Officer, Fundamental Equity U.S. Equity	Portfolio Manager— Concentrated Growth Flexible Cap Large Cap Core Strategic Growth U.S. Equity ESG	Since 2000 2002 2008 2000 2020	Mr. Barry joined the Investment Adviser as a portfolio manager in 1999. He is Managing Director and Co-Chief Investment Officer of Fundamental Equity U.S. Equity.
Stephen E. Becker, CFA Managing Director Co-Chief Investment Officer, Fundamental Equity U.S. Equity	Portfolio Manager— Concentrated Growth Large Cap Core Strategic Growth U.S. Equity ESG	Since 2013 2013 2013 2020	Mr. Becker joined the Investment Adviser in 1999. He is Managing Director and Co-Chief Investment Officer of Fundamental Equity U.S. Equity.
Kevin Martens Vice President Portfolio Manager	Portfolio Manager— U.S. Equity ESG	Since 2020	Mr. Martens joined the Investment Adviser in 2015. He is a portfolio manager on the GSAM US Equity ESG Strategy, as well as a portfolio manager on the US Equity Team where he has broad research responsibilities for the Industrials sector across the US Large- and Mid-Cap Equity strategies.

For information about the portfolio managers’ compensation, other accounts managed by the portfolio managers and the portfolio managers’ ownership of securities in the Fund, see the SAI.

DISTRIBUTOR AND TRANSFER AGENT

Goldman Sachs, 200 West Street, New York, NY 10282, serves as the exclusive distributor (the “Distributor”) of the Fund’s shares. Goldman Sachs, P.O. Box 806395, Chicago, IL 60680-4125, also serves as the Fund’s transfer agent (the “Transfer Agent”) and, as such, performs various shareholder servicing functions.

For its transfer agency services, Goldman Sachs is entitled to receive a transfer agency fee equal, on an annualized basis, to 0.03% of average daily net assets with respect to Class R6 Shares, 0.04% of average daily net assets with respect to the Institutional and Service Shares and 0.16% of average daily net assets with respect to the Class A, Class C, Investor and Class R Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.08%, 0.03% and 0.08% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares, as applicable, of the Concentrated Growth Fund, Large Cap Core Fund and Strategic Growth Fund, respectively, through at least December 29, 2023, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees.

From time to time, Goldman Sachs or any of its affiliates may purchase and hold shares of the Fund. Goldman Sachs and its affiliates reserve the right to redeem at any time some or all of the shares acquired for their own accounts.

ACTIVITIES OF GOLDMAN SACHS AND ITS AFFILIATES AND OTHER

ACCOUNTS MANAGED BY GOLDMAN SACHS

Service Providers

swaps, indices, baskets and other financial instruments and products for their own accounts or for the accounts of their customers and have other direct and indirect interests in the global fixed income, currency, commodity, equities, bank loans and other markets and the securities and issuers in which the Fund may directly and indirectly invest. Thus, it is expected that the Fund will have multiple business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities for which Goldman Sachs and its affiliates perform or seek to perform investment banking or other services. The Investment Adviser and/or certain of its affiliates are the managers of the Goldman Sachs Funds. The Investment Adviser and its affiliates earn fees from this and other relationships with the Fund. Although management fees paid by the Fund to the Investment Adviser and certain other fees paid to the Investment Adviser’s affiliates are based on asset levels, the fees are not directly contingent on Fund performance, and the Investment Adviser and its affiliates will still receive significant compensation from the Fund even if shareholders lose money. Goldman Sachs and its affiliates engage in proprietary trading and advise accounts and funds which have investment objectives similar to those of the Fund and/or which engage in and compete for transactions in the same types of securities, currencies and instruments as the Fund. Goldman Sachs and its affiliates will not have any obligation to make available any information regarding their proprietary activities or strategies, or the activities or strategies used for other accounts managed by them, for the benefit of the management of the Fund. The results of the Fund’s investment activities, therefore, will likely differ from those of Goldman Sachs, its affiliates, and other accounts managed by Goldman Sachs, and it is possible that the Fund could sustain losses during periods in which Goldman Sachs and its affiliates and other accounts achieve significant profits on their trading for proprietary or other accounts. In addition, the Fund may enter into transactions in which Goldman Sachs and its affiliates or their other clients have an adverse interest. For example, the Fund may take a long position in a security at the same time that Goldman Sachs and its affiliates or other accounts managed by the Investment Adviser or its affiliates take a short position in the same security (or vice versa). These and other transactions undertaken by Goldman Sachs, its affiliates or Goldman Sachs-advised clients may, individually or in the aggregate, adversely impact the Fund. Transactions by one or more Goldman Sachs-advised clients or the Investment Adviser may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the Fund. The Fund’s activities will, under certain circumstances, be limited because of regulatory restrictions applicable to Goldman Sachs and its affiliates, and/or their internal policies designed to comply with such restrictions. As a global financial services firm, Goldman Sachs and its affiliates also provide a wide range of investment banking and financial services to issuers of securities and investors in securities. Goldman Sachs, its affiliates and others associated with it are expected to create markets or specialize in, have positions in and/or effect transactions in, securities of issuers held by the Fund, and will likely also perform or seek to perform investment banking and financial services for one or more of those issuers. Goldman Sachs and its affiliates are expected to have business relationships with and purchase or distribute or sell services or products from or to distributors, consultants or others who recommend the Fund or who engage in transactions with or for the Fund. For more information about conflicts of interest, see the section entitled “Potential Conflicts of Interest” in the SAI.

The Fund will, from time to time, make brokerage and other payments to Goldman Sachs and its affiliates in connection with the Fund’s portfolio investment transactions, in accordance with applicable law.

Distributions

The Fund pays distributions from its investment income and from net realized capital gains. You may choose to have distributions paid in:

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Cash

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Additional shares of the same class of the same Fund

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Shares of the same or an equivalent class of another Goldman Sachs Fund. Special restrictions may apply. See the SAI.

You may indicate your election on your account application. Any changes may be submitted in writing or via telephone, in some instances, to the Transfer Agent (either directly or through your Intermediary) at any time before the record date for a particular distribution. If you do not indicate any choice, your distributions will be reinvested automatically in the Fund. Distributions from net investment income and distributions from net capital gains, if any, are normally declared and paid annually for the Fund. In addition, the Fund may occasionally make a distribution at a time when it is not normally made. If cash distributions are elected with respect to the Fund’s annual distributions from net investment income, then cash distributions must also be elected with respect to the net short-term capital gains component, if any, of the Fund’s annual distributions.

The election to reinvest distributions in additional shares will not affect the tax treatment of such distributions, which will be treated as received by you and then used to purchase the shares.

From time to time a portion of the Fund’s distributions may constitute a return of capital for tax purposes, and/or may include amounts in excess of the Fund’s net investment income for the period calculated in accordance with generally accepted accounting principles (GAAP).

When you purchase shares of the Fund, part of the NAV per share may be represented by undistributed income and/or realized gains that have previously been earned by the Fund. Therefore, subsequent distributions on such shares from such income and/or realized gains may be taxable to you even if the NAV of the shares is, as a result of the distributions, reduced below the cost of such shares and the distributions (or portions thereof) represent a return of a portion of the purchase price.

Shareholder Guide

The following section will provide you with answers to some of the most frequently asked questions regarding buying and selling the Fund's shares.

How To Buy Shares

Shares Offering

Shares of the Fund are continuously offered through the Distributor. The Fund and the Distributor will have the sole right to accept orders to purchase shares and reserve the right to reject any purchase order in whole or in part.

How Can I Purchase Shares Of The Fund?

You may purchase shares of the Fund through certain intermediaries that have a relationship with Goldman Sachs, including banks, trust companies, brokers, registered investment advisers and other financial institutions (“Intermediaries”). Certain Intermediaries have been authorized by Goldman Sachs Trust (the “Trust”) to accept purchase, redemption or exchange orders on behalf of the Fund for their customers (“Authorized Institutions”), and if approved by the Fund, may designate other financial intermediaries to accept such orders. You should contact your Intermediary to learn whether it is authorized to accept orders on behalf of the Fund (i.e., an Authorized Institution). In order to make an initial investment in the Fund you must furnish to your Intermediary the information in the account application.

The decision as to which class to purchase depends on the amount you invest, the intended length of the investment and your personal situation. You should contact your Intermediary to discuss which share class option is right for you.

Note: Intermediaries may receive different compensation for selling different share classes.

To open an account, contact your Intermediary. Customers of an Intermediary will normally give their order instructions to the Intermediary, and the Intermediary will, in turn, place the order with the Transfer Agent. Intermediaries are responsible for transmitting accepted orders and payments to the Transfer Agent within the time period agreed upon by them and will set times by which orders and payments must be received by them from their customers. The Trust, Transfer Agent, Investment Adviser and their affiliates will not be responsible for any loss in connection with orders that are not transmitted to the Transfer Agent by an Intermediary on a timely basis.

The Fund will be deemed to have received an order for purchase, redemption or exchange of Fund shares when the order is accepted in “proper form” by the Transfer Agent (or, if applicable, by an Authorized Institution) on a business day, and the order will be priced at the Fund’s current NAV per share (adjusted for any applicable sales charge) next determined after acceptance by the Transfer Agent (or, if applicable, by an Authorized Institution). For shareholders that place trades directly with the Fund’s Transfer Agent, proper form generally means that specific trade details and customer identifying information must be received by the Transfer Agent at the time an order is submitted. Intermediaries of the Fund may have different requirements regarding what constitutes proper form for trade instructions. Please contact your Intermediary for more information.

For purchases by check, the Fund will not accept checks drawn on foreign banks, third party checks, temporary checks, cash or cash equivalents; e.g., cashier’s checks, official bank checks, money orders, traveler’s cheques or credit card checks. In limited situations involving the transfer of retirement assets, the Fund may accept cashier’s checks or official bank checks.

Investor and Class R Shares are not sold directly to the public. Instead, Investor and Class R Shares generally are available only to 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”). Investor Shares may also be sold to accounts established under a fee-based program that is sponsored and maintained by an Intermediary that has entered into a contractual relationship with Goldman Sachs to offer such shares through such programs (“Eligible Fee-Based Program”). Investor and Class R Shares are not available to traditional and Roth Individual Retirement Accounts (“IRAs”), SEPs and SARSEPs; except that Investor Shares are available to such accounts or plans to the extent they are purchased through an Eligible Fee-Based Program. Employee Benefit Plans and Eligible Fee-Based Programs must purchase Investor or Class R Shares through an Intermediary using a plan level or omnibus account.

Employee Benefit Plans generally may open an account and purchase Investor and/or Class R Shares through Intermediaries, financial planners, Employee Benefit Plan administrators and other financial intermediaries. Investor and/or Class R Shares may not be available through certain Intermediaries.

Class R6 Shares are generally available to the following investors who purchase shares of the Fund through certain Intermediaries that have a contractual relationship with Goldman Sachs, including banks, trust companies, brokers, registered investment advisers and other financial institutions, using a plan level or omnibus account, unless otherwise noted below.

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Investors who purchase Class R6 Shares through an Eligible Fee-Based Program;

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Employee Benefit Plans;

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Registered investment companies or bank collective trusts investing directly with the Transfer Agent;

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Institutional investors, including companies, foundations, endowments, municipalities, trusts and other entities, investing at least $5,000,000 directly with the Transfer Agent; and

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Other investors at the discretion of the Trust’s officers.

Class R6 Shares may not be available through certain Intermediaries. 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.

What Is My Minimum Investment In The Fund?

For each of your accounts investing in Class A or Class C Shares, the following investment minimums must be met:

	Initial	Additional*
Regular Accounts	$1,000	$50
Employee Benefit Plans	No Minimum	No Minimum
Uniform Gift/Transfer to Minors Accounts (UGMA/UTMA)	$250	$50
Individual Retirement Accounts and Coverdell ESAs	$250	$50
Automatic Investment Plan Accounts	$250	$50

No minimum additional investment requirements are imposed with respect to investors trading through Intermediaries who aggregate shares in omnibus or similar accounts (e.g., employee benefit plan accounts, wrap program accounts or traditional brokerage house accounts). A maximum purchase limitation of $1,000,000 in the aggregate normally applies to purchases of Class C Shares across all Goldman Sachs Funds.

For Institutional Shares, the minimum initial investment is $1,000,000 for individual or Institutional Investors, alone or in combination with other assets under the management of the Investment Adviser and its affiliates, except that no initial minimum will be imposed on (i) Employee Benefit Plans that hold their Institutional Shares through plan-level or omnibus accounts; or (ii) investment advisers investing for accounts for which they receive asset-based fees where the investment adviser or its Intermediary purchases Institutional Shares through an omnibus account. For this purpose, “Institutional Investors” shall include “wrap” account sponsors (provided they have an agreement covering the arrangement with the Distributor); corporations; qualified non-profit organizations, charitable trusts, foundations and endowments; any state, county or city, or any instrumentality, department, authority or agency thereof; and banks, trust companies or other depository institutions investing for their own account or on behalf of their clients.

No minimum amount is required for initial purchases in Investor, Class R and Class R6 Shares (except as provided below) or additional investments in Institutional, Service, Investor, Class R or Class R6 Shares.

For Class R6 Shares, the minimum initial investment is $5,000,000 for institutional investors, including companies, foundations, endowments, municipalities, trusts and other entities who purchase Class R6 Shares directly with the Transfer Agent.

There are no minimum purchase or account (minimum) requirements with respect to Service Shares. An Intermediary may, however, impose a minimum amount for initial and additional investments in Service Shares, and may establish other requirements such as a minimum account balance. An Intermediary may redeem Service Shares held by non-complying accounts, and may impose a charge for any special services.

The minimum investment requirement for Class A, Class C and Institutional Shares may be waived for: (i) Goldman Sachs, its affiliates (including the Trust) or their respective Trustees, officers, partners, directors or employees (including retired employees and former partners), as well as certain individuals related to such investors, including spouses or domestic partners, minor children including those of their domestic partners, other family members residing in the same household, and/or financial dependents, provided that all of the above are designated as such with an Intermediary or the Fund’s Transfer Agent; (ii) advisory clients of Goldman Sachs Private Wealth Management and accounts for which The Goldman Sachs Trust Company, N.A. acts in a fiduciary capacity (i.e., as agent or trustee); (iii) certain mutual fund “wrap” programs at the discretion of the Trust’s officers; and (iv) other investors at the discretion of the Trust’s officers. No minimum amount is required for additional investments in such accounts.

Shareholder Guide

What Should I Know When I Purchase Shares Through An Intermediary?

If shares of the Fund are held in an account maintained and serviced by your Intermediary, all recordkeeping, transaction processing and payments of distributions relating to your account will be performed by your Intermediary, and not by the Fund and its Transfer Agent. Since the Fund will have no record of your transactions, you should contact your Intermediary to purchase, redeem or exchange shares, to make changes in or give instructions concerning your account or to obtain information about your account. The transfer of shares from an account with one Intermediary to an account with another Intermediary involves special procedures and may require you to obtain historical purchase information about the shares in the account from your Intermediary. If your Intermediary’s relationship with Goldman Sachs is terminated, and you do not transfer your account to another Intermediary, the Trust reserves the right to redeem your shares. The Trust will not be responsible for any loss in an investor’s account or tax liability resulting from a redemption.

Certain Intermediaries may provide the following services in connection with their customers’ investments in Service Shares:

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Personal and account maintenance services

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Provide facilities to answer inquiries and respond to correspondence

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Act as liaison between the Intermediary’s customers and the Trust

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Assist customers in completing application forms, selecting dividend and other options, and similar services

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Shareholder administration services

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Act, directly or through an agent, as the sole shareholder of record

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Maintain account records for customers

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Process orders to purchase, redeem and exchange shares for customers

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Process payments for customers

Intermediaries that invest in shares on behalf of their customers may charge brokerage commissions or other fees directly to their customer accounts in connection with their investments. You should contact your Intermediary for information regarding such charges, as these fees, if any, may affect the return such customers realize with respect to their investments.

The Investment Adviser, Distributor and/or their affiliates may make payments or provide services to Intermediaries and other persons to promote the sale, distribution and/or servicing of shares of the Fund and other Goldman Sachs Funds, except that the Investment Adviser, Distributor and their affiliates do not make such payments on behalf of Class R6 Shares. These payments are made out of the Investment Adviser’s, Distributor’s and/or their affiliates’ own assets, and are not an additional charge to the Fund. The payments are in addition to the distribution and service fees, service fees and shareholder administration fees and sales charges described in the Prospectus. Such payments are intended to compensate Intermediaries and other persons for, among other things: marketing shares of the Fund and other Goldman Sachs Funds, which may consist of payments relating to the Fund’s inclusion on preferred or recommended fund lists or in certain sales programs sponsored by the recipients; access to the Intermediaries’ registered representatives or salespersons, including at conferences and other meetings; assistance in training and education of personnel; marketing support; the provision of analytical or other data to the Investment Adviser or its affiliates relating to sales of shares of the Fund and other Goldman Sachs Funds; the support or purchase of technology platforms/software; and/or other specified services intended to assist in the distribution and marketing of the Fund and other Goldman Sachs Funds, including provision of consultative services to the Investment Adviser or its affiliates relating to marketing and/or sale of shares of the Fund and other Goldman Sachs Funds. The payments may also, to the extent permitted by applicable regulations, sponsor various trainings and educational programs. The payments by the Investment Adviser, Distributor and/or their affiliates, which are in addition to the fees paid for these services by the Fund, may also compensate Intermediaries and other persons for sub-accounting, sub-transfer agency, administrative, shareholder processing and/or recordkeeping services. These additional payments may exceed amounts earned on these assets by the Investment Adviser, Distributor and/or their affiliates for the performance of these or similar services. The amount of these additional payments is normally not expected to exceed 0.50% (annualized) of the amount sold or invested through the recipients. In addition, certain Intermediaries may have access to certain services from the Investment Adviser, Distributor and/or their affiliates, including research reports, economic analysis, and portfolio analysis, portfolio construction and similar tools and software. In certain cases, the Intermediaries may not pay for these products or services or may only pay for a portion of the total cost of these products or services. Please refer to the “Payments to Others (Including Intermediaries)” section of the SAI for more information about these and similar payments and services.

The payments made by the Investment Adviser, Distributor and/or their affiliates and the services provided by an Intermediary or other person may differ for different Intermediaries and other persons. The presence of these and similar payments, receipt of these services and the basis on which an Intermediary compensates its registered representatives or salespersons may create an incentive for a particular Intermediary, registered representative, salesperson or other person to highlight, feature or recommend Funds based, at least in part, on the level of compensation paid. You should contact your Intermediary, or any other person that provides services to you, for more information about the payments it receives and any potential conflicts of interest.

You may be required to pay a commission directly to a broker or financial intermediary for effecting transactions in Institutional Shares. In addition to Institutional Shares, the Fund also offers other classes of shares to investors. These other share classes are subject to different fees and expenses (which affect performance) and are entitled to different services than Institutional Shares. Information regarding these other share classes is included in the Prospectus for the applicable share class and may also be obtained from your Intermediary or from Goldman Sachs by calling the number on the back cover of the Prospectus.

What Else Should I Know About Share Purchases?

The Trust reserves the right to:

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Refuse to open an account or require an Intermediary to refuse to open an account if you fail to (i) provide a taxpayer identification number, a Social Security Number or other government-issued identification (e.g., for an individual, a driver’s license or passport) or (ii) certify that such number or other information is correct (if required to do so under applicable law).

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Reject or restrict any purchase or exchange order by a particular purchaser (or group of related purchasers) for any reason in its discretion. Without limiting the foregoing, the Trust may reject or restrict purchase and exchange orders by a particular purchaser (or group of related purchasers) when a pattern of frequent purchases, sales or exchanges of shares of the Fund is evident, or if purchases, sales or exchanges are, or a subsequent redemption might be, of a size that would disrupt the management of the Fund.

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Close the Fund to new investors from time to time and reopen any such Fund whenever it is deemed appropriate by the Investment Adviser.

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Provide for, modify or waive the minimum investment requirements.

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Modify the manner in which shares are offered.

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Modify the sales charge rate applicable to future purchases of shares.

Shares of the Fund are only registered for sale in the United States and certain of its territories. Generally, shares of the Fund will only be offered or sold to “U.S. persons” and all offerings or other solicitation activities will be conducted within the United States, in accordance with the rules and regulations of the Securities Act of 1933, as amended (“Securities Act”).

The Fund may allow you to purchase shares through an Intermediary with securities instead of cash if consistent with the Fund’s investment policies and operations and approved by the Investment Adviser.

Notwithstanding the foregoing, the Trust and Goldman Sachs reserve the right to reject or restrict purchase or exchange requests from any investor. The Trust and Goldman Sachs will not be liable for any loss resulting from rejected purchase or exchange orders.

Please be advised that abandoned or unclaimed property laws for certain states (to which your account may be subject) require financial organizations to transfer (escheat) unclaimed property (including shares of the Fund) to the appropriate state if no activity occurs in an account for a period of time specified by state law. For IRA accounts escheated to a state under these abandoned property laws, the escheatment will generally be treated as a taxable distribution to you; federal and any applicable state income tax will be withheld. This may apply to your Roth IRA as well.

Customer Identification Program. Federal law requires the Fund to obtain, verify and record identifying information for certain investors, which will be reviewed solely for customer identification purposes, which may include the name, residential or business street address, date of birth (for an individual), Social Security Number or taxpayer identification number or other information, for each investor who opens an account directly with the Fund. Applications without the required information may not be accepted by the Fund. Throughout the life of your account, the Fund may request updated identifying information in accordance with their Customer Identification Program. After accepting an application, to the extent permitted by applicable law or their Customer Identification Program, the Fund reserves the right to: (i) place limits on transactions in any account until the identity of the investor is verified; (ii) refuse an investment in the Fund; or (iii) involuntarily redeem an investor’s shares and close an account in the event that the Fund is unable to verify an investor’s identity or are unable to obtain all required information. The Fund and its agents will not be responsible for any loss or tax liability in an investor’s account resulting from the investor’s delay in providing all required information or from closing an account and redeeming an investor’s shares pursuant to their Customer Identification Program.

How Are Shares Priced?

The price you pay when you buy shares is the Fund’s next-determined NAV per share (as adjusted for any applicable sales charge) after the Transfer Agent (or, if applicable, an Authorized Institution) has received and accepted your order in proper form. The price you receive when you sell shares is the Fund’s next-determined NAV per share (adjusted for any applicable CDSCs) after the Transfer Agent (or, if applicable, an Authorized Institution) has received and accepted your order in proper form, with the redemption proceeds reduced by any applicable charges (e.g., CDSCs). Each class generally calculates its NAV as follows:

NAV =	(Value of Assets of the Class) – (Liabilities of the Class)
	Number of Outstanding Shares of the Class

Shareholder Guide

The Fund’s investments for which market quotations are readily available are valued at market value on the basis of quotations provided by pricing sources. If accurate quotations are not readily available, if the Fund’s fund accounting agent is unable for other reasons to facilitate pricing of individual securities or calculate the Fund’s NAV, or if the Investment Adviser believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined in good faith under valuation procedures approved by the Board of Trustees. Thus, such pricing may be based on subjective judgments and it is possible that the prices resulting from such valuation procedures may differ materially from the value realized on a sale. Cases where there is no clear indication of the value of the Fund’s investments include, among others, situations where a security or other asset or liability does not have a price source or a price is unavailable.

Equity securities listed on an exchange are generally valued at the last available sale price on the exchange on which they are principally traded. To the extent the Fund invests in foreign equity securities, “fair value” prices will be provided by an independent third-party pricing (fair value) service in accordance with the fair value procedures approved by the Board of Trustees. Fair value prices are used because many foreign markets operate at times that do not coincide with those of the major U.S. markets. Events that could affect the values of foreign portfolio holdings may occur between the close of the foreign market and the time of determining the NAV, and would not otherwise be reflected in the NAV.

Fixed income securities are generally valued on the basis of prices (including evaluated prices) and quotations provided by pricing services or securities dealers. Pricing services may use matrix pricing or valuation models, which utilize certain inputs and assumptions, including, but not limited to, yield or price with respect to comparable fixed income securities, to determine current value. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

Investments in other open-end registered investment companies (if any), excluding investments in ETFs, are valued based on the NAV of those open-end registered investment companies (which may use fair value pricing as discussed in their prospectuses). Investments in ETFs will generally be valued at the last sale price or official closing price on the exchange on which they are principally traded.

In addition, the Investment Adviser, consistent with its procedures and applicable regulatory guidance, may (but need not) determine to make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events, to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or unscheduled market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; governmental actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; ratings downgrades; bankruptcies; and trading limits or suspensions.

One effect of using an independent third-party pricing (fair value) service and fair valuation may be to reduce stale pricing arbitrage opportunities presented by the pricing of Fund shares. However, it involves the risk that the values used by the Fund to price its investments may be different from those used by other investment companies and investors to price the same investments.

Please note the following with respect to the price at which your transactions are processed:

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NAV per share of each share class is generally calculated by the Fund’s fund accounting agent on each business day as of the close of regular trading on the New York Stock Exchange (normally 4:00 p.m. Eastern time) or such other times as the New York Stock Exchange or NASDAQ market may officially close. Fund shares will generally not be priced on any day the New York Stock Exchange is closed.

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The Trust reserves the right to reprocess purchase (including dividend reinvestments), redemption and exchange transactions that were processed at a NAV that is subsequently adjusted, and to recover amounts from (or distribute amounts to) shareholders accordingly based on the official closing NAV, as adjusted.

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The Trust reserves the right to advance the time by which purchase and redemption orders must be received for same business day credit as otherwise permitted by the SEC.

Consistent with industry practice, investment transactions not settling on the same day are recorded and factored into the Fund’s NAV on the business day following trade date (T+1). The use of T+1 accounting generally does not, but may, result in a NAV that differs materially from the NAV that would result if all transactions were reflected on their trade dates.

Note: The time at which transactions and shares are priced and the time by which orders must be received may be changed in case of an emergency or if regular trading on the New York Stock Exchange is stopped at a time other than its regularly scheduled closing time. In the event the New York Stock Exchange does not open for business, the Trust may, but is not required to, open one or more Funds for purchase, redemption and exchange transactions if the Federal Reserve wire payment system is open. To learn whether the Fund is open for business during this situation, please call the appropriate phone number located on the back cover of the Prospectus.

Foreign securities may trade in their local markets on days the Fund is closed. As a result, if the Fund holds foreign securities, its NAV may be impacted on days when investors may not purchase or redeem Fund shares.

The Fund relies on various sources to calculate its NAV. The ability of the Fund’s fund accounting agent to calculate the NAV per share of each share class of the Fund is subject to operational risks associated with processing or human errors, systems or technology failures, cyber attacks and errors caused by third party service providers, data sources, or trading counterparties. Such failures may result in delays in the calculation of the Fund’s NAV and/or the inability to calculate NAV over extended time periods. The Fund may be unable to recover any losses associated with such failures. In addition, if the third party service providers and/or data sources upon which the Fund directly or indirectly relies to calculate its NAV or price individual securities are unavailable or otherwise unable to calculate the NAV correctly, it may be necessary for alternative procedures to be utilized to price the securities at the time of determining the Fund’s NAV.

Common Questions Applicable to the Purchase of

Class A Shares

What Is The Offering Price Of Class A Shares?

The offering price of Class A Shares of the Fund is the next determined NAV per share plus an initial sales charge paid to Goldman Sachs at the time of purchase of shares. The sales charge varies depending upon the amount you purchase. In some cases, described below, the initial sales charge may be eliminated altogether, and the offering price will be the NAV per share. The current sales charges and commissions paid to Intermediaries for Class A Shares of the Fund are as follows:

Amount of Purchase (including sales charge, if any)	Sales Charge as Percentage of Offering Price	Sales Charge as Percentage of Net Amount Invested	Maximum Dealer Allowance as Percentage of Offering Price*
Less than $50,000	5.50%	5.82%	5.00%
$50,000 up to (but less than) $100,000	4.75	4.99	4.00
$100,000 up to (but less than) $250,000	3.75	3.90	3.00
$250,000 up to (but less than) $500,000	2.75	2.83	2.25
$500,000 up to (but less than) $1 million	2.00	2.04	1.75
$1 million or more	0.00**	0.00**	***

Dealer’s allowance may be changed periodically. During special promotions, the entire sales charge may be reallowed to Intermediaries. Intermediaries to whom substantially the entire sales charge is reallowed may be deemed to be “underwriters” under the Securities Act.

No sales charge is payable at the time of purchase of Class A Shares of $1 million or more, but a CDSC of 1.00% may be imposed in the event of certain redemptions within 18 months. For more information about Class A Shares’ CDSCs, please see “What Else Do I Need To Know About Class A Shares’ CDSC?” below.

***

The Distributor may pay a one-time commission to Intermediaries who initiate or are responsible for purchases of $1 million or more of shares of the Fund equal to 1.00% of the amount under $3 million, 0.50% of the next $2 million, and 0.25% thereafter. In instances where this one-time commission is not paid to a particular Intermediary (including Goldman Sachs’ Private Wealth Management Unit), the CDSC on Class A Shares, generally, will be waived. The Distributor may also pay, with respect to all or a portion of the amount purchased, a commission in accordance with the foregoing schedule to Intermediaries who initiate or are responsible for purchases by Employee Benefit Plans investing in the Fund which satisfy the criteria set forth below in “When Are Class A Shares Not Subject To A Sales Load?” or $1 million or more by certain “wrap” accounts. Purchases by such plans will be made at NAV with no initial sales charge, but if shares are redeemed within 18 months, a CDSC of 1.00% may be imposed upon the plan, the plan sponsor or the third-party administrator. In addition, Intermediaries will remit to the Distributor such payments received in connection with “wrap” accounts in the event that shares are redeemed within 18 months.

Different Intermediaries may impose different sales charges. These variations are described in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts.

You should note that the actual sales charge that appears in your mutual fund transaction confirmation may differ slightly from the rate disclosed above in the Prospectus due to rounding calculations.

Shareholder Guide

As indicated in the preceding chart, and as discussed further below and in the section titled “How Can The Sales Charge On Class A Shares Be Reduced?” and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts, you may, under certain circumstances, be entitled to pay reduced sales charges on your purchases of Class A Shares or have those charges waived entirely. To take advantage of these discounts, your Intermediary must notify the Fund’s Transfer Agent at the time of your purchase order that a discount may apply to your current purchases. You may also be required to provide appropriate documentation to receive these discounts, including:

(i)

Information or records regarding shares of the Fund or other Goldman Sachs Funds held in all accounts (e.g., retirement accounts) of the shareholder at all Intermediaries; or

(ii)

Information or records regarding shares of the Fund or other Goldman Sachs Funds held at any Intermediary by related parties of the shareholder, such as members of the same family or household.

What Else Do I Need To Know About Class A Shares’ CDSC?

Purchases of $1 million or more of Class A Shares will be made at NAV with no initial sales charge. However, if you redeem shares within 18 months after the beginning of the month in which the purchase was made, a CDSC of 1.00% may be imposed. The CDSC may not be imposed if your Intermediary agrees with the Distributor to return all or an applicable prorated portion of its commission to the Distributor. The CDSC is waived on redemptions in certain circumstances. See “In What Situations May The CDSC On Class A Or C Shares Be Waived Or Reduced?” below and, if you hold shares through an Intermediary, see Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts.

When Are Class A Shares Not Subject To A Sales Load?

Class A Shares of the Fund may be sold at NAV without payment of any sales charge to the following individuals and entities:

◼

Goldman Sachs, its affiliates or their respective officers, partners, directors or employees (including retired employees and former partners), any partnership of which Goldman Sachs is a general partner, any Trustee or officer of the Trust and designated family members of any of these individuals;

◼

Qualified employee benefit plans of Goldman Sachs;

◼

Trustees or directors of investment companies for which Goldman Sachs or an affiliate acts as sponsor;

◼

Any employee or registered representative of any Intermediary (or such Intermediaries’ affiliates and subsidiaries) or their respective spouses or domestic partners, children and parents;

◼

Banks, trust companies or other types of depository institutions;

◼

Any state, county or city, or any instrumentality, department, authority or agency thereof, which is prohibited by applicable investment laws from paying a sales charge or commission in connection with the purchase of shares of the Fund;

◼

Employee Benefit Plans, other than Employee Benefit Plans that purchase Class A Shares through brokerage relationships in which sales charges are customarily imposed. Under such circumstances, Plans will be assessed sales charges as described further in “Shareholder Guide—Common Questions Applicable To the Purchase of Class A Shares”;

◼

Investors who purchase Class A Shares through an omnibus account sponsored by an Intermediary that has an agreement with the Distributor covering such investors to offer Class A Shares without charging an initial sales charge;

◼

Insurance company separate accounts that make the Fund available as an underlying investment in certain group annuity contracts;

◼

“Wrap” accounts for the benefit of clients of broker-dealers, financial institutions or financial planners, provided they have entered into an agreement with GSAM specifying aggregate minimums and certain operating policies and standards;

◼

Investment advisers investing for accounts for which they receive asset-based fees;

◼

Accounts over which GSAM or its advisory affiliates have investment discretion;

◼

Shareholders who roll over distributions from any tax-qualified Employee Benefit Plan or tax-sheltered annuity to an IRA which invests in the Goldman Sachs Funds if the tax-qualified Employee Benefit Plan or tax-sheltered annuity receives administrative services provided by certain third party administrators that have entered into a special service arrangement with Goldman Sachs relating to such plan or annuity;

◼

State sponsored 529 college savings plans;

◼

Investors that purchase Class A Shares through the GS Retirement Plan Plus and Goldman Sachs 401(k) Programs;

◼

Former shareholders of certain funds who (i) received shares of a Goldman Sachs Fund in connection with a reorganization of an acquired fund into a Goldman Sachs Fund, (ii) had previously qualified for purchases of Class A Shares of the acquired funds without the imposition of a sales load under the guidelines of the applicable acquired fund family, and (iii) as of August 24, 2012 held their Goldman Sachs Fund shares directly with the Goldman Sachs Funds’ Transfer Agent, as long as they continue to hold the shares directly at the Transfer Agent; or

◼

Investors who purchase Class A Shares in accounts that are no longer associated with an Intermediary and held direct at the Transfer Agent, including retirement accounts.

You must certify eligibility for any of the above exemptions on your account application and notify your Intermediary and the Fund if you no longer are eligible for the exemption. You may be eligible for different or additional exemptions based on your Intermediary; see Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts.

The Fund will grant you an exemption subject to confirmation of your eligibility by your Intermediary. You may be charged a fee by your Intermediary.

How Can The Sales Charge On Class A Shares Be Reduced?

◼

Right of Accumulation: When buying Class A Shares in Goldman Sachs Funds, your current aggregate investment determines the initial sales load you pay. You may qualify for reduced sales charges when the current market value of holdings across Class A Shares and/or Class C Shares, plus new purchases, reaches $50,000 or more. Class A Shares and/or Class C Shares of any of the Goldman Sachs Funds may be combined under the Right of Accumulation. If the Fund’s Transfer Agent is properly notified, the “Amount of Purchase” in the chart in the section “What Is The Offering Price Of Class A Shares?” will be deemed to include all Class A Shares and/or Class C Shares of the Goldman Sachs Funds that were held at the time of purchase by any of the following persons: (i) you, your spouse or domestic partner, your parents and your children; and (ii) any trustee, guardian or other fiduciary of a single trust estate or a single fiduciary account. This includes, for example, any Class A Shares and/or Class C Shares held at an Intermediary other than the one handling your current purchase. For purposes of applying the Right of Accumulation, shares of the Fund and any other Goldman Sachs Funds purchased by an existing client of Goldman Sachs Private Wealth Management or GS Ayco Holding LLC will be combined with Class A Shares and/or Class C Shares and other assets held by all other Goldman Sachs Private Wealth Management accounts or accounts of GS Ayco Holding LLC, respectively. In addition, under some circumstances, Class A Shares and/or Class C Shares of the Fund and Class A Shares and/or Class C Shares of any other Goldman Sachs Fund purchased by partners, directors, officers or employees of certain organizations may be combined for the purpose of determining whether a purchase will qualify for the Right of Accumulation and, if qualifying, the applicable sales charge level. To qualify for a reduced sales load, you or your Intermediary must notify the Fund’s Transfer Agent at the time of investment that a quantity discount is applicable. If you do not notify your Intermediary at the time of your current purchase or a future purchase that you qualify for a quantity discount, you may not receive the benefit of a reduced sales charge that might otherwise apply. Use of this option is subject to a check of appropriate records.

In some circumstances, other Class A Shares and/or Class C Shares may be aggregated with your current purchase under the Right of Accumulation as described in the SAI. For purposes of determining the “Amount of Purchase,” all Class A Shares and/or Class C Shares currently held will be valued at their current market value.

◼

Statement of Intention: You may obtain a reduced sales charge by means of a written Statement of Intention which expresses your non-binding commitment to invest (not counting reinvestments of dividends and distributions) in the aggregate $50,000 or more within a period of 13 months in Class A Shares of one or more of the Goldman Sachs Funds. Any investments you make during the period will receive the discounted sales load based on the full amount of your investment commitment. Purchases made during the previous 90 days may be included; however, capital appreciation does not apply toward these combined purchases. If the investment commitment of the Statement of Intention is not met prior to the expiration of the 13-month period, the entire amount will be subject to the higher applicable sales charge unless the failure to meet the investment commitment is due to the death of the investor. By selecting the Statement of Intention, you authorize the Transfer Agent to escrow and redeem Class A Shares in your account to pay this additional charge if the Statement of Intention is not met. You must, however, inform the Transfer Agent (either directly or through your Intermediary) that the Statement of Intention is in effect each time shares are purchased. Each purchase will be made at the public offering price applicable to a single transaction of the dollar amount specified on the Statement of Intention. The SAI has more information about the Statement of Intention, which you should read carefully.

Different Intermediaries may have different policies regarding Rights of Accumulation and Statements of Intention. These variations are described in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts.

Common Questions Applicable to the Purchase Of Class C Shares

What Is The Offering Price Of Class C Shares?

You may purchase Class C Shares of the Fund at the next determined NAV without paying an initial sales charge. However, if you redeem Class C Shares within 12 months of purchase, a CDSC of 1.00% will normally be deducted from the redemption proceeds. In connection with purchases by Employee Benefit Plans, where Class C Shares are redeemed within 12 months of purchase, a CDSC of 1.00% may be imposed upon the plan sponsor or third party administrator. Class C Shares acquired in exchange for shares subject to a CDSC will be subject to the CDSC, if any, of the shares originally held. No CDSC is imposed in connection with an exchange of Class C Shares at the time of such exchange. When Class C Shares are exchanged for Class C Shares of another fund, the period of time that such shares will be subject to a CDSC (if any) will be measured as of the date of the original purchase. With respect to such shares held by Employee Benefit Plans, the CDSC may be imposed on the plan sponsor or third party administrator.

Shareholder Guide

Different Intermediaries may impose different sales charges. These variations are described in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts.”

Proceeds from the CDSC are payable to the Distributor and may be used in whole or in part to defray the Distributor’s expenses related to providing distribution-related services to the Fund in connection with the sale of Class C Shares, including the payment of compensation to Intermediaries. A commission equal to 1% of the amount invested is normally paid by the Distributor to Intermediaries.

What Should I Know About The Automatic Conversion Of Class C Shares?

Class C Shares of the 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 eight 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 the 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.

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.

New employee benefit plans are not eligible to purchase Class C Shares. Employee benefit plans which had this share class of the 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.

Common Questions Applicable to the Purchase Of

Class A and C Shares

What Else Do I Need To Know About The CDSC On Class A Or C Shares?

◼

The CDSC is based on the lesser of the NAV of the shares at the time of redemption or the original offering price (which is the original NAV).

◼

No CDSC is charged on shares acquired from reinvested dividends or capital gains distributions.

◼

No CDSC is charged on the per share appreciation of your account over the initial purchase price.

◼

When counting the number of months since a purchase of Class A or Class C Shares was made, all purchases made during a month will be combined and considered to have been made on the first day of that month.

◼

To keep your CDSC as low as possible, each time you place a request to sell shares, the Fund will first sell any shares in your account that do not carry a CDSC and then the shares in your account that have been held the longest.

In What Situations May The CDSC On Class A Or C Shares Be Waived Or Reduced?

The CDSC on Class A and Class C Shares that are subject to a CDSC may be waived or reduced if the redemption relates to:

◼

Mandatory retirement distributions or loans to participants or beneficiaries from Employee Benefit Plans;

◼

Hardship withdrawals by a participant or beneficiary in an Employee Benefit Plan;

◼

The separation from service by a participant or beneficiary in an Employee Benefit Plan;

◼

Excess contributions distributed from an Employee Benefit Plan;

◼

Distributions from a qualified Employee Benefit Plan invested in the Goldman Sachs Funds which are being rolled over to an IRA in the same share class of a Goldman Sachs Fund;

◼

The death or disability (as defined in Section 72(m)(7) of the Internal Revenue Code of 1986, as amended (the “Code”)) of a shareholder, participant or beneficiary in an Employee Benefit Plan;

◼

Satisfying the minimum distribution requirements of the Code;

◼

Establishing “substantially equal periodic payments” as described under Section 72(t)(2) of the Code;

◼

Redemption proceeds which are to be reinvested in accounts or non-registered products over which GSAM or its advisory affiliates have investment discretion;

◼

A systematic withdrawal plan. The Fund reserves the right to limit such redemptions, on an annual basis, to 12% of the value of your Class C Shares and 10% of the value of your Class A Shares;

◼

Redemptions or exchanges of Fund shares held through an Employee Benefit Plan using the Fund as part of a qualified default investment alternative or “QDIA”; or

◼

Other redemptions, at the discretion of the Trust’s officers, relating to shares purchased through Employee Benefit Plans.

You may be eligible for different or additional exemptions based on your Intermediary; see “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts.”

How To Sell Shares

How Can I Sell Shares Of The Fund?

Generally, Shares may be sold (redeemed) only through Intermediaries. Customers of an Intermediary will normally give their redemption instructions to the Intermediary, and the Intermediary will, in turn, place the order with the Transfer Agent. On any business day the Fund is open, the Fund will generally redeem its Shares upon request at their next-determined NAV per share (subject to any applicable CDSC) after the Transfer Agent (or, if applicable, the Authorized Institution) has received and accepted a redemption order in proper form, as described under “How To Buy Shares—How Can I Purchase Shares Of The Fund?” above. Redemptions may be requested by electronic trading platform (through your Intermediary), in writing or by telephone (unless the Intermediary opts out of the telephone redemption privilege on the account application). You should contact your Intermediary to discuss redemptions and redemption proceeds. The Fund may transfer redemption proceeds to an account with your Intermediary. In the alternative, your Intermediary may request that redemption proceeds be sent to you by check or wire (if the wire instructions are designated in the current records of the Transfer Agent).

When Do I Need A Medallion Signature Guarantee To Redeem Shares?

Generally, a redemption request must be in writing and signed by an authorized person with a Medallion signature guarantee if:

◼

A request is made in writing to redeem Class A, Class C, Investor or Class R Shares in an amount over $50,000 via check;

◼

You would like the redemption proceeds sent to an address that is not your address of record; or

◼

You would like the redemption proceeds sent to a domestic bank account that is not designated in the current records of the Transfer Agent.

A Medallion signature guarantee must be obtained from a bank, brokerage firm or other financial intermediary that is a member of an approved Medallion Guarantee Program or that is otherwise approved by the Trust. A notary public cannot provide a Medallion signature guarantee. The written request may be confirmed by telephone with both the requesting party and the designated Intermediary to verify instructions. Additional documentation may be required.

What Do I Need To Know About Telephone Redemption Requests?

The Trust, the Distributor and the Transfer Agent will not be liable for any loss or tax liability you may incur in the event that the Trust accepts unauthorized telephone redemption requests that the Trust reasonably believes to be genuine. The Trust may accept telephone redemption instructions from any person identifying himself or herself as the owner of an account or the owner’s registered representative where the owner has not declined in writing to use this service. Thus, you risk possible losses if a telephone redemption is not authorized by you.

In an effort to prevent unauthorized or fraudulent redemption and exchange requests by telephone, Goldman Sachs and DST Asset Manager Solutions, Inc. (“DST”) each employ reasonable procedures specified by the Trust to confirm that such instructions are genuine. The following general policies are currently in effect:

◼

Telephone requests are recorded.

◼

Proceeds of telephone redemption requests will be sent to your address of record or authorized account designated in the current records of the Transfer Agent (unless you provide written instructions and a Medallion signature guarantee indicating another address or account).

◼

For the 30-day period following a change of address, telephone redemptions will only be filled by a wire transfer to the authorized account designated in the current records of the Transfer Agent (see immediately preceding bullet point). In order to receive the redemption by check during this time period, the redemption request must be in the form of a written, Medallion signature guaranteed letter.

Shareholder Guide

◼

The telephone redemption option does not apply to Shares held in an account maintained and serviced by your Intermediary. If your Shares are held in an account with an Intermediary, you should contact your registered representative of record, who may make telephone redemptions on your behalf.

◼

The telephone redemption option may be modified or terminated at any time without prior notice.

◼

The Fund may allow redemptions via check up to $50,000 in Class A, Class C, Investor and Class R Shares requested via telephone.

Note: It may be difficult to make telephone redemptions in times of unusual economic or market conditions.

How Are Redemption Proceeds Paid?

By Wire: You may arrange for your redemption proceeds to be paid as federal funds to an account with your Intermediary or to a domestic bank account designated in the current records of the Transfer Agent. In addition, redemption proceeds may be transmitted through an electronic trading platform to an account with your Intermediary. The following general policies govern wiring redemption proceeds:

◼

Redemption proceeds will normally be paid in federal funds, between one and two business days (or such other times in accordance with the requirements of your Intermediary) following receipt of a properly executed wire transfer redemption request. In certain circumstances, however (such as unusual market conditions or in cases of very large redemptions or excessive trading), it may take up to seven days to pay redemption proceeds.

◼

Redemption requests may only be postponed or suspended for longer than seven days as permitted under Section 22(e) of the Investment Company Act of 1940 (the “Investment Company Act”) if (i) the New York Stock Exchange is closed for trading or trading is restricted; (ii) an emergency exists which makes the disposal of securities owned by the Fund or the fair determination of the value of the Fund’s net assets not reasonably practicable; or (iii) the SEC, by order or regulation, permits the suspension of the right of redemption.

◼

If you are selling shares you recently paid for by check or purchased by Automated Clearing House (“ACH”), the Fund will pay you when your check or ACH has cleared, which may take up to 15 days.

◼

If the Federal Reserve Bank is closed on the day that the redemption proceeds would ordinarily be wired, wiring the redemption proceeds may be delayed until the Federal Reserve Bank reopens.

◼

To change the bank wiring instructions designated in the current records of the Transfer Agent, you must send written instructions signed by an authorized person designated in the current records of the Transfer Agent. A Medallion signature guarantee may be required if you are requesting a redemption in conjunction with the change.

◼

None of the Trust, the Investment Adviser or Goldman Sachs assumes any responsibility for the performance of your bank or Intermediary in the transfer process. If a problem with such performance arises, you should deal directly with your bank or Intermediary.

By Check: You may elect to receive your redemption proceeds by check. Redemption proceeds paid by check will normally be mailed to the address of record within two business days (or such other times in accordance with the requirements of your Intermediary) following receipt of a properly executed redemption request, except in certain circumstances (such as those set forth above with respect to wire transfer redemption requests). If you are selling shares you recently paid for by check or ACH, the Fund will pay you when your check or ACH has cleared, which may take up to 15 days.

What Else Do I Need To Know About Redemptions?

The following generally applies to redemption requests:

◼

Additional documentation may be required when deemed appropriate by the Transfer Agent. A redemption request will not be in proper form until such additional documentation has been received.

◼

Intermediaries are responsible for the timely transmittal of redemption requests by their customers to the Transfer Agent. In order to facilitate the timely transmittal of redemption requests, Intermediaries may set times by which they must receive redemption requests. Intermediaries may also require additional documentation from you.

The Trust reserves the right to:

◼

Redeem your shares in the event your Intermediary’s relationship with Goldman Sachs is terminated, and you do not transfer your account to another Intermediary or in the event that the Fund is no longer an option in your Employee Benefit Plan or no longer available through your Eligible Fee-Based Program.

◼

Redeem your shares if your account balance is below the required Fund minimum. The Fund will not redeem your shares on this basis if the value of your account falls below the minimum account balance solely as a result of market conditions. The Fund will give you 60 days prior written notice to allow you to purchase sufficient additional shares of the Fund in order to avoid such redemption. Different rules may apply to investors who have established brokerage accounts with Goldman Sachs in accordance with the terms and conditions of their account agreements.

◼

Redeem your shares in the case of actual or suspected threatening conduct or actual or suspected fraudulent, suspicious or illegal activity by you or any other individual associated with your account.

◼

Subject to applicable law, redeem your shares in other circumstances determined by the Board of Trustees to be in the best interest of the Trust.

◼

Pay redemptions by a distribution in-kind of securities (instead of cash). If you receive redemption proceeds in-kind, you should expect to incur transaction costs upon the disposition of those securities. In addition, if you receive redemption proceeds in-kind, you will be subject to market gains or losses upon the disposition of those securities.

◼

Reinvest any amounts (e.g., dividends, distributions or redemption proceeds) which you have elected to receive by check should your check remain uncashed for more than 180 days. No interest will accrue on amounts represented by uncashed checks. Your check will be reinvested in your account at the NAV on the day of the reinvestment. When reinvested, those amounts are subject to the risk of loss like any Fund investment. If you elect to receive distributions in cash and a check remains uncashed for more than 180 days, your cash election may be changed automatically to reinvest and your future dividend and capital gains distributions will be reinvested in the Fund at the NAV as of the date of payment of the distribution. This provision may not apply to certain retirement or qualified accounts, accounts with a non-U.S. address or closed accounts. Your participation in a systematic withdrawal program may be terminated if a check remains uncashed.

◼

Charge an additional fee in the event a redemption is made via wire transfer.

The Fund typically expects to meet redemption requests by using holdings of cash or cash equivalents and/or proceeds from the sale of portfolio holdings. In addition, under stressed market conditions, as well as for other temporary or emergency purposes, the Fund may distribute redemption proceeds in-kind (instead of cash), access a line of credit or overdraft facility, or borrow through other sources to meet redemption requests.

None of the Trust, the Investment Adviser or Goldman Sachs will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.

Can I Reinvest Redemption Proceeds In The Same Or Another Goldman Sachs Fund?

You may redeem shares of the Fund and reinvest a portion or all of the redemption proceeds in the same share class of another Goldman Sachs Fund at NAV. To be eligible for this privilege, you must have held the shares you want to redeem for at least 30 days and you must reinvest the share proceeds within 90 days after you redeem. You should obtain and read the applicable prospectus before investing in any other Goldman Sachs Fund.

You may reinvest redemption proceeds as follows:

◼

If you pay a CDSC upon redemption of Class A or Class C Shares and then reinvest in Class A or Class C Shares of another Goldman Sachs Fund as described above, your account will be credited with the amount of the CDSC you paid. The reinvested shares will, however, continue to be subject to a CDSC. The holding period of the shares acquired through reinvestment will include the holding period of the redeemed shares for purposes of computing the CDSC payable upon a subsequent redemption.

◼

The reinvestment privilege may be exercised at any time in connection with transactions in which the proceeds are reinvested at NAV in a tax-sheltered Employee Benefit Plan. In other cases, the reinvestment privilege may be exercised once per year upon receipt of a written request.

◼

You may be subject to tax as a result of a redemption. You should consult your tax adviser concerning the tax consequences of a redemption and reinvestment.

Can I Exchange My Investment From One Goldman Sachs Fund To Another Goldman Sachs Fund?

You may exchange shares of a Goldman Sachs Fund at NAV without the imposition of an initial sales charge or CDSC, if applicable, at the time of exchange for certain shares of another Goldman Sachs Fund. The exchange privilege may be materially modified or withdrawn at any time upon 60 days’ written notice. You should contact your Intermediary to arrange for exchanges of shares of the Fund for shares of another Goldman Sachs Fund.

You should keep in mind the following factors when making or considering an exchange:

◼

You should obtain and carefully read the prospectus of the Goldman Sachs Fund you are acquiring before making an exchange. You should be aware that not all Goldman Sachs Funds may offer all share classes.

◼

Currently, the Fund does not impose any charge for exchanges although the Fund may impose a charge in the future.

◼

The exchanged shares of the new Goldman Sachs Fund may later be exchanged for shares of the same class of the original Fund held at the next determined NAV without the imposition of an initial sales charge or CDSC. However, if additional shares of the new Goldman Sachs Fund were purchased after the initial exchange, and that Fund’s shares do not impose a sales charge or CDSC, then the applicable sales charge or CDSC of the original Fund’s shares will be imposed upon the exchange of those shares.

Shareholder Guide

◼

When you exchange shares subject to a CDSC, no CDSC will be charged at that time. However, for purposes of determining the amount of CDSC applicable to those shares acquired in the exchange, the length of time you have owned the shares will be measured from the date you acquired the original shares subject to a CDSC, and the amount and terms of the CDSC will be those applicable to the original shares acquired and will not be affected by a subsequent exchange.

◼

Eligible investors may exchange certain classes of shares for another class of shares of the same Fund. For further information, contact your Intermediary.

◼

All exchanges which represent an initial investment in a Goldman Sachs Fund must satisfy the minimum initial investment requirement of that Fund. This requirement may be waived at the discretion of the Trust. Exchanges into a Goldman Sachs Fund need not meet the traditional minimum investment requirement for that Fund if the entire balance of the original Fund account is exchanged.

◼

Exchanges are available only in states where exchanges may be legally made.

◼

It may be difficult to make telephone exchanges in times of unusual economic or market conditions.

◼

Goldman Sachs and DST may use reasonable procedures described above in “How To Sell Shares—What Do I Need To Know About Telephone Redemption Requests?” in an effort to prevent unauthorized or fraudulent telephone exchange requests.

◼

Normally, a telephone exchange will be made only to an identically registered account.

◼

Exchanges into Goldman Sachs Funds or certain share classes of Goldman Sachs Funds that are closed to new investors may be restricted.

For federal income tax purposes, an exchange from one Goldman Sachs Fund to another is treated as a redemption of the shares surrendered in the exchange, on which you may be subject to tax, followed by a purchase of shares received in the exchange. Exchanges within Employee Benefit Plan accounts will not result in capital gains or loss for federal or state income tax purposes. You should consult your tax adviser concerning the tax consequences of an exchange.

Shareholder Services

Can I Arrange To Have Automatic Investments Made On A Regular Basis?

You may be able to make automatic investments in Class A and Class C Shares through your bank via ACH transfer or via bank draft or through your Intermediary each month. The minimum dollar amount for this service is $250 for the initial investment and $50 per month for additional investments. Forms for this option are available online at www.gsamfunds.com and from your Intermediary, or you may check the appropriate box on the account application.

Can My Distributions From The Fund Be Invested In Other Goldman Sachs Funds?

You may elect to cross-reinvest distributions paid by a Goldman Sachs Fund in shares of the same class of other Goldman Sachs Funds.

◼

Shares will be purchased at NAV.

◼

You may elect cross-reinvestment into an identically registered account or a similarly registered account provided that at least one name on the account is registered identically.

◼

You cannot make cross-reinvestments into a Goldman Sachs Fund unless that Fund’s minimum initial investment requirement is met.

◼

You should obtain and read the prospectus of the Goldman Sachs Fund into which distributions are invested.

Can I Arrange To Have Automatic Exchanges Made On A Regular Basis?

You may elect to exchange automatically a specified dollar amount of Class A or Class C Shares of the Fund for shares of the same class of other Goldman Sachs Funds.

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Shares will be purchased at NAV if a sales charge had been imposed on the initial purchase.

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You may elect to exchange into an identically registered account or a similarly registered account provided that at least one name on the account is registered identically.

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Shares subject to a CDSC acquired under this program may be subject to a CDSC at the time of redemption from the Goldman Sachs Fund into which the exchange is made depending upon the date and value of your original purchase.

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Automatic exchanges are made monthly on the 15th day of each month or the first business day thereafter.

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Minimum dollar amount: $50 per month.

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You cannot make automatic exchanges into a Goldman Sachs Fund unless that Fund’s minimum initial investment requirement is met.

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You should obtain and read the prospectus of the Goldman Sachs Fund into which automatic exchanges are made.

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An exchange is considered a redemption and a purchase and therefore may be a taxable transaction.

Can I Have Systematic Withdrawals Made On A Regular Basis?

You may redeem from your Class A or Class C Share account systematically via check or ACH transfer or through your Intermediary in any amount of $50 or more.

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It is normally undesirable to maintain a systematic withdrawal plan at the same time that you are purchasing additional Class A or Class C Shares because of the sales charges that are imposed on certain purchases of Class A Shares and because of the CDSCs that are imposed on certain redemptions of Class A and Class C Shares.

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Checks are normally mailed within two business days after your selected systematic withdrawal date of either the 15th or 25th of the month. ACH payments may take up to three business days to post to your account after your selected systematic withdrawal date between, and including, the 3rd and 26th of the month.

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Each systematic withdrawal is a redemption and therefore may be a taxable transaction.

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The CDSC applicable to Class A or Class C Shares redeemed under the systematic withdrawal plan may be waived. The Fund reserves the right to limit such redemptions, on an annual basis, to 12% each of the value of your Class C Shares and 10% of the value of your Class A Shares.

What Types Of Reports Will I Be Sent Regarding My Investment?

Intermediaries are responsible for providing any communication from the Fund to shareholders, including but not limited to, prospectuses, prospectus supplements, proxy materials and notices regarding the source of dividend payments under Section 19 of the Investment Company Act. They may charge additional fees not described in the Prospectus to their customers for such services.

You will be provided with a printed confirmation of each transaction in your account and a quarterly account statement if you invest in Class A, Class C, Investor or Class R Shares and a monthly account statement if you invest in Institutional, Service or Class R6 Shares. If your account is held through your Intermediary, you will receive this information from your Intermediary.

You will also receive an annual shareholder report containing audited financial statements and a semi-annual shareholder report. If you have consented to the delivery of a single copy of shareholder reports, prospectuses and other information to all shareholders who share the same mailing address with your account, you may revoke your consent at any time by contacting your Intermediary or Goldman Sachs Funds at the appropriate phone number or address found on the back cover of the Prospectus. The Fund will begin sending individual copies to you within 30 days after receipt of your revocation. If your account is held through an Intermediary, please contact the Intermediary to revoke your consent.

Distribution and Service Fees

What Are The Different Distribution And/Or Service Fees Paid By The Fund’s Shares?

The Trust has adopted distribution and service plans (each a “Plan”) under which Class A, Class C and Class R Shares bear distribution and/or service fees paid to Goldman Sachs, some of which Goldman Sachs may pay to Intermediaries. Intermediaries seek distribution and/or servicing fee revenues to, among other things, offset the cost of servicing small and medium sized plan investors and providing information about the Fund. If the fees received by Goldman Sachs pursuant to the Plans exceed its expenses, Goldman Sachs may realize a profit from these arrangements. Goldman Sachs generally receives and pays the distribution and service fees on a quarterly basis.

Under the Plans, Goldman Sachs is entitled to a monthly fee from the Fund for distribution services equal, on an annual basis, to 0.25%, 0.75% and 0.50% of each applicable Fund’s average daily net assets attributed to Class A, Class C, and Class R Shares, respectively. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time, these fees will increase the cost of your investment and may cost you more than paying other types of such charges.

The distribution fees are subject to the requirements of Rule 12b-1 under the Investment Company Act, and may be used (among other things) for:

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Compensation paid to and expenses incurred by Intermediaries, Goldman Sachs and their respective officers, employees and sales representatives;

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Commissions paid to Intermediaries;

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Allocable overhead;

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Telephone and travel expenses;

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Interest and other costs associated with the financing of such compensation and expenses;

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Printing of prospectuses for prospective shareholders;

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Preparation and distribution of sales literature or advertising of any type; and

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All other expenses incurred in connection with activities primarily intended to result in the sale of Class A, Class C and Class R Shares.

Shareholder Guide

In connection with the sale of Class C Shares, Goldman Sachs normally begins paying the 0.75% distribution fee as an ongoing commission to Intermediaries after the shares have been held for one year. Goldman Sachs normally begins accruing the annual 0.25% and 0.50% distribution fees for the Class A and Class R Shares, respectively, as ongoing commissions to Intermediaries, immediately. Goldman Sachs generally pays the distribution fee on a quarterly basis.

Class C Personal And Account Maintenance

Services And Fees

Under the Class C Plan, Goldman Sachs is also entitled to receive a separate fee equal on an annual basis to 0.25% of each applicable Fund’s average daily net assets attributed to Class C Shares. This fee is for personal and account maintenance services, and may be used to make payments to Goldman Sachs, Intermediaries and their officers, sales representatives and employees for responding to inquiries of, and furnishing assistance to, shareholders regarding ownership of their shares or their accounts or similar services not otherwise provided on behalf of the Fund. If the fees received by Goldman Sachs pursuant to the Plan exceed its expenses, Goldman Sachs may realize a profit from this arrangement.

In connection with the sale of Class C Shares, Goldman Sachs normally begins paying the 0.25% ongoing service fee to Intermediaries after the shares have been held for one year.

Service Shares Service Plan And Shareholder

Administration Plan

The Trust, on behalf of the Large Cap Core and Strategic Growth Funds, has adopted a Service Plan and Shareholder Administration Plan for Service Shares, pursuant to which Goldman Sachs and certain Intermediaries are entitled to receive payments for their services from the Trust. These payments are equal to 0.25% (annualized) for personal and account maintenance services, plus an additional 0.25% (annualized) for shareholder administration services of the average daily net assets of Service Shares of the Fund that are attributable to or held in the name of Goldman Sachs or an Intermediary for its customers. Fees for personal and account maintenance services are paid pursuant to the Service Shares’ Service Plan and are subject to the requirements of Rule 12b-1 under the Investment Company Act. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time, these fees will increase the cost of your investment and may cost you more than paying other types of such charges.

Restrictions on Excessive Trading Practices

Policies and Procedures on Excessive Trading Practices. In accordance with the policy adopted by the Board of Trustees, the Trust discourages frequent purchases and redemptions of Fund shares and does not permit market timing or other excessive trading practices. Purchases and exchanges should be made with a view to longer-term investment purposes only that are consistent with the investment policies and practices of the respective Fund. Excessive, short-term (market timing) trading practices may disrupt portfolio management strategies, increase brokerage and administrative costs, harm Fund performance and result in dilution in the value of Fund shares held by longer-term shareholders. The Trust and Goldman Sachs reserve the right to reject or restrict purchase or exchange requests from any investor. The Trust and Goldman Sachs will not be liable for any loss resulting from rejected purchase or exchange orders. To minimize harm to the Trust and its shareholders (or Goldman Sachs), the Trust (or Goldman Sachs) will exercise this right if, in the Trust’s (or Goldman Sachs’) judgment, an investor has a history of excessive trading or if an investor’s trading, in the judgment of the Trust (or Goldman Sachs), has been or may be disruptive to the Fund. In making this judgment, trades executed in multiple accounts under common ownership or control may be considered together to the extent they can be identified. No waivers of the provisions of the policy established to detect and deter market timing and other excessive trading activity are permitted that would harm the Trust or its shareholders or would subordinate the interests of the Trust or its shareholders to those of Goldman Sachs or any affiliated person or associated person of Goldman Sachs.

As a deterrent to excessive trading, many foreign equity securities held by the Goldman Sachs Funds are priced by an independent pricing service using fair valuation. For more information on fair valuation, please see “How To Buy Shares—How Are Shares Priced?”

Pursuant to the policy adopted by the Board of Trustees of the Trust, Goldman Sachs has developed criteria that it uses to identify trading activity that may be excessive. Excessive trading activity in the Fund is measured by the number of “round trip” transactions in a shareholder’s account. A “round trip” includes a purchase or exchange into the Fund followed or preceded by a redemption or exchange out of the same Fund. If the Fund detects that a shareholder has completed two or more round trip transactions in a single Fund within a rolling 90-day period, the Fund may reject or restrict subsequent purchase or exchange orders by that shareholder permanently. In addition, the Fund may, in its sole discretion, permanently reject or restrict purchase or exchange orders by a shareholder if the Fund detects other trading activity that is deemed to be disruptive to the management of the Fund or otherwise harmful to the Fund. For purposes of these transaction surveillance procedures, the Fund may consider trading activity in multiple

accounts under common ownership, control, or influence. A shareholder that has been restricted from participation in the Fund pursuant to this policy will be allowed to apply for re-entry after one year. A shareholder applying for re-entry must provide assurances acceptable to the Fund that the shareholder will not engage in excessive trading activities in the future.

Goldman Sachs may modify its surveillance procedures and criteria from time to time without prior notice regarding the detection of excessive trading or to address specific circumstances. Goldman Sachs will apply the criteria in a manner that, in Goldman Sachs’ judgment, will be uniform.

Fund shares may be held through omnibus arrangements maintained by Intermediaries, such as broker-dealers, investment advisers and insurance companies. In addition, Fund shares may be held in omnibus Employee Benefit Plans, Eligible Fee-Based Programs and other group accounts. Omnibus accounts include multiple investors and such accounts typically provide the Fund with a net purchase or redemption request on any given day where the purchases and redemptions of Fund shares by the investors are netted against one another. The identity of individual investors whose purchase and redemption orders are aggregated are ordinarily not tracked by the Fund on a regular basis. A number of these Intermediaries may not have the capability or may not be willing to apply the Fund’s market timing policies. While Goldman Sachs may monitor share turnover at the omnibus account level, the Fund’s ability to monitor and detect market timing by shareholders in these omnibus accounts may be limited in certain circumstances, and certain of these Intermediaries may charge the Fund a fee for providing certain shareholder financial information requested as part of the Fund’s surveillance process. The netting effect makes it more difficult to identify, locate and eliminate market timing activities. In addition, those investors who engage in market timing and other excessive trading activities may employ a variety of techniques to avoid detection. There can be no assurance that the Fund and Goldman Sachs will be able to identify all those who trade excessively or employ a market timing strategy, and curtail their trading in every instance. If necessary, the Trust may prohibit additional purchases of Fund shares by an Intermediary or by certain customers of the Intermediary. Intermediaries may also monitor their customers’ trading activities in the Fund. The criteria used by Intermediaries to monitor for excessive trading may differ from the criteria used by the Fund. If an Intermediary fails to cooperate in the implementation or enforcement of the Trust’s excessive trading policies, the Trust may take certain actions including terminating the relationship.

Taxation

As with any investment, you should consider how your investment in the Fund will be taxed. The tax information below is provided as general information. More tax information is available in the SAI. You should consult your tax adviser about the federal, state, local or foreign tax consequences of your investment in the Fund. Except as otherwise noted, the tax information provided assumes that you are a U.S. citizen or resident.

Unless your investment is through an Employee Benefit Plan or other tax-advantaged account, you should carefully consider the possible tax consequences of Fund distributions and the sale of your Fund shares.

DISTRIBUTIONS

The Fund contemplates declaring as dividends each year all or substantially all of its taxable income. Distributions you receive from the Fund are generally subject to federal income tax, and may also be subject to state or local taxes. This is true whether you reinvest your distributions in additional Fund shares or receive them in cash. For federal tax purposes, the Fund's distributions attributable to net investment income and short-term capital gains are taxable to you as ordinary income, while any distributions of long-term capital gains are taxable to you as long-term capital gains, no matter how long you have owned your Fund shares.

Under current provisions of the Code, the maximum individual rate applicable to long-term capital gains is generally either 15% or 20%, depending on whether the individual's income exceeds certain threshold amounts. Also, Fund distributions to noncorporate shareholders attributable to dividends received by the Fund from U.S. and certain qualified foreign corporations will generally be taxed at the long-term capital gain rate, as long as certain other requirements are met. For these lower rates to apply, the non-corporate shareholder must own the relevant Fund shares for at least 61 days during the 121-day period beginning 60 days before the Fund’s ex-dividend date. The amount of the Fund’s distributions that would otherwise qualify for this favorable tax treatment will be reduced as a result of the Fund’s securities lending activities or high portfolio turnover rate.

Distributions in excess of the Fund’s current and accumulated earnings and profits are treated as a tax-free return of your investment to the extent of your basis in the shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of your investment, reduces your basis in shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of shares. A distribution will reduce the Fund’s NAV per share and may be taxable to you as ordinary income or capital gain even though, from an economic standpoint, the distribution may constitute a return of capital.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds certain threshold amounts.

The Fund’s transactions in derivatives (such as futures contracts and swaps) will be subject to special tax rules, the effect of which may be to accelerate income to the Fund, defer losses to the Fund, cause adjustments in the holding periods of the Fund’s securities and convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of distributions to you. The Fund’s use of derivatives may result in the Fund realizing more short-term capital gains and ordinary income subject to tax at ordinary income tax rates than it would if it did not use derivatives.

Although distributions are generally treated as taxable to you in the year they are paid, distributions declared in October, November or December but paid in January are taxable as if they were paid in December. A percentage of the Fund’s dividends paid to corporate shareholders may be eligible for the corporate dividends-received deduction. This percentage may, however, be reduced as a result of the Fund’s securities lending activities or by a high portfolio turnover rate. Character and tax status of all distributions will be available to shareholders after the close of each calendar year.

The Fund may be subject to foreign withholding or other foreign taxes on income or gain from certain foreign securities. In general, the Fund may deduct these taxes in computing its taxable income.

If you buy shares of the Fund before it makes a distribution, the distribution will be taxable to you even though it may actually be a return of a portion of your investment. This is known as “buying into a dividend.”

SALES AND EXCHANGES

period exceeds twelve months, except that any loss realized on shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends that were received on the shares. Additionally, any loss realized on a sale, exchange or redemption of shares of the Fund may be disallowed under “wash sale” rules to the extent the shares disposed of are replaced with other shares of that Fund within a period of 61 days beginning 30 days before and ending 30 days after the shares are disposed of, such as pursuant to a dividend reinvestment in shares of that Fund. If disallowed, the loss will be reflected in an adjustment to the basis of the shares acquired.

OTHER INFORMATION

When you open your account, you should provide your Social Security Number or tax identification number on your account application. By law, the Fund must withhold 24% of your taxable distributions and any redemption proceeds if you do not provide your correct taxpayer identification number, or certify that it is correct, or if the Internal Revenue Service (“IRS”) instructs the Fund to do so.

The Fund is required to report to you and the IRS annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also, for shares purchased on or after January 1, 2012, their cost basis. Cost basis will be calculated using the Fund’s default method of average cost, unless you instruct the Fund to use a different methodology. If you would like to use the average cost method of calculation, no action is required. To elect an alternative method, you should contact Goldman Sachs Funds at the address or phone number on the back cover of the Prospectus. If your account is held with an intermediary, contact your representative with respect to reporting of cost basis and available elections for your account.

You should carefully review the cost basis information provided by the Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on your federal income tax returns.

Non-U.S. investors are generally subject to U.S. withholding tax and may be subject to estate tax with respect to their Fund shares. However, withholding is generally not required on properly designated distributions to non-U.S. investors of long-term capital gains. Non-U.S. investors generally are not subject to U.S. federal income tax withholding on certain distributions of interest income and/or short-term capital gains that are designated by the Fund. It is expected that the Fund will generally make designations of short-term gains, to the extent permitted, but the Fund does not intend to make designations of any distributions attributable to interest income. Therefore, all distributions of interest income will be subject to withholding when paid to non-U.S. investors.

The Fund is required to withhold U.S. tax (at a 30% rate) on payments of dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to enable the Fund to determine whether withholding is required.

Appendix A

Additional Information on Portfolio Risks, Securities and Techniques

A. General Portfolio Risks

The Funds will be subject to the risks associated with equity investments. “Equity investments” may include common stocks, preferred stocks, interests in REITs, convertible debt obligations, convertible preferred stocks, equity interests in trusts, partnerships, joint ventures, limited liability companies and similar enterprises, MLPs, other investment companies (including ETFs), warrants, stock purchase rights and synthetic and derivative instruments (such as swaps and futures contracts) that have economic characteristics similar to equity securities. In general, the values of equity investments fluctuate in response to the activities of individual companies and in response to general market and economic conditions. Accordingly, the values of the equity investments that a Fund holds may decline over short or extended periods. The stock markets tend to be cyclical, with periods when stock prices generally rise and periods when prices generally decline. This volatility means that the value of your investment in the Funds may increase or decrease. In recent years, certain stock markets have experienced substantial price volatility. To the extent a Fund’s net assets decrease or increase in the future due to price volatility or share redemption or purchase activity, the Fund’s expense ratio may correspondingly increase or decrease from the expense ratio disclosed in the Prospectus.

To the extent a Fund invests in pooled investment vehicles (including investment companies and ETFs), partnerships and REITs, the Fund will be affected by the investment policies, practices and performance of such entities in direct proportion to the amount of assets the Fund invests therein.

To the extent that a Fund invests in fixed income securities, that Fund will also be subject to the risks associated with its fixed income securities. These risks include interest rate risk, credit/default risk and call/extension risk. In general, interest rate risk involves the risk that when interest rates decline, the market value of fixed income securities tends to increase (although many mortgage-related securities will have less potential than other debt securities for capital appreciation during periods of declining rates). Conversely, when interest rates increase, the market value of fixed income securities tends to decline. Credit/default risk involves the risk that an issuer or guarantor could default on its obligations, and a Fund will not recover its investment. Call risk and extension risk are normally present in mortgage-backed securities and asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can either shorten (call risk) or lengthen (extension risk). In general, if interest rates on new mortgage loans fall sufficiently below the interest rates on existing outstanding mortgage loans, the rate of prepayment would be expected to increase. Conversely, if mortgage loan interest rates rise above the interest rates on existing outstanding mortgage loans, the rate of prepayment would be expected to decrease. In either case, a change in the prepayment rate can result in losses to investors. The same would be true of asset-backed securities such as securities backed by car loans.

A rising interest rate environment could cause the value of a Fund’s fixed income securities to decrease, and fixed income markets to experience increased volatility in addition to heightened levels of liquidity risk. Additionally, decreases in the value of fixed income securities could lead to increased shareholder redemptions, which could impair a Fund’s ability to achieve its investment objective. The risks associated with increasing interest rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and a Fund’s investments.

Certain of the Funds may invest in non-investment grade fixed income securities (commonly known as “junk bonds”), which are rated below investment grade (or determined to be of comparable credit quality, if not rated) at the time of purchase and are therefore considered speculative. Because non-investment grade fixed income securities are issued by issuers with low credit ratings, they pose a greater risk of default than investment grade securities.

The Funds may, from time to time, enter into arrangements with certain brokers or other counterparties that require the segregation of collateral. For operational, cost or other reasons, when setting up arrangements relating to the execution/clearing of trades, a Fund may choose to select a segregation model which may not be the most protective option available in the case of a default by a broker or counterparty.

The following sections provide further information on certain types of securities and investment techniques that may be used by the Funds, including their associated risks. Additional information is provided in the SAI, which is available upon request. Among other things, the SAI describes certain fundamental investment restrictions that cannot be changed without shareholder approval. You should note, however, that all investment objectives and all investment policies not specifically designated as fundamental are non-fundamental, and may be changed without shareholder approval. If there is a change in a Fund’s investment objective, you should consider whether that Fund remains an appropriate investment in light of your then current financial position and needs.

B. Other Portfolio Risks

Risks of Investing in Mid-Capitalization and Small-Capitalization Companies. Each Fund may, to the extent consistent with its investment policies, invest in mid- and small-capitalization companies. Investments in mid- and small-capitalization companies involve greater risk and portfolio price volatility than investments in larger capitalization stocks. Among the reasons for the greater price volatility of these investments are the less certain growth prospects of smaller firms and the lower degree of liquidity in the markets for such securities. Mid- and small-capitalization companies may be thinly traded and may have to be sold at a discount from current market prices or in small lots over an extended period of time. In addition, these securities are subject to the risk that during certain periods the liquidity of particular issuers or industries, or all securities in particular investment categories, will shrink or disappear suddenly and without warning as a result of adverse economic or market conditions, or adverse investor perceptions whether or not accurate. Because of the lack of sufficient market liquidity, a Fund may incur losses because it will be required to effect sales at a disadvantageous time and only then at a substantial drop in price. Mid- and small-capitalization companies include “unseasoned” issuers that do not have an established financial history; often have limited product lines, markets or financial resources; may depend on or use a few key personnel for management; and may be susceptible to losses and risks of bankruptcy. Mid- and small-capitalization companies may be operating at a loss or have significant variations in operating results; may be engaged in a rapidly changing business with products subject to a substantial risk of obsolescence; may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position; and may have substantial borrowings or may otherwise have a weak financial condition. In addition, these companies may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing, and other capabilities, and a larger number of qualified managerial and technical personnel. Transaction costs for these investments are often higher than those of larger capitalization companies. Investments in mid- and small-capitalization companies may be more difficult to price precisely than other types of securities because of their characteristics and lower trading volumes.

Risks of Foreign Investments. The Funds may make foreign investments. Foreign investments involve special risks that are not typically associated with U.S. dollar denominated or quoted securities of U.S. issuers. Foreign investments may be affected by changes in currency rates, changes in foreign or U.S. laws or restrictions applicable to such investments and changes in exchange control regulations (e.g., currency blockage). A decline in the exchange rate of the currency (i.e., weakening of the currency against the U.S. dollar) in which a portfolio security is quoted or denominated relative to the U.S. dollar would reduce the value of the portfolio security. In addition, if the currency in which a Fund receives dividends, interest or other payments declines in value against the U.S. dollar before such income is distributed as dividends to shareholders or converted to U.S. dollars, the Fund may have to sell portfolio securities to obtain sufficient cash to pay such dividends.

Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, organizations, entities and/or individuals, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. International trade barriers or economic sanctions against foreign countries, organizations, entities and/or individuals may adversely affect a Fund’s foreign holdings or exposures.

Brokerage commissions, custodial services and other costs relating to investment in international securities markets generally are more expensive than in the United States. In addition, clearance and settlement procedures may be different in foreign countries and, in certain markets, such procedures have been unable to keep pace with the volume of securities transactions, thus making it difficult to conduct such transactions.

Foreign issuers are not generally subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to U.S. issuers. There may be less publicly available information about a foreign issuer than about a U.S. issuer. In addition, there is generally less government regulation of foreign markets, companies and securities dealers than in the United States, and the legal remedies for investors may be more limited than the remedies available in the United States. Foreign securities markets may have substantially less volume than U.S. securities markets and securities of many foreign issuers are less liquid and more volatile than securities of comparable domestic issuers. Furthermore, with respect to certain foreign countries, there is a possibility of nationalization, expropriation or confiscatory taxation, imposition of withholding or other taxes on dividend or interest payments (or, in some cases, capital gains distributions), limitations on the removal of funds or other assets from such countries, and risks of political or social instability or diplomatic developments which could adversely affect investments in those countries.

Appendix A

Certain foreign investments may become less liquid in response to social, political or market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, particularly during periods of market turmoil. Certain foreign investments may become illiquid when, for instance, there are few, if any, interested buyers and sellers or when dealers are unwilling to make a market for certain securities. When a Fund holds illiquid investments, its portfolio may be harder to value, especially in changing markets.

If a Fund focuses its investments in one or a few countries and currencies, the Fund may be subjected to greater risks than if a Fund’s assets were not geographically focused.

Investments in foreign securities may take the form of sponsored and unsponsored American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). The Funds may also invest in European Depositary Receipts (“EDRs”) or other similar instruments representing securities of foreign issuers. ADRs, GDRs and EDRs represent the right to receive securities of foreign issuers deposited in a bank or other depository. ADRs and certain GDRs are traded in the United States. GDRs may be traded in either the United States or in foreign markets. EDRs are traded primarily outside the United States. Prices of ADRs are quoted in U.S. dollars. EDRs and GDRs are not necessarily quoted in the same currency as the underlying security.

Risks of Sovereign Debt. Investment in sovereign debt obligations by a Fund involves risks not present in debt obligations of corporate issuers. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and a Fund may have limited recourse to compel payment in the event of a default. Periods of economic uncertainty may result in the volatility of market prices of sovereign debt, and in turn a Fund’s NAV, to a greater extent than the volatility inherent in debt obligations of U.S. issuers.

A sovereign debtor’s willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor’s policy toward international lenders, and the political constraints to which a sovereign debtor may be subject.

Risks of Emerging Countries. The Funds (except for the U.S. Equity ESG Fund) may invest in securities of issuers located in, or otherwise economically tied to, emerging countries. The risks of foreign investment are heightened when the issuer is located in an emerging country. Emerging countries are generally located in Africa, Asia, the Middle East, Eastern and Central Europe, and Central and South America. A Fund’s purchase and sale of portfolio securities in certain emerging countries may be constrained by limitations relating to daily changes in the prices of listed securities, periodic trading or settlement volume and/or limitations on aggregate holdings of foreign investors. Such limitations may be computed based on the aggregate trading volume by or holdings of a Fund, the Investment Adviser, its affiliates and their respective clients and other service providers. A Fund may not be able to sell securities in circumstances where price, trading or settlement volume limitations have been reached.

Foreign investment in the securities markets of certain emerging countries is restricted or controlled to varying degrees which may limit investment in such countries or increase the administrative costs of such investments. For example, certain Asian countries require governmental approval prior to investments by foreign persons or limit investment by foreign persons to only a specified percentage of an issuer’s outstanding securities or a specific class of securities which may have less advantageous terms (including price) than securities of the issuer available for purchase by nationals. In addition, certain countries may restrict or prohibit investment opportunities in issuers or industries deemed important to national interests. Such restrictions may affect the market price, liquidity and rights of securities that may be purchased by a Fund. The repatriation of investment income, capital or the proceeds of securities sales from certain emerging countries is subject to restrictions such as the need for governmental consents, which may make it difficult for a Fund to invest in such emerging countries. A Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for such repatriation. In situations where a country restricts direct investment in securities (which may occur in certain Asian and other countries), a Fund may invest in such countries through other investment funds in such countries.

Emerging market countries may have more or less government regulation and generally do not impose as extensive and frequent accounting, auditing, financial and other reporting requirements as the securities markets of more developed countries. The degree of cooperation between issuers in emerging and frontier market countries with foreign and U.S. financial regulators may vary significantly. Accordingly, regulators may not have sufficient access to audit and oversee issuers, and there could be less information available about issuers in certain emerging market countries. As a result, the Investment Adviser’s ability to evaluate local companies or their potential impact on the Fund’s performance could be inhibited.

Many emerging countries have experienced currency devaluations and substantial (and, in some cases, extremely high) rates of inflation. Other emerging countries have experienced economic recessions. These circumstances have had a negative effect on the economies and securities markets of such emerging countries. Economies in emerging countries generally are dependent heavily upon commodity prices and international trade and, accordingly, have been and may continue to be affected adversely by the economies of their trading partners, trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.

Many emerging countries are subject to a substantial degree of economic, political and social instability. Governments of some emerging countries are authoritarian in nature or have been installed or removed as a result of military coups, while governments in other emerging countries have periodically used force to suppress civil dissent. Disparities of wealth, the pace and success of democratization, and ethnic, religious and racial disaffection, among other factors, have also led to social unrest, violence and/or labor unrest in some emerging countries. Unanticipated political or social developments may result in sudden and significant investment losses. Investing in emerging countries involves greater risk of loss due to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on repatriation of capital invested. As an example, in the past, some Eastern European governments have expropriated substantial amounts of private property, and many claims of the property owners have never been fully settled. There is no assurance that similar expropriations will not occur in other countries.

A Fund’s investment in emerging countries may also be subject to withholding or other taxes, which may be significant and may reduce the return to the Fund from an investment in issuers in such countries.

Settlement procedures in emerging countries are frequently less developed and reliable than those in the United States and may involve a Fund’s delivery of securities before receipt of payment for their sale. In addition, significant delays may occur in certain markets in registering the transfer of securities. Settlement or registration problems may make it more difficult for a Fund to value its portfolio securities and could cause the Fund to miss attractive investment opportunities, to have a portion of its assets uninvested or to incur losses due to the failure of a counterparty to pay for securities the Fund has delivered or the Fund’s inability to complete its contractual obligations because of theft or other reasons.

The creditworthiness of the local securities firms used by a Fund in emerging countries may not be as sound as the creditworthiness of firms used in more developed countries. As a result, the Fund may be subject to a greater risk of loss if a securities firm defaults in the performance of its responsibilities.

The small size and inexperience of the securities markets in certain emerging countries and the limited volume of trading in securities in those countries may make a Fund’s investments in such countries less liquid and more volatile than investments in countries with more developed securities markets (such as the United States, Japan and most Western European countries). A Fund’s investments in emerging countries are subject to the risk that the liquidity of a particular investment, or investments generally, in such countries will shrink or disappear suddenly and without warning as a result of adverse economic, market or political conditions or adverse investor perceptions, whether or not accurate. Because of the lack of sufficient market liquidity, a Fund may incur losses because it will be required to effect sales at a disadvantageous time and only then at a substantial drop in price. Investments in emerging countries may be more difficult to value precisely because of the characteristics discussed above and lower trading volumes.

A Fund’s use of foreign currency management techniques in emerging countries may be limited. The Investment Adviser anticipates that a significant portion of a Fund’s currency exposure in emerging countries may not be covered by those techniques.

Foreign Custody Risk. A Fund that invests in foreign securities may hold such securities and cash with foreign banks, agents and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Risks of Derivative Investments. Certain Funds may, to the extent consistent with their respective investment policies, invest in derivative instruments including without limitation, options, futures, options on futures, swaps, structured securities and forward contracts and other derivatives relating to foreign currency transactions. Derivatives may be used for both hedging and nonhedging purposes (that is, to seek to increase total return) although suitable derivative instruments may not always be available to the Investment Adviser for these purposes. Losses from derivative instruments can result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged, the potential illiquidity of the markets for derivative instruments, the failure of the counterparty to perform its contractual obligations, or the risks related to leverage factors associated with such transactions. Derivatives are also subject to risks arising from margin requirements, which include the risk that a Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions and the risk of loss by a Fund of margin deposits in the event of the bankruptcy or other similar insolvency with respect to a broker or counterparty with whom a Fund has an open derivative position. Losses may also arise if the Funds receive cash collateral under the transactions and some or all of that collateral is invested in the market. To the extent that cash collateral is so invested, such collateral will be subject to market depreciation or appreciation, and a Fund may be responsible for any loss that might result from its investment of the counterparty’s cash collateral. If cash collateral is not invested, the Fund may be exposed to additional risk of loss in the event of the insolvency of its custodian holding such collateral. The use of these management techniques also involves the risk of loss if the Investment Adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates, currency prices or other variables.

Appendix A

Derivative instruments may be harder to value, subject to greater volatility and more likely subject to changes in tax treatment than other investments. For these reasons, the Investment Adviser’s attempts to hedge portfolio risks through the use of derivative instruments may not be successful, and the Investment Adviser may choose not to hedge portfolio risks. Using derivatives for nonhedging purposes is considered a speculative practice and presents greater risk of loss than derivatives used for hedging purposes.

Risks of Illiquid Investments. Each Fund may not acquire any “illiquid investment” if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An “illiquid investment” is an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. In determining whether an investment is an illiquid investment, the Investment Adviser will take into account actual or estimated daily transaction volume of an investment, group of related investments or asset class and other relevant market, trading, and investment-specific considerations. In addition, in determining the liquidity of an investment, the Investment Adviser must determine whether trading varying portions of a position in a particular portfolio investment or asset class, in sizes that a Fund would reasonably anticipate trading, is reasonably expected to significantly affect its liquidity, and if so, the Fund must take this determination into account when classifying the liquidity of that investment or asset class.

Investments purchased by a Fund that are liquid at the time of purchase may subsequently become illiquid. If one or more investments in a Fund’s portfolio become illiquid, the Fund may exceed the 15 percent limitation in illiquid investments. In the event that changes in the portfolio or other external events cause the Fund to exceed this limit, the Fund must take steps to bring its illiquid investments that are assets to or below 15% of its net assets within a reasonable period of time. This requirement would not force a Fund to liquidate any portfolio instrument where the Fund would suffer a loss on the sale of that instrument.

In cases where no clear indication of the value of a Fund’s portfolio instruments is available, the portfolio instruments will be valued at their fair value according to the valuation procedures approved by the Board of Trustees. These cases include, among others, situations where a security or other asset or liability does not have a price source, or the secondary markets on which an investment has previously been traded are no longer viable, due to its lack of liquidity. For more information on fair valuation, please see “Shareholder Guide—How To Buy Shares—How Are Shares Priced?”

Credit/Default Risks. Debt securities purchased by the Funds may include U.S. Government Securities (including zero coupon bonds) and securities issued by foreign governments, domestic and foreign corporations, banks and other issuers. Some of these fixed income securities are described in the next section below. Further information is provided in the SAI.

Certain Funds also have credit rating requirements for the securities they buy, which are applied at the time of purchase. For this purpose, each Fund relies only on the ratings of the following NRSROs: Standard & Poor’s, Moody’s and Fitch, Inc. Unrated securities may be purchased by a Fund if they are determined by the Investment Adviser to be of a credit quality consistent with the Fund’s credit rating requirements.

Debt securities rated BBB– or higher by Standard & Poor’s or Baa3 or higher by Moody’s or having a comparable credit rating by another NRSRO are considered “investment grade.” Securities rated BBB– or Baa3 are considered medium-grade obligations with speculative characteristics, and adverse economic conditions or changing circumstances may weaken their issuers’ capacity to pay interest and repay principal. For the purpose of determining compliance with any credit rating requirement, each Fund assigns a security, at the time of purchase, the highest rating by an NRSRO if the security is rated by more than one NRSRO. Therefore, a security will be deemed to have met a rating requirement if it receives the minimum required rating from at least one such rating organization even though it has been rated below the minimum rating by one or more other rating organizations, or if unrated by such rating organizations, the security is determined by the Investment Adviser to be of comparable credit quality.

A security satisfies a Fund’s minimum rating requirement regardless of its relative ranking (for example, plus or minus) within a designated major rating category (for example, BBB or Baa). If a security satisfies a Fund’s minimum rating requirement at the time of purchase and is subsequently downgraded below that rating, the Fund will not be required to dispose of the security. If a downgrade occurs, the Investment Adviser will consider which action, including the sale of the security, is in the best interest of a Fund and its shareholders.

Certain Funds may invest in fixed income securities rated BB+ or Ba1 or below (or comparable unrated securities) which are commonly referred to as “junk bonds.” Junk bonds are considered speculative and may be questionable as to principal and interest payments.

In some cases, junk bonds may be highly speculative, have poor prospects for reaching investment grade standing and be in default. As a result, investment in such bonds will present greater speculative risks than those associated with investment in investment grade bonds. Also, to the extent that the rating assigned to a security in a Fund’s portfolio is downgraded by a rating organization, the market price and liquidity of such security may be adversely affected.

Risks of Initial Public Offerings. The Funds may invest in IPOs. An IPO is a company’s first offering of stock to the public. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about a company’s business model, quality of management, earnings growth potential, and other criteria used to evaluate its investment prospects. The purchase of IPO shares may involve high transaction costs. Investments in IPO shares, which are subject to market risk and liquidity risk, involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. When a Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, a Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. By selling IPO shares, the Fund may realize taxable gains it will subsequently distribute to shareholders. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. There is no assurance that a Fund will be able to obtain allocable portions of IPO shares. The limited number of shares available for trading in some IPOs may make it more difficult for a Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Investors in IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

Risks of Pre-IPO Investments. Privately held companies typically have limited operating histories, narrower, less established product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions, market conditions and consumer sentiment in respect of their products or services, as well as general economic downturns. Such companies may experience operating losses, which may be substantial, and there can be no assurance when or if such companies will operate at a profit. At the time of a Fund’s investment, there is generally little publicly available information about these companies since they are primarily privately owned and the Fund may only have access to the company’s actual financial results as of and for the most recent quarter end or, in certain cases, the quarter end preceding the most recent quarter end. There can be no assurance that the information that a Fund does obtain with respect to any investment is reliable. Privately held companies may have limited financial resources and may be unable to meet their obligations under their existing credit facilities (to the extent that such facilities exist), which may lead to equity financings, possibly at discounted valuations, in which a Fund could be substantially diluted if the Fund does not or cannot participate, bankruptcy or liquidation and the corresponding reduction in value or loss of the Fund’s investment. Privately held companies are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the company and, in turn, on a Fund. Continued global economic uncertainty could also result in investors becoming more risk-averse, which in turn could reduce the amount of growth capital available to the companies from both existing and new investors, could adversely affect their operating performance, and could delay liquidity paths (for example, an IPO or strategic sale/merger) for the companies. It may be difficult for a Fund to sell these investments, subjecting such Fund to liquidity risk. Shares of privately held companies are less liquid (and may be illiquid) and difficult to value, and the inability of these portfolio companies to complete an IPO within the targeted time frame will extend the holding period of a Fund’s investments and may adversely affect the value of these investments.

Risks of Investing in Master Limited Partnerships. Each Fund may invest in MLPs. Investments in securities of an MLP involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price, resulting from regulatory changes or other reasons. Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Investment in those MLPs may restrict the Fund’s ability to take advantage of other investment opportunities. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Depending on the state of interest rates in general, the use of MLPs could enhance or harm the overall performance of the Fund.

MLPs are subject to various risks related to the underlying operating companies they control, including dependence upon specialized management skills and the risk that those operating companies may lack or have limited operating histories. The success of a Fund’s investments in an MLP will vary depending on the underlying industry represented by the MLP’s portfolio. Certain MLPs in which a Fund may invest depend upon their parent or sponsor entities for the majority of their revenues. If the parent or sponsor entities fail to make payments or satisfy their obligations to an MLP, the revenues and cash flows of that MLP and ability of that MLP to make distributions to unit holders such as the Fund would be adversely affected.

Certain MLPs in which a Fund invests depend upon a limited number of customers for substantially all of their revenue. Similarly, certain MLPs in which a Fund may invest depend upon a limited number of suppliers of goods or services to continue their operations. The loss of those customers or suppliers could have a material adverse effect on an MLP’s results of operations and cash flow, and on its ability to make distributions to unit holders such as the Fund.

Appendix A

Each Fund must recognize income that it receives from underlying MLPs for tax purposes, even if the Fund does not receive cash distributions from the MLPs in an amount necessary to pay such tax liability. In addition, a percentage of a distribution received by a Fund as the holder of the MLP interest may be treated as a return of capital, which would reduce the Fund’s adjusted tax basis in the interests of the MLP, which will result in an increase in the amount of income or gain (or decrease in the amount of loss) that will be recognized by the Fund for tax purposes upon the sale of any such interests or upon subsequent distributions in respect of such interests. Furthermore, any return of capital distribution received from the MLP may require a Fund to restate the character of its distributions and amend any shareholder tax reporting previously issued.

MLPs generally do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. If any MLP in which a Fund invests were treated as a corporation for U.S. federal income tax purposes, it could result in a reduction of the value of the Fund’s investment in the MLP and lower income to the Fund.

Temporary Investment Risks. Each Fund may, for temporary defensive purposes (and to the extent that it is permitted to invest in the following), invest up to 100% of its total assets in:

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U.S. Government Securities

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Commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO (or, if unrated, determined by the Investment Adviser to be of comparable credit quality)

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Certificates of deposit

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Bankers’ acceptances

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Repurchase agreements

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Non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year

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ETFs

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Other investment companies

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Cash items

When a Fund’s assets are invested in such instruments, the Fund may not be achieving its investment objective.

C. Portfolio Securities and Techniques

This section provides further information on certain types of securities and investment techniques that may be used by the Funds, including their associated risks.

The Funds may purchase other types of securities or instruments similar to those described in this section if otherwise consistent with the Fund’s investment objective and policies. Further information is provided in the SAI, which is available upon request.

Convertible Securities. Each Fund may invest in convertible securities. Convertible securities are preferred stock or debt obligations that are convertible into common stock. Convertible securities generally offer lower interest or dividend yields than nonconvertible securities of similar quality. Convertible securities in which a Fund invests are subject to the same rating criteria as its other investments in fixed income securities. Convertible securities have both equity and fixed income risk characteristics. Like all fixed income securities, the value of convertible securities is susceptible to the risk of market losses attributable to changes in interest rates. Generally, the market value of convertible securities tends to decline as interest rates increase and, conversely, to increase as interest rates decline. However, when the market price of the common stock underlying a convertible security exceeds the conversion price of the convertible security, the convertible security tends to reflect the market price of the underlying common stock. As the market price of the underlying common stock declines, the convertible security, like a fixed income security, tends to trade increasingly on a yield basis, and thus may not decline in price to the same extent as the underlying common stock.

Foreign Currency Transactions. The Funds may, to the extent consistent with their investment policies, purchase or sell foreign currencies on a cash basis or through forward contracts. A forward contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. A Fund may engage in foreign currency transactions for hedging purposes and to seek to protect against anticipated changes in future foreign currency exchange rates. In addition, certain Funds may enter into foreign currency transactions to seek a closer correlation between the Fund’s overall currency exposures and the currency exposures of the Fund’s performance benchmark. Certain Funds may also enter into such transactions to seek to increase total return, which presents additional risk.

The Funds (except for the Strategic Growth and U.S. Equity ESG Funds) may also engage in cross-hedging by using forward contracts in a currency different from that in which the hedged security is denominated or quoted. A Fund may hold foreign currency received in connection with investments in foreign securities when, in the judgment of the Investment Adviser, it would be beneficial to convert such currency into U.S. dollars at a later date (e.g., the Investment Adviser may anticipate the foreign currency to appreciate against the U.S. dollar).

Certain Funds may, from time to time, engage in non-deliverable forward transactions to manage currency risk or to gain exposure to a currency without purchasing securities denominated in that currency. A non-deliverable forward is a transaction that represents an agreement between a Fund and a counterparty (usually a commercial bank) to pay the other party the amount that it would cost based on current market rates as of the termination date to buy or sell a specified (notional) amount of a particular currency at an agreed upon foreign exchange rate on an agreed upon future date. If the counterparty defaults, a Fund will have contractual remedies pursuant to the agreement related to the transaction, but the Fund may be delayed or prevented from obtaining payments owed to it pursuant to non-deliverable forward transactions. Such non-deliverable forward transactions will be settled in cash.

Currency exchange rates may fluctuate significantly over short periods of time, causing, along with other factors, a Fund’s NAV to fluctuate (when the Fund’s NAV fluctuates, the value of your shares may go up or down). Currency exchange rates also can be affected unpredictably by the intervention of U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the United States or abroad.

Certain forward foreign currency exchange contracts and other currency transactions are not exchange traded or cleared. The market in such forward foreign currency exchange contracts, currency swaps and other privately negotiated currency instruments offers less protection against defaults by the other party to such instruments than is available for currency instruments traded on an exchange. Such contracts are subject to the risk that the counterparty to the contract will default on its obligations. Because these contracts are not guaranteed by an exchange or clearinghouse, a default on a contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or could force the Fund to cover its purchase or sale commitments, if any, at the current market price.

A Fund is not required to post cash collateral with its counterparties in certain foreign currency transactions. Accordingly, a Fund may remain more fully invested (and more of the Fund’s assets may be subject to investment and market risk) than if it were required to post collateral with its counterparties (which is the case with certain transactions). Where a Fund’s counterparties are not required to post cash collateral with the Fund, the Fund will be subject to additional counterparty risk.

Structured Securities. Each Fund may invest in structured securities. Structured securities are securities whose value is determined by reference to changes in the value of specific currencies, securities, interest rates, commodities, indices or other financial indicators (the “Reference”) or the relative change in two or more References. Investments in structured securities may provide exposure to certain securities or markets in situations where regulatory or other restrictions prevent direct investments in such issuers or markets.

The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the applicable Reference. Structured securities may be positively or negatively indexed, so that appreciation of the Reference may produce an increase or decrease in the interest rate or value of the security at maturity. In addition, changes in the interest rates or the value of the security at maturity may be a multiple of changes in the value of the Reference, effectively leveraging the Fund’s investments so that small changes in the value of the Reference may result in disproportionate gains or losses to the Fund. Consequently, structured securities may present a greater degree of market risk than many types of securities and may be more volatile, less liquid and more difficult to price accurately than less complex securities. Structured securities are also subject to the risk that the issuer of the structured securities may fail to perform its contractual obligations. Certain issuers of structured products may be deemed to be investment companies as defined in the Investment Company Act. As a result, a Fund’s investments in structured securities may be subject to the limits applicable to investments in other investment companies.

Structured securities are considered hybrid instruments because they are derivative instruments the value of which depends on, or is derived from or linked to, the value of an underlying asset, interest rate index or commodity. Commodity-linked notes are hybrid instruments because the principal and/or interest payments on those notes is linked to the value of the individual commodities, futures contracts or the performance of one or more commodity indices.

Structured securities include, but are not limited to, equity linked notes. An equity linked note is a note whose performance is tied to a single stock, a stock index or a basket of stocks. Equity linked notes combine the principal protection normally associated with fixed income investments with the potential for capital appreciation normally associated with equity investments. Upon the maturity of the note, the holder generally receives a return of principal based on the capital appreciation of the linked securities. Depending on the terms of the note, equity linked notes may also have a “cap” or “floor” on the maximum principal amount to be repaid to holders, irrespective of the performance of the underlying linked securities. For example, a note may guarantee the repayment of the original principal amount invested (even if the underlying linked securities have negative performance during the note’s term), but may cap the maximum payment at maturity at a certain percentage of the issuance price or the return of the underlying linked securities. Alternatively, the note may not guarantee a full return on the original principal, but may offer a greater participation in any capital

Appendix A

appreciation of the underlying linked securities. The terms of an equity linked note may also provide for periodic interest payments to holders at either a fixed or floating rate. The secondary market for equity linked notes may be limited, and the lack of liquidity in the secondary market may make these securities difficult to dispose of and to value. Equity linked notes will be considered equity securities for purposes of a Fund’s investment objective and policies.

REITs. Each Fund may invest in REITs. REITs are pooled investment vehicles that invest primarily in either real estate or real estate related loans. The value of a REIT is affected by changes in the value of the properties owned by the REIT or securing mortgage loans held by the REIT. REITs are dependent upon the ability of the REITs’ managers, and are subject to heavy cash flow dependency, default by borrowers and the qualification of the REITs under applicable regulatory requirements for favorable income tax treatment. REITs are also subject to risks generally associated with investments in real estate including possible declines in the value of real estate, general and local economic conditions, environmental problems and changes in interest rates. To the extent that assets underlying a REIT are concentrated geographically, by property type or in certain other respects, these risks may be heightened. A Fund will indirectly bear its proportionate share of any expenses, including management fees, paid by a REIT in which it invests.

Options on Securities, Securities Indices and Foreign Currencies. A put option gives the purchaser of the option the right to sell, and the writer (seller) of the option the obligation to buy, the underlying instrument during the option period. A call option gives the purchaser of the option the right to buy, and the writer (seller) of the option the obligation to sell, the underlying instrument during the option period. Each Fund may write (sell) call and put options and purchase call and put options, on any securities and other instruments in which it may invest or any index consisting of securities or other instruments in which it may invest. A Fund may also, to the extent consistent with its investment policies, purchase and write (sell) put and call options on foreign currencies.

The writing and purchase of options is a highly specialized activity which involves special investment risks. Options may be used for either hedging or cross-hedging purposes, or to seek to increase total return (which presents additional risk). The successful use of options depends in part on the ability of the Investment Adviser to anticipate future price fluctuations and the degree of correlation between the options and securities (or currency) markets. If the Investment Adviser is incorrect in its expectation of changes in market prices or determination of the correlation between the instruments or indices on which options are written and purchased and the instruments in a Fund’s investment portfolio, the Fund may incur losses that it would not otherwise incur. The use of options can also increase a Fund’s transaction costs. Options written or purchased by the Funds may be traded on either U.S. or foreign exchanges or over the counter. Foreign and over-the-counter options will present greater possibility of loss because of their greater illiquidity and credit risks.

In lieu of entering into “protective put” transactions, certain Funds may engage in barrier options transactions as an alternative means to offset or hedge against a decline in the market value of a Fund’s securities. Barrier options are similar to standard options except that they become activated or are extinguished when the underlying asset reaches a predetermined level or barrier. “Down and out” barrier options are canceled or “knocked out” if the underlying asset falls to a pre-determined level. “Down and in” barrier options are activated or “knocked in” if the underlying asset falls to a pre-determined level. “Up and out” barrier options are extinguished or “knocked out” if the underlying asset rises to a predetermined level. “Up and in” barrier options are activated or “knocked in” if the underlying asset rises to a predetermined level. If the Investment Adviser sets too high or too low a barrier, and the option is either extinguished or “knocked out” or the options are never activated or “knocked in,” the benefits to a Fund using a barrier option strategy may be limited and the costs associated with a barrier option strategy could be detrimental to a Fund’s performance.

Futures Contracts and Options and Swaps on Futures Contracts. Futures contracts are standardized, exchange-traded contracts that provide for the sale or purchase of a specified financial instrument or currency at a future time at a specified price. An option on a futures contract gives the purchaser the right (and the writer of the option the obligation) to assume a position in a futures contract at a specified exercise price within a specified period of time. A swap on a futures contract provides an investor with the ability to gain economic exposure to a particular futures market. A futures contract may be based on particular securities, foreign currencies, securities indices and other financial instruments and indices. The Funds may engage in futures transactions on both U.S. and foreign exchanges.

Each Fund may, to the extent consistent with its investment policies, purchase and sell futures contracts, and purchase and write call and put options on futures contracts, and enter into swaps on futures contracts, in order to seek to increase total return or to hedge against changes in interest rates, securities prices or currency exchange rates, or to otherwise manage its term structure, sector selections and duration in accordance with its investment objective and policies. Each Fund may also, to the extent consistent with its investment policies, enter into closing purchase and sale transactions with respect to such contracts and options.

Futures contracts and related options and swaps present the following risks:

◼

While a Fund may benefit from the use of futures and options and swaps on futures, unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance than if the Fund had not entered into any futures contracts, options transactions or swaps.

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Because perfect correlation between a futures position and a portfolio position that is intended to be protected is impossible to achieve, the desired protection may not be obtained and a Fund may be exposed to additional risk of loss.

◼

The loss incurred by a Fund in entering into futures contracts and in writing call options and entering into swaps on futures is potentially unlimited and may exceed the amount of the premium received.

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Futures markets are highly volatile and the use of futures may increase the volatility of a Fund’s NAV.

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As a result of the low margin deposits normally required in futures trading, a relatively small price movement in a futures contract may result in substantial losses to a Fund.

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Futures contracts and options and swaps on futures may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day.

◼

Foreign exchanges may not provide the same protection as U.S. exchanges.

When-Issued Securities and Forward Commitments. Each Fund may purchase when-issued securities and make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time. When-issued securities are securities that have been authorized, but not yet issued. When-issued securities are purchased in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction. A forward commitment involves the entering into a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period.

The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, a Fund may dispose of when-issued securities or forward commitments prior to settlement if the Investment Adviser deems it appropriate.

Repurchase Agreements. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase them at a mutually agreed upon date and price. Each Fund may enter into repurchase agreements with counterparties approved by the Investment Adviser pursuant to procedures approved by the Board of Trustees that furnish collateral at least equal in value or market price to the amount of their repurchase obligation. The collateral may consist of any type of security (government or corporate) of any or no credit rating. Repurchase agreements involving obligations other than U.S. Government Securities may be subject to additional risks.

If the other party or “seller” defaults, a Fund might suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of bankruptcy of the seller, a Fund could suffer additional losses if a court determines that the Fund’s interest in the collateral is not enforceable.

Certain Funds, together with other registered investment companies having advisory agreements with the Investment Adviser or any of its affiliates, may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which will be invested in one or more repurchase agreements.

Lending of Portfolio Securities. Each Fund may engage in securities lending. Securities lending involves the lending of securities owned by a Fund to financial institutions such as certain broker-dealers including, as permitted by the SEC, Goldman Sachs. The borrowers are required to secure their loans continuously with cash, cash equivalents, U.S. Government Securities or letters of credit in an amount at least equal to the market value of the securities loaned. Cash collateral may be invested by a Fund in short-term investments, including registered and unregistered investment pools managed by the Investment Adviser, its affiliates or the Funds’ custodian and from which the Investment Adviser or its affiliates may receive fees. To the extent that cash collateral is so invested, such collateral will be subject to market depreciation or appreciation, and a Fund will be responsible for any loss that might result from its investment of the borrowers’ collateral. If the Investment Adviser determines to make securities loans, the value of the securities loaned may not exceed 33 1∕3% of the value of the total assets of a Fund (including the loan collateral). Loan collateral (including any investment of the collateral) is not subject to the percentage limitations described elsewhere in the Prospectus regarding investments in fixed income securities and cash equivalents.

A Fund may lend its securities to increase its income. A Fund may, however, experience delay in the recovery of its securities or incur a loss if the institution with which it has engaged in a portfolio loan transaction breaches its agreement with the Fund or its agent, or becomes insolvent.

Short Sales Against-the-Box. The Funds (except for the U.S. Equity ESG Fund) may make short sales against-the-box. A short sale against-the-box means that at all times when a short position is open the Fund will own an equal amount of securities sold short, or securities convertible into or exchangeable for, without payment of any further consideration, an equal amount of the securities of the same issuer as the securities sold short.

Appendix A

Preferred Stock, Warrants and Stock Purchase Rights. Each Fund may invest in preferred stock, warrants and stock purchase rights (or “rights”). Preferred stocks are securities that represent an ownership interest providing the holder with claims on the issuer’s earnings and assets before common stock owners but after bond owners. Unlike debt securities, the obligations of an issuer of preferred stock, including dividend and other payment obligations, may not typically be accelerated by the holders of such preferred stock on the occurrence of an event of default or other non-compliance by the issuer of the preferred stock.

Warrants and other rights are options to buy a stated number of shares of common stock at a specified price at any time during the life of the warrant or right. The holders of warrants and rights have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer.

Other Investment Companies. Each Fund may invest in securities of other investment companies, including ETFs and money market funds, subject to statutory limitations prescribed by the Investment Company Act or rules, regulations or exemptive relief thereunder. These statutory limitations include in certain circumstances a prohibition on any Fund acquiring more than 3% of the voting shares of any other investment company, and a prohibition on investing more than 5% of a Fund’s total assets in securities of any one investment company or more than 10% of its total assets in securities of all investment companies.

Subject to applicable law and/or pursuant to an exemptive order obtained from the SEC or under an exemptive rule adopted by the SEC, a Fund may invest in certain other investment companies (including ETFs and money market funds) and business development companies beyond the statutory limits described above or otherwise provided that certain conditions are met. Some of those investment companies may be funds for which the Investment Adviser or any of its affiliates serves as investment adviser, administrator or distributor.

Additionally, to the extent that any Fund serves as an “acquired fund” to another Goldman Sachs Fund or unaffiliated investment company, the Fund’s ability to invest in other investment companies and private funds may be limited and, under these circumstances, the Fund’s investments in other investment companies and private funds will be consistent with applicable law and/or exemptive rules adopted by or exemptive orders obtained from the SEC. For example, to the extent the Fund serves as an acquired fund in a fund of funds arrangement in reliance on Rule 12d1-4 under the Investment Company Act, the Fund would be prohibited from purchasing or otherwise acquiring the securities of an investment company or private fund if, after such purchase or acquisition, the aggregate value of the Fund’s investments in such investment companies and private funds would exceed 10% of the value of the Fund’s total assets, subject to limited exceptions (including for investments in money market funds).

The use of ETFs is generally intended to help a Fund match the total return of the particular market segments or indices represented by those ETFs, although that may not be the result. Most ETFs are passively-managed investment companies whose shares are purchased and sold on a securities exchange. An ETF generally represents a portfolio of securities designed to track a particular market segment or index. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. Moreover, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.

A Fund will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. Although the Funds do not expect to do so in the foreseeable future, each Fund is authorized to invest substantially all of its assets in a single open-end investment company or series thereof that has substantially the same investment objective, policies and fundamental restrictions as the Fund.

Unseasoned Companies. Each Fund may invest in companies which (together with their predecessors) have operated less than three years. The securities of such companies may have limited liquidity, which can result in their being priced higher or lower than might otherwise be the case. In addition, investments in unseasoned companies are more speculative and entail greater risk than do investments in companies with an established operating record.

Corporate Debt Obligations. Corporate debt obligations include bonds, notes, debentures, commercial paper and other obligations of corporations to pay interest and repay principal. Each Fund may invest in corporate debt obligations issued by U.S. and certain non-U.S. issuers which issue securities denominated in the U.S. dollar (including Yankee and Euro obligations). In addition to obligations of corporations, corporate debt obligations include securities issued by banks and other financial institutions and supranational entities (i.e., the World Bank, the International Monetary Fund, etc.).

rates which may be charged. In addition, the profitability of the banking industry is largely dependent upon the availability and cost of funds for the purpose of financing lending operations under prevailing money market conditions. General economic conditions as well as exposure to credit losses arising from possible financial difficulties of borrowers play an important part in the operation of this industry.

U.S. Government Securities. Each Fund may invest in U.S. Government Securities. U.S. Government Securities include U.S. Treasury obligations and obligations issued or guaranteed by U.S. government agencies, instrumentalities or sponsored enterprises. U.S. Government Securities may be supported by (i) the full faith and credit of the U.S. Treasury; (ii) the right of the issuer to borrow from the U.S. Treasury; (iii) the discretionary authority of the U.S. government to purchase certain obligations of the issuer; or (iv) only the credit of the issuer. U.S. Government Securities also include Treasury receipts, zero coupon bonds and other stripped U.S. Government Securities, where the interest and principal components are traded independently. U.S. Government Securities may also include Treasury inflation-protected securities whose principal value is periodically adjusted according to the rate of inflation.

U.S. Government Securities are deemed to include (i) securities for which the payment of principal and interest is backed by an irrevocable letter of credit issued by the U.S. government, its agencies, authorities or instrumentalities; and (ii) participations in loans made to foreign governments or their agencies that are so guaranteed. Certain of these participations may be regarded as illiquid.

U.S. Government Securities have historically involved little risk of loss of principal if held to maturity. However, no assurance can be given that the U.S. government will be able or willing to repay the principal or interest when due, or provide financial support to U.S. government agencies, authorities, instrumentalities or sponsored enterprises if it is not obligated to do so by law.

Custodial Receipts and Trust Certificates. Each Fund may invest in custodial receipts and trust certificates representing interests in securities held by a custodian or trustee. The securities so held may include U.S. Government Securities or other types of securities in which a Fund may invest. The custodial receipts or trust certificates may evidence ownership of future interest payments, principal payments or both on the underlying securities, or, in some cases, the payment obligation of a third party that has entered into an interest rate swap or other arrangement with the custodian or trustee. For certain securities laws purposes, custodial receipts and trust certificates may not be considered obligations of the U.S. government or other issuer of the securities held by the custodian or trustee. If for tax purposes a Fund is not considered to be the owner of the underlying securities held in the custodial or trust account, the Fund may suffer adverse tax consequences. As a holder of custodial receipts and trust certificates, a Fund will bear its proportionate share of the fees and expenses charged to the custodial account or trust. Each Fund may also invest in separately issued interests in custodial receipts and trust certificates.

Mortgage-Backed Securities. Each Fund (except for the U.S. Equity ESG Fund) may invest in mortgage-backed securities. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Mortgage-backed securities can be backed by either fixed rate mortgage loans or adjustable rate mortgage loans, and may be issued by either a governmental or non-governmental entity. The value of some mortgage backed securities may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers. Early repayment of principal on mortgage- or asset-backed securities may expose a Fund to the risk of earning a lower rate of return upon reinvestment of principal.

The Funds (except for the U.S. Equity ESG Fund) may invest in privately-issued mortgage pass-through securities that represent interests in pools of mortgage loans that are issued by trusts formed by originators of and institutional investors in mortgage loans (or represent interests in custodial arrangements administered by such institutions). These originators and institutions include commercial banks, savings and loans associations, credit unions, savings banks, mortgage bankers, insurance companies, investment banks or special purpose subsidiaries of the foregoing. The pools underlying privately-issued mortgage pass-through securities consist of mortgage loans secured by mortgages or deeds of trust creating a first lien on commercial, residential, residential multi-family and mixed residential/commercial properties. These mortgage-backed securities typically do not have the same credit standing as U.S. government guaranteed mortgage-backed securities.

Privately-issued mortgage pass-through securities generally offer a higher yield than similar securities issued by a government entity because of the absence of any direct or indirect government or agency payment guarantees. However, timely payment of interest and principal on mortgage loans in these pools may be supported by various other forms of insurance or guarantees, including individual loan, pool and hazard insurance, subordination and letters of credit. Such insurance and guarantees may be issued by private insurers, banks and mortgage poolers. There is no guarantee that private guarantors or insurers, if any, will meet their obligations. Mortgage-backed securities without insurance or guarantees may also be purchased by the Fund if they have the required rating from an NRSRO. Mortgage-backed securities issued by private organizations may not be readily marketable, may be more difficult to value accurately and may be more volatile than similar securities issued by a government entity.

Appendix A

securities. CMOs are issued in multiple classes each with a specified fixed or floating interest rate and a final scheduled distribution rate. In many cases, payments of principal are applied to the CMO classes in the order of their respective stated maturities, so that no principal payments will be made on a CMO class until all other classes having an earlier stated maturity date are paid in full.

Sometimes, however, CMO classes are “parallel pay,” i.e., payments of principal are made to two or more classes concurrently. In some cases, CMOs may have the characteristics of a stripped mortgage-backed security whose price can be highly volatile. CMOs may exhibit more or less price volatility and interest rate risk than other types of mortgage-related obligations, and under certain interest rate and payment scenarios, a Fund may fail to recoup fully its investment in certain of these securities regardless of their credit quality.

Mortgaged-backed securities also include stripped mortgage-backed securities (“SMBS”), which are derivative multiple class mortgage-backed securities. SMBS are usually structured with two different classes: one that receives substantially all of the interest payments and the other that receives substantially all of the principal payments from a pool of mortgage loans. The market value of SMBS consisting entirely of principal payments generally is unusually volatile in response to changes in interest rates. The yields on SMBS that receive all or most of the interest from mortgage loans are generally higher than prevailing market yields on other mortgage-backed securities because their cash flow patterns are more volatile and there is a greater risk that the initial investment will not be fully recouped. Throughout 2008, the market for mortgage-backed securities began experiencing substantially, often dramatically, lower valuations and greatly reduced liquidity. Markets for other asset-backed securities have also been affected. These instruments are increasingly subject to liquidity constraints, price volatility, credit downgrades and unexpected increases in default rates and, therefore, may be more difficult to value and more difficult to dispose of than previously. These events may have an adverse effect on the Funds to the extent they invest in mortgage-backed or other fixed income securities or instruments affected by the volatility in the fixed income markets.

Asset-Backed Securities. Each Fund (except for the U.S. Equity ESG Fund) may invest in asset-backed securities. Asset-backed securities are securities whose principal and interest payments are collateralized by pools of assets such as auto loans, credit card receivables, leases, installment contracts and personal property. Asset-backed securities may also include home equity line of credit loans and other second-lien mortgages. Asset-backed securities are often subject to more rapid repayment than their stated maturity date would indicate as a result of the pass-through of prepayments of principal on the underlying loans. During periods of declining interest rates, prepayment of loans underlying asset-backed securities can be expected to accelerate. Accordingly, a Fund’s ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time. Asset-backed securities present credit risks that are not presented by mortgage-backed securities. This is because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities have only a subordinated claim or security interest in collateral. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, the Fund will be unable to possess and sell the underlying collateral and that the Fund’s recoveries on repossessed collateral may not be available to support payments on the securities. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed. There is no guarantee that private guarantors, or insurers of an asset-backed security, if any, will meet their obligations. The value of some asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Asset-backed securities may also be subject to increased volatility and may become illiquid and more difficult to value even when there is no default or threat of default due to the market’s perception of the creditworthiness of the issuers and market conditions impacting asset-backed securities more generally.

Borrowings. Each Fund can borrow money from banks and other financial institutions in amounts not exceeding one-third of its total assets (including the amount borrowed) for temporary or emergency purposes.

Interest Rate Swaps, Mortgage Swaps, Credit Swaps, Currency Swaps, Total Return Swaps, Equity Swaps and Options on Swaps. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed-rate payments for floating rate payments. Mortgage swaps are similar to interest rate swaps in that they represent commitments to pay and receive interest. The notional principal amount, however, is tied to a reference pool or pools of mortgages. Credit swaps involve the receipt of floating or fixed rate payments in exchange for assuming potential credit losses on an underlying security or pool of securities. Credit swaps give one party to a transaction (the buyer of the credit swap) the right to dispose of or acquire an asset (or group of assets or exposure to the performance of an index), or the right to receive a payment from the other party, upon the occurrence of specified credit events. Currency swaps involve the exchange of the parties’ respective rights to make or receive payments in specified currencies. Total return swaps give a party the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be based on an agreed upon interest rate. If the underlying asset in a total return swap declines in value over the term of the swap, the party may also be required to pay the dollar value of that decline to the counterparty. Equity swaps allow the parties to a swap agreement to exchange the dividend income or other components of return on an equity investment (for example, a group of equity securities or an index) for another payment stream. An equity swap may be used by the Fund to invest in a market without owning or taking physical custody of securities in circumstances in which direct investment may be restricted for legal reasons or is otherwise deemed impractical or disadvantageous.

The Fund may also purchase and write (sell) options contracts on swaps, commonly referred to as swaptions. A swaption is an option to enter into a swap agreement. Like other types of options, the buyer of a swaption pays a non-refundable premium for the option and obtains the right, but not the obligation, to enter into an underlying swap or to modify the terms of an existing swap on agreed-upon terms. The seller of a swaption, in exchange for the premium, becomes obligated (if the option is exercised) to enter into or modify an underlying swap on agreed-upon terms, which generally entails a greater risk of loss than the Fund incurs in buying a swaption.

The Flexible Cap Fund may enter into the transactions described above for hedging purposes or to seek to increase total return. As an example, when the Fund is the buyer of a credit default swap (commonly known as buying protection), it may make periodic payments to the seller of the credit default swap to obtain protection against a credit default on a specified underlying asset (or group of assets). If a default occurs, the seller of a credit default swap may be required to pay the Fund the notional amount of the credit default swap on a specified security (or group of securities). On the other hand, when the Fund is a seller of a credit default swap (commonly known as selling protection), in addition to the credit exposure the Fund has on the other assets held in its portfolio, the Fund is also subject to the credit exposure on the notional amount of the swap since, in the event of a credit default, the Fund may be required to pay the notional amount of the credit default swap on a specified security (or group of securities) to the buyer of the credit default swap. The Fund will be the seller of a credit default swap only when the credit of the underlying asset is deemed by the Investment Adviser to meet the Fund’s minimum credit criteria at the time the swap is first entered into.

The use of interest rate, mortgage, credit, currency, total return and equity swaps and options on swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the Investment Adviser is incorrect in its forecasts of market values, interest rates and currency exchange rates, or in its evaluation of the creditworthiness of swap counterparties and the issuers of the underlying assets, the investment performance of a Fund would be less favorable than it would have been if these investment techniques were not used.

Currently, certain standardized swap transactions are subject to mandatory central clearing and exchange trading. Although central clearing and exchange trading is expected to decrease counterparty risk and increase liquidity compared to bilaterally negotiated swaps, central clearing and exchange trading does not eliminate counterparty risk or illiquidity risk entirely. Depending on the size of the Fund and other factors, the margin required under the rules of a clearinghouse and by a clearing member may be in excess of the collateral required to be posted by the Fund to support its obligations under a similar bilateral, uncleared swap. However, certain applicable regulators have adopted rules imposing certain margin requirements, including minimums, on uncleared swaps which may result in the Fund and its counterparties posting higher amounts for uncleared swaps.

Appendix B

Financial Highlights

The financial highlights tables are intended to help you understand the Fund’s financial performance for the past five years (or less if the Fund has been in operation for less than five years). Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information for the Fund has been audited by PricewaterhouseCoopers LLP, whose report, along with the Fund’s financial statements, is included in the Fund’s annual report (available upon request).

	Goldman Sachs Concentrated Growth Fund
	Class A Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$27.55	$22.91	$17.55	$19.33	$17.62
Net investment loss(a)	(0.14)	(0.15)	(0.08)	(0.03)	(0.01)
Net realized and unrealized gain (loss)	(5.96)	6.24	6.92	0.35	3.82
Total from investment operations	(6.10)	6.09	6.84	0.32	3.81
Distributions to shareholders from net investment income	—	—	—	—	—(b)
Distributions to shareholders from net realized gains	(4.73)	(1.45)	(1.48)	(2.10)	(2.10)
Total distributions	(4.73)	(1.45)	(1.48)	(2.10)	(2.10)
Net asset value, end of year	$16.72	$27.55	$22.91	$17.55	$19.33
Total Return(c)	(26.54)%	28.17%	41.52%	3.58%	23.68%
Net assets, end of year (in 000’s)	$7,778	$11,575	$9,302	$6,735	$5,633
Ratio of net expenses to average net assets	1.10%	1.11%	1.16%	1.16%	1.17%
Ratio of total expenses to average net assets	1.31%	1.32%	1.37%	1.45%	1.51%
Ratio of net investment loss to average net assets	(0.66)%	(0.63)%	(0.44)%	(0.18)%	(0.05)%
Portfolio turnover rate(d)	29%	37%	36%	40%	44%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Goldman Sachs Concentrated Growth Fund
	Class C Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$20.54	$17.56	$13.87	$15.88	$14.93
Net investment loss(a)	(0.21)	(0.24)	(0.17)	(0.13)	(0.12)
Net realized and unrealized gain (loss)	(4.13)	4.67	5.34	0.22	3.17
Total from investment operations	(4.34)	4.43	5.17	0.09	3.05
Distributions to shareholders from net realized gains	(4.73)	(1.45)	(1.48)	(2.10)	(2.10)
Net asset value, end of year	$11.47	$20.54	$17.56	$13.87	$15.88
Total Return(b)	(27.13)%	27.24%	40.47%	2.81%	22.74%
Net assets, end of year (in 000’s)	$570	$1,008	$1,162	$823	$2,137
Ratio of net expenses to average net assets	1.85%	1.86%	1.91%	1.91%	1.92%
Ratio of total expenses to average net assets	2.06%	2.07%	2.10%	2.21%	2.26%
Ratio of net investment loss to average net assets	(1.42)%	(1.38)%	(1.23)%	(0.98)%	(0.80)%
Portfolio turnover rate(c)	29%	37%	36%	40%	44%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Appendix B

	Goldman Sachs Concentrated Growth Fund
	Institutional Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$30.22	$24.92	$18.93	$20.61	$18.65
Net investment income (loss)(a)	(0.09)	(0.08)	(0.01)	0.03	0.06
Net realized and unrealized gain (loss)	(6.66)	6.83	7.50	0.41	4.07
Total from investment operations	(6.75)	6.75	7.49	0.44	4.13
Distributions to shareholders from net investment income	—	—	(0.02)	(0.02)	(0.07)
Distributions to shareholders from net realized gains	(4.73)	(1.45)	(1.48)	(2.10)	(2.10)
Total distributions	(4.73)	(1.45)	(1.50)	(2.12)	(2.17)
Net asset value, end of year	$18.74	$30.22	$24.92	$18.93	$20.61
Total Return(b)	(26.32)%	28.56%	41.98%	3.98%	24.13%
Net assets, end of year (in 000’s)	$9,676	$16,789	$13,744	$12,497	$15,286
Ratio of net expenses to average net assets	0.80%	0.80%	0.81%	0.80%	0.81%
Ratio of total expenses to average net assets	0.94%	0.95%	1.01%	1.07%	1.20%
Ratio of net investment income (loss) to average net assets	(0.37)%	(0.32)%	(0.07)%	0.17%	0.31%
Portfolio turnover rate(c)	29%	37%	36%	40%	44%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

	Goldman Sachs Concentrated Growth Fund
	Investor Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$28.33	$23.46	$17.90	$19.66	$17.88
Net investment income (loss)(a)	(0.09)	(0.09)	(0.03)	0.01	0.03
Net realized and unrealized gain (loss)	(6.17)	6.41	7.07	0.36	3.88
Total from investment operations	(6.26)	6.32	7.04	0.37	3.91
Distributions to shareholders from net investment income	—	—	—(b)	(0.03)	(0.03)
Distributions to shareholders from net realized gains	(4.73)	(1.45)	(1.48)	(2.10)	(2.10)
Total distributions	(4.73)	(1.45)	(1.48)	(2.13)	(2.13)
Net asset value, end of year	$17.34	$28.33	$23.46	$17.90	$19.66
Total Return(c)	(26.35)%	28.50%	41.87%	3.83%	23.94%
Net assets, end of year (in 000’s)	$163	$296	$189	$133	$463
Ratio of net expenses to average net assets	0.85%	0.86%	0.91%	0.91%	0.92%
Ratio of total expenses to average net assets	1.06%	1.07%	1.11%	1.22%	1.26%
Ratio of net investment income (loss) to average net assets	(0.42)%	(0.39)%	(0.18)%	0.03%	0.17%
Portfolio turnover rate(d)	29%	37%	36%	40%	44%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Appendix B

	Goldman Sachs Concentrated Growth Fund
	Class R6 Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$30.15	$24.86	$18.88	$20.60	$18.65
Net investment income (loss)(a)	(0.09)	(0.08)	(0.01)	0.04	0.06
Net realized and unrealized gain (loss)	(6.64)	6.82	7.49	0.39	4.06
Total from investment operations	(6.73)	6.74	7.48	0.43	4.12
Distributions to shareholders from net investment income	—	—	(0.02)	(0.05)	(0.07)
Distributions to shareholders from net realized gains	(4.73)	(1.45)	(1.48)	(2.10)	(2.10)
Total distributions	(4.73)	(1.45)	(1.50)	(2.15)	(2.17)
Net asset value, end of year	$18.69	$30.15	$24.86	$18.88	$20.60
Total Return(b)	(26.31)%	28.59%	42.05%	4.00%	24.09%
Net assets, end of year (in 000’s)	$780	$1,497	$806	$538	$99
Ratio of net expenses to average net assets	0.79%	0.79%	0.80%	0.79%	0.80%
Ratio of total expenses to average net assets	0.93%	0.94%	0.98%	1.04%	1.09%
Ratio of net investment income (loss) to average net assets	(0.36)%	(0.30)%	(0.07)%	0.22%	0.34%
Portfolio turnover rate(c)	29%	37%	36%	40%	44%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

	Goldman Sachs Concentrated Growth Fund
	Class R Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$26.11	$21.84	$16.84	$18.68	$17.13
Net investment loss(a)	(0.18)	(0.20)	(0.12)	(0.07)	(0.05)
Net realized and unrealized gain	(5.58)	5.92	6.60	0.33	3.70
Total from investment operations	(5.76)	5.72	6.48	0.26	3.65
Distributions to shareholders from net realized gains	(4.73)	(1.45)	(1.48)	(2.10)	(2.10)
Net asset value, end of year	$15.62	$26.11	$21.84	$16.84	$18.68
Total Return(b)	(26.72)%	27.84%	41.12%	3.36%	23.37%
Net assets, end of year (in 000’s)	$31	$42	$33	$36	$34
Ratio of net expenses to average net assets	1.35%	1.36%	1.41%	1.41%	1.42%
Ratio of total expenses to average net assets	1.56%	1.57%	1.66%	1.70%	1.75%
Ratio of net investment loss to average net assets	(0.91)%	(0.88)%	(0.69)%	(0.43)%	(0.29)%
Portfolio turnover rate(c)	29%	37%	36%	40%	44%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Appendix B

	Goldman Sachs Flexible Cap Fund
	Class A Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$16.94	$13.78	$11.93	$12.66	$14.09
Net investment income(a)	0.06	0.03	0.07	0.09	0.09
Net realized and unrealized gain (loss)	(1.85)	3.93	2.48	0.15	2.17
Total from investment operations	(1.79)	3.96	2.55	0.24	2.26
Distributions to shareholders from net investment income	(0.03)	(0.06)	(0.08)	(0.10)	(0.01)
Distributions to shareholders from net realized gains	(1.03)	(0.74)	(0.62)	(0.87)	(3.68)
Total distributions	(1.06)	(0.80)	(0.70)	(0.97)	(3.69)
Net asset value, end of year	$14.09	$16.94	$13.78	$11.93	$12.66
Total Return(b)	(11.46)%	30.12%	22.18%	3.07%	18.82%
Net assets, end of year (in 000’s)	$6,820	$7,359	$5,843	$5,383	$5,490
Ratio of net expenses to average net assets	0.96%	0.96%	1.00%	0.97%	0.95%
Ratio of total expenses to average net assets	1.60%	2.00%	2.47%	2.88%	2.47%
Ratio of net investment income to average net assets	0.37%	0.21%	0.58%	0.74%	0.73%
Portfolio turnover rate(c)	49%	43%	69%	50%	157%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

	Goldman Sachs Flexible Cap Fund
	Class C Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$14.17	$11.67	$10.23	$11.00	$12.75
Net investment loss(a)	(0.05)	(0.07)	(0.02)	—(b)	—(b)
Net realized and unrealized gain (loss)	(1.52)	3.31	2.10	0.13	1.93
Total from investment operations	(1.57)	3.24	2.08	0.13	1.93
Distributions to shareholders from net investment income	—	—	(0.02)	(0.03)	—
Distributions to shareholders from net realized gains	(1.03)	(0.74)	(0.62)	(0.87)	(3.68)
Total distributions	(1.03)	(0.74)	(0.64)	(0.90)	(3.68)
Net asset value, end of year	$11.57	$14.17	$11.67	$10.23	$11.00
Total Return(c)	(12.07)%	29.19%	21.16%	2.30%	18.00%
Net assets, end of year (in 000’s)	$890	$1,354	$1,516	$1,288	$1,304
Ratio of net expenses to average net assets	1.71%	1.71%	1.75%	1.72%	1.70%
Ratio of total expenses to average net assets	2.35%	2.76%	3.19%	3.63%	3.20%
Ratio of net investment loss to average net assets	(0.39)%	(0.54)%	(0.16)%	0.00%(d)	(0.02)%
Portfolio turnover rate(e)	49%	43%	69%	50%	157%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Amount is less than 0.005% per share.

(e)

Appendix B

	Goldman Sachs Flexible Cap Fund
	Institutional Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$18.56	$15.01	$12.94	$13.61	$14.88
Net investment income(a)	0.13	0.09	0.12	0.13	0.14
Net realized and unrealized gain (loss)	(2.04)	4.31	2.70	0.19	2.33
Total from investment operations	(1.91)	4.40	2.82	0.32	2.47
Distributions to shareholders from net investment income	(0.09)	(0.11)	(0.13)	(0.12)	(0.06)
Distributions to shareholders from net realized gains	(1.03)	(0.74)	(0.62)	(0.87)	(3.68)
Total distributions	(1.12)	(0.85)	(0.75)	(0.99)	(3.74)
Net asset value, end of year	$15.53	$18.56	$15.01	$12.94	$13.61
Total Return(b)	(11.10)%	30.62%	22.53%	3.47%	19.29%
Net assets, end of year (in 000’s)	$8,832	$4,514	$594	$587	$1,633
Ratio of net expenses to average net assets	0.59%	0.59%	0.62%	0.59%	0.59%
Ratio of total expenses to average net assets	1.24%	1.46%	2.11%	2.41%	2.01%
Ratio of net investment income to average net assets	0.78%	0.54%	0.95%	1.08%	1.04%
Portfolio turnover rate(c)	49%	43%	69%	50%	157%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Year

	Goldman Sachs Flexible Cap Fund
	Investor Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$18.09	$14.66	$12.65	$13.35	$14.63
Net investment income(a)	0.14	0.07	0.10	0.12	0.12
Net realized and unrealized gain (loss)	(2.01)	4.19	2.64	0.18	2.28
Total from investment operations	(1.87)	4.26	2.74	0.30	2.40
Distributions to shareholders from net investment income	(0.07)	(0.09)	(0.11)	(0.13)	—
Distributions to shareholders from net realized gains	(1.03)	(0.74)	(0.62)	(0.87)	(3.68)
Total distributions	(1.10)	(0.83)	(0.73)	(1.00)	(3.68)
Net asset value, end of year	$15.12	$18.09	$14.66	$12.65	$13.35
Total Return(b)	(11.21)%	30.39%	22.43%	3.40%	19.08%
Net assets, end of year (in 000’s)	$66	$52	$38	$70	$68
Ratio of net expenses to average net assets	0.71%	0.71%	0.76%	0.72%	0.70%
Ratio of total expenses to average net assets	1.42%	1.74%	2.66%	2.63%	2.08%
Ratio of net investment income to average net assets	0.91%	0.46%	0.78%	0.99%	0.88%
Portfolio turnover rate(c)	49%	43%	69%	50%	157%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Appendix B

	Goldman Sachs Flexible Cap Fund
	Class R6 Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$18.52	$14.98	$12.91	$13.61	$14.88
Net investment income(a)	0.15	0.10	0.13	0.14	0.15
Net realized and unrealized gain (loss)	(2.05)	4.29	2.69	0.18	2.32
Total from investment operations	(1.90)	4.39	2.82	0.32	2.47
Distributions to shareholders from net investment income	(0.09)	(0.11)	(0.13)	(0.15)	(0.06)
Distributions to shareholders from net realized gains	(1.03)	(0.74)	(0.62)	(0.87)	(3.68)
Total distributions	(1.12)	(0.85)	(0.75)	(1.02)	(3.74)
Net asset value, end of year	$15.50	$18.52	$14.98	$12.91	$13.61
Total Return(b)	(11.12)%	30.64%	22.60%	3.47%	19.27%
Net assets, end of year (in 000’s)	$2,061	$334	$226	$202	$14
Ratio of net expenses to average net assets	0.58%	0.58%	0.61%	0.59%	0.58%
Ratio of total expenses to average net assets	1.26%	1.61%	2.10%	2.59%	2.09%
Ratio of net investment income to average net assets	0.92%	0.59%	0.96%	1.17%	1.11%
Portfolio turnover rate(c)	49%	43%	69%	50%	157%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

	Goldman Sachs Flexible Cap Fund
	Class R Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$16.08	$13.13	$11.40	$12.14	$13.67
Net investment income (loss)(a)	—(b)	(0.01)	0.04	0.05	0.06
Net realized and unrealized gain (loss)	(1.73)	3.74	2.36	0.16	2.09
Total from investment operations	(1.73)	3.73	2.40	0.21	2.15
Distributions to shareholders from net investment income	—	(0.04)	(0.05)	(0.08)	—
Distributions to shareholders from net realized gains	(1.03)	(0.74)	(0.62)	(0.87)	(3.68)
Total distributions	(1.03)	(0.78)	(0.67)	(0.95)	(3.68)
Net asset value, end of year	$13.32	$16.08	$13.13	$11.40	$12.14
Total Return(c)	(11.68)%	29.78%	21.78%	2.89%	18.50%
Net assets, end of year (in 000’s)	$10	$46	$49	$39	$49
Ratio of net expenses to average net assets	1.21%	1.21%	1.25%	1.22%	1.20%
Ratio of total expenses to average net assets	1.89%	2.23%	2.63%	3.13%	2.74%
Ratio of net investment income (loss) to average net assets	0.01%	(0.04)%	0.33%	0.49%	0.48%
Portfolio turnover rate(d)	49%	43%	69%	50%	157%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Appendix B

	Goldman Sachs Large Cap Core Fund
	Class A Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$34.35	$26.94	$22.93	$32.46	$28.92
Net investment income (loss)(a)	0.04	(0.05)	0.05	0.08	0.02
Net realized and unrealized gain (loss)	(4.79)	8.52	4.93	(0.28)	6.01
Total from investment operations	(4.75)	8.47	4.98	(0.20)	6.03
Distributions to shareholders from net investment income	—	(0.06)	(0.08)	—(b)	(0.02)
Distributions to shareholders from net realized gains	(3.42)	(1.00)	(0.89)	(9.33)	(2.47)
Total distributions	(3.42)	(1.06)	(0.97)	(9.33)	(2.49)
Net asset value, end of year	$26.18	$34.35	$26.94	$22.93	$32.46
Total Return(c)	(15.37)%	32.38%	22.26%	3.72%	22.01%
Net assets, end of year (in 000’s)	$756,801	$961,786	$776,919	$708,827	$745,362
Ratio of net expenses to average net assets	1.07%	1.11%	1.14%	1.14%	1.14%
Ratio of total expenses to average net assets	1.15%	1.17%	1.22%	1.22%	1.31%
Ratio of net investment income (loss) to average net assets	0.14%	(0.17)%	0.23%	0.36%	0.06%
Portfolio turnover rate(d)	63%	46%	47%	55%	93%

(a)Calculated based on the average shares outstanding methodology.

(b)Amount is less than $0.005 per share.

(c)Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d)The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Goldman Sachs Large Cap Core Fund
	Class C Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$19.86	$16.05	$14.05	$24.01	$22.13
Net investment loss(a)	(0.10)	(0.16)	(0.06)	(0.07)	(0.16)
Net realized and unrealized gain (loss)	(2.53)	4.97	2.95	(0.56)	4.51
Total from investment operations	(2.63)	4.81	2.89	(0.63)	4.35
Distributions to shareholders from net realized gains	(3.42)	(1.00)	(0.89)	(9.33)	(2.47)
Net asset value, end of year	$13.81	$19.86	$16.05	$14.05	$24.01
Total Return(b)	(16.04)%	31.41%	21.37%	3.01%	21.11%
Net assets, end of year (in 000’s)	$16,518	$21,144	$16,596	$18,674	$65,983
Ratio of net expenses to average net assets	1.82%	1.86%	1.89%	1.89%	1.89%
Ratio of total expenses to average net assets	1.90%	1.92%	1.97%	1.97%	2.06%
Ratio of net investment loss to average net assets	(0.61)%	(0.92)%	(0.45)%	(0.41)%	(0.70)%
Portfolio turnover rate(c)	63%	46%	47%	55%	93%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Appendix B

	Goldman Sachs Large Cap Core Fund
	Institutional Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$40.01	$31.19	$26.39	$35.76	$31.60
Net investment income(a)	0.17	0.07	0.16	0.20	0.13
Net realized and unrealized gain (loss)	(5.67)	9.90	5.70	(0.17)	6.62
Total from investment operations	(5.50)	9.97	5.86	0.03	6.75
Distributions to shareholders from net investment income	—	(0.15)	(0.17)	(0.07)	(0.12)
Distributions to shareholders from net realized gains	(3.42)	(1.00)	(0.89)	(9.33)	(2.47)
Total distributions	(3.42)	(1.15)	(1.06)	(9.40)	(2.59)
Net asset value, end of year	$31.09	$40.01	$31.19	$26.39	$35.76
Total Return(b)	(15.08)%	32.86%	22.71%	4.14%	22.50%
Net assets, end of year (in 000’s)	$93,741	$118,823	$64,708	$60,169	$77,293
Ratio of net expenses to average net assets	0.72%	0.74%	0.76%	0.75%	0.75%
Ratio of total expenses to average net assets	0.78%	0.80%	0.84%	0.83%	0.93%
Ratio of net investment income to average net assets	0.49%	0.20%	0.58%	0.74%	0.40%
Portfolio turnover rate(c)	63%	46%	47%	55%	93%

(a)Calculated based on the average shares outstanding methodology.

(b)Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c)The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Goldman Sachs Large Cap Core Fund
	Service Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$32.41	$25.46	$21.73	$31.33	$28.00
Net investment income (loss)(a)	(0.03)	(0.08)	0.03	0.06	(0.01)
Net realized and unrealized gain (loss)	(4.45)	8.04	4.66	(0.33)	5.81
Total from investment operations	(4.48)	7.96	4.69	(0.27)	5.80
Distributions to shareholders from net investment income	—	(0.01)	(0.07)	—	—
Distributions to shareholders from net realized gains	(3.42)	(1.00)	(0.89)	(9.33)	(2.47)
Total distributions	(3.42)	(1.01)	(0.96)	(9.33)	(2.47)
Net asset value, end of year	$24.51	$32.41	$25.46	$21.73	$31.33
Total Return(b)	(15.50)%	32.21%	22.12%	3.57%	21.91%
Net assets, end of year (in 000’s)	$486	$2,151	$1,814	$1,546	$1,802
Ratio of net expenses to average net assets	1.23%	1.24%	1.26%	1.25%	1.25%
Ratio of total expenses to average net assets	1.28%	1.30%	1.34%	1.33%	1.41%
Ratio of net investment income (loss) to average net assets	(0.11)%	(0.30)%	0.13%	0.25%	(0.04)%
Portfolio turnover rate(c)	63%	46%	47%	55%	93%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Appendix B

	Goldman Sachs Large Cap Core Fund
	Investor Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$35.18	$27.56	$23.43	$32.94	$29.31
Net investment income(a)	0.13	0.02	0.11	0.15	0.09
Net realized and unrealized gain (loss)	(4.93)	8.73	5.05	(0.28)	6.11
Total from investment operations	(4.80)	8.75	5.16	(0.13)	6.20
Distributions to shareholders from net investment income	—	(0.13)	(0.14)	(0.05)	(0.10)
Distributions to shareholders from net realized gains	(3.42)	(1.00)	(0.89)	(9.33)	(2.47)
Total distributions	(3.42)	(1.13)	(1.03)	(9.38)	(2.57)
Net asset value, end of year	$26.96	$35.18	$27.56	$23.43	$32.94
Total Return(b)	(15.16)%	32.71%	22.56%	3.96%	22.35%
Net assets, end of year (in 000’s)	$36,346	$21,889	$8,703	$6,649	$9,259
Ratio of net expenses to average net assets	0.81%	0.86%	0.89%	0.89%	0.89%
Ratio of total expenses to average net assets	0.90%	0.92%	0.96%	0.97%	1.06%
Ratio of net investment income to average net assets	0.44%	0.08%	0.46%	0.60%	0.31%
Portfolio turnover rate(c)	63%	46%	47%	55%	93%

(a)Calculated based on the average shares outstanding methodology.

	Goldman Sachs Large Cap Core Fund
	Class R6 Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$39.96	$31.14	$26.35	$35.75	$31.60
Net investment income(a)	0.19	0.07	0.16	0.19	0.20
Net realized and unrealized gain (loss)	(5.69)	9.90	5.69	(0.17)	6.55
Total from investment operations	(5.50)	9.97	5.85	0.02	6.75
Distributions to shareholders from net investment income	—	(0.15)	(0.17)	(0.09)	(0.13)
Distributions to shareholders from net realized gains	(3.42)	(1.00)	(0.89)	(9.33)	(2.47)
Total distributions	(3.42)	(1.15)	(1.06)	(9.42)	(2.60)
Net asset value, end of year	$31.04	$39.96	$31.14	$26.35	$35.75
Total Return(b)	(15.07)%	32.92%	22.71%	4.12%	22.53%
Net assets, end of year (in 000’s)	$78,897	$8,707	$2,454	$2,313	$60
Ratio of net expenses to average net assets	0.70%	0.73%	0.75%	0.74%	0.74%
Ratio of total expenses to average net assets	0.77%	0.78%	0.83%	0.83%	0.90%
Ratio of net investment income to average net assets	0.56%	0.21%	0.59%	0.75%	0.60%
Portfolio turnover rate(c)	63%	46%	47%	55%	93%

(a)Calculated based on the average shares outstanding methodology.

Appendix B

	Goldman Sachs Large Cap Core Fund
	Class R Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$32.19	$25.32	$21.63	$31.26	$28.01
Net investment income (loss)(a)	(0.03)	(0.12)	—(b)	0.02	(0.06)
Net realized and unrealized gain (loss)	(4.45)	8.01	4.62	(0.32)	5.81
Total from investment operations	(4.48)	7.89	4.62	(0.30)	5.75
Distributions to shareholders from net investment income	—	(0.02)	(0.04)	—	(0.03)
Distributions to shareholders from net realized gains	(3.42)	(1.00)	(0.89)	(9.33)	(2.47)
Total distributions	(3.42)	(1.02)	(0.93)	(9.33)	(2.50)
Net asset value, end of year	$24.29	$32.19	$25.32	$21.63	$31.26
Total Return(c)	(15.58)%	32.09%	21.90%	3.47%	21.73%
Net assets, end of year (in 000’s)	$8,186	$12,608	$10,097	$8,559	$8,887
Ratio of net expenses to average net assets	1.32%	1.36%	1.39%	1.39%	1.39%
Ratio of total expenses to average net assets	1.40%	1.42%	1.47%	1.47%	1.56%
Ratio of net investment income (loss) to average net assets	(0.12)%	(0.42)%	0.01%	0.11%	(0.20)%
Portfolio turnover rate(d)	63%	46%	47%	55%	93%

(a)Calculated based on the average shares outstanding methodology.

(b)Amount is less than $0.005 per share.

	Goldman Sachs Strategic Growth Fund
	Class A Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$12.32	$11.24	$9.25	$13.83	$13.79
Net investment loss(a)	(0.06)	(0.07)	(0.03)	(0.01)	(0.02)
Net realized and unrealized gain (loss)	(2.69)	2.92	3.58	(0.30)	3.03
Total from investment operations	(2.75)	2.85	3.55	(0.31)	3.01
Distributions to shareholders from net realized gains	(1.51)	(1.77)	(1.56)	(4.27)	(2.97)
Net asset value, end of year	$8.06	$12.32	$11.24	$9.25	$13.83
Total Return(b)	(25.42)%	29.11%	43.98%	2.86%	25.59%
Net assets, end of year (in 000’s)	$33,996	$63,591	$36,688	$28,311	$30,174
Ratio of net expenses to average net assets	1.11%	1.12%	1.14%	1.14%	1.14%
Ratio of total expenses to average net assets	1.29%	1.30%	1.35%	1.40%	1.39%
Ratio of net investment loss to average net assets	(0.63)%	(0.60)%	(0.35)%	(0.07)%	(0.15)%
Portfolio turnover rate(c)	24%	31%	39%	28%	40%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Appendix B

	Goldman Sachs Strategic Growth Fund
	Class C Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data*
Net asset value, beginning of year	$18.96	$19.89	$18.27	$32.43	$34.38
Net investment loss(a)	(0.21)	(0.24)	(0.21)	(0.18)	(0.27)
Net realized and unrealized gain (loss)	(3.55)	4.62	6.51	(1.17)	7.23
Total from investment operations	(3.76)	4.38	6.30	(1.35)	6.96
Distributions to shareholders from net realized gains	(4.53)	(5.31)	(4.68)	(12.81)	(8.91)
Net asset value, end of year	$10.67	$18.96	$19.89	$18.27	$32.43
Total Return(b)	(25.97)%	28.22%	42.88%	2.07%	24.61%
Net assets, end of year (in 000’s)	$2,153	$3,901	$4,522	$4,142	$9,081
Ratio of net expenses to average net assets	1.86%	1.87%	1.89%	1.89%	1.89%
Ratio of total expenses to average net assets	2.04%	2.05%	2.11%	2.14%	2.13%
Ratio of net investment loss to average net assets	(1.37)%	(1.34)%	(1.25)%	(0.83)%	(0.85)%
Portfolio turnover rate(c)	24%	31%	39%	28%	40%

On June 10, 2022, the Fund’s Class C Shares affected a 3-for-1 reverse share split. All per share data prior to June 10, 2022 has been adjusted to reflect the reverse share split.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

	Goldman Sachs Strategic Growth Fund
	Institutional Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$14.50	$12.88	$10.39	$14.92	$14.67
Net investment income (loss)(a)	(0.03)	(0.03)	0.01	0.03	0.04
Net realized and unrealized gain (loss)	(3.24)	3.42	4.07	(0.26)	3.25
Total from investment operations	(3.27)	3.39	4.08	(0.23)	3.29
Distributions to shareholders from net investment income	—	—(b)	(0.03)	(0.03)	(0.07)
Distributions to shareholders from net realized gains	(1.51)	(1.77)	(1.56)	(4.27)	(2.97)
Total distributions	(1.51)	(1.77)	(1.59)	(4.30)	(3.04)
Net asset value, end of year	$9.72	$14.50	$12.88	$10.39	$14.92
Total Return(c)	(25.16)%	29.65%	44.36%	3.31%	26.11%
Net assets, end of year (in 000’s)	$39,300	$62,894	$60,474	$52,461	$75,470
Ratio of net expenses to average net assets	0.75%	0.75%	0.76%	0.75%	0.75%
Ratio of total expenses to average net assets	0.92%	0.93%	0.98%	1.00%	0.99%
Ratio of net investment income (loss) to average net assets	(0.25)%	(0.23)%	0.10%	0.32%	0.31%
Portfolio turnover rate(d)	24%	31%	39%	28%	40%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

100

Appendix B

	Goldman Sachs Strategic Growth Fund
	Service Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$11.97	$10.97	$9.08	$13.67	$13.70
Net investment loss(a)	(0.07)	(0.08)	(0.04)	(0.01)	(0.03)
Net realized and unrealized gain (loss)	(2.61)	2.85	3.49	(0.31)	3.00
Total from investment operations	(2.68)	2.77	3.45	(0.32)	2.97
Distributions to shareholders from net investment income	—	—	—	—	(0.03)
Distributions to shareholders from net realized gains	(1.51)	(1.77)	(1.56)	(4.27)	(2.97)
Total distributions	(1.51)	(1.77)	(1.56)	(4.27)	(3.00)
Net asset value, end of year	$7.78	$11.97	$10.97	$9.08	$13.67
Total Return(b)	(25.59)%	29.09%	43.67%	2.79%	25.48%
Net assets, end of year (in 000’s)	$536	$623	$505	$622	$597
Ratio of net expenses to average net assets	1.25%	1.25%	1.26%	1.25%	1.25%
Ratio of total expenses to average net assets	1.42%	1.43%	1.53%	1.53%	1.48%
Ratio of net investment loss to average net assets	(0.75)%	(0.72)%	(0.47)%	(0.14)%	(0.21)%
Portfolio turnover rate(c)	24%	31%	39%	28%	40%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

101

	Goldman Sachs Strategic Growth Fund
	Investor Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$14.41	$12.83	$10.34	$14.89	$14.66
Net investment income (loss)(a)	(0.04)	(0.04)	(0.01)	0.02	0.02
Net realized and unrealized gain (loss)	(3.21)	3.39	4.07	(0.27)	3.24
Total from investment operations	(3.25)	3.35	4.06	(0.25)	3.26
Distributions to shareholders from net investment income	—	—	(0.01)	(0.03)	(0.06)
Distributions to shareholders from net realized gains	(1.51)	(1.77)	(1.56)	(4.27)	(2.97)
Total distributions	(1.51)	(1.77)	(1.57)	(4.30)	(3.03)
Net asset value, end of year	$9.65	$14.41	$12.83	$10.34	$14.89
Total Return(b)	(25.18)%	29.42%	44.28%	3.14%	25.90%
Net assets, end of year (in 000’s)	$3,304	$3,232	$2,758	$1,533	$2,578
Ratio of net expenses to average net assets	0.86%	0.87%	0.89%	0.89%	0.89%
Ratio of total expenses to average net assets	1.04%	1.05%	1.06%	1.14%	1.12%
Ratio of net investment income (loss) to average net assets	(0.34)%	(0.35)%	(0.09)%	0.16%	0.15%
Portfolio turnover rate(c)	24%	31%	39%	28%	40%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

102

Appendix B

	Goldman Sachs Strategic Growth Fund
	Class R6 Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$14.46	$12.86	$10.37	$14.91	$14.66
Net investment income (loss)(a)	(0.02)	(0.03)	0.01	0.04	0.04
Net realized and unrealized gain (loss)	(3.23)	3.40	4.07	(0.27)	3.25
Total from investment operations	(3.25)	3.37	4.08	(0.23)	3.29
Distributions to shareholders from net investment income	—	—(b)	(0.03)	(0.04)	(0.07)
Distributions to shareholders from net realized gains	(1.51)	(1.77)	(1.56)	(4.27)	(2.97)
Total distributions	(1.51)	(1.77)	(1.59)	(4.31)	(3.04)
Net asset value, end of year	$9.70	$14.46	$12.86	$10.37	$14.91
Total Return(c)	(25.09)%	29.57%	44.49%	3.33%	26.15%
Net assets, end of year (in 000’s)	$3,846	$789	$509	$477	$15
Ratio of net expenses to average net assets	0.74%	0.74%	0.75%	0.74%	0.74%
Ratio of total expenses to average net assets	0.92%	0.92%	0.99%	1.03%	0.97%
Ratio of net investment income (loss) to average net assets	(0.18)%	(0.22)%	0.10%	0.40%	0.30%
Portfolio turnover rate(d)	24%	31%	39%	28%	40%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

103

	Goldman Sachs Strategic Growth Fund
	Class R Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$11.55	$10.67	$8.88	$13.49	$13.56
Net investment loss(a)	(0.08)	(0.09)	(0.06)	(0.03)	(0.04)
Net realized and unrealized gain (loss)	(2.49)	2.74	3.41	(0.31)	2.96
Total from investment operations	(2.57)	2.65	3.35	(0.34)	2.92
Distributions to shareholders from net investment income	—	—	—	—	(0.02)
Distributions to shareholders from net realized gains	(1.51)	(1.77)	(1.56)	(4.27)	(2.97)
Total distributions	(1.51)	(1.77)	(1.56)	(4.27)	(2.99)
Net asset value, end of year	$7.47	$11.55	$10.67	$8.88	$13.49
Total Return(b)	(25.57)%	28.74%	43.52%	2.67%	25.29%
Net assets, end of year (in 000’s)	$170	$213	$66	$292	$255
Ratio of net expenses to average net assets	1.36%	1.37%	1.40%	1.39%	1.39%
Ratio of total expenses to average net assets	1.54%	1.55%	1.75%	1.65%	1.62%
Ratio of net investment loss to average net assets	(0.85)%	(0.85)%	(0.66)%	(0.31)%	(0.34)%
Portfolio turnover rate(c)	24%	31%	39%	28%	40%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

104

Appendix B

	Goldman Sachs Strategic Growth Fund
	Class P Shares
	Year Ended August 31,				Period Ended August 31, 2018(a)
	2022	2021	2020	2019	Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$14.44	$12.84	$10.35	$14.90	$13.53
Net investment income (loss)(b)	(0.03)	(0.03)	0.01	0.04	0.01
Net realized and unrealized gain (loss)	(3.22)	3.40	4.07	(0.28)	1.36
Total from investment operations	(3.25)	3.37	4.08	(0.24)	1.37
Distributions to shareholders from net investment income	—	—(c)	(0.03)	(0.04)	—
Distributions to shareholders from net realized gains	(1.51)	(1.77)	(1.56)	(4.27)	—
Total distributions	(1.51)	(1.77)	(1.59)	(4.31)	—
Net asset value, end of period	$9.68	$14.44	$12.84	$10.35	$14.90
Total Return(d)	(25.12)%	29.61%	44.56%	3.26%	10.13%
Net assets, end of period (in 000’s)	$60,603	$90,823	$78,539	$73,132	$104,590
Ratio of net expenses to average net assets	0.74%	0.74%	0.75%	0.74%	0.74%(e)
Ratio of total expenses to average net assets	0.91%	0.92%	0.98%	0.99%	0.96%(e)
Ratio of net investment income (loss) to average net assets	(0.24)%	(0.22)%	0.12%	0.32%	0.22%(e)
Portfolio turnover rate(f)	24%	31%	39%	28%	40%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e)

Annualized.

(f)

105

	Goldman Sachs U.S. Equity ESG Fund
	Class A Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$18.89	$15.63	$13.59	$14.00	$14.84
Net investment income(a)	0.05	0.04	0.09	0.12	0.11
Net realized and unrealized gain (loss)	(3.46)	4.91	2.56	0.64	2.15
Total from investment operations	(3.41)	4.95	2.65	0.76	2.26
Distributions to shareholders from net investment income	—	(0.07)	(0.15)	(0.08)	(0.09)
Distributions to shareholders from net realized gains	(0.35)	(1.62)	(0.46)	(1.09)	(3.01)
Total distributions	(0.35)	(1.69)	(0.61)	(1.17)	(3.10)
Net asset value, end of year	$15.13	$18.89	$15.63	$13.59	$14.00
Total Return(b)	(18.42)%	34.66%	19.93%	6.80%	17.50%
Net assets, end of year (in 000’s)	$6,597	$7,354	$5,448	$3,878	$2,533
Ratio of net expenses to average net assets	1.03%	1.01%	1.05%	1.03%	1.04%
Ratio of total expenses to average net assets	2.23%	3.73%	3.30%	4.26%	5.12%
Ratio of net investment income to average net assets	0.31%	0.26%	0.64%	0.90%	0.81%
Portfolio turnover rate(c)	114%	31%	65%	47%	71%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

106

Appendix B

	Goldman Sachs U.S. Equity ESG Fund
	Class C Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$17.71	$14.79	$12.91	$13.40	$14.36
Net investment income (loss)(a)	(0.08)	(0.08)	(0.01)	0.02	0.01
Net realized and unrealized gain (loss)	(3.22)	4.62	2.41	0.62	2.07
Total from investment operations	(3.30)	4.54	2.40	0.64	2.08
Distributions to shareholders from net investment income	—	—	(0.06)	(0.04)	(0.03)
Distributions to shareholders from net realized gains	(0.35)	(1.62)	(0.46)	(1.09)	(3.01)
Total distributions	(0.35)	(1.62)	(0.52)	(1.13)	(3.04)
Net asset value, end of year	$14.06	$17.71	$14.79	$12.91	$13.40
Total Return(b)	(19.04)%	33.65%	18.97%	6.04%	16.66%
Net assets, end of year (in 000’s)	$1,402	$2,430	$1,985	$1,487	$172
Ratio of net expenses to average net assets	1.78%	1.76%	1.80%	1.78%	1.80%
Ratio of total expenses to average net assets	2.94%	4.46%	4.07%	4.97%	5.86%
Ratio of net investment income (loss) to average net assets	(0.47)%	(0.49)%	(0.11)%	0.18%	0.05%
Portfolio turnover rate(c)	114%	31%	65%	47%	71%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

107

	Goldman Sachs U.S. Equity ESG Fund
	Institutional Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$19.13	$15.80	$13.73	$14.10	$14.92
Net investment income(a)	0.14	0.10	0.14	0.16	0.16
Net realized and unrealized gain (loss)	(3.53)	4.97	2.58	0.67	2.17
Total from investment operations	(3.39)	5.07	2.72	0.83	2.33
Distributions to shareholders from net investment income	(0.04)	(0.12)	(0.19)	(0.11)	(0.14)
Distributions to shareholders from net realized gains	(0.35)	(1.62)	(0.46)	(1.09)	(3.01)
Total distributions	(0.39)	(1.74)	(0.65)	(1.20)	(3.15)
Net asset value, end of year	$15.35	$19.13	$15.80	$13.73	$14.10
Total Return(b)	(18.13)%	35.11%	20.29%	7.27%	17.92%
Net assets, end of year (in 000’s)	$1,425	$1,921	$1,009	$791	$4,969
Ratio of net expenses to average net assets	0.67%	0.67%	0.70%	0.67%	0.68%
Ratio of total expenses to average net assets	1.51%	3.39%	2.99%	3.97%	4.65%
Ratio of net investment income to average net assets	0.74%	0.60%	0.99%	1.22%	1.20%
Portfolio turnover rate(c)	114%	31%	65%	47%	71%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

108

Appendix B

	Goldman Sachs U.S. Equity ESG Fund
	Investor Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$19.14	$15.81	$13.72	$14.11	$14.92
Net investment income(a)	0.10	0.09	0.11	0.15	0.14
Net realized and unrealized gain (loss)	(3.51)	4.96	2.60	0.65	2.18
Total from investment operations	(3.41)	5.05	2.71	0.80	2.32
Distributions to shareholders from net investment income	(0.03)	(0.10)	(0.16)	(0.10)	(0.12)
Distributions to shareholders from net realized gains	(0.35)	(1.62)	(0.46)	(1.09)	(3.01)
Total distributions	(0.38)	(1.72)	(0.62)	(1.19)	(3.13)
Net asset value, end of year	$15.35	$19.14	$15.81	$13.72	$14.11
Total Return(b)	(18.22)%	34.99%	20.23%	7.05%	17.86%
Net assets, end of year (in 000’s)	$1,175	$878	$344	$1,064	$235
Ratio of net expenses to average net assets	0.78%	0.76%	0.85%	0.78%	0.79%
Ratio of total expenses to average net assets	1.96%	3.79%	3.75%	4.06%	4.87%
Ratio of net investment income to average net assets	0.57%	0.52%	0.76%	1.16%	1.06%
Portfolio turnover rate(c)	114%	31%	65%	47%	71%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

109

	Goldman Sachs U.S. Equity ESG Fund
	Class R Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$19.01	$15.72	$13.67	$14.07	$14.89
Net investment income(a)	0.01	0.03	0.05	0.08	0.08
Net realized and unrealized gain (loss)	(3.48)	4.92	2.57	0.67	2.16
Total from investment operations	(3.47)	4.95	2.62	0.75	2.24
Distributions to shareholders from net investment income	—	(0.04)	(0.11)	(0.06)	(0.05)
Distributions to shareholders from net realized gains	(0.35)	(1.62)	(0.46)	(1.09)	(3.01)
Total distributions	(0.35)	(1.66)	(0.57)	(1.15)	(3.06)
Net asset value, end of year	$15.19	$19.01	$15.72	$13.67	$14.07
Total Return(b)	(18.62)%	34.35%	19.56%	6.58%	17.21%
Net assets, end of year (in 000’s)	$408	$482	$23	$20	$20
Ratio of net expenses to average net assets	1.28%	1.26%	1.30%	1.27%	1.29%
Ratio of total expenses to average net assets	2.48%	5.23%	3.68%	4.53%	5.36%
Ratio of net investment income to average net assets	0.06%	0.15%	0.39%	0.64%	0.55%
Portfolio turnover rate(c)	114%	31%	65%	47%	71%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

110

Appendix B

	Goldman Sachs U.S. Equity ESG Fund
	Class R6 Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$19.14	$15.81	$13.73	$14.11	$14.93
Net investment income(a)	0.12	0.10	0.13	0.17	0.16
Net realized and unrealized gain (loss)	(3.51)	4.96	2.60	0.65	2.17
Total from investment operations	(3.39)	5.06	2.73	0.82	2.33
Distributions to shareholders from net investment income	(0.04)	(0.11)	(0.19)	(0.11)	(0.14)
Distributions to shareholders from net realized gains	(0.35)	(1.62)	(0.46)	(1.09)	(3.01)
Total distributions	(0.39)	(1.73)	(0.65)	(1.20)	(3.15)
Net asset value, end of year	$15.36	$19.14	$15.81	$13.73	$14.11
Total Return(b)	(18.13)%	35.09%	20.37%	7.20%	17.94%
Net assets, end of year (in 000’s)	$1,173	$1,199	$1,325	$3,229	$11
Ratio of net expenses to average net assets	0.66%	0.66%	0.71%	0.66%	0.68%
Ratio of total expenses to average net assets	1.85%	3.30%	3.84%	3.76%	4.73%
Ratio of net investment income to average net assets	0.68%	0.60%	0.96%	1.31%	1.16%
Portfolio turnover rate(c)	114%	31%	65%	47%	71%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

111

	Goldman Sachs Concentrated Growth Fund
	Class P Shares
	Year Ended August 31,				Period Ended August 31, 2018(a)
	2022	2021	2020	2019	Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$30.14	$24.85	$18.88	$20.60	$18.54
Net investment income (loss)(b)	(0.08)	(0.08)	(0.01)	0.03	0.02
Net realized and unrealized gain (loss)	(6.65)	6.82	7.48	0.40	2.04
Total from investment operations	(6.73)	6.74	7.47	0.43	2.06
Distributions to shareholders from net investment income	—	—	(0.02)	(0.05)	—
Distributions to shareholders from net realized gains	(4.73)	(1.45)	(1.48)	(2.10)	—
Total distributions	(4.73)	(1.45)	(1.50)	(2.15)	—
Net asset value, end of period	$18.68	$30.14	$24.85	$18.88	$20.60
Total Return(c)	(26.32)%	28.60%	42.00%	4.01%	11.11%
Net assets, end of period (in 000’s)	$127,302	$190,213	$160,582	$128,289	$143,078
Ratio of net expenses to average net assets	0.79%	0.79%	0.80%	0.79%	0.79%(d)
Ratio of total expenses to average net assets	0.93%	0.94%	0.99%	1.06%	0.72%(d)
Ratio of net investment income (loss) to average net assets	(0.35)%	(0.31)%	(0.06)%	0.18%	0.32%(d)
Portfolio turnover rate(e)	29%	37%	36%	40%	44%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)

112

Appendix C

Additional Information About Sales Charge Variations, Waivers and Discounts

The availability of certain sales charge variations, waivers and discounts will depend on whether you purchase your shares directly from the Fund or through an Intermediary. Intermediaries may impose different sales charges and have unique policies and procedures regarding the availability of sales charge waivers and/or discounts (including based on account type), which differ from those described in the Prospectus and are disclosed below. All sales charges and sales charge variations, waivers and discounts available to investors, other than those set forth below, are described in the Prospectus. To the extent an Intermediary notifies the Investment Adviser or Distributor of its intention to impose sales charges or have sales charge waivers and/or discounts that differ from those described in the Prospectus, such information provided by that Intermediary will be disclosed in this Appendix.

In all instances, it is your responsibility to notify your Intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge waivers or discounts. Please contact your Intermediary with questions regarding your eligibility for applicable sales charge variations, waivers and discounts or for additional information regarding your Intermediary’s policies for implementing particular sales charge variations, waivers and discounts. For waivers and discounts not available through a particular Intermediary, shareholders will have to purchase shares directly from a Fund or through another Intermediary to receive these waivers or discounts.

In addition to different sales charge variations, waivers and discounts, Intermediaries may have different share class exchange privileges that vary from those described in the Prospectus. You should contact your Intermediary to understand the exchange privileges available to you. The information provided below for a particular Intermediary is reproduced based on information provided by that Intermediary. An Intermediary’s administration and implementation of its particular policies with respect to any variations, waivers and/or discounts is neither supervised nor verified by the Funds, the Investment Adviser or the Distributor.

MERRILL LYNCH

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Funds’ prospectus or SAI.

Front-End Sales Load Waivers on Class A Shares Available at Merrill Lynch

◼

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

◼

Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)

◼

Shares purchased through a Merrill Lynch affiliated investment advisory program

◼

Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

◼

Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

◼

Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

◼

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 fund family)

◼

Shares exchanged from Class C (i.e., level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

◼

Employees and registered representatives of Merrill Lynch or its affiliates and their family members

◼

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the prospectus

◼

Eligible 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 (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement

CDSC Waivers on Class A and Class C Shares Available at Merrill Lynch

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Funds’ prospectus

◼

Return of excess contributions from an IRA Account

113

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

◼

Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

◼

Shares acquired through a right of reinstatement

◼

Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

◼

Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

Front-End Load Discounts Available at Merrill Lynch: Rights of Accumulation & Letters of Intent

◼

Breakpoints as described in this prospectus

◼

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Funds’ prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

AMERIPRISE FINANCIAL

The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:

Shareholders purchasing Fund shares through an Ameriprise Financial retail brokerage account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.

◼

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 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 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 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply.

◼

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.

Front-End Sales Charge Waivers on Class A Shares Available at Morgan Stanley Wealth Management

◼

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

114

Appendix C

◼

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.

RAYMOND JAMES & ASSOCIATES, INC., RAYMOND JAMES FINANCIAL SERVICES, INC. AND EACH ENTITY’S AFFILIATES

(“RAYMOND JAMES”)

Effective March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund’s Prospectus or SAI.

Front-End Sales Load Waivers on Class A Shares Available at Raymond James

◼

Shares purchased in an investment advisory program.

◼

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

◼

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

◼

A Shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and Class C Shares Available at Raymond James

◼

Death or disability of the shareholder.

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

◼

Return of excess contributions from an IRA Account.

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Fund’s Prospectus.

◼

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

◼

Shares acquired through a Right of Reinstatement.

Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent

◼

Breakpoints as described in this Prospectus.

◼

Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

◼

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

JANNEY MONTGOMERY SCOTT LLC

Effective May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Funds’ Prospectus or SAI.

Front-End Sales Charge* Waivers on Class A Shares Available at Janney

◼

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 fund family).

◼

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (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., right of reinstatement).

115

◼

Shares acquired through a right of reinstatement.

◼

Class C 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 Janney’s policies and procedures.

CDSC Waivers on Class A and C Shares Available at Janney

◼

Shares sold upon the death or disability of the shareholder.

◼

Shares sold as part of a systematic withdrawal plan as described in the Funds’ Prospectus.

◼

Shares purchased in connection with a return of excess contributions from an IRA account.

◼

Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 70½ as described in the Funds’ Prospectus.

◼

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

◼

Shares acquired through a right of reinstatement.

◼

Shares exchanged into the same share class of a different fund.

Front-End Sales Charge* Discounts Available at Janney: Breakpoints, Rights of Accumulation, and/or Letters of Intent

◼

Breakpoints as described in the Funds’ Prospectus.

◼

Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

◼

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

Also referred to as an “initial sales charge.”

EDWARD D. JONES & CO., L.P. (“Edward Jones”)

Policies Regarding Transactions Through Edward Jones

The following information has been provided by Edward Jones:

Effective on or after March 1, 2021, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information (“SAI”) or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Goldman Sachs Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

Breakpoints

◼

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

Rights of Accumulation (“ROA”)

◼

The applicable sales charge on a purchase of Class A Shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of Goldman Sachs Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

◼

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

◼

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

116

Appendix C

Letter of Intent (“LOI”)

◼

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

◼

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

Sales Charge Waivers

Sales charges are waived for the following shareholders and in the following situations:

◼

Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones’ policies and procedures.

◼

Shares purchased in an Edward Jones fee-based program.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

◼

Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account.

◼

Shares exchanged into Class A Shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

◼

Exchanges from Class C Shares to Class A Shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

Contingent Deferred Sales Charge (“CDSC”) Waivers

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

◼

The death or disability of the shareholder.

◼

Systematic withdrawals with up to 10% per year of the account value.

◼

Return of excess contributions from an Individual Retirement Account (IRA).

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

◼

Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

◼

Shares exchanged in an Edward Jones fee-based program.

◼

Shares acquired through NAV reinstatement.

◼

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

Other Important Information Regarding Transactions Through Edward Jones

Minimum Purchase Amounts

◼

Initial purchase minimum: $250

◼

Subsequent purchase minimum: none

Minimum Balances

◼

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

◼

A fee-based account held on an Edward Jones platform

◼

A 529 account held on an Edward Jones platform

◼

An account with an active systematic investment plan or letter of intent (LOI)

117

Exchanging Share Classes

◼

At any time it deems necessary, Edward Jones has the authority to change a share class to Class A shares of the same fund at NAV.

OPPENHEIMER & CO. INC.

Effective May 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“OPCO”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at OPCO

◼

Shares purchased by or through a 529 Plan

◼

Shares purchased through a OPCO affiliated investment advisory program

◼

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 fund family)

◼

A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

◼

Employees and registered representatives of OPCO or its affiliates and their family members

◼

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus

CDSC Waivers on Class A and C Shares available at OPCO

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

◼

Return of excess contributions from an IRA Account

◼

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

◼

Shares acquired through a right of reinstatement

Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent

◼

Breakpoints as described in this prospectus.

◼

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

ROBERT W. BAIRD & CO. (“BAIRD”)

Effective June 15, 2020, shareholders purchasing Fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI

Front-End Sales Charge Waivers on Class A Shares Available at Baird

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund

◼

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird

◼

Shares purchase 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 accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

◼

A shareholder in the Funds Class C shares will have their shares converted at net asset value to Class A shares of the fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

118

Appendix C

◼

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 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

CDSC Waivers on Class A and C Shares Available at Baird

◼

Shares sold due to death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus

◼

Shares bought due to returns of excess contributions from an IRA Account

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund’s prospectus

◼

Shares sold to pay Baird fees but only if the transaction is initiated by Baird

◼

Shares acquired through a right of reinstatement

Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations

◼

Breakpoints as described in this prospectus

◼

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time

119

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Fundamental Equity Growth Funds Prospectus

FOR MORE INFORMATION

Annual/Semi-Annual Report

Additional information about the Fund’s investments is available in the Fund’s annual and semi-annual reports to shareholders. In the Fund’s annual reports, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund’s performance during the last fiscal year.

Statement of Additional Information

Additional information about the Fund and its policies is also available in the Fund’s SAI. The SAI is incorporated by reference into the Prospectus (i.e., is legally considered part of the Prospectus).

The Fund’s annual and semi-annual reports and the SAI are available free upon request by calling Goldman Sachs at
1-800-526-7384. You can also access and download the annual and semi-annual reports and the SAI at the Fund’s website: www.gsamfunds.com/mutualfunds.

From time to time, certain announcements and other information regarding the Fund may be found at
http://www.gsamfunds.com/announcements-ind for individual investors or http://www.gsamfunds.com/announcements for advisers.

To obtain other information and for shareholder inquiries:

	Institutional, Service & Class R6	Class A, C, Investor & R
◼ By telephone:	1-800-621-2550	1-800-526-7384
◼ By mail:	Goldman Sachs Funds P.O. Box 806395 Chicago, IL 60680-4125	Goldman Sachs Funds P.O. Box 219711 Kansas City, MO 64121
◼ On the Internet:	SEC EDGAR database – http://www.sec.gov

Other information about the Fund is available on the EDGAR Database on the SEC’s internet site at http://www.sec.gov. You may obtain copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

The Fund's investment company registration number is 811-05349.
GSAM® is a registered service mark of Goldman Sachs & Co. LLC

EQG1PRO-22

Prospectus
December 29, 2022

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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.

◼

Goldman Sachs Concentrated Growth Fund

◼

Class P Shares: GACPX

◼

Goldman Sachs Flexible Cap Fund

◼

Class P Shares: GGZPX

◼

Goldman Sachs Large Cap Core Fund (formerly, Goldman Sachs Capital Growth Fund)

◼

Class P Shares: GGGPX

◼

Goldman Sachs Strategic Growth Fund

◼

Class P Shares: GSPPX

◼

Goldman Sachs U.S. Equity ESG Fund

◼

Class P Shares: GALPX

Table of Contents

Goldman Sachs Concentrated Growth Fund—Summary	1
Goldman Sachs Flexible Cap Fund—Summary	5
Goldman Sachs Large Cap Core Fund—Summary	9
Goldman Sachs Strategic Growth Fund—Summary	13
Goldman Sachs U.S. Equity ESG Fund—Summary	17
Investment Management Approach	22
Risks of the Funds	30
Service Providers	37
Distributions	41
Shareholder Guide	42
How To Buy Shares	42
How To Sell Shares	46
Taxation	51
Appendix A
Additional Information on Portfolio Risks, Securities and Techniques	53
Appendix B
Financial Highlights	67

Goldman Sachs Concentrated Growth Fund—Summary

Investment Objective

The Goldman Sachs Concentrated Growth Fund (the "Fund") seeks long-term growth of capital.

Fees and Expenses of the Fund

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class P
Management Fees	0.76%
Other Expenses1	0.17%
Total Annual Fund Operating Expenses	0.93%
Expense Limitation and Fee Waiver2	(0.17)%
Total Annual Fund Operating Expenses After Expense Limitation and Fee Waiver	0.76%

The “Other Expenses” for Class P Shares have been restated to reflect expenses expected to be incurred during the current fiscal year.

The Investment Adviser has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.72% as an annual percentage rate for the Fund’s average daily net assets and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. These arrangements will remain in effect through at least December 29, 2023, and prior to such date, the Investment Adviser may not terminate the arrangement 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.

The Example assumes that you invest $10,000 in Class P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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 any applicable fee waiver and/or 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 P Shares	$78	$279	$498	$1,127

Portfolio Turnover

Principal Strategy

The Fund may invest up to 10% of its Total Assets in fixed income securities, such as government, corporate and bank debt obligations.

The Fund’s benchmark index is the Russell 1000® Growth Index.

Principal Risks of the Fund

Performance

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.

CALENDAR YEAR (CLASS P)

	Returns	Quarter ended
Year-to-Date Return	-34.78%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	29.29%	June 30, 2020
Worst Quarter Return	-14.66%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	Since Inception	Inception Date
Class P Shares			4/17/2018
Returns Before Taxes	23.06%	22.66%
Returns After Taxes on Distributions	17.83%	19.29%
Returns After Taxes on Distributions and Sale of Fund Shares	16.27%	17.37%
Russell 1000® Growth Index (reflects no deduction for fees or expenses)	27.60%	24.73%

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”).

Buying and Selling Fund Shares

The Fund does not impose minimum purchase requirements for initial or subsequent investments in Class P Shares.

You may purchase and redeem (sell) Class P Shares of the Fund on any business day through the Goldman Sachs Private Wealth Management business unit, The Goldman Sachs Trust Company, N.A., The Goldman Sachs Trust Company of Delaware, The Ayco Company, L.P. or with certain intermediaries that are authorized to offer Class P Shares.

Tax Information

For important tax information, please see “Tax Information” on page 21 of the Prospectus.

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 21 of the Prospectus.

Goldman Sachs Flexible Cap Fund—Summary

Investment Objective

The Goldman Sachs Flexible Cap Fund (the "Fund") seeks long-term growth of capital.

Fees and Expenses of the Fund

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class P
Management Fees	0.55%
Other Expenses1	0.67%
Total Annual Fund Operating Expenses	1.22%
Expense Limitation2	(0.64)%
Total Annual Fund Operating Expenses After Expense Limitation	0.58%

The “Other Expenses” for Class P Shares have been restated to reflect expenses expected to be incurred during the current fiscal year.

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 P Shares of the Fund for the time periods indicated and then redeem all of your Class P 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 any applicable fee waiver and/or 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 P Shares	$59	$324	$609	$1,421

Portfolio Turnover

Principal Strategy

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in equity investments in small-, mid- and large-cap issuers. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Net 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 seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth of capital. The Investment Adviser uses a combination of fundamental research and quantitative factors to achieve its investment objective. The Fund’s fundamental equity growth investment process involves evaluating potential investments based on specific characteristics believed to identify high-quality businesses with sustainable growth prospects, including strong business franchises, favorable long-term prospects, and excellent management. The Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process.

The Fund may invest up to 20% of its Net Assets in fixed income securities (including high yield fixed income securities), such as government, corporate and bank debt obligations.

The Fund’s benchmark index is the S&P 500® Index.

Principal Risks of the Fund

Performance

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.

CALENDAR YEAR (CLASS P)

	Returns	Quarter ended
Year-to-Date Return	-23.34%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	21.49%	June 30, 2020
Worst Quarter Return	-18.73%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	Since Inception	Inception Date
Class P Shares			4/17/2018
Returns Before Taxes	26.85%	18.38%
Returns After Taxes on Distributions	24.70%	16.23%
Returns After Taxes on Distributions and Sale of Fund Shares	16.74%	13.97%
S&P 500® Index (Total Return, Unhedged, USD) (reflects no deduction for fees or expenses)	28.71%	18.57%

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, Co-Chief Investment Officer—Fundamental Equity U.S. Equity, has managed the Fund since 2008.

Buying and Selling Fund Shares

The Fund does not impose minimum purchase requirements for initial or subsequent investments in Class P Shares.

Tax Information

For important tax information, please see “Tax Information” on page 21 of the Prospectus.

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 21 of the Prospectus.

Goldman Sachs Large Cap Core Fund—Summary

Investment Objective

The Goldman Sachs Large Cap Core Fund (the "Fund") seeks long-term growth of capital.

Fees and Expenses of the Fund

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class P
Management Fees	0.70%
Other Expenses	0.07%
Total Annual Fund Operating Expenses	0.77%
Expense Limitation and Fee Waiver1	(0.08)%
Total Annual Fund Operating Expenses After Expense Limitation and Fee Waiver	0.69%

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.

	1 Year	3 Years	5 Years	10 Years
Class P Shares	$70	$238	$420	$947

Portfolio Turnover

Principal Strategy

The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. The Fund will invest in both value and growth companies. The Fund’s fundamental equity 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 integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. 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. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions.

The Fund may invest up to 10% of its Total Assets in fixed income securities, such as government, corporate and bank debt obligations.

The Fund’s benchmark index is the Russell 1000® Index.

Principal Risks of the Fund

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 P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index. Through February 11, 2022, certain of the Fund’s principal investment strategies differed. Performance information set forth below reflects the performance resulting from the Fund’s former strategies prior to that date. 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 https://www.gsam.com/content/dam/gsam/pdfs/us/en/fund-resources/monthly-highlights/retail-fund-facts.pdf?sa=n&rd=n 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.

CALENDAR YEAR (CLASS P)

	Returns	Quarter ended
Year-to-Date Return	-25.75%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	21.39%	June 30, 2020
Worst Quarter Return	-19.02%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	Since Inception	Inception Date
Class P Shares			4/17/2018
Returns Before Taxes	25.12%	18.65%
Returns After Taxes on Distributions	22.15%	15.04%
Returns After Taxes on Distributions and Sale of Fund Shares	16.16%	13.71%
Russell 1000® Index (reflects no deduction for fees or expenses)	26.46%	18.54%

Portfolio Management

Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or “GSAM”).

Buying and Selling Fund Shares

The Fund does not impose minimum purchase requirements for initial or subsequent investments in Class P Shares.

Tax Information

For important tax information, please see “Tax Information” on page 21 of the Prospectus.

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 21 of the Prospectus.

Goldman Sachs Strategic Growth Fund—Summary

Investment Objective

The Goldman Sachs Strategic Growth Fund (the "Fund") seeks long-term growth of capital.

Fees and Expenses of the Fund

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class P
Management Fees	0.71%
Other Expenses1	0.20%
Total Annual Fund Operating Expenses	0.91%
Expense Limitation2	(0.17)%
Total Annual Fund Operating Expenses After Expense Limitation	0.74%

The “Other Expenses” for Class P Shares have been restated to reflect expenses expected to be incurred during the current fiscal year.

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.

	1 Year	3 Years	5 Years	10 Years
Class P Shares	$76	$273	$487	$1,104

Portfolio Turnover

Principal Strategy

The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. 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 integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. 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. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions.

The Fund may invest up to 10% of its Total Assets in fixed income securities, such as government, corporate and bank debt obligations.

The Fund’s benchmark index is the Russell 1000® Growth Index.

Principal Risks of the Fund

Performance

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.

CALENDAR YEAR (CLASS P)

	Returns	Quarter ended
Year-to-Date Return	-34.09%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	28.18%	June 30, 2020
Worst Quarter Return	-14.27%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	Since Inception	Inception Date
Class P Shares			4/17/2018
Returns Before Taxes	21.98%	23.25%
Returns After Taxes on Distributions	18.57%	17.45%
Returns After Taxes on Distributions and Sale of Fund Shares	14.73%	16.77%
Russell 1000® Growth Index (reflects no deduction for fees or expenses)	27.60%	24.73%

Portfolio Management

Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or “GSAM”).

Buying and Selling Fund Shares

The Fund does not impose minimum purchase requirements for initial or subsequent investments in Class P Shares.

Tax Information

For important tax information, please see “Tax Information” on page 21 of the Prospectus.

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 21 of the Prospectus.

Goldman Sachs U.S. Equity ESG Fund—Summary

Investment Objective

The Goldman Sachs U.S. Equity ESG Fund (the "Fund") seeks long-term growth of capital.

Fees and Expenses of the Fund

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class P
Management Fees	0.55%
Other Expenses	1.24%
Total Annual Fund Operating Expenses	1.79%
Expense Limitation1	(1.13)%
Total Annual Fund Operating Expenses After Expense Limitation	0.66%

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.

	1 Year	3 Years	5 Years	10 Years
Class P Shares	$67	$453	$864	$2,012

Portfolio Turnover

Principal Strategy

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in U.S. issuers that the Investment Adviser believes adhere to the Fund’s environmental, social and governance (“ESG”) criteria. Such equity investments may include exchange-traded funds (“ETFs”), futures and other instruments with similar economic exposures. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in approximately 30-50 companies that are considered by the Investment Adviser to be positioned for long-term growth of capital.

◼

alcohol;

◼

tobacco;

◼

gambling;

◼

adult entertainment;

◼

for-profit prisons;

◼

weapons;

◼

oil and gas exploration and production;

◼

thermal coal mining; and

◼

thermal coal power generation.

The Fund’s performance benchmark index is the S&P 500® Index.

Principal Risks of the Fund

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 P Shares from year to year; and (b) how the average annual total returns of the Fund’s Class P Shares compare to those of a broad-based securities market index. Between April 17, 2018 through August 30, 2020, the Fund had been known as the Goldman Sachs Blue Chip Fund, and certain of its principal investment strategies differed. Performance information set forth below prior to August 31, 2020 reflects the performance resulting from the Fund’s former strategies. 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 https://www.gsam.com/content/dam/gsam/pdfs/us/en/fund-resources/monthly-highlights/retail-fund-facts.pdf?sa=n&rd=n 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.

CALENDAR YEAR (CLASS P)

	Returns	Quarter ended
Year-to-Date Return	-28.52%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	17.62%	June 30, 2020
Worst Quarter Return	-17.24%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	Since Inception	Inception Date
Class P Shares			4/17/2018
Returns Before Taxes	27.47%	19.91%
Returns After Taxes on Distributions	26.73%	17.86%
Returns After Taxes on Distributions and Sale of Fund Shares	16.53%	15.36%
S&P 500® Index (reflects no deduction for fees or expenses)	28.71%	19.26%

Portfolio Management

Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or “GSAM”).

Buying and Selling Fund Shares

The Fund does not impose minimum purchase requirements for initial or subsequent investments in Class P Shares.

Tax Information

For important tax information, please see “Tax Information” on page 21 of the Prospectus.

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 21 of the Prospectus.

Fundamental Equity Growth Funds –
Additional Summary Information

Tax Information

Payments to Broker-Dealers and

Other Financial Intermediaries

If you purchase the Fund through an intermediary that is authorized to offer Class P Shares, 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.

Investment Management Approach

INVESTMENT OBJECTIVE

PRINCIPAL INVESTMENT STRATEGIES

Concentrated Growth Fund

Flexible Cap Fund

Large Cap Core Fund

Investment Management Approach

The Fund may invest up to 10% of its Total Assets in fixed income securities, such as government, corporate and bank debt obligations. The Fund may also invest in stock, warrants, and other securities of SPACs or similar special purpose entities that pool funds to seek potential acquisition opportunities.

The Fund’s benchmark is the Russell 1000® Index. The Russell 1000® Index is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies.

Strategic Growth Fund

The Fund may invest up to 10% of its Total Assets in fixed income securities, such as government, corporate and bank debt obligations. The Fund may also invest in stock, warrants, and other securities of SPACs or similar special purpose entities that pool funds to seek potential acquisition opportunities.

U.S. Equity ESG Fund

◼

alcohol;

◼

tobacco,

◼

gambling

◼

adult entertainment;

◼

for-profit prisons;

◼

weapons;

◼

oil and gas exploration and production;

◼

thermal coal mining; and

◼

thermal coal power generation.

These corporate governance considerations may include:

◼

quality of earnings;

◼

concern for shareholder interests and minority shareholder rights;

◼

unethical business conduct, for example unethical methods of obtaining contracts and/or close connections with authorities;

◼

board structure;

◼

board diversity;

◼

executive management team, for example CEO/CFO effectiveness and acting in interest of shareholders; and

◼

executive compensation.

Environmental and social considerations may include:

◼

environmental and social reporting, disclosure and transparency;

◼

material environmental litigation and/or controversies;

◼

material social litigation and/or controversies;

◼

labor practices, for example track record in treatment of employees and supply chain management;

◼

human rights considerations; and

◼

climate change policies and environmental practices.

The Investment Adviser may sell holdings for several reasons, including, among others, changes in a company’s fundamentals or earnings, a company no longer meeting the Fund’s ESG criteria, or a company otherwise failing to conform to the Investment Adviser’s investment philosophy. The Fund may also invest up to 20% of its Net Assets in equity investments that may not adhere to the Fund’s ESG criteria, in non-U.S. issuers, and in fixed income securities, such as government, corporate and bank debt obligations.

A U.S. issuer is an issuer economically tied to the United States. In determining whether an issuer is economically tied to the United States, the Investment Adviser will consider whether the issuer:

◼

Has a class of securities whose principal securities market is in the United States;

◼

Has its principal office in the United States;

◼

Derives 50% or more of its total revenue or profit from goods produced, sales made or services provided in the United States;

◼

Maintains 50% or more of its assets in the United States; or

◼

All Funds

Investment Management Approach

References in the Prospectus to a Fund’s benchmark are for informational purposes only, and unless otherwise noted, are not an indication of how a particular Fund is managed.

GSAM Fundamental U.S. Equity Team’s Investment Approach:

GSAM believes that fundamental, bottom-up research combined with a disciplined investment process is essential for seeking to generate attractive performance over the long-term.

GSAM Fundamental Equity team employs a fundamental investment process that considers a wide range of factors, and no one factor or consideration is determinative.

GSAM Value Team’s Investment Philosophy:

1. Businesses represent compelling value when:

◼

Market uncertainty exists.

◼

Their economic value is not recognized by the market.

2. By quality, we mean companies that have:

◼

Sustainable operating or competitive advantage.

◼

Excellent stewardship of capital.

◼

Capability to earn above their cost of capital.

◼

Strong or improving balance sheets and cash flow.

3. Through intensive, firsthand fundamental research our portfolio managers seek to purchase quality businesses selling at compelling valuations.

GSAM Growth Team’s 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.

◼

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 long-term growth companies at attractive valuations, giving the investor the potential to capture returns from above-average growth rates.

GSAM Fundamental Equity Quantitative Team’s Investment Philosophy:

ADDITIONAL PERFORMANCE INFORMATION

The below is additional information that relates to the “Performance” section of each Fund’s Summary section.

These definitions apply to the after-tax returns shown in the “Performance” section of each Fund’s Summary section.

Average Annual Total Returns Before Taxes. These returns do not reflect taxes on distributions on a Fund’s Class P Shares nor do they show how performance can be impacted by taxes when shares are redeemed (sold) by you.

Average Annual Total Returns After Taxes on Distributions. These returns assume that taxes are paid on distributions on a Fund’s Class P Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption (sale) of the Class P Shares at the end of the performance period.

Average Annual Total Returns After Taxes on Distributions and Sale of Shares. These returns reflect taxes paid on distributions on a Fund’s Class P Shares and taxes applicable when the shares are redeemed (sold).

Note on Tax Rates. The after-tax performance figures are calculated using the historically highest individual federal marginal income tax rates at the time of the distributions and do not reflect state and local taxes. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from a redemption are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemption are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Fund Shares to be greater than the Returns After Taxes on Distributions or even the Returns Before Taxes.

Investment Management Approach

OTHER INVESTMENT PRACTICES AND SECURITIES

10 Percent of total assets (including securities lending collateral) (italic type) 10 Percent of net assets (excluding borrowings for investment purposes) (roman type) • No specific percentage limitation on usage; limited only by the objectives and strategies of the Fund — Not permitted	Concentrated Growth Fund	Flexible Cap Fund	Large Cap Core Fund	Strategic Growth Fund	U.S. Equity ESG Fund
Investment Practices
Borrowings	33 1∕3	33 1∕3	33 1∕3	33 1∕3	33 1∕3
Credit, Currency, Index, Interest Rate, Total Return and Mortgage Swaps and Options on Swaps	—	•	—	—	—
Cross Hedging of Currencies	•	•	•	—	—
Custodial Receipts and Trust Certificates	•	•	•	•	•
Equity Swaps	•	•	•	—	—
Foreign Currency Transactions (including forward contracts)*	•	•	•	•	•
Futures Contracts and Options and Swaps on Futures Contracts	•	•	•	•	•
Illiquid Investments**	15	15	15	15	15
Investment Company Securities (including ETFs)1	10	10	10	10	10
Options on Foreign Currencies2	•	•	•	•	—
Options3	•	•	•	•	—
Preferred Stock, Warrants and Stock Purchase Rights	•	•	•	•	•
Repurchase Agreements	•	•	•	•	•
Securities Lending	33 1∕3	33 1∕3	33 1∕3	33 1∕3	33 1∕3
Short Sales Against the Box	25	25	25	25	—
Unseasoned Companies	•	•	•	•	•
When-Issued Securities and Forward Commitments	•	•	•	•	•

Limited by the amount the Fund invests in foreign securities.

The Funds (except for the U.S. Equity ESG Fund) may purchase and sell call and put options on foreign currencies.

Investment Management Approach

10 Percent of total assets (italic type) 10 Percent of net assets (including borrowings for investment purposes) (roman type) • No specific percentage limitation on usage; limited only by the objectives and strategies of the Fund — Not permitted	Concentrated Growth Fund	Flexible Cap Fund	Large Cap Core Fund	Strategic Growth Fund	U.S. Equity ESG Fund
Investment Securities
American, European and Global Depositary Receipts	•	•	•	•	•
Asset-Backed and Mortgage-Backed Securities4	•	•	•	•	—
Bank Obligations4	•	•	•	•	•
Convertible Securities5	•	•	•	•	•
Corporate Debt Obligations4	•	•	•	•	•
Equity Investments	90+	80+	80+	90+	80+
Emerging Country Securities6	10	25	10	10	—
Fixed Income Securities7	10	20	10	10	20
Foreign Securities6	25	25	25	25	20
Initial Public Offerings (“IPOs”)	•	•	•	•	•
Master Limited Partnerships	•	•	•	•	•
Non-Investment Grade Fixed Income Securities8	—	10	10	10	—
Pre-IPO Investments (including late-stage private equity securities)	—	•	—	—	—
Private Investments in Public Equity (“PIPEs”)	•	•	•	•	•
Real Estate Investment Trusts (“REITs”)	•	•	•	•	•
Special Purpose Acquisition Companies (“SPACs”)	•	•	•	•	•
Structured Securities (which may include equity linked notes)9	•	•	•	•	•
Temporary Investments	•	•	•	•	•
U.S. Government Securities4	•	•	•	•	•

Limited by the amount the Fund invests in fixed income securities.

All Funds use the same rating criteria for convertible and non-convertible debt securities.

May be BB+ or lower by Standard & Poor’s, Ba1 or lower by Moody’s or have a comparable credit rating by another NRSRO at the time of investment.

Structured securities are not subject to the same minimum credit quality requirements as a Fund’s investments in fixed income securities.

Risks of the Funds

✓ Principal Risk • Additional Risk	Concentrated Growth Fund	Flexible Cap Fund	Large Cap Core Fund	Strategic Growth Fund	U.S. Equity ESG Fund
Credit/Default	•	•	•	•	•
Cybersecurity	•	•	•	•	•
Derivatives	•	•	•	•	•
Emerging Countries	✓	✓	✓	✓
ESG Integration	•	•	•	•
ESG Standards					✓
Foreign	✓	✓	✓	✓	•
Geographic	•	•	•	•	•
Initial Public Offering (“IPO”)	•	•	•	•	•
Interest Rate	•	•	•	•	•
Investment Style	✓	✓	✓	✓	✓
Issuer Concentration	✓				✓
Large Shareholder Transactions	✓	✓	✓	✓	✓
Liquidity	•	•	•	•	•
Management	•	•	•	•	•
Market	✓	✓	✓	✓	✓
Master Limited Partnerships	•	•	•	•	•
Mid-Cap and Small-Cap	✓	✓	•	•	•
NAV	•	•	•	•	•
Non-Diversification				✓
Non-Investment Grade Fixed Income Securities		•	•	•
Pre-IPO Investments		•
Private Investments in Public Equity (“PIPEs”)	•	•	•	•	•
Sector	✓			✓
Special Purpose Acquisition Companies (“SPACs”)	•	•	•	•	•
Stock	✓	✓	✓	✓	✓
U.S. Government Securities	•	•	•	•	•

◼

Risks of the Funds

◼

Risks of the Funds

◼

Liquidity Risk—The Fund may invest in securities or instruments that trade in lower volumes, that are less liquid than other investments and/or that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. When there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the security or instrument at all. An inability to sell one or more portfolio positions can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

Illiquidity can be caused by a drop in overall market trading volume, an inability to find a willing buyer, or legal restrictions on the securities’ resale. To the extent that the traditional dealer counterparties that engage in fixed income trading do not maintain inventories of bonds (which provide an important indication of their ability to “make markets”) that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets. Additionally, market participants other than the Fund may attempt to sell fixed income holdings at the same time as the Fund, which could cause downward pricing pressure and contribute to decreased liquidity.

◼

Management Risk—A strategy used by the Investment Adviser may fail to produce the intended results.

◼

Risks of the Funds

◼

NAV Risk—The net asset value of the Fund and the value of your investment will fluctuate.

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Service Providers

INVESTMENT ADVISER

Investment Adviser	Fund
Goldman Sachs Asset Management, L.P. (“GSAM”) 200 West Street New York, NY 10282	Concentrated Growth Flexible Cap Large Cap Core Strategic Growth U.S. Equity ESG

The Investment Adviser also performs the following additional services for the Fund (to the extent not performed by others pursuant to agreements with the Fund):

◼

Supervises all non-advisory operations of the Fund

◼

Provides personnel to perform necessary executive, administrative and clerical services to the Fund

◼

Maintains the records of the Fund

◼

Provides office space and all necessary office equipment and services

MANAGEMENT FEES AND OTHER EXPENSES

Fund	Contractual Management Fee Annual Rate	Average Daily Net Assets	Actual Rate For the Fiscal Year Ended August 31, 2022*
Concentrated Growth	0.76%	First $1 Billion	0.76%
	0.68%	Next $1 Billion
	0.65%	Next $3 Billion
	0.64%	Next $3 Billion
	0.62%	Over $8 Billion
Flexible Cap	0.55%	First $1 Billion	0.55%
	0.50%	Next $1 Billion
	0.47%	Next $3 Billion
	0.46%	Next $3 Billion
	0.45%	Over $8 Billion
Large Cap Core	0.71%	First $1 Billion	0.67%
	0.64%	Next $1 Billion
	0.61%	Over $2 Billion
Strategic Growth	0.71%	First $1 Billion	0.71%
	0.64%	Next $1 Billion
	0.61%	Next $3 Billion
	0.59%	Next $3 Billion
	0.58%	Over $8 Billion
U.S. Equity ESG	0.55%	First $1 Billion	0.55%
	0.50%	Next $1 Billion
	0.47%	Next $3 Billion
	0.46%	Next $3 Billion
	0.45%	Over $8 Billion

The Actual Rate may not correlate to the Contractual Management Fee Annual Rate as a result of management fee waivers that may be in effect from time to time.

A discussion regarding the basis for the Board of Trustees’ approval of the Management Agreement for the Fund in 2022 is available in the Fund's annual report dated August 31, 2022.

The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses), to 0.004%, 0.004%, 0.004%, 0.004% and 0.084% of average daily net assets for the Concentrated Growth, Flexible Cap, Large Cap Core, Strategic Growth and U.S. Equity ESG Funds, respectively, through at least December 29, 2023, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The expense limitations may be modified or terminated by the Investment Adviser at its discretion and without shareholder approval after such date, although the Investment Adviser does not presently intend to do so. The Fund’s “Other Expenses” may be further reduced by any custody and transfer agency fee credits received by the Fund.

Service Providers

FUND MANAGERS

Fundamental Equity U.S. Equity Team

Name and Title	Fund Responsibility	Years Primarily Responsible	Five Year Employment History
Steven M. Barry Managing Director Co-Chief Investment Officer, Fundamental Equity U.S. Equity	Portfolio Manager— Concentrated Growth Flexible Cap Large Cap Core Strategic Growth U.S. Equity ESG	Since 2000 2002 2008 2000 2020	Mr. Barry joined the Investment Adviser as a portfolio manager in 1999. He is Managing Director and Co-Chief Investment Officer of Fundamental Equity U.S. Equity.
Stephen E. Becker, CFA Managing Director Co-Chief Investment Officer, Fundamental Equity U.S. Equity	Portfolio Manager— Concentrated Growth Large Cap Core Strategic Growth U.S. Equity ESG	Since 2013 2013 2013 2020	Mr. Becker joined the Investment Adviser in 1999. He is Managing Director and Co-Chief Investment Officer of Fundamental Equity U.S. Equity.
Kevin Martens Vice President Portfolio Manager	Portfolio Manager— U.S. Equity ESG	Since 2020	Mr. Martens joined the Investment Adviser in 2015. He is a portfolio manager on the GSAM US Equity ESG Strategy, as well as a portfolio manager on the US Equity Team where he has broad research responsibilities for the Industrials sector across the US Large- and Mid-Cap Equity strategies.

For information about the portfolio managers’ compensation, other accounts managed by the portfolio managers and the portfolio managers’ ownership of securities in the Fund, see the SAI.

DISTRIBUTOR AND TRANSFER AGENT

For its transfer agency services, Goldman Sachs is entitled to receive a transfer agency fee equal, on an annualized basis, to 0.04% of average daily net assets with respect to Class P Shares.

ACTIVITIES OF GOLDMAN SACHS AND ITS AFFILIATES AND OTHER

ACCOUNTS MANAGED BY GOLDMAN SACHS

Investment Adviser and/or certain of its affiliates are the managers of the Goldman Sachs Funds. The Investment Adviser and its affiliates earn fees from this and other relationships with the Fund. Although management fees paid by the Fund to the Investment Adviser and certain other fees paid to the Investment Adviser’s affiliates are based on asset levels, the fees are not directly contingent on Fund performance, and the Investment Adviser and its affiliates will still receive significant compensation from the Fund even if shareholders lose money. Goldman Sachs and its affiliates engage in proprietary trading and advise accounts and funds which have investment objectives similar to those of the Fund and/or which engage in and compete for transactions in the same types of securities, currencies and instruments as the Fund. Goldman Sachs and its affiliates will not have any obligation to make available any information regarding their proprietary activities or strategies, or the activities or strategies used for other accounts managed by them, for the benefit of the management of the Fund. The results of the Fund’s investment activities, therefore, will likely differ from those of Goldman Sachs, its affiliates, and other accounts managed by Goldman Sachs, and it is possible that the Fund could sustain losses during periods in which Goldman Sachs and its affiliates and other accounts achieve significant profits on their trading for proprietary or other accounts. In addition, the Fund may enter into transactions in which Goldman Sachs and its affiliates or their other clients have an adverse interest. For example, the Fund may take a long position in a security at the same time that Goldman Sachs and its affiliates or other accounts managed by the Investment Adviser or its affiliates take a short position in the same security (or vice versa). These and other transactions undertaken by Goldman Sachs, its affiliates or Goldman Sachs-advised clients may, individually or in the aggregate, adversely impact the Fund. Transactions by one or more Goldman Sachs-advised clients or the Investment Adviser may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the Fund. The Fund’s activities will, under certain circumstances, be limited because of regulatory restrictions applicable to Goldman Sachs and its affiliates, and/or their internal policies designed to comply with such restrictions. As a global financial services firm, Goldman Sachs and its affiliates also provide a wide range of investment banking and financial services to issuers of securities and investors in securities. Goldman Sachs, its affiliates and others associated with it are expected to create markets or specialize in, have positions in and/or effect transactions in, securities of issuers held by the Fund, and will likely also perform or seek to perform investment banking and financial services for one or more of those issuers. Goldman Sachs and its affiliates are expected to have business relationships with and purchase or distribute or sell services or products from or to distributors, consultants or others who recommend the Fund or who engage in transactions with or for the Fund. For more information about conflicts of interest, see the section entitled “Potential Conflicts of Interest” in the SAI.

Distributions

The Fund pays distributions from its investment income and from net realized capital gains. You may choose to have distributions paid in:

◼

Cash

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Additional shares of the same class of the same Fund

◼

Shares of the same or an equivalent class of another fund managed by the Investment Adviser and/or certain of its advisory affiliates (each, a “Goldman Sachs Fund”). Special restrictions may apply. See the SAI.

You may indicate your election on your account application. Any changes may be submitted in writing or via telephone, in some instances, to the Transfer Agent (either directly or through your intermediary) at any time before the record date for a particular distribution. If you do not indicate any choice, your distributions will be reinvested automatically in the applicable Fund. Distributions from net investment income and distributions from net capital gains, if any, are normally declared and paid annually for the Fund. In addition, the Fund may occasionally make a distribution at a time when it is not normally made. If cash distributions are elected with respect to the Fund’s annual distributions from net investment income, then cash distributions must also be elected with respect to the net short-term capital gains component, if any, of the Fund’s distributions.

The election to reinvest distributions in additional shares will not affect the tax treatment of such distributions, which will be treated as received by you and then used to purchase the shares.

Shareholder Guide

The following section will provide you with answers to some of the most frequently asked questions regarding buying and selling the Fund's shares.

Important Notice:

Class P Shares generally are available to the following investors:

◼Clients of the Goldman Sachs Private Wealth Management business unit (“GS PWM”) that custody their positions at

Goldman Sachs & Co. LLC (“Goldman Sachs”);

◼Clients of The Goldman Sachs Trust Company, N.A. or The Goldman Sachs Trust Company of Delaware (collectively, the

“Trust Companies”) that custody their positions at Goldman Sachs;

◼Clients of The Ayco Company, L.P. (“Ayco”) that either custody their positions at Goldman Sachs or with certain

intermediaries that are authorized to offer Class P Shares (“Authorized Institutions”) (such clients of GS PWM, the Trust

Companies, and Ayco are collectively referred to herein as “GS Clients”); or

◼Other investors at the discretion of Goldman Sachs Trust’s (the “Trust”) officers.

You may only purchase Class P Shares in accordance with the eligibility criteria described above. If you are a GS Client and

propose to transfer your shares to another institution for any reason, or if you are no longer a GS Client, you may be required to

redeem your shares of the Fund, or at the discretion of the Trust’s officers, you may be able hold Class P Shares through another

institution, which must be an Authorized Institution and the basis on which you hold such Class P Shares may be limited to hold

and redeem only. If available in such circumstances, in the alternative you may be able to choose to exchange your shares of the

Fund for a different share class offered by the Fund or another Goldman Sachs Fund, which may be offered in another

Prospectus. There is no guarantee that a different share class offered by the Fund will be available to clients of the institution to

which you intend to transfer your shares or that an option to exchange will be made available. Moreover, the shares you receive

in any exchange are subject to different (and possibly higher) fees and expenses (which affect performance). Information

regarding these other share classes may be obtained from the institution to which you intend to transfer your shares or from the

Transfer Agent by calling the number on the back cover of the Prospectus.

A redemption is a taxable transaction for federal income tax purposes, and may also be subject to state and local taxes. You

should consult your tax adviser concerning the potential tax consequences of investing in Class P Shares. None of the Trust, the

Investment Adviser, Goldman Sachs, the Trust Companies, Ayco or an Authorized Institution will be responsible for any loss in

an investor’s account or tax liability resulting from a redemption or exchange of Class P Shares. For more information about

exchanges, please see “How to Sell Shares—Can I Exchange My Investment From One Goldman Sachs Fund To Another

Goldman Sachs Fund.”

How To Buy Shares

Shares Offering

Shares of the Fund are continuously offered through Goldman Sachs, acting in its capacity as the Fund’s distributor (the “Distributor”). The Fund and the Distributor will have the sole right to accept orders to purchase shares and reserve the right to reject any purchase order in whole or in part.

How Can I Purchase Shares Of The Fund?

If you are a GS Client, you may purchase shares of the Fund through Goldman Sachs, the Trust Companies, Ayco, or an Authorized Institution. Goldman Sachs, the Trust Companies, Ayco, and Authorized Institutions have been authorized by the Trust to accept purchase, redemption or exchange orders on behalf of the Fund for GS Clients. In order to make an initial investment in the Fund you must furnish to Goldman Sachs, the Trust Companies, Ayco or your Authorized Institution the information in the account application.

To open an account, contact Goldman Sachs, the Trust Companies, Ayco or your Authorized Institution. Goldman Sachs, the Trust Companies, Ayco, and Authorized Institutions will normally give order instructions on behalf of GS Clients to Goldman Sachs, acting in its capacity as the Fund’s transfer agent (the “Transfer Agent”). Goldman Sachs, the Trust Companies, Ayco, or your Authorized Institution, as applicable, is responsible for transmitting accepted orders and payments to the Transfer Agent within the time period agreed upon by them and will set times by which orders and payments must be received by them from GS Clients. The Trust, Transfer Agent, Investment Adviser and their affiliates will not be responsible for any loss in connection with orders that are not transmitted to the Transfer Agent on a timely basis.

Shareholder Guide

The Fund will be deemed to have received an order for purchase, redemption or exchange of Fund shares when the order is accepted in “proper form” by any of the Transfer Agent, Goldman Sachs, the Trust Companies, Ayco or an Authorized Institution, as applicable, on a business day, and the order will be priced at the Fund’s current NAV per share next determined after acceptance by any of the Transfer Agent, Goldman Sachs, the Trust Companies, Ayco or an Authorized Institution, as applicable. Proper form generally means that specific trade details and customer identifying information must be received by the Transfer Agent at the time an order is submitted. Goldman Sachs, the Trust Companies, Ayco and Authorized Institutions may have different requirements regarding what constitutes proper form for trade instructions. Please contact Goldman Sachs, the Trust Companies, Ayco or your Authorized Institution for more information.

What Is My Minimum Investment In The Fund?

No minimum amount is required for initial purchases or additional investments in Class P Shares.

What Should I Know When I Purchase Shares?

All recordkeeping, transaction processing and payments of distributions relating to your account will be performed by Goldman Sachs, the Trust Companies, Ayco, or your Authorized Institution, as applicable, and not by the Fund and its Transfer Agent. Since the Fund will have no record of your transactions, you should contact Goldman Sachs, the Trust Companies, Ayco, or your Authorized Institution, as applicable, to purchase, redeem or exchange shares, to make changes in or give instructions concerning your account or to obtain information about your account. If you transfer your shares, the Trust reserves the right to redeem your shares. The Trust, the Investment Adviser, Goldman Sachs, the Trust Companies, Ayco and an Authorized Institution will not be responsible for any loss in an investor’s account or tax liability resulting from a redemption.

Goldman Sachs, the Trust Companies, Ayco, and Authorized Institutions that invest in shares on behalf of GS Clients may charge fees directly to the GS Clients’ accounts in connection with their investments. You should contact Goldman Sachs, the Trust Companies, Ayco, or your Authorized Institution for information regarding such charges, as these fees, if any, may affect the return that GS Clients realize with respect to their investments.

The Investment Adviser, Distributor and/or their affiliates may make payments or provide services to Authorized Institutions to promote the sale, distribution and/or servicing of shares of the Fund and other Goldman Sachs Funds. These payments are made out of the Investment Adviser’s, Distributor’s and/or their affiliates’ own assets, and are not an additional charge to the Fund. Such payments are intended to compensate Authorized Institutions for, among other things: marketing shares of the Fund and other Goldman Sachs Funds, which may consist of payments relating to the Fund’s inclusion on preferred or recommended fund lists or in certain sales programs sponsored by Authorized Institutions; access to Authorized Institutions’ registered representatives, advisors or salespersons, including at conferences and other meetings; assistance in training and education of personnel; marketing support; the provision of analytical or other data to the Investment Adviser or its affiliates relating to sales of shares of the Funds and other Goldman Sachs Funds; the support or purchase of technology platforms/software; and/or other specified services intended to assist in the distribution and marketing of the Fund and other Goldman Sachs Funds, including provision of consultative services to the Investment Adviser or its affiliates relating to marketing and/or sale of shares of the Fund and other Goldman Sachs Funds. The payments may also, to the extent permitted by applicable regulations, sponsor various trainings and educational programs. The payments by the Investment Adviser, Distributor and/or their affiliates, which are in addition to the fees paid for these services by the Fund, may also compensate Authorized Institutions for subaccounting, sub-transfer agency, administrative and/or shareholder processing services. These additional payments may exceed amounts earned on these assets by the Investment Adviser, Distributor and/or their affiliates for the performance of these or similar services. The amount of these additional payments is normally not expected to exceed 0.50% (annualized) of the amount sold or invested through Authorized Institutions. In addition, certain Authorized Institutions may have access to certain services from the Investment Adviser, Distributor and/or their affiliates, including research reports, economic analysis, and portfolio analysis, portfolio construction and similar tools and software. In certain cases, Authorized Institutions may not pay for these products or services or may only pay for a portion of the total cost of these products or services. Please refer to the “Payments to Others (Including Intermediaries)” section of the SAI for more information about these payments and services.

The payments made by the Investment Adviser, Distributor and/or their affiliates and the services provided by each of Goldman Sachs, the Trust Companies, Ayco, or an Authorized Institution may differ. The presence of these payments, receipt of these services and the basis on which Goldman Sachs, the Trust Companies, Ayco, or an Authorized Institution compensates its registered representatives, advisors or salespersons may create an incentive for a particular registered representative, advisor or salesperson to highlight, feature or recommend the Fund based, at least in part, on the level of compensation paid. You should contact Goldman Sachs, the Trust Companies, Ayco, or your Authorized Institution for more information about the payments it receives and any potential conflicts of interest.

What Else Should I Know About Share Purchases?

The Trust reserves the right to:

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Require Goldman Sachs, the Trust Companies, Ayco, or an Authorized Institution to refuse to open an account if you fail to (i) provide a taxpayer identification number, a Social Security Number or other government-issued identification (e.g., for an individual, a driver’s license or passport) or (ii) certify that such number or other information is correct (if required to do so under applicable law).

◼

Close the Fund to new investors from time to time and reopen any such Fund whenever it is deemed appropriate by the Investment Adviser.

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Provide for, modify or waive the minimum investment requirements.

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Modify the manner in which shares are offered.

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Modify the sales charge rate applicable to future purchases of shares.

The Fund may allow you to purchase shares through Goldman Sachs, the Trust Companies, Ayco or an Authorized Institution with securities instead of cash if consistent with the Fund’s investment policies and operations and approved by the Investment Adviser.

Notwithstanding the foregoing, the Trust, Goldman Sachs, the Trust Companies, Ayco and any Authorized Institution reserve the right to reject or restrict purchase or exchange requests from any investor. The Trust, Goldman Sachs, the Trust Companies and Ayco will not be liable for any loss resulting from rejected purchase or exchange orders.

How Are Shares Priced?

The price you pay when you buy shares is the Fund’s next-determined NAV per share after any of the Transfer Agent, Goldman Sachs, the Trust Companies, Ayco or an Authorized Institution, as applicable, has received and accepted your order in proper form. The price you receive when you sell shares is the Fund’s next-determined NAV per share after any of the Transfer Agent, Goldman Sachs, the Trust Companies, Ayco or an Authorized Institution, as applicable, has received and accepted your order in proper form. Each class generally calculates its NAV as follows:

NAV =	(Value of Assets of the Class) – (Liabilities of the Class)
	Number of Outstanding Shares of the Class

Shareholder Guide

procedures approved by the Board of Trustees. Thus, such pricing may be based on subjective judgments and it is possible that the prices resulting from such valuation procedures may differ materially from the value realized on a sale. Cases where there is no clear indication of the value of the Fund’s investments include, among others, situations where a security or other asset or liability does not have a price source or a price is unavailable.

In addition, the Investment Adviser, consistent with its procedures and applicable regulatory guidance, may (but need not) determine to make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events, to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or unscheduled market closings; equipment failures; natural or man made disasters or acts of God; armed conflicts; governmental actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; ratings downgrades; bankruptcies; and trading limits or suspensions.

Please note the following with respect to the price at which your transactions are processed:

◼

The Trust reserves the right to advance the time by which purchase and redemption orders must be received for same business day credit as otherwise permitted by the SEC.

The Fund relies on various sources to calculate its NAV. The ability of the Fund’s fund accounting agent to calculate the NAV per share of each share class of the Fund is subject to operational risks associated with processing or human errors, systems or technology failures, cyber attacks, and errors caused by third party service providers, data sources, or trading counterparties. Such failures may result in delays in the calculation of the Fund’s NAV and/or the inability to calculate NAV over extended time periods. The Fund may be unable to recover any losses associated with such failures. In addition, if the third party service providers and/or data sources upon which the Fund directly or indirectly relies to calculate its NAV or price individual securities are unavailable or otherwise unable to calculate the NAV correctly, it may be necessary for alternative procedures to be utilized to price the securities at the time of determining the Fund’s NAV.

How To Sell Shares

How Can I Sell Shares Of The Fund?

Generally, shares may be sold (redeemed) only through Goldman Sachs, the Trust Companies, Ayco, or an Authorized Institution. Goldman Sachs, the Trust Companies, Ayco and Authorized Institutions will normally give redemption instructions on behalf of GS Clients to the Transfer Agent. On any business day the Fund is open, the Fund will generally redeem its shares upon request at their next-determined NAV per share after any of the Transfer Agent, Goldman Sachs, the Trust Companies, Ayco or an Authorized Institution, as applicable, has received and accepted a redemption order in proper form, as described under “How To Buy Shares—How Can I Purchase Shares Of The Fund?” above. Redemptions may be requested by electronic trading platform, in writing or by telephone (unless Goldman Sachs, the Trust Companies, Ayco, or an Authorized Institution opts out of the telephone redemption privilege on the account application). You should contact Goldman Sachs, the Trust Companies, Ayco or your Authorized Institution, to discuss redemptions and redemption proceeds. The Fund may transfer redemption proceeds to an account with Goldman Sachs, the Trust Companies, Ayco, or your Authorized Institution. In the alternative, Goldman Sachs, the Trust Companies, Ayco, or your Authorized Institution may request that redemption proceeds be sent to you by check or wire (if the wire instructions are designated in the current records of the Transfer Agent).

When Do I Need A Medallion Signature Guarantee To Redeem Shares?

Generally, a redemption request must be in writing and signed by an authorized person with a Medallion signature guarantee if:

◼

You would like the redemption proceeds sent to an address that is not your address of record; or

◼

You would like the redemption proceeds sent to a domestic bank account that is not designated in the current records of the Transfer Agent.

A Medallion signature guarantee must be obtained from a bank, brokerage firm or other financial intermediary that is a member of an approved Medallion Guarantee Program or that is otherwise approved by the Trust. A notary public cannot provide a Medallion signature guarantee. The written request may be confirmed by telephone with both the requesting party and the designated Authorized Institution to verify instructions. Additional documentation may be required.

What Do I Need To Know About Telephone Redemption Requests?

The Trust and Goldman Sachs will not be liable for any loss or tax liability you may incur in the event that the Trust accepts unauthorized telephone redemption requests that the Trust reasonably believes to be genuine. The Trust may accept telephone redemption instructions from any person identifying himself or herself as the owner of an account or the owner’s registered representative where the owner has not declined in writing to use this service. Goldman Sachs, the Trust Companies, Ayco, or your Authorized Institution may submit redemption requests by telephone on your behalf. Thus, you risk possible losses if a telephone redemption is not authorized by you.

In an effort to prevent unauthorized or fraudulent redemption and exchange requests by telephone, the Transfer Agent and DST Asset Manager Solutions, Inc. (“DST”) each employ reasonable procedures specified by the Trust to confirm that such instructions are genuine. The following general policies are currently in effect:

◼

Telephone requests are recorded.

◼

Shareholder Guide

◼

The telephone redemption option does not apply to shares held in an account maintained and serviced by your Authorized Institution. If your shares are held in an account with an Authorized Institution, you should contact your registered representative of record, who may make telephone redemptions on your behalf.

◼

The telephone redemption option may be modified or terminated at any time without prior notice.

Note: It may be difficult to make telephone redemptions in times of unusual economic or market conditions.

How Are Redemption Proceeds Paid?

By Wire: You may arrange for your redemption proceeds to be paid as federal funds to an account with Goldman Sachs, the Trust Companies, Ayco, or your Authorized Institution or to a domestic bank account designated in the current records of the Transfer Agent. In addition, redemption proceeds may be transmitted through an electronic trading platform to an account with Goldman Sachs, the Trust Companies, Ayco, or your Authorized Institution. The following general policies govern wiring redemption proceeds:

◼

Redemption proceeds will normally be paid in federal funds, between one and two business days (or such other times in accordance with the requirements of Goldman Sachs, the Trust Companies, Ayco, or your Authorized Institution) following receipt of a properly executed wire transfer redemption request. In certain circumstances, however (such as unusual market conditions or in cases of very large redemptions or excessive trading), it may take up to seven days to pay redemption proceeds.

◼

If you are selling shares you recently paid for by check, the Fund will pay you when your check has cleared, which may take up to 15 days.

◼

If the Federal Reserve Bank is closed on the day that the redemption proceeds would ordinarily be wired, wiring the redemption proceeds may be delayed until the Federal Reserve Bank reopens.

◼

None of the Trust, the Investment Adviser or the Transfer Agent assumes any responsibility for the performance of your bank, Goldman Sachs, the Trust Companies, Ayco, or Authorized Institution in the transfer process. If a problem with such performance arises, you should deal directly with your bank, Goldman Sachs, the Trust Companies, Ayco, or Authorized Institution.

By Check: You may elect to receive your redemption proceeds by check. Redemption proceeds paid by check will normally be mailed to the address of record within two business days (or such other times in accordance with the requirements of your Authorized Institution) following receipt of a properly executed redemption request, except in certain circumstances (such as those set forth above with respect to wire transfer redemption requests). If you are selling shares you recently paid for by check, the Fund will pay you when your check has cleared, which may take up to 15 days.

What Else Do I Need To Know About Redemptions?

The following generally applies to redemption requests:

◼

Additional documentation may be required when deemed appropriate by the Transfer Agent. A redemption request will not be in proper form until such additional documentation has been received.

◼

Goldman Sachs, the Trust Companies, Ayco and Authorized Institutions are responsible for the timely transmittal of redemption requests by GS Clients to the Transfer Agent. In order to facilitate the timely transmittal of redemption requests, Goldman Sachs, the Trust Companies, Ayco and Authorized Institutions may set times by which they must receive redemption requests. Goldman Sachs, the Trust Companies, Ayco or Authorized Institutions may also require additional documentation from you.

◼

As disclosed above, if you are a GS Client and propose to transfer your shares to another institution for any reason, you may be required to either redeem your shares of the Fund or if available, you may be able to choose to exchange your shares of the Fund for a different share class offered by the Fund, which may be offered in another Prospectus.

The Trust reserves the right to:

◼

Redeem your shares in the event any of Goldman Sachs, the Trust Companies, Ayco or your Authorized Institution is no longer authorized to offer Class P Shares.

◼

Subject to applicable law, redeem your shares in other circumstances determined by the Board of Trustees to be in the best interest of the Trust.

◼

Charge an additional fee in the event a redemption is made via wire transfer.

◼

Terminate your account if you are no longer a GS Client, or otherwise no longer eligible to invest in Class P Shares of the Fund.

None of the Trust, the Investment Adviser, Goldman Sachs, the Trust Companies, Ayco or an Authorized Institution will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.

Can I Exchange My Investment From One Goldman Sachs Fund To Another Goldman Sachs Fund?

You may exchange your shares at NAV at the time of exchange for Class P Shares of another Goldman Sachs Fund. The exchange privilege may be materially modified or withdrawn at any time upon 60 days’ written notice. You should contact Goldman Sachs, the Trust Companies, Ayco or your Authorized Institution to arrange for the exchange of your shares for Class P Shares of another Goldman Sachs Fund. If you propose to transfer your Class P Shares to another institution for any reason, you may be required to either redeem your shares of the Fund or if available, you may be able to choose to exchange your shares of the Fund for a different share class offered by the Fund or another Goldman Sachs Fund, which may be offered in another Prospectus. For more information, please see “How to Sell Shares—What Else Do I Need to Know About Redemptions?” The shares you receive in any exchange are subject to different (and possibly higher) fees and expenses (which affect performance).

You should keep in mind the following factors when making or considering an exchange:

◼

Currently, the Fund does not impose any charge for exchanges, although the Fund may impose a charge in the future.

◼

Exchanges are available only in states where exchanges may be legally made.

◼

It may be difficult to make telephone exchanges in times of unusual economic or market conditions.

◼

Normally, a telephone exchange will be made only to an identically registered account.

◼

Exchanges into Goldman Sachs Funds or certain share classes of Goldman Sachs Funds that are closed to new investors may be restricted.

For federal income tax purposes, an exchange from one Goldman Sachs Fund to another is treated as a redemption of the shares surrendered in the exchange, on which you may be subject to tax, followed by a purchase of shares received in the exchange. You should consult your tax adviser concerning the tax consequences of an exchange.

Shareholder Services

Can My Distributions From The Fund Be Invested In Other Goldman Sachs Funds?

You may elect to cross-reinvest distributions paid by a Goldman Sachs Fund in shares of the same class of other Goldman Sachs Funds.

◼

Shares will be purchased at NAV.

Shareholder Guide

◼

You may elect cross-reinvestment into an identically registered account or a similarly registered account provided that at least one name on the account is registered identically.

◼

You cannot make cross-reinvestments into a Goldman Sachs Fund unless that Fund’s minimum initial investment requirement is met.

◼

You should obtain and read the prospectus of the Goldman Sachs Fund into which distributions are invested.

What Types Of Reports Will I Be Sent Regarding My Investment?

Each of Goldman Sachs, the Trust Companies, Ayco or an Authorized Institution is responsible for providing any communication from the Fund to shareholders, including but not limited to, prospectuses, prospectus supplements, proxy materials and notices regarding the source of dividend payments under Section 19 of the Investment Company Act. They may charge additional fees not described in the Prospectus to GS Clients for such services.

Goldman Sachs, the Trust Companies, Ayco or an Authorized Institution will provide you with a printed confirmation of each transaction in your account and a monthly account statement.

You will also receive an annual shareholder report containing audited financial statements and a semi-annual shareholder report. If you have consented to the delivery of a single copy of shareholder reports, prospectuses and other information to all shareholders who share the same mailing address with your account, you may revoke your consent at any time by contacting Goldman Sachs, the Trust Companies, Ayco or your Authorized Institution. The Fund will begin sending individual copies to you within 30 days after receipt of your revocation.

Restrictions on Excessive Trading Practices

another. The identity of individual investors whose purchase and redemption orders are aggregated are ordinarily not tracked by the Fund on a regular basis. Goldman Sachs, the Trust Companies, Ayco or an Authorized Institution may not have the capability or may not be willing to apply the Fund’s market timing policies. While Goldman Sachs, the Trust Companies and Ayco may monitor share turnover at the omnibus account level, the Fund’s ability to monitor and detect market timing by shareholders in these omnibus accounts may be limited in certain circumstances, and certain Authorized Institutions may charge the Fund a fee for providing certain shareholder financial information requested as part of the Fund’s surveillance process. The netting effect makes it more difficult to identify, locate and eliminate market timing activities. In addition, those investors who engage in market timing and other excessive trading activities may employ a variety of techniques to avoid detection. There can be no assurance that the Fund, Goldman Sachs, the Trust Companies and Ayco will be able to identify all those who trade excessively or employ a market timing strategy, and curtail their trading in every instance. If necessary, the Trust may prohibit additional purchases of Fund shares by an Authorized Institution or by certain clients of the Authorized Institution. Authorized Institutions may also monitor trading activities by their clients in the Fund. The criteria used by Authorized Institutions to monitor for excessive trading may differ from the criteria used by the Fund. If an Authorized Institution fails to cooperate in the implementation or enforcement of the Trust’s excessive trading policies, the Trust may take certain actions including terminating the relationship.

Taxation

DISTRIBUTIONS

The Fund may be subject to foreign withholding or other foreign taxes on income or gain from certain foreign securities. In general, the Fund may deduct these taxes in computing its taxable income.

SALES AND EXCHANGES

OTHER INFORMATION

Appendix A

Additional Information on Portfolio Risks, Securities and Techniques

A. General Portfolio Risks

B. Other Portfolio Risks

Appendix A

If a Fund focuses its investments in one or a few countries and currencies, the Fund may be subjected to greater risks than if a Fund’s assets were not geographically focused.

Appendix A

Temporary Investment Risks. Each Fund may, for temporary defensive purposes (and to the extent that it is permitted to invest in the following), invest up to 100% of its total assets in:

◼

U.S. Government Securities

◼

Certificates of deposit

◼

Bankers’ acceptances

◼

Repurchase agreements

◼

Non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year

◼

ETFs

◼

Other investment companies

◼

Cash items

When a Fund’s assets are invested in such instruments, the Fund may not be achieving its investment objective.

C. Portfolio Securities and Techniques

This section provides further information on certain types of securities and investment techniques that may be used by the Funds, including their associated risks.

Appendix A

Futures contracts and related options and swaps present the following risks:

◼

Futures markets are highly volatile and the use of futures may increase the volatility of a Fund’s NAV.

◼

As a result of the low margin deposits normally required in futures trading, a relatively small price movement in a futures contract may result in substantial losses to a Fund.

◼

Futures contracts and options and swaps on futures may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day.

◼

Foreign exchanges may not provide the same protection as U.S. exchanges.

Appendix A

Appendix B

Financial Highlights

	Goldman Sachs Concentrated Growth Fund
	Class P Shares
	Year Ended August 31,				Period Ended August 31, 2018(a)
	2022	2021	2020	2019	Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$30.14	$24.85	$18.88	$20.60	$18.54
Net investment income (loss)(b)	(0.08)	(0.08)	(0.01)	0.03	0.02
Net realized and unrealized gain (loss)	(6.65)	6.82	7.48	0.40	2.04
Total from investment operations	(6.73)	6.74	7.47	0.43	2.06
Distributions to shareholders from net investment income	—	—	(0.02)	(0.05)	—
Distributions to shareholders from net realized gains	(4.73)	(1.45)	(1.48)	(2.10)	—
Total distributions	(4.73)	(1.45)	(1.50)	(2.15)	—
Net asset value, end of period	$18.68	$30.14	$24.85	$18.88	$20.60
Total Return(c)	(26.32)%	28.60%	42.00%	4.01%	11.11%
Net assets, end of period (in 000’s)	$127,302	$190,213	$160,582	$128,289	$143,078
Ratio of net expenses to average net assets	0.79%	0.79%	0.80%	0.79%	0.79%(d)
Ratio of total expenses to average net assets	0.93%	0.94%	0.99%	1.06%	0.72%(d)
Ratio of net investment income (loss) to average net assets	(0.35)%	(0.31)%	(0.06)%	0.18%	0.32%(d)
Portfolio turnover rate(e)	29%	37%	36%	40%	44%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)

	Goldman Sachs Flexible Cap Fund
	Class P Shares
	Year Ended August 31,				Period Ended August 31, 2018(a)
	2022	2021	2020	2019	Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$18.52	$14.99	$12.92	$13.61	$12.75
Net investment income(b)	0.13	0.10	0.13	0.14	0.09
Net realized and unrealized gain (loss)	(2.02)	4.28	2.69	0.19	0.77
Total from investment operations	(1.89)	4.38	2.82	0.33	0.86
Distributions to shareholders from net investment income	(0.09)	(0.11)	(0.13)	(0.15)	—
Distributions to shareholders from net realized gains	(1.03)	(0.74)	(0.62)	(0.87)	—
Total distributions	(1.12)	(0.85)	(0.75)	(1.02)	—
Net asset value, end of period	$15.51	$18.52	$14.99	$12.92	$13.61
Total Return(c)	(11.07)%	30.55%	22.58%	3.56%	6.75%
Net assets, end of period (in 000’s)	$22,240	$24,713	$15,263	$11,110	$12,616
Ratio of net expenses to average net assets	0.58%	0.58%	0.61%	0.58%	0.58%(d)
Ratio of total expenses to average net assets	1.22%	1.59%	1.94%	2.47%	3.14%(d)
Ratio of net investment income to average net assets	0.75%	0.59%	0.96%	1.13%	1.79%(d)
Portfolio turnover rate(e)	49%	43%	69%	50%	157%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)

Appendix B

	Goldman Sachs Large Cap Core Fund
	Class P Shares
	Year Ended August 31,				Period Ended August 31, 2018(a)
	2022	2021	2020	2019	Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$39.94	$31.13	$26.34	$35.74	$33.39
Net investment income(b)	0.18	0.07	0.16	0.20	0.09
Net realized and unrealized gain (loss)	(5.67)	9.89	5.69	(0.18)	2.26
Total from investment operations	(5.49)	9.96	5.85	0.02	2.35
Distributions to shareholders from net investment income	—	(0.15)	(0.17)	(0.09)	—
Distributions to shareholders from net realized gains	(3.42)	(1.00)	(0.89)	(9.33)	—
Total distributions	(3.42)	(1.15)	(1.06)	(9.42)	—
Net asset value, end of period	$31.03	$39.94	$31.13	$26.34	$35.74
Total Return(c)	(15.08)	32.90 %	22.73%	4.13%	7.04%
Net assets, end of period (in 000’s)	$109,347	$132,700	$95,182	$85,422	$104,131
Ratio of net expenses to average net assets	0.17%	0.73%	0.75%	0.74%	0.74%(d)
Ratio of total expenses to average net assets	0.77%	0.79%	0.83%	0.82%	0.85%(d)
Ratio of net investment income to average net assets	0.50%	0.21%	0.59%	0.75%	0.72%(d)
Portfolio turnover rate(e)	63%	46%	47%	55%	93%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)

	Goldman Sachs Strategic Growth Fund
	Class P Shares
	Year Ended August 31,				Period Ended August 31, 2018(a)
	2022	2021	2020	2019	Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$14.44	$12.84	$10.35	$14.90	$13.53
Net investment income (loss)(b)	(0.03)	(0.03)	0.01	0.04	0.01
Net realized and unrealized gain (loss)	(3.22)	3.40	4.07	(0.28)	1.36
Total from investment operations	(3.25)	3.37	4.08	(0.24)	1.37
Distributions to shareholders from net investment income	—	—(c)	(0.03)	(0.04)	—
Distributions to shareholders from net realized gains	(1.51)	(1.77)	(1.56)	(4.27)	—
Total distributions	(1.51)	(1.77)	(1.59)	(4.31)	—
Net asset value, end of period	$9.68	$14.44	$12.84	$10.35	$14.90
Total Return(d)	(25.12)%	29.61%	44.56%	3.26%	10.13%
Net assets, end of period (in 000’s)	$60,603	$90,823	$78,539	$73,132	$104,590
Ratio of net expenses to average net assets	0.74%	0.74%	0.75%	0.74%	0.74%(e)
Ratio of total expenses to average net assets	0.91%	0.92%	0.98%	0.99%	0.96%(e)
Ratio of net investment income to average net assets	(0.24)%	(0.22)%	0.12%	0.32%	0.22%(e)
Portfolio turnover rate(f)	24%	31%	39%	28%	40%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Annualized.

(f)

Appendix B

	Goldman Sachs U.S. Equity ESG Fund
	Class P Shares
	Year Ended August 31,				Period Ended August 31, 2018(a)
	2022	2021	2020	2019	Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$19.13	$15.80	$13.73	$14.11	$13.06
Net investment income(b)	0.12	0.11	0.14	0.17	0.06
Net realized and unrealized gain	(3.51)	4.95	2.58	0.65	0.99
Total from investment operations	(3.39)	5.06	2.72	0.82	1.05
Distributions to shareholders from net investment income	(0.04)	(0.11)	(0.19)	(0.11)	—
Distributions to shareholders from net realized gains	(0.35)	(1.62)	(0.46)	(1.09)	—
Total distributions	(0.39)	(1.73)	(0.65)	(1.20)	—
Net asset value, end of period	$15.35	$19.13	$15.80	$13.73	$14.11
Total Return(c)	(18.14)%	35.11%	20.30%	7.22%	8.04%
Net assets, end of period (in 000’s)	$6,141	$2,963	$830	$2,135	$2,026
Ratio of net expenses to average net assets	0.66%	0.66%	0.71%	0.66%	0.66%(d)
Ratio of total expenses to average net assets	1.85%	3.70%	3.98%	3.88%	5.72%(d)
Ratio of net investment income to average net assets	0.72%	0.63%	0.98%	1.26%	1.23%(d)
Portfolio turnover rate(e)	114%	31%	65%	47%	71%

(a)

Commenced operations on April 17, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)

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Fundamental Equity Growth Funds Prospectus (Class P Shares)

FOR MORE INFORMATION

Annual/Semi-Annual Report

Statement of Additional Information

To obtain other information and for shareholder inquiries:

◼ By telephone:	1-800-621-2550
◼ By mail:	Goldman Sachs Funds P.O. Box 806395 Chicago, IL 60680-4125
◼ On the Internet:	SEC EDGAR database – http://www.sec.gov

The Fund's investment company registration number is 811-05349.
GSAM® is a registered service mark of Goldman Sachs & Co. LLC

EQG1PRO-22P

Prospectus
December 29, 2022

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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.

◼

Goldman Sachs Mid Cap Growth Fund (formerly, Goldman Sachs Growth Opportunities Fund)

◼

Class A Shares: GGOAX

◼

Class C Shares: GGOCX

◼

Institutional Shares: GGOIX

◼

Service Shares: GGOSX

◼

Investor Shares: GGOTX

◼

Class R Shares: GGORX

◼

Class R6 Shares: GGOUX

◼

Goldman Sachs Small Cap Growth Fund

◼

Class A Shares: GSBDX

◼

Class C Shares: GSBAX

◼

Institutional Shares: GSAJX

◼

Investor Shares: GSAHX

◼

Class R Shares: GSANX

◼

Class R6 Shares: GSBEX

◼

Goldman Sachs Small/Mid Cap Growth Fund

◼

Class A Shares: GSMAX

◼

Class C Shares: GSMGX

◼

Institutional Shares: GSMYX

◼

Service Shares: GSMQX

◼

Investor Shares: GTMTX

◼

Class R Shares: GTMRX

◼

Class R6 Shares: GTMUX

◼

Goldman Sachs Technology Opportunities Fund

◼

Class A Shares: GITAX

◼

Class C Shares: GITCX

◼

Institutional Shares: GITIX

◼

Service Shares: GITSX

◼

Investor Shares: GISTX

◼

Class R6 Shares: GTORX

Table of Contents

Goldman Sachs Mid Cap Growth Fund—Summary	1
Goldman Sachs Small Cap Growth Fund—Summary	6
Goldman Sachs Small/Mid Cap Growth Fund—Summary	10
Goldman Sachs Technology Opportunities Fund—Summary	15
Investment Management Approach	22
Risks of the Funds	29
Service Providers	36
Distributions	40
Shareholder Guide	41
How To Buy Shares	41
How To Sell Shares	50
Taxation	57
Appendix A
Additional Information on Portfolio Risks, Securities and Techniques	59
Appendix B
Financial Highlights	72
Appendix C
Additional Information About Sales Charge Variations, Waivers and Discounts	98

Goldman Sachs Mid Cap Growth Fund—Summary

Investment Objective

The Goldman Sachs 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, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 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 46 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 98 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-147 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees

(fees paid directly from your investment)

	Class A	Class C	Institutional	Service	Investor	Class R	Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50%	None	None	None	None	None	None
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

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	Investor	Class R	Class R6
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%	0.00%	0.25%	0.00%	0.50%	0.00%
Other Expenses	0.20%	0.45%	0.08%	0.33%	0.20%	0.20%	0.07%
Service Fees	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%
Shareholder Administration Fees	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%	0.00%
All Other Expenses	0.20%	0.20%	0.08%	0.08%	0.20%	0.20%	0.07%
Total Annual Fund Operating Expenses	1.37%	2.12%	1.00%	1.50%	1.12%	1.62%	0.99%
Fee Waiver and Expense Limitation2	(0.21)%	(0.21)%	(0.15)%	(0.15)%	(0.21)%	(0.21)%	(0.15)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation	1.16%	1.91%	0.85%	1.35%	0.91%	1.41%	0.84%

A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.

The Investment Adviser has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.81% as an annual percentage rate for the Fund’s average daily net assets; (ii) waive a portion of its management fee payable by the Fund in an amount equal to any management fees it earns as an investment adviser to the affiliated funds in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in affiliated funds; and (iii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service and shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% 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 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Fund. These arrangements will remain in effect through at least December 29, 2023, 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.

The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor, Class R and/or Class R6 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 any applicable fee waiver and/or 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	$662	$940	$1,240	$2,088
Class C Shares	$294	$644	$1,120	$2,435
Institutional Shares	$87	$303	$538	$1,211
Service Shares	$137	$459	$804	$1,778
Investor Shares	$93	$335	$597	$1,344
Class R Shares	$144	$491	$862	$1,904
Class R6 Shares	$86	$300	$532	$1,199

Class C Shares – Assuming no redemption

$194

$644

$1,120

$2,435

Portfolio Turnover

Principal Strategy

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 integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. 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

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 and Class R6 Shares compare to those of a broad-based securities market index. Through February 11, 2022, certain of the Fund’s principal investment strategies differed. Performance information set forth below reflects the performance resulting from the Fund’s former strategies prior to that date. 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.

CALENDAR YEAR (CLASS A)

	Returns	Quarter ended
Year-to-Date Return	-31.70%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	32.65%	June 30, 2020
Worst Quarter Return	-17.23%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	5 Years	10 Years	Inception Date
Class A Shares				5/24/1999
Returns Before Taxes	5.25%	19.60%	15.06%
Returns After Taxes on Distributions	-0.25%	12.88%	10.51%
Returns After Taxes on Distributions and Sale of Fund Shares	5.20%	13.90%	11.07%
Class C Shares				5/24/1999
Returns Before Taxes	9.68%	20.11%	14.88%*
Institutional Shares				5/24/1999
Returns Before Taxes	11.68%	21.35%	16.13%
Service Shares				5/24/1999
Returns Before Taxes	11.12%	20.77%	15.55%
Investor Shares				11/30/2007
Returns Before Taxes	11.61%	21.25%	16.00%
Class R Shares				11/30/2007
Returns	11.10%	20.65%	15.42%
Class R6 Shares				7/31/2015
Returns Before Taxes	11.75%	21.38%	16.15%**
Russell Midcap® Growth Index (reflects no deduction for fees or expenses)	12.73%	19.82%	16.61%

Class R6 Shares commenced operations on July 31, 2015. Prior to that date, the performance of Class R6 Shares shown in the table above is that of 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.

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, Co-Chief Investment Officer—Fundamental Equity U.S. Equity, has managed the Fund since 1999; and Jenny Chang, Vice President, has managed the Fund since July 2019.

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 and Class R6 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.

Tax Information

For important tax information, please see “Tax Information” on page 21 of the Prospectus.

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 21 of the Prospectus.

Goldman Sachs Small Cap Growth Fund—Summary

Investment Objective

The Goldman Sachs Small 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, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 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 46 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 98 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-147 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees

(fees paid directly from your investment)

	Class A	Class C	Institutional	Investor	Class R	Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50%	None	None	None	None	None
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

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class A	Class C	Institutional	Investor	Class R	Class R6
Management Fees	0.85%	0.85%	0.85%	0.85%	0.85%	0.85%
Distribution and/or Service (12b-1) Fees	0.25%	0.75%	0.00%	0.00%	0.50%	0.00%
Other Expenses2	1.03%	1.28%	0.91%	1.03%	1.03%	0.90%
Service Fees	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%
All Other Expenses	1.03%	1.03%	0.91%	1.03%	1.03%	0.90%
Total Annual Fund Operating Expenses	2.13%	2.88%	1.76%	1.88%	2.38%	1.75%
Expense Limitation and Fee Waiver3	(0.89)%	(0.89)%	(0.84)%	(0.89)%	(0.89)%	(0.84)%
Total Annual Fund Operating Expenses After Expense Limitation and Fee Waiver	1.24%	1.99%	0.92%	0.99%	1.49%	0.91%

A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.

The Fund’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.

The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.024% 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, and Class R Shares of the Fund. These arrangements will remain in effect through at least December 29, 2023, 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.

The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor, Class R and/or Class R6 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 any applicable fee waiver and/or 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	$669	$1,099	$1,554	$2,810
Class C Shares	$302	$808	$1,440	$3,141
Institutional Shares	$94	$472	$875	$2,004
Investor Shares	$101	$504	$933	$2,128
Class R Shares	$152	$657	$1,190	$2,648
Class R6 Shares	$93	$469	$870	$1,993

Class C Shares – Assuming no redemption

$202

$808

$1,440

$3,141

Portfolio Turnover

Principal Strategy

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in small-cap issuers. Small-cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalizations of companies constituting the Russell 2000® Growth Index at the time of investment. As of September 30, 2022, the capitalization range of the companies in the Russell 2000® Growth Index was between $14.72 million and $10.83 billion. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in 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 Net 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 may invest up to 20% of its Net Assets in fixed income securities, such as government, corporate and bank debt obligations.

The Fund’s benchmark index is the Russell 2000® Growth Index (Total Return, USD).

Principal Risks of the Fund

Performance

CALENDAR YEAR (CLASS A)

	Returns	Quarter ended
Year-to-Date Return	-30.48%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	36.41%	June 30, 2020
Worst Quarter Return	-20.93%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	Since Inception	Inception Date
Class A Shares			10/31/2019
Returns Before Taxes	2.33%	27.34%
Returns After Taxes on Distributions	-0.93%	23.79%
Returns After Taxes on Distributions and Sale of Fund Shares	2.19%	20.13%
Class C Shares			10/31/2019
Returns Before Taxes	6.39%	29.69%
Institutional Shares			10/31/2019
Returns Before Taxes	8.63%	31.15%
Investor Shares			10/31/2019
Returns Before Taxes	8.50%	30.99%
Class R Shares			10/31/2019
Returns	7.95%	30.34%
Class R6 Shares			10/31/2019
Returns Before Taxes	8.63%	31.15%
Russell 2000® Growth Index (reflects no deduction for fees or expenses)	2.83%	20.53%

Portfolio Management

Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or “GSAM”).

Portfolio Managers: Gregory Tuorto, Managing Director; and Jessica Katz, Vice President, have managed the Fund since its inception in 2019.

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 or Class R6 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.

Tax Information

For important tax information, please see “Tax Information” on page 21 of the Prospectus.

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 21 of the Prospectus.

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, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 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 46 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 98 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-147 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees

(fees paid directly from your investment)

	Class A	Class C	Institutional	Service	Investor	Class R	Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50%	None	None	None	None	None	None
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

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	Investor	Class R	Class R6
Management Fees	0.83%	0.83%	0.83%	0.83%	0.83%	0.83%	0.83%
Distribution and/or Service (12b-1) Fees	0.25%	0.75%	0.00%	0.25%	0.00%	0.50%	0.00%
Other Expenses	0.19%	0.44%	0.07%	0.32%	0.19%	0.19%	0.06%
Service Fees	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%
Shareholder Administration Fees	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%	0.00%
All Other Expenses	0.19%	0.19%	0.07%	0.07%	0.19%	0.19%	0.06%
Total Annual Fund Operating Expenses	1.27%	2.02%	0.90%	1.40%	1.02%	1.52%	0.89%
Fee Waiver and Expense Limitation2	(0.04)%	(0.04)%	0.00%	0.00%	(0.04)%	(0.04)%	0.00%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation	1.23%	1.98%	0.90%	1.40%	0.98%	1.48%	0.89%

A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.

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 0.044% 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 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the Fund. These arrangements will remain in effect through at least December 29, 2023, 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.

	1 Year	3 Years	5 Years	10 Years
Class A Shares	$668	$927	$1,205	$1,996
Class C Shares	$301	$630	$1,084	$2,345
Institutional Shares	$92	$287	$498	$1,108
Service Shares	$143	$443	$766	$1,680
Investor Shares	$100	$321	$559	$1,244
Class R Shares	$151	$476	$825	$1,809
Class R6 Shares	$91	$284	$493	$1,096

Class C Shares – Assuming no redemption

$201

$630

$1,084

$2,345

Portfolio Turnover

Principal Strategy

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in small and mid-cap issuers. Small or mid-cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the outside range of the market capitalizations of companies constituting the Russell 2000® Growth Index and the Russell Midcap® Growth Index, as last reported by the indexes prior to the time of investment. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. As of September 30, 2022, the outside capitalization range of the companies in the Russell 2000® Growth Index and the Russell Midcap® Growth Index was between $14.72 million and $46.74 billion. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in 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 Net 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 integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. 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 small/mid cap company. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions.

The Fund may invest up to 20% of its Net Assets in fixed income securities, such as government, corporate and bank debt obligations.

The Fund’s benchmark index is the Russell 2500® Growth Index.

Principal Risks of the Fund

custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in, or otherwise economically tied to, emerging countries.

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 and Class R6 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.

CALENDAR YEAR (CLASS A)

	Returns	Quarter ended
Year-to-Date Return	-32.32%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	35.76%	June 30, 2020
Worst Quarter Return	-17.86%	December 31, 2018

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	5 Years	10 Years	Inception Date
Class A Shares				6/30/2005
Returns Before Taxes	1.81%	20.79%	16.46%
Returns After Taxes on Distributions	-2.13%	16.39%	13.65%
Returns After Taxes on Distributions and Sale of Fund Shares	2.95%	15.61%	12.95%
Class C Shares				6/30/2005
Returns Before Taxes	5.82%	21.25%	16.24%*
Institutional Shares				6/30/2005
Returns Before Taxes	8.07%	22.58%	17.55%
Service Shares				6/30/2005
Returns Before Taxes	7.54%	21.96%	16.95%
Investor Shares				11/30/2007
Returns Before Taxes	7.97%	22.46%	17.41%
Class R Shares				11/30/2007
Returns	7.48%	21.86%	16.82%
Class R6 Shares				7/31/2015
Returns Before Taxes	8.06%	22.58%	17.55%**
Russell 2500® Growth Index (reflects no deduction for fees or expenses)	5.04%	17.64%	15.74%

Class R6 Shares commenced operations on July 31, 2015. Prior to that date, the performance of Class R6 Shares shown in the table above is that of 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.

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, Co-Chief Investment Officer—Fundamental Equity U.S. Equity, has managed the Fund since 2005; Gregory Tuorto, Managing Director, has managed the Fund since 2019; and Jessica Katz, Vice President, has managed the Fund since 2019.

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 or certain wrap account sponsors, 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 and Class R6 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.

Tax Information

For important tax information, please see “Tax Information” on page 21 of the Prospectus.

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 21 of the Prospectus.

Goldman Sachs Technology Opportunities Fund—Summary

Investment Objective

The Goldman Sachs Technology 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, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 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 46 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 98 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-147 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees

(fees paid directly from your investment)

	Class A	Class C	Institutional	Service	Investor	Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50%	None	None	None	None	None
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

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	Investor	Class R6
Management Fees	0.94%	0.94%	0.94%	0.94%	0.94%	0.94%
Distribution and/or Service (12b-1) Fees	0.25%	0.75%	0.00%	0.25%	0.00%	0.00%
Other Expenses	0.22%	0.47%	0.10%	0.35%	0.22%	0.09%
Service Fees	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%
Shareholder Administration Fees	0.00%	0.00%	0.00%	0.25%	0.00%	0.00%
All Other Expenses	0.22%	0.22%	0.10%	0.10%	0.22%	0.09%
Total Annual Fund Operating Expenses	1.41%	2.16%	1.04%	1.54%	1.16%	1.03%
Fee Waiver and Expense Limitation2	(0.23)%	(0.23)%	(0.15)%	(0.15)%	(0.23)%	(0.15)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation	1.18%	1.93%	0.89%	1.39%	0.93%	0.88%

A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase.

The Investment Adviser has agreed to: (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.85% as an annual percentage of the Fund’s average daily net assets, and (ii) 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 0.004% 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 0.08% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Fund. These arrangements will remain in effect through at least December 29, 2023, 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.

The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Investor and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Investor and/or Class R6 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

	1 Year	3 Years	5 Years	10 Years
Class A Shares	$664	$950	$1,258	$2,129
Class C Shares	$296	$654	$1,138	$2,475
Institutional Shares	$91	$316	$559	$1,257
Service Shares	$142	$472	$825	$1,822
Investor Shares	$95	$346	$616	$1,388
Class R6 Shares	$90	$313	$554	$1,246

Class C Shares – Assuming no redemption

$196

$654

$1,138

$2,475

Portfolio Turnover

Principal Strategy

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in equity investments in technology companies, as described below. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to benefit from the proliferation of technology. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its total assets measured at the time of purchase (“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 integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. 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. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions.

The Fund intends to invest a substantial portion of its assets in technology companies. In general, the Investment Adviser defines a technology company as a high-quality technology, services, media or telecommunications company that adopts or uses technology to improve its cost structure, revenue opportunities or competitive advantage. The Investment Adviser seeks to identify technology companies that exhibit many of the following characteristics:

◼

Strong brand name

◼

Dominant market share

◼

Recurring revenue streams

◼

Free cash flow generation

◼

Long product life cycle

◼

Enduring competitive advantage

◼

Excellent management

The Investment Adviser seeks to identify technology companies that are promising growth businesses. These companies may grow revenue by increasing sales volumes, prices, customers and market share. The Internet is an example of a technology that the Investment Adviser believes will drive growth for many technology businesses. The Internet has had, and is expected to continue to have, a significant impact on the global economy, as it changes the way many companies operate. Benefits of the Internet for businesses may include global scalability, acquisition of new clients, new revenue sources and increased efficiencies. Technology companies adopting innovative Internet technologies to improve their business models include providers of infrastructure, software, hardware and services.

consumer preferences, problems with product compatibility and government regulation. The Fund’s investments may experience significant price movements caused by disproportionate investor optimism or pessimism with little or no basis in fundamental economic conditions. The Fund may also invest in a relatively few number of issuers. As a result, the Fund’s net asset value (“NAV”) is more likely to have greater fluctuations than that of a fund which is more diversified or invests in other industries.

The Fund’s benchmark index is the NASDAQ Composite Total Return Index.

Principal Risks of the Fund

Industry Concentration Risk. The Fund concentrates its investments in specific industry sectors that have historically experienced substantial price volatility. The Fund is subject 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 industry sectors. Securities of issuers held by the Fund may lack sufficient market liquidity to enable the Fund to sell the securities at an advantageous time or without a substantial drop in price.

Technology Sector Risk. The stock prices of technology and technology-related companies and therefore the value of the Fund may experience significant price movements as a result of intense market volatility, worldwide competition, consumer preferences, product compatibility, product obsolescence, government regulation, excessive investor optimism or pessimism, or other factors. The Fund may also invest in a relatively few number of issuers. 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.

Performance

CALENDAR YEAR (CLASS A)

	Returns	Quarter ended
Year-to-Date Return	-37.61%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	30.68%	June 30, 2020
Worst Quarter Return	-16.22%	December 31, 2018

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	5 Years	10 Years	Inception Date
Class A Shares				10/1/1999
Returns Before Taxes	14.69%	26.52%	20.23%
Returns After Taxes on Distributions	9.99%	22.29%	17.58%
Returns After Taxes on Distributions and Sale of Fund Shares	11.16%	20.56%	16.40%
Class C Shares				10/1/1999
Returns Before Taxes	19.23%	27.01%	20.01%*
Institutional Shares				10/1/1999
Returns Before Taxes	21.70%	28.39%	21.36%
Service Shares				10/1/1999
Returns Before Taxes	21.10%	27.75%	20.75%
Investor Shares				9/30/2010
Returns Before Taxes	21.64%	28.28%	21.20%
Class R6 Shares				12/29/2017
Returns Before Taxes	21.72%	28.40%	21.36%**
NASDAQ Composite Total Return Index (reflects no deduction for fees or expenses)	22.18%	24.96%	20.94%

Class R6 Shares commenced operations on July 31, 2015. Prior to that date, the performance of Class R6 Shares shown in the table above is that of 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.

The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service, Investor and Class R6 Shares 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, Co-Chief Investment Officer—Fundamental Equity U.S. Equity, has managed the Fund since 1999; Sung Cho, CFA, Managing Director, has managed the Fund since 2018; and Charles “Brook” Dane, CFA, Vice President, has managed the Fund since 2018.

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 and Class R6 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.

Tax Information

For important tax information, please see “Tax Information” on page 21 of the Prospectus.

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 21 of the Prospectus.

Fundamental Equity Growth Funds –
Additional Summary Information

Tax Information

The Funds' 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 made through tax-deferred arrangements may become taxable upon withdrawal from such arrangements.

Payments to Broker-Dealers and

Other Financial Intermediaries

Investment Management Approach

INVESTMENT OBJECTIVE

The Mid Cap Growth, Small Cap Growth, Small/Mid Cap Growth, and Technology Opportunities Funds (“the Funds”) seek long-term growth of capital. Each Fund’s investment objective may be changed without shareholder approval upon 60 days’ notice.

PRINCIPAL INVESTMENT STRATEGIES

Mid Cap Growth Fund

The Fund invests, under normal circumstances, at least 80% of its Net Assets in a diversified portfolio of equity investments in mid‑cap issuers. Mid‑cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalizations of companies constituting the Russell Midcap® Growth Index at the time of investment. If the market capitalization of an issuer held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. As of September 30, 2022, the capitalization range of the companies in the Russell Midcap® Growth Index was between $271.25 million and $46.74 billion. 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 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 may also invest in stock, warrants, and other securities of special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek potential acquisition opportunities. Shareholders will be provided with sixty days’ notice in the manner prescribed by the Securities and Exchange Commission (“SEC”) before any change in the Fund’s policy to invest at least 80% of its Net Assets in the particular type of investment suggested by its name.

The Fund’s benchmark is the Russell Midcap® Growth Index. The Russell Midcap® Growth Index is an unmanaged market capitalization weighted index of common stock prices that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.

Small Cap Growth Fund

The Fund invests, under normal circumstances, at least 80% of its Net Assets in a diversified portfolio of equity investments in small-cap issuers. Small-cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalizations of companies constituting the Russell 2000® Growth Index at the time of investment. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. As of September 30, 2022, the capitalization range of the companies in the Russell 2000® Growth Index was between $14.72 million and $10.83 billion. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in 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 Net Assets in foreign securities, including securities of issuers in 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.

Shareholders will be provided with sixty days’ notice in the manner prescribed by the SEC before any change in the Fund’s policy to invest at least 80% of its Net Assets in the particular type of investment suggested by its name.

The Fund may invest up to 20% of its Net Assets in fixed income securities, such as government, corporate and bank debt obligations. The Fund may also invest in stock, warrants, and other securities of SPACs or similar special purpose entities that pool funds to seek potential acquisition opportunities.

The Fund’s benchmark index is the Russell 2000® Growth Index (Total Return, USD). The Index is an unmanaged index of common stock prices that measures the performance of those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Small/Mid Cap Growth Fund

The Fund invests, under normal circumstances, at least 80% of its Net Assets in a diversified portfolio of equity investments in small and mid-cap issuers. Small or mid-cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the outside range of the market capitalizations of companies constituting the Russell 2000® Growth Index and the Russell Midcap® Growth Index, as last reported by the indexes prior to the time of investment. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. As of September 30, 2022, the outside capitalization range of the companies in these indexes was between $14.72 million and $46.74 billion. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the

Investment Management Approach

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 Net Assets in foreign securities, including securities of issuers in 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. Shareholders will be provided with sixty days’ notice in the manner prescribed by the SEC before any change in the Fund’s policy to invest at least 80% of its Net Assets in the particular type of investment suggested by its name.

The Fund’s benchmark is the Russell 2500® Growth Index. The Russell 2500® Growth Index is an unmanaged market capitalization weighted index of common stock prices that measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Technology Opportunities Fund

The Fund invests, under normal circumstances, at least 80% of its Net Assets in equity investments in technology companies, as described below. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to benefit from the proliferation of technology. 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 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 may also invest in stock, warrants, and other securities of SPACs or similar special purpose entities that pool funds to seek potential acquisition opportunities. The Fund intends to invest a substantial portion of its assets in technology companies. In general, the Investment Adviser defines a technology company as a high-quality technology, services, media or telecommunications company that adopts or uses technology to improve its cost structure, revenue opportunities or competitive advantage. The Investment Adviser seeks to identify technology companies that exhibit many of the following characteristics:

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Strong brand name

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Dominant market share

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Recurring revenue streams

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Free cash flow generation

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Long product life cycle

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Enduring competitive advantage

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Excellent management

The Fund will invest at least 25% of its Total Assets in companies in one or more of the media, telecommunications, technology and/or Internet industries. Because of its focus on technology, telecommunications, Internet, services and media companies, the Fund’s investment performance will be closely tied to many factors which affect these companies. These factors include intense competition, consumer preferences, problems with product compatibility and government regulation. The Fund’s investments may experience significant price movements caused by disproportionate investor optimism or pessimism with little or no basis in fundamental economic conditions. The Fund may also invest in a relatively few number of issuers. As a result, the Fund’s NAV is more likely to have greater fluctuations than that of a fund which is more diversified or invests in other industries.

THIS FUND INVESTS IN TECHNOLOGY COMPANIES (AS DESCRIBED ABOVE), AND ITS NAV MAY FLUCTUATE SUBSTANTIALLY OVER TIME. BECAUSE THE FUND CONCENTRATES ITS INVESTMENTS IN TECHNOLOGY COMPANIES, THE FUND’S PERFORMANCE MAY BE SUBSTANTIALLY DIFFERENT FROM THE RETURNS OF THE BROADER STOCK MARKET. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RETURNS AND, DEPENDING ON THE TIMING OF YOUR INVESTMENT, YOU MAY LOSE MONEY EVEN IF THE FUND’S PAST RETURNS HAVE OUTPERFORMED THE FUND’S BENCHMARK DURING SPECIFIED PERIODS OF TIME.

The Fund’s benchmark index 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 Funds

The Funds may, from time to time, take temporary defensive positions that are inconsistent with the Funds’ principal investment strategies in attempting to respond to adverse market, political or other conditions. For temporary defensive purposes, each Fund may invest up to 100% of its total assets in securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”), commercial paper rated at least A-2 by S&P Global Ratings (“Standard & Poor’s”), P-2 by Moody’s Investors Service, Inc. (“Moody’s”) or having a comparable credit rating by another nationally recognized statistical rating organization (“NRSRO”) (or if unrated, determined by the Investment Adviser to be of comparable credit quality), certificates of deposit, bankers’ acceptances, repurchase agreements, non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year, exchange-traded funds (“ETFs”) and other investment companies and cash items. When a Fund’s assets are invested in such instruments, the Fund may not be achieving its investment objective.

References in the Prospectus to a Fund’s benchmark are for informational purposes only, and unless otherwise noted, are not an indication of how a particular Fund is managed.

GSAM Fundamental U.S. Equity Team’s Investment Approach:

GSAM believes that fundamental, bottom-up research combined with a disciplined investment process is essential for seeking to generate attractive performance over the long-term.

GSAM Fundamental Equity team employs a fundamental investment process that considers a wide range of factors, and no one factor or consideration is determinative.

GSAM Growth Team’s Investment Philosophy:

1. Invest as if buying the company/business, not simply trading its stock:

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Understand the business, management, products and competition.

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Perform intensive, hands-on fundamental research.

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Seek businesses with strategic competitive advantages.

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Over the long-term, expect each company’s stock price ultimately to track the growth in the value of the business.

Investment Management Approach

2. Buy high-quality growth businesses that possess strong business franchises, favorable long-term prospects and excellent management.

3. Purchase long-term growth companies at attractive valuations, giving the investor the potential to capture returns from above-average growth rates.

In addition, the Investment Adviser may also sell a position in order to meet shareholder redemptions.

GSAM Small Cap Growth Team’s Investment Approach:

Buy Strategy

The Team approaches investing with the belief that wealth is created through the long-term ownership of a growing business. When evaluating a potential investment, the team looks for specific characteristics that they believe make a company a high-quality business with sustainable growth. These criteria include:

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Strong business franchises characterized by companies with: established brand name, dominant market share, pricing power, recurring revenue stream, free cash flow, and high return on invested capital.

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Companies with favorable long-term prospects indicated by: predictable and sustainable growth, long product life cycle, enduring competitive advantage, and favorable demographic trends.

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Excellent management capabilities characterized by rational capital allocation, consistent operating history, incentives aligned with shareholders.

Valuation

Valuation is another important criteria. The team’s decision of whether or not to own the stock is just as important as the decision of whether or not to own the business. The team seeks to purchase the stocks of companies at a discount to their economic value. Valuation methods include discounted cash flow analysis, assessment of private market value, and cash flow & earnings multiples.

Sell Discipline

The Investment Adviser may decide to sell a position for various reasons. Some of these reasons may include:

1. Fundamental Outlook Deteriorates: If a company’s long-term fundamental outlook deteriorates.

2. Valuation: When the price of a stock exceeds what the team deems to be the worth of the business.

3. Risk Management: If a holding grows beyond a weight consistent with the team’s level of conviction in the risk/reward opportunity of the investment.

4. Misallocation of Capital: If a company pursues a strategy that in the team’s view does not maximize shareholder value, such as a questionable acquisition or a lack of discipline with regard to capital allocation.

GSAM Fundamental Equity Technology Team’s Investment Philosophy:

1. By quality businesses, we mean those that have:

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Sustainable operating or competitive advantage.

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Excellent stewardship of capital.

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Ability to earn above their cost of capital.

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Strong or improving balance sheets and cash flow.

2. Businesses may sell at compelling valuations when:

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Market uncertainty exists.

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Their economic value is not recognized by the market.

3. Through intensive, first-hand fundamental research our portfolio managers seek to purchase quality businesses selling at compelling valuations.

4. The Investment Adviser may consider ESG factors as part of the fundamental research and stock selection process.

In addition, the Investment Adviser may also sell a position in order to meet shareholder redemptions.

ADDITIONAL FEES AND EXPENSES INFORMATION

ADDITIONAL PERFORMANCE INFORMATION

The below is additional information that relates to the “Performance” section of each Fund’s summary section.

These definitions apply to the after-tax returns shown in the “Performance” section of each Fund’s Summary section.

OTHER INVESTMENT PRACTICES AND SECURITIES

Investment Management Approach

10 Percent of total assets (including securities lending collateral) (italic type) 10 Percent of net assets (excluding borrowings for investment purposes) (roman type) • No specific percentage limitation on usage; limited only by the objectives and strategies of the Fund	Mid Cap Growth Fund	Small Cap Growth Fund	Small/Mid Cap Growth Fund	Technology Opportunities Fund
Investment Practices
Borrowings	33 1∕3	33 1∕3	33 1∕3	33 1∕3
Cross Hedging of Currencies	•	•	•	•
Custodial Receipts and Trust Certificates	•	•	•	•
Equity Swaps	•	•	•	15
Foreign Currency Transactions (including forward contracts)*	•	•	•	•
Futures Contracts and Options and Swaps on Futures Contracts	•	•	•	•
Illiquid Investments**	15	15	15	15
Investment Company Securities (including ETFs)1	10	10	10	10
Options on Foreign Currencies2	•	•	•	•
Options3	•	•	•	•
Preferred Stock, Warrants and Stock Purchase Rights	•	•	•	•
Repurchase Agreements	•	•	•	•
Securities Lending	33 1∕3	33 1∕3	33 1∕3	33 1∕3
Short Sales Against the Box	25	25	25	•
Unseasoned Companies	•	•	•	•
When-Issued Securities and Forward Commitments	•	•	•	•

Limited by the amount the Fund invests in foreign securities.

The Funds may purchase and sell call and put options on foreign currencies.

The Funds may sell call and put options and purchase call and put options on securities and other instruments in which the Funds may invest or any index consisting of securities or other instruments in which they may invest.

10 Percent of total assets (italic type) 10 Percent of net assets (including borrowings for investment purposes) (roman type) • No specific percentage limitation on usage; limited only by the objectives and strategies of the Fund — Not permitted	Mid Cap Growth Fund	Small Cap Growth Fund	Small/Mid Cap Growth Fund	Technology Opportunities Fund
Investment Securities
American, European and Global Depositary Receipts	•	•	•	•
Asset-Backed and Mortgage-Backed Securities4	•	•	•	•
Bank Obligations4	•	•	•	•
Convertible Securities5	•	—	—	•
Corporate Debt Obligations4	•	•	•	•
Equity Investments	80+	80+	80+	80+
Emerging Country Securities6	10	25	25	25
Fixed Income Securities7	10	20	20	20
Foreign Securities6	25	25	25	25
Initial Public Offerings (“IPOs”)	•	•	•	•
Master Limited Partnerships	•	•	•	•
Non-Investment Grade Fixed Income Securities4,8	10	20	20	20
Pre-IPO Investments (including late-stage private equity securities)	•	•	•	•
Private Investments in Public Equity (“PIPEs”)	•	•	•	•
Real Estate Investment Trusts (“REITs”)	•	•	•	•
Special Purpose Acquisition Companies (“SPACs”)	•	•	•	•
Structured Securities (which may include equity linked notes)9	•	•	•	•
Temporary Investments	•	•	•	•
U.S. Government Securities4	•	•	•	•

Limited by the amount the Fund invests in fixed income securities.

All Funds use the same rating criteria for convertible and non-convertible debt securities.

The Mid Cap Growth and Technology Opportunities Funds may each invest in the aggregate up to 25% of their total assets, and the Small/Mid Cap Growth and Small Cap Growth Funds may each invest in the aggregate up to 25% of their net assets, in foreign securities, including emerging country securities.

Except as noted under “Non-Investment Grade Fixed Income Securities,” fixed income securities must be investment grade (i.e., BBB– or higher by Standard & Poor’s, Baa3 or higher by Moody’s or have a comparable credit rating by another NRSRO or, if unrated, determined by the Investment Adviser to be of comparable credit quality).

May be BB+ or lower by Standard & Poor’s, Ba1 or lower by Moody’s or have a comparable credit rating by another NRSRO at the time of investment.

Structured securities are not subject to the same minimum credit quality requirements as a Fund’s investments in fixed income securities.

Risks of the Funds

✓ Principal Risk • Additional Risk	Mid Cap Growth Fund	Small Cap Growth Fund	Small/Mid Cap Growth Fund	Technology Opportunities Fund
Credit/Default	•	•	•	•
Cybersecurity	•	•	•	•
Derivatives	•	•	•	•
Emerging Countries	✓	•	✓	✓
ESG Integration	•	•	•	•
Foreign	✓	•	✓	✓
Geographic	•	•	•	•
Industry Concentration				✓
Initial Public Offering (“IPO”)	•	•	•	•
Interest Rate	•	•	•	•
Investment Style	✓	✓	✓	✓
Large Shareholder Transactions	✓	✓	✓	✓
Liquidity	•	•	•	•
Management	•	•	•	•
Market	✓	✓	✓	✓
Master Limited Partnerships	•	•	•	•
Mid-Cap and Small-Cap	✓	✓	✓	✓
NAV	•	•	•	•
Non-Investment Grade Fixed Income Investments	•	•	•	•
Pre-IPO Investments	•	•	•	•
Private Investments in Public Equity (“PIPEs”)	•	•	•	•
Special Purpose Acquisition Companies (“SPACs”)	•	•	•	•
Stock	✓	✓	✓	✓
Technology Sector				✓
U.S. Government Securities	•	•	•	•

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directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill, or lacks the capacity or authority to fulfill, its contractual obligations, liquidity risk, which includes the risk that the Fund will not be able to close its derivatives position when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. Derivatives may be used for both hedging and non-hedging purposes.

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Risks of the Funds

restrictions), foreign taxes, confiscation of assets and property, trade restrictions (including tariffs), expropriations and other government restrictions by the United States and other governments, higher transaction costs, difficulty enforcing contractual obligations or from problems in share registration, settlement or custody. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. These types of measures may include, but are not limited to, banning a sanctioned country from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing the assets of particular countries, entities, or persons. The imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country, downgrades in the credit ratings of the sanctioned country or companies located in or economically tied to the sanctioned country, devaluation of the sanctioned country’s currency, and increased market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. The Fund or the Investment Adviser may determine not to invest in, or may limit its overall investment in, a particular issuer, country or geographic region due to, among other things, heightened risks regarding sanctions, repatriation restrictions, confiscation of assets and property, expropriation or nationalization. Geopolitical developments in certain countries in which the Fund may invest have caused, or may in the future cause, significant volatility in financial markets. For example, the United Kingdom (“UK”) withdrew from the European Union (“EU”) on January 31, 2020 (commonly known as “Brexit”), which has resulted in ongoing market volatility and caused additional market disruption on a global basis. The UK and the EU signed the EU-UK Trade and Cooperation Agreement (“TCA”), which is an agreement on the terms governing certain aspects of the EU’s and UK’s relationship post Brexit. However, under the TCA, many aspects of the EU-UK relationship remain subject to further negotiation. Although the full effects of Brexit are unknown at this time, Brexit may continue to result in fluctuations of exchange rates, increased illiquidity, inflation, and changes in legal and regulatory regimes to which certain of the Fund’s assets are subject. These and other geopolitical developments, including ongoing regional armed conflict in Europe, could negatively impact the value of the Fund’s investments.

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Industry Concentration Risk—The Technology Opportunities Fund concentrates its investments in specific industry sectors that have historically experienced substantial price volatility. The Technology Opportunities Fund is therefore subject 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 industry sectors. Securities of issuers held by the Technology Opportunities Fund may lack sufficient market liquidity to enable the Fund to sell the securities at an advantageous time or without a substantial drop in price.

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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. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase. Also, because growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds will typically underperform when value investing is in favor. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors.

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Large Shareholder Transactions Risk—The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s 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 or otherwise maintains 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.

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Illiquidity can be caused by a drop in overall market trading volume, an inability to find a willing buyer, or legal restrictions on the securities’ resale. To the extent that the traditional dealer counterparties that engage in fixed income trading do not maintain inventories of bonds (which provide an important indication of their ability to “make markets”) that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets. Additionally, market participants other than a Fund may attempt to sell fixed income holdings at the same time as the Fund, which could cause downward pricing pressure and contribute to decreased liquidity.

Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period stated in the Prospectus or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests or other reasons. While the Fund reserves the right to meet redemption requests through in-kind distributions, the Fund may instead choose to raise cash to meet redemption requests through sales of portfolio securities or permissible borrowings. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors’ interests.

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Management Risk—A strategy used by the Investment Adviser may fail to produce the intended results.

Risks of the Funds

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Master Limited Partnership Risk— The Fund’s investments in securities of a Master Limited Partnership (“MLP”) involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price, resulting from regulatory changes or other reasons. Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. Investment in those MLPs may restrict the Fund’s ability to take advantage of other investment opportunities. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

Under recent tax legislation, individuals and certain other noncorporate entities are generally eligible for a 20% deduction with respect to taxable income from MLPs. Currently, there is not a regulatory mechanism for regulated investment companies such as the Fund to pass through the 20% deduction to shareholders. As a result, in comparison, investors investing directly in MLPs would generally be eligible for the 20% deduction for such taxable income from these investments while investors investing in MLPs held indirectly if any through the Fund would not be eligible for the 20% deduction for their share of such taxable income.

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NAV Risk—The net asset value of the Fund and the value of your investment will fluctuate.

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Pre-IPO Investments Risk—The Fund may invest in privately held companies, including companies that may issue shares in IPOs. Investments in pre-IPO shares involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. Investments in these companies are less liquid and difficult to value, and there is significantly less information available about these companies’ business models, quality of management, earnings growth potential, and other criteria used to evaluate their investment prospects. Although there is a potential the pre-IPO shares that the Fund buys may increase in value if the company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Fund’s investments to decrease significantly. Moreover, because pre-IPO shares are generally not freely or publicly tradeable, the Fund

may not have access to purchase or the ability to sell these shares in the amounts or at the prices the Fund desires. The companies that the Fund anticipates holding successful IPOs may not ever issue shares in an IPO and a liquid market for their shares may never develop, which may negatively affect the price at which the Fund can sell these shares and make it more difficult to sell these shares, which could also adversely affect the Fund’s liquidity.

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Technology Sector Risk—The stock prices of technology and technology-related companies and therefore the value of the Technology Opportunities Fund may experience significant price movements as a result of intense market volatility, worldwide competition, consumer preferences, product compatibility, product obsolescence, government regulation, excessive investor optimism or pessimism, or other factors. Many of the products and services offered by technology companies are subject to the risk of short product cycles. Certain technology-related companies may face special risks that their products or services may not prove to be commercially successful. Such companies also may be subject to risks relating to research and development costs and the availability and price of components. As product cycles shorten and manufacturing capacity increases, these companies could become increasingly subject to aggressive pricing and competition, which hampers profitability. The Technology Opportunities Fund may also invest in a relatively few number of issuers. Thus, the Technology Opportunities 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.

◼

Risks of the Funds

including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Agency (“FHFA”) acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.

Service Providers

INVESTMENT ADVISER

Investment Adviser	Fund
Goldman Sachs Asset Management, L.P. (“GSAM”) 200 West Street New York, NY 10282	Mid Cap Growth Small Cap Growth Small/Mid Cap Growth Technology Opportunities

The Investment Adviser also performs the following additional services for the Fund (to the extent not performed by others pursuant to agreements with the Fund):

◼

Supervises all non-advisory operations of the Fund

◼

Provides personnel to perform necessary executive, administrative and clerical services to the Fund

◼

Maintains the records of the Fund

◼

Provides office space and all necessary office equipment and services

Service Providers

MANAGEMENT FEES AND OTHER EXPENSES

Fund	Contractual Management Fee Annual Rate	Average Daily Net Assets	Actual Rate For the Fiscal Year Ended August 31, 2022*
Mid Cap Growth	0.92%	First $2 Billion	0.86%
	0.83%	Next $3 Billion
	0.79%	Next $3 Billion
	0.77%	Over $8 Billion
Small Cap Growth	0.85%	First $2 Billion	0.85%
	0.77%	Next $3 Billion
	0.73%	Next $3 Billion
	0.71%	Over $8 Billion
Small/Mid Cap Growth	0.85%	First $2 Billion	0.83%
	0.77%	Next $3 Billion
	0.73%	Next $3 Billion
	0.71%	Over $8 Billion
Technology Opportunities	0.94%	First $1 Billion	0.92%
	0.85%	Next $1 Billion
	0.80%	Next $3 Billion
	0.79%	Next $3 Billion
	0.77%	Over $8 Billion

The Actual Rate may not correlate to the Contractual Management Fee Annual Rate as a result of management fee waivers that may be in effect from time to time.

The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective rate of 0.81% as an annual percentage rate of the Mid Cap Growth and 0.85% as an annual percentage rate of the Technology Opportunities Fund’s average daily net assets. The Investment Adviser has also agreed to waive a portion of its management fee for the Mid Cap Growth Fund in an amount equal to any management fees it earns as an investment adviser to any of the affiliated funds in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in affiliated funds, based on the Fund’s investments in such affiliated funds. These arrangements will remain in effect through at least December 29, 2023, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. These management fee waivers may be modified or terminated by the Investment Adviser at its discretion and without shareholder approval after such date, although the Investment Adviser does not presently intend to do so.

In addition to the management fee waivers described above, the Investment Adviser may waive an additional portion of its management fee, including fees earned as the Investment Adviser to any affiliated funds in which the Fund invests, from time to time, and may discontinue or modify any such waivers in the future, consistent with the terms of any fee waiver arrangements that may be in place.

A discussion regarding the basis for the Board of Trustees’ approval of the Management Agreement for the Fund in 2022 is available in the Fund's annual report dated August 31, 2022.

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 0.004%, 0.024%, 0.044%, and 0.004%, of average daily net assets for the Mid Cap Growth, Small Cap Growth, Small/Mid Cap Growth, and Technology Opportunities Funds, respectively, through at least December 29, 2023, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The expense limitations may be modified or terminated by the Investment Adviser at its discretion and without shareholder approval after such date, although the Investment Adviser does not presently intend to do so. The Fund’s “Other Expenses” may be further reduced by any custody and transfer agency fee credits received by the Fund.

FUND MANAGERS

Fundamental Equity U.S. Equity Team

Name and Title	Fund Responsibility	Years Primarily Responsible	Five Year Employment History
Steven M. Barry Managing Director Co-Chief Investment Officer, Fundamental Equity U.S. Equity	Portfolio Manager— Mid Cap Growth, Small/Mid Cap Growth Technology Opportunities	Since 1999 1999	Mr. Barry joined the Investment Adviser as a portfolio manager in 1999. He is Managing Director and Co-Chief Investment Officer of Fundamental Equity U.S. Equity. Mr. Barry became Chief Investment Officer of Fundamental Equity U.S. Equity in 2009.
Sung Cho, CFA Managing Director	Portfolio Manager— Technology Opportunities	Since 2018	Mr. Cho joined the Investment Adviser in 2004. He is a portfolio manager on the Fundamental Equity U.S. Equity Team, where he has broad research responsibilities.
Charles “Brook” Dane, CFA Vice President	Portfolio Manager— Technology Opportunities	Since 2018	Mr. Dane joined the Investment Adviser in 2010 as a portfolio manager for the Fundamental Equity U.S. Equity Team.
Jenny Chang Vice President	Portfolio Manager— Mid Cap Growth	Since 2019	Ms. Chang is a portfolio manager on the Fundamental Equity Team focused on the Mid Cap Growth strategy. She joined GSAM in 2016. Prior to joining the Investment Adviser, she was an investment analyst at Franklin Templeton for five years.
Jessica Katz Vice President	Portfolio Manager— Small/Mid Cap Growth Small Cap Growth	Since 2019 2019	Ms. Katz is a Portfolio Manager for the Fundamental Equity U.S. Equity Team. She has primary research responsibilities for the Energy and Industrials sectors across the U.S. Equity Strategies. Prior to joining the Investment Adviser, she spent over seven years as a Research Analyst at Eaton Vance Management.
Gregory Tuorto Managing Director	Portfolio Manager— Small/Mid Cap Growth Small Cap Growth	Since 2019 2019	Mr. Tuorto is a portfolio manager on the Fundamental Equity Team focused on the Small/Mid Cap Growth strategy. He joined the Investment Adviser in 2019. Prior to joining the Investment Adviser, Mr. Tuorto had worked at JPMorgan Asset Management since 2008.

For information about the portfolio managers’ compensation, other accounts managed by the portfolio managers and the portfolio managers’ ownership of securities in the Fund, see the SAI.

DISTRIBUTOR AND TRANSFER AGENT

For its transfer agency services, Goldman Sachs is entitled to receive a transfer agency fee equal, on an annualized basis, to 0.03% of average daily net assets with respect to Class R6 Shares, 0.04% of average daily net assets with respect to the Institutional and Service Shares and 0.16% of average daily net assets with respect to the Class A, Class C, Investor and Class R Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, and Investor Shares for the Mid Cap Growth Fund, 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, and Investor Shares for the Small Cap Growth Fund, 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares for the Small/Mid Cap Growth Fund and 0.08% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, and Investor Shares for the Technology Opportunities Fund through at least December 29, 2023, and prior to such date Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees.

Service Providers

ACTIVITIES OF GOLDMAN SACHS AND ITS AFFILIATES AND OTHER

ACCOUNTS MANAGED BY GOLDMAN SACHS

The involvement of the Investment Adviser, Goldman Sachs and their affiliates in the management of, or their interest in, other accounts and other activities of Goldman Sachs will present conflicts of interest with respect to the Fund and will, under certain circumstances, limit the Fund’s investment activities. Goldman Sachs is a worldwide, full service investment banking, broker dealer, asset management and financial services organization and a major participant in global financial markets that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. As such, it acts as a broker-dealer, investment adviser, investment banker, underwriter, research provider, administrator, financier, adviser, market maker, trader, prime broker, derivatives dealer, clearing agent, lender, counterparty, agent, principal, distributor, investor or in other commercial capacities for accounts or companies or affiliated or unaffiliated investment funds (including pooled investment vehicles and private funds) in which one or more accounts, including the Fund, invest. In those and other capacities, Goldman Sachs and its affiliates advise and deal with clients and third parties in all markets and transactions and purchase, sell, hold and recommend a broad array of investments, including securities, derivatives, loans, commodities, currencies, credit default swaps, indices, baskets and other financial instruments and products for their own accounts or for the accounts of their customers and have other direct and indirect interests in the global fixed income, currency, commodity, equities, bank loans and other markets and the securities and issuers in which the Fund directly and indirectly invests. Thus, it is expected that the Fund will have multiple business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities for which Goldman Sachs and its affiliates perform or seek to perform investment banking or other services. The Investment Adviser and/or certain of its affiliates are the managers of the Goldman Sachs Funds. The Investment Adviser and its affiliates earn fees from this and other relationships with the Fund. Although management fees paid by the Fund to the Investment Adviser and certain other fees paid to the Investment Adviser’s affiliates are based on asset levels, the fees are not directly contingent on Fund performance, and the Investment Adviser and its affiliates will still receive significant compensation from the Fund even if shareholders lose money. Goldman Sachs and its affiliates engage in proprietary trading and advise accounts and funds which have investment objectives similar to those of the Fund and/or which engage in and compete for transactions in the same types of securities, currencies and instruments as the Fund. Goldman Sachs and its affiliates will not have any obligation to make available any information regarding their proprietary activities or strategies, or the activities or strategies used for other accounts managed by them, for the benefit of the management of the Fund. The results of the Fund’s investment activities, therefore, will likely differ from those of Goldman Sachs, its affiliates, and other accounts managed by Goldman Sachs, and it is possible that the Fund could sustain losses during periods in which Goldman Sachs and its affiliates and other accounts achieve significant profits on their trading for proprietary or other accounts. In addition, the Fund may enter into transactions in which Goldman Sachs and its affiliates or their other clients have an adverse interest. For example, the Fund may take a long position in a security at the same time that Goldman Sachs and its affiliates or other accounts managed by the Investment Adviser or its affiliates take a short position in the same security (or vice versa). These and other transactions undertaken by Goldman Sachs, its affiliates or Goldman Sachs-advised clients may, individually or in the aggregate, adversely impact the Fund. Transactions by one or more Goldman Sachs-advised clients or the Investment Adviser may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the Fund. The Fund’s activities will, under certain circumstances, be limited because of regulatory restrictions applicable to Goldman Sachs and its affiliates, and/or their internal policies designed to comply with such restrictions. As a global financial services firm, Goldman Sachs and its affiliates also provide a wide range of investment banking and financial services to issuers of securities and investors in securities. Goldman Sachs, its affiliates and others associated with it are expected to create markets or specialize in, have positions in and/or effect transactions in, securities of issuers held by the Fund, and will likely also perform or seek to perform investment banking and financial services for one or more of those issuers. Goldman Sachs and its affiliates are expected to have business relationships with and purchase or distribute or sell services or products from or to distributors, consultants or others who recommend the Fund or who engage in transactions with or for the Fund. For more information about conflicts of interest, see the section entitled “Potential Conflicts of Interest” in the SAI.

Distributions

The Fund pays distributions from its investment income and from net realized capital gains. You may choose to have distributions paid in:

◼

Cash

◼

Additional shares of the same class of the same Fund

◼

Shares of the same or an equivalent class of another Goldman Sachs Fund. Special restrictions may apply. See the SAI.

You may indicate your election on your account application. Any changes may be submitted in writing or via telephone, in some instances, to the Transfer Agent (either directly or through your Intermediary) at any time before the record date for a particular distribution. If you do not indicate any choice, your distributions will be reinvested automatically in the applicable Fund. Distributions from net investment income and distributions from net capital gains, if any, are normally declared and paid annually for the Fund. In addition, the Fund may occasionally make a distribution at a time when it is not normally made. If cash distributions are elected with respect to the Fund’s distributions from net investment income, then cash distributions must also be elected with respect to the net short-term capital gains component, if any, of the Fund’s distributions.

The election to reinvest distributions in additional shares will not affect the tax treatment of such distributions, which will be treated as received by you and then used to purchase the shares.

Shareholder Guide

The following section will provide you with answers to some of the most frequently asked questions regarding buying and selling the Fund's shares.

How To Buy Shares

Shares Offering

How Can I Purchase Shares Of The Fund?

Note: Intermediaries may receive different compensation for selling different share classes.

◼

Investors who purchase Class R6 Shares through an Eligible Fee-Based Program;

◼

Employee Benefit Plans;

◼

Registered investment companies or bank collective trusts investing directly with the Transfer Agent;

◼

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.

What Is My Minimum Investment In The Fund?

For each of your accounts investing in Class A or Class C Shares, the following investment minimums must be met:

	Initial	Additional*
Regular Accounts	$1,000	$50
Employee Benefit Plans	No Minimum	No Minimum
Uniform Gift/Transfer to Minors Accounts (UGMA/UTMA)	$250	$50
Individual Retirement Accounts and Coverdell ESAs	$250	$50
Automatic Investment Plan Accounts	$250	$50

Shareholder Guide

What Should I Know When I Purchase Shares Through An Intermediary?

Certain Intermediaries may provide the following services in connection with their customers’ investments in Service Shares:

◼

Personal and account maintenance services

◼

Provide facilities to answer inquiries and respond to correspondence

◼

Act as liaison between the Intermediary’s customers and the Trust

◼

Assist customers in completing application forms, selecting dividend and other options, and similar services

◼

Shareholder administration services

◼

Act, directly or through an agent, as the sole shareholder of record

◼

Maintain account records for customers

◼

Process orders to purchase, redeem and exchange shares for customers

◼

Process payments for customers

What Else Should I Know About Share Purchases?

The Trust reserves the right to:

◼

Close the Fund to new investors from time to time and reopen any such Fund whenever it is deemed appropriate by the Investment Adviser.

◼

Provide for, modify or waive the minimum investment requirements.

◼

Modify the manner in which shares are offered.

◼

Modify the sales charge rate applicable to future purchases of shares.

How Are Shares Priced?

NAV =	(Value of Assets of the Class) – (Liabilities of the Class)
	Number of Outstanding Shares of the Class

Shareholder Guide

Please note the following with respect to the price at which your transactions are processed:

◼

The Trust reserves the right to advance the time by which purchase and redemption orders must be received for same business day credit as otherwise permitted by the SEC.

Common Questions Applicable to the Purchase of

Class A Shares

What Is The Offering Price Of Class A Shares?

Amount of Purchase (including sales charge, if any)	Sales Charge as Percentage of Offering Price	Sales Charge as Percentage of Net Amount Invested	Maximum Dealer Allowance as Percentage of Offering Price*
Less than $50,000	5.50%	5.82%	5.00%
$50,000 up to (but less than) $100,000	4.75	4.99	4.00
$100,000 up to (but less than) $250,000	3.75	3.90	3.00
$250,000 up to (but less than) $500,000	2.75	2.83	2.25
$500,000 up to (but less than) $1 million	2.00	2.04	1.75
$1 million or more	0.00**	0.00**	*, **

***

With respect to Mid Cap Growth Fund, Small/Mid Cap Growth Fund, and Technology Opportunities Fund, the Distributor may pay a one-time commission to Intermediaries who initiate or are responsible for purchases of $1 million or more of shares of the Fund equal to 1.00% of the amount under $3 million, 0.50% of the next $2 million, and 0.25% thereafter. In instances where this one-time commission is not paid to a particular Intermediary (including Goldman Sachs’ Private Wealth Management Unit), the CDSC on Class A Shares, generally, will be waived. The Distributor may also pay, with respect to all or a portion of the amount purchased, a commission in accordance with the foregoing schedule to Intermediaries who initiate or are responsible for purchases by Employee Benefit Plans investing in the Fund which satisfy the criteria set forth below in “When Are Class A Shares Not Subject To A Sales Load?” or $1 million or more by certain “wrap” accounts. Purchases by such plans will be made at NAV with no initial sales charge, but if shares are redeemed within 18 months, a CDSC of 1.00% may be imposed upon the plan, the plan sponsor or the third-party administrator. In addition, Intermediaries will remit to the Distributor such payments received in connection with “wrap” accounts in the event that shares are redeemed within 18 months.

****With respect to Small Cap Growth Fund, the Distributor may pay a one-time commission to Intermediaries who initiate or are responsible for purchases of $1 million or more of shares of the Fund equal to 1.00% of the amount under $3 million, 0.50% of the next $2 million, and 0.25% thereafter. In instances where this one-time commission is not paid to a particular Intermediary (including Goldman Sachs’ Private Wealth Management Unit and Employee Benefit Plans), the CDSC on Class A Shares, generally, will be waived. The Distributor may also pay, with respect to all or a portion of the amount purchased, a commission in accordance with the foregoing schedule to Intermediaries who initiate or are responsible for purchases of $1 million or more by certain “wrap” accounts. Purchases by such plans will be made at NAV with no initial sales charge, but if shares are redeemed within 18 months a CDSC of 1.00% may be imposed upon the plan, the plan sponsor or the third-party administrator. In addition, Intermediaries will remit to the Distributor such payments received in connection with “wrap” accounts in the event that shares are redeemed within 18 months.

Shareholder Guide

Different Intermediaries may impose different sales charges. These variations are described in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts.

(i)

Information or records regarding shares of the Fund or other Goldman Sachs Funds held in all accounts (e.g., retirement accounts) of the shareholder at all Intermediaries; or

(ii)

Information or records regarding shares of the Fund or other Goldman Sachs Funds held at any Intermediary by related parties of the shareholder, such as members of the same family or household.

What Else Do I Need To Know About Class A Shares’ CDSC?

When Are Class A Shares Not Subject To A Sales Load?

Class A Shares of the Fund may be sold at NAV without payment of any sales charge to the following individuals and entities:

◼

Qualified employee benefit plans of Goldman Sachs;

◼

Trustees or directors of investment companies for which Goldman Sachs or an affiliate acts as sponsor;

◼

Any employee or registered representative of any Intermediary (or such Intermediaries’ affiliates and subsidiaries) or their respective spouses or domestic partners, children and parents;

◼

Banks, trust companies or other types of depository institutions;

◼

Insurance company separate accounts that make the Fund available as an underlying investment in certain group annuity contracts;

◼

Investment advisers investing for accounts for which they receive asset-based fees;

◼

Accounts over which GSAM or its advisory affiliates have investment discretion;

◼

State sponsored 529 college savings plans;

◼

Investors that purchase Class A Shares through the GS Retirement Plan Plus and Goldman Sachs 401(k) Programs;

◼

Investors who purchase Class A Shares in accounts that are no longer associated with an Intermediary and held direct at the Transfer Agent, including retirement accounts.

The Fund will grant you an exemption subject to confirmation of your eligibility by your Intermediary. You may be charged a fee by your Intermediary.

How Can The Sales Charge On Class A Shares Be Reduced?

◼

Shareholder Guide

Common Questions Applicable to the Purchase Of Class C Shares

What Is The Offering Price Of Class C Shares?

Different Intermediaries may impose different sales charges. These variations are described in “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts.”

What Should I Know About The Automatic Conversion Of Class C Shares?

Common Questions Applicable to the Purchase Of

Class A and C Shares

What Else Do I Need To Know About The CDSC On Class A Or C Shares?

◼

The CDSC is based on the lesser of the NAV of the shares at the time of redemption or the original offering price (which is the original NAV).

◼

No CDSC is charged on shares acquired from reinvested dividends or capital gains distributions.

◼

No CDSC is charged on the per share appreciation of your account over the initial purchase price.

◼

In What Situations May The CDSC On Class A Or C Shares Be Waived Or Reduced?

The CDSC on Class A and Class C Shares that are subject to a CDSC may be waived or reduced if the redemption relates to:

◼

Mandatory retirement distributions or loans to participants or beneficiaries from Employee Benefit Plans;

◼

Hardship withdrawals by a participant or beneficiary in an Employee Benefit Plan;

◼

The separation from service by a participant or beneficiary in an Employee Benefit Plan;

◼

Excess contributions distributed from an Employee Benefit Plan;

◼

Distributions from a qualified Employee Benefit Plan invested in the Goldman Sachs Funds which are being rolled over to an IRA in the same share class of a Goldman Sachs Fund;

◼

The death or disability (as defined in Section 72(m)(7) of the Internal Revenue Code of 1986, as amended (the “Code”)) of a shareholder, participant or beneficiary in an Employee Benefit Plan;

◼

Satisfying the minimum distribution requirements of the Code;

◼

Establishing “substantially equal periodic payments” as described under Section 72(t)(2) of the Code;

◼

Redemption proceeds which are to be reinvested in accounts or non-registered products over which GSAM or its advisory affiliates have investment discretion;

◼

A systematic withdrawal plan. The Fund reserves the right to limit such redemptions, on an annual basis, to 12% of the value of your Class C Shares and 10% of the value of your Class A Shares;

◼

Redemptions or exchanges of Fund shares held through an Employee Benefit Plan using the Fund as part of a qualified default investment alternative or “QDIA”; or

◼

Other redemptions, at the discretion of the Trust’s officers, relating to shares purchased through Employee Benefit Plans.

You may be eligible for different or additional exemptions based on your Intermediary; see “Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts.”

How To Sell Shares

How Can I Sell Shares Of The Fund?

When Do I Need A Medallion Signature Guarantee To Redeem Shares?

Generally, a redemption request must be in writing and signed by an authorized person with a Medallion signature guarantee if:

◼

A request is made in writing to redeem Class A, Class C, Investor or Class R Shares in an amount over $50,000 via check;

◼

You would like the redemption proceeds sent to an address that is not your address of record; or

◼

You would like the redemption proceeds sent to a domestic bank account that is not designated in the current records of the Transfer Agent.

Shareholder Guide

What Do I Need To Know About Telephone Redemption Requests?

◼

Telephone requests are recorded.

◼

The telephone redemption option may be modified or terminated at any time without prior notice.

◼

The Fund may allow redemptions via check up to $50,000 in Class A, Class C, Investor and Class R Shares requested via telephone.

Note: It may be difficult to make telephone redemptions in times of unusual economic or market conditions.

How Are Redemption Proceeds Paid?

◼

If you are selling shares you recently paid for by check or purchased by Automated Clearing House (“ACH”), the Fund will pay you when your check or ACH has cleared, which may take up to 15 days.

◼

If the Federal Reserve Bank is closed on the day that the redemption proceeds would ordinarily be wired, wiring the redemption proceeds may be delayed until the Federal Reserve Bank reopens.

◼

What Else Do I Need To Know About Redemptions?

The following generally applies to redemption requests:

◼

Additional documentation may be required when deemed appropriate by the Transfer Agent. A redemption request will not be in proper form until such additional documentation has been received.

◼

The Trust reserves the right to:

◼

Subject to applicable law, redeem your shares in other circumstances determined by the Board of Trustees to be in the best interest of the Trust.

◼

Charge an additional fee in the event a redemption is made via wire transfer.

None of the Trust, the Investment Adviser or Goldman Sachs will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.

Can I Reinvest Redemption Proceeds In The Same Or Another Goldman Sachs Fund?

You may reinvest redemption proceeds as follows:

◼

You may be subject to tax as a result of a redemption. You should consult your tax adviser concerning the tax consequences of a redemption and reinvestment.

Shareholder Guide

Can I Exchange My Investment From One Goldman Sachs Fund To Another Goldman Sachs Fund?

You should keep in mind the following factors when making or considering an exchange:

◼

Currently, the Fund does not impose any charge for exchanges although the Fund may impose a charge in the future.

◼

Eligible investors may exchange certain classes of shares for another class of shares of the same Fund. For further information, contact your Intermediary.

◼

Exchanges are available only in states where exchanges may be legally made.

◼

It may be difficult to make telephone exchanges in times of unusual economic or market conditions.

◼

Normally, a telephone exchange will be made only to an identically registered account.

◼

Exchanges into Goldman Sachs Funds or certain share classes of Goldman Sachs Funds that are closed to new investors may be restricted.

Shareholder Services

Can I Arrange To Have Automatic Investments Made On A Regular Basis?

Can My Distributions From The Fund Be Invested In Other Goldman Sachs Funds?

You may elect to cross-reinvest distributions paid by a Goldman Sachs Fund in shares of the same class of other Goldman Sachs Funds.

◼

Shares will be purchased at NAV.

◼

You may elect cross-reinvestment into an identically registered account or a similarly registered account provided that at least one name on the account is registered identically.

◼

You cannot make cross-reinvestments into a Goldman Sachs Fund unless that Fund’s minimum initial investment requirement is met.

◼

You should obtain and read the prospectus of the Goldman Sachs Fund into which distributions are invested.

Can I Arrange To Have Automatic Exchanges Made On A Regular Basis?

You may elect to exchange automatically a specified dollar amount of Class A or Class C Shares of the Fund for shares of the same class of other Goldman Sachs Funds.

◼

Shares will be purchased at NAV if a sales charge had been imposed on the initial purchase.

◼

You may elect to exchange into an identically registered account or a similarly registered account provided that at least one name on the account is registered identically.

◼

Automatic exchanges are made monthly on the 15th day of each month or the first business day thereafter.

◼

Minimum dollar amount: $50 per month.

◼

You cannot make automatic exchanges into a Goldman Sachs Fund unless that Fund’s minimum initial investment requirement is met.

◼

You should obtain and read the prospectus of the Goldman Sachs Fund into which automatic exchanges are made.

◼

An exchange is considered a redemption and a purchase and therefore may be a taxable transaction.

Can I Have Systematic Withdrawals Made On A Regular Basis?

You may redeem from your Class A or Class C Share account systematically via check or ACH transfer or through your Intermediary in any amount of $50 or more.

◼

Each systematic withdrawal is a redemption and therefore may be a taxable transaction.

◼

What Types Of Reports Will I Be Sent Regarding My Investment?

Distribution and Service Fees

What Are The Different Distribution And/Or Service Fees Paid By The Fund’s Shares?

Shareholder Guide

The distribution fees are subject to the requirements of Rule 12b-1 under the Investment Company Act, and may be used (among other things) for:

◼

Compensation paid to and expenses incurred by Intermediaries, Goldman Sachs and their respective officers, employees and sales representatives;

◼

Commissions paid to Intermediaries;

◼

Allocable overhead;

◼

Telephone and travel expenses;

◼

Interest and other costs associated with the financing of such compensation and expenses;

◼

Printing of prospectuses for prospective shareholders;

◼

Preparation and distribution of sales literature or advertising of any type; and

◼

All other expenses incurred in connection with activities primarily intended to result in the sale of Class A, Class C and Class R Shares.

Class C Personal And Account Maintenance

Services And Fees

In connection with the sale of Class C Shares, Goldman Sachs normally begins paying the 0.25% ongoing service fee to Intermediaries after the shares have been held for one year.

Service Shares Service Plan And Shareholder

Administration Plan

The Trust, on behalf of the Funds offering Service Shares, has adopted a Service Plan and Shareholder Administration Plan for Service Shares, pursuant to which Goldman Sachs and certain Intermediaries are entitled to receive payments for their services from the Trust. These payments are equal to 0.25% (annualized) for personal and account maintenance services, plus an additional 0.25% (annualized) for shareholder administration services of the average daily net assets of Service Shares of the Fund that are attributable to or held in the name of Goldman Sachs or an Intermediary for its customers. Fees for personal and account maintenance services are paid pursuant to the Service Shares’ Service Plan and are subject to the requirements of Rule 12b-1 under the Investment Company Act. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time, these fees will increase the cost of your investment and may cost you more than paying other types of such charges.

Restrictions on Excessive Trading Practices

judgment of the Trust (or Goldman Sachs), has been or may be disruptive to the Fund. In making this judgment, trades executed in multiple accounts under common ownership or control may be considered together to the extent they can be identified. No waivers of the provisions of the policy established to detect and deter market timing and other excessive trading activity are permitted that would harm the Trust or its shareholders or would subordinate the interests of the Trust or its shareholders to those of Goldman Sachs or any affiliated person or associated person of Goldman Sachs.

Taxation

DISTRIBUTIONS

The Fund may be subject to foreign withholding or other foreign taxes on income or gain from certain foreign securities. In general, the Fund may deduct these taxes in computing its taxable income.

SALES AND EXCHANGES

OTHER INFORMATION

The Fund is required to report to you and the IRS annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also, for shares purchased on or after January 1, 2012, their cost basis. Cost basis will be calculated using the Fund’s default method of average cost, unless you instruct the Fund to use a different methodology. If you would like to use the average cost method of calculation, no action is required. To elect an alternative method, you should contact Goldman Sachs Funds at the address or phone number on the back cover of the Prospectus. If your account is held with an Intermediary, contact your representative with respect to reporting of cost basis and available elections for your account.

Appendix A

Additional Information on Portfolio Risks, Securities and Techniques

A. General Portfolio Risks

B. Other Portfolio Risks

Appendix A

If a Fund focuses its investments in one or a few countries and currencies, the Fund may be subjected to greater risks than if a Fund’s assets were not geographically focused.

Risks of Emerging Countries. The Funds may invest in securities of issuers located in, or otherwise economically tied to, emerging countries. The risks of foreign investment are heightened when the issuer is located in an emerging country. Emerging countries are generally located in Africa, Asia, the Middle East, Eastern and Central Europe, and Central and South America. A Fund’s purchase and sale of portfolio securities in certain emerging countries may be constrained by limitations relating to daily changes in the prices of listed securities, periodic trading or settlement volume and/or limitations on aggregate holdings of foreign investors. Such limitations may be computed based on the aggregate trading volume by or holdings of a Fund, the Investment Adviser, its affiliates and their respective clients and other service providers. A Fund may not be able to sell securities in circumstances where price, trading or settlement volume limitations have been reached.

Risks of Derivative Investments. Certain Funds may, to the extent consistent with their respective investment policies, invest in derivative instruments including without limitation, options, futures, options on futures, swaps, structured securities and forward contracts and other derivatives relating to foreign currency transactions. Derivatives may be used for both hedging and non-hedging purposes (that is, to seek to increase total return), although suitable derivative instruments may not always be available to the Investment Adviser for these purposes. Losses from derivative instruments can result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged, the potential illiquidity of the markets for derivative instruments, the failure of the counterparty to perform its contractual obligations, or the risks related to leverage factors associated with such transactions. Derivatives are also subject to risks arising from margin requirements, which include the risk that a Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions and the risk of loss by a Fund of margin deposits in the event of the bankruptcy or other similar insolvency with respect to a broker or counterparty with whom a Fund has an open derivative position. Losses may also arise if the Funds receive cash collateral under the transactions and some or all of that collateral is invested in the market. To the extent that cash collateral is so invested, such collateral will be subject to market depreciation or appreciation and a Fund may be responsible for any loss that might result from its investment of the counterparty’s cash collateral. If cash collateral is not invested, the Fund may be exposed to additional risk of loss in the event of the insolvency of its custodian holding such collateral. The use of these management techniques also involves the risk of loss if the Investment Adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates, currency prices or other variables.

Appendix A

Derivative instruments may be harder to value, subject to greater volatility and more likely subject to changes in tax treatment than other investments. For these reasons, the Investment Adviser’s attempts to hedge portfolio risks through the use of derivative instruments may not be successful, and the Investment Adviser may choose not to hedge portfolio risks. Using derivatives for non-hedging purposes is considered a speculative practice and presents greater risk of loss than derivatives used for hedging purposes.

Investments purchased by a Fund that are liquid at the time of purchase may subsequently become illiquid. If one or more investments in a Fund’s portfolio become illiquid, the Fund may exceed its 15 percent limitation in illiquid investments. In the event that changes in the portfolio or other external events cause the Fund to exceed this limit, the Fund must take steps to bring its illiquid investments that are assets to or below 15% of its net assets within a reasonable period of time. This requirement would not force a Fund to liquidate any portfolio instrument where the Fund would suffer a loss on the sale of that instrument.

Debt securities rated BBB- or higher by Standard & Poor’s, or Baa3 or higher by Moody’s or having a comparable credit rating by another NRSRO are considered “investment grade.” Securities rated BBB- or Baa3 are considered medium-grade obligations with speculative characteristics, and adverse economic conditions or changing circumstances may weaken their issuers’ capacity to pay interest and repay principal. For the purpose of determining compliance with any credit rating requirement, each Fund assigns a security, at the time of purchase, the highest rating by an NRSRO if the security is rated by more than one NRSRO. Therefore, a security will be deemed to have met a rating requirement if it receives the minimum required rating from at least one such rating organization even though it has been rated below the minimum rating by one or more other rating organizations, or if unrated by such rating organizations, the security is determined by the Investment Adviser to be of comparable credit quality.

Appendix A

C. Portfolio Securities and Techniques

This section provides further information on certain types of securities and investment techniques that may be used by the Funds, including their associated risks.

Convertible Securities. Each Fund (other than the Small/Mid Cap Growth Fund) may invest in convertible securities. Convertible securities are preferred stock or debt obligations that are convertible into common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities in which a Fund invests are subject to the same rating criteria as its other investments in fixed income securities. Convertible securities have both equity and fixed income risk characteristics. Like all fixed income securities, the value of convertible securities is susceptible to the risk of market losses attributable to changes in interest rates. Generally, the market value of convertible securities tends to decline as interest rates increase and, conversely, to increase as interest rates decline. However, when the market price of the common stock underlying a convertible security exceeds the conversion price of the convertible security, the convertible security tends to reflect the market price of the underlying common stock. As the market price of the underlying common stock declines, the convertible security, like a fixed income security, tends to trade increasingly on a yield basis, and thus may not decline in price to the same extent as the underlying common stock.

The Funds may also engage in cross-hedging by using forward contracts in a currency different from that in which the hedged security is denominated or quoted. A Fund may hold foreign currency received in connection with investments in foreign securities when, in the judgment of the Investment Adviser, it would be beneficial to convert such currency into U.S. dollars at a later date (e.g., the Investment Adviser may anticipate the foreign currency to appreciate against the U.S. dollar).

Appendix A

option period. Each Fund may write (sell) call and put options and purchase call and put options, on any securities and other instruments in which it may invest or any index consisting of securities or other instruments in which it may invest. A Fund may also, to the extent consistent with its investment policies, purchase and write (sell) put and call options on foreign currencies.

Each Fund may, to the extent consistent with its investment policies, purchase and sell futures contracts, and purchase and write call and put options on futures contracts and enter into swaps on futures contracts, in order to seek to increase total return or to hedge against changes in interest rates, securities prices or currency exchange rates, or to otherwise manage its term structure, sector selections and duration in accordance with its investment objective and policies. Each Fund may also, to the extent consistent with its investment policies, enter into closing purchase and sale transactions with respect to such contracts and options.

Futures contracts and related options and swaps present the following risks:

◼

Futures markets are highly volatile and the use of futures may increase the volatility of a Fund’s NAV.

◼

As a result of the low margin deposits normally required in futures trading, a relatively small price movement in a futures contract may result in substantial losses to a Fund.

◼

Futures contracts and options and swaps on futures may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day.

◼

Foreign exchanges may not provide the same protection as U.S. exchanges.

Equity Swaps. Each Fund may invest in equity swaps. Equity swaps allow the parties to a swap agreement to exchange the dividend income or other components of return on an equity investment (for example, a group of equity securities or an index) for another payment stream. An equity swap may be used by a Fund to invest in a market without owning or taking physical custody of securities in circumstances in which direct investment may be restricted for legal reasons or is otherwise deemed impractical or disadvantageous. Under an equity swap, payments may be made at the conclusion of the equity swap or periodically during its term. Sometimes, however, the Investment Adviser may be able to terminate a swap contract prior to its term, subject to any potential termination fee that is in addition to a Fund’s accrued obligations under the swap.

Equity swaps may be structured in different ways. For example, when a Fund takes a long position, a counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap would have increased in value had it been invested in a particular stock (or group of stocks), plus the dividends that would have been received on the stock. In these cases, a Fund may agree to pay to the counterparty interest on the notional amount of the equity swap plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such stock (or group of stocks). Therefore, in this case the return to the Fund on the equity swap should be the gain or loss on the notional amount plus dividends on the stock less the interest paid by the Fund on the notional amount. In other cases, when a Fund takes a short position, a counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap would have decreased in value had the Fund sold a particular stock (or group of stocks) short, less the dividend expense that the Fund would have paid on the stock (or group of stocks), as adjusted for interest payments or other economic factors.

The value of swaps can be very volatile. To the extent that the Investment Adviser does not accurately analyze and predict the potential relative fluctuation of the components swapped with another party, future market trends, the values of assets or economic factors, or the creditworthiness of the counterparty, a Fund may suffer a loss, which may be substantial. The value of some components of a swap (such as the dividends on a common stock) may also be sensitive to changes in interest rates. Furthermore, swaps may be illiquid, and a Fund may be unable to terminate its obligations when desired.

Appendix A

investment of the borrowers’ collateral. If the Investment Adviser determines to make securities loans, the value of the securities loaned may not exceed 33 1∕3% of the value of the total assets of a Fund (including the loan collateral). Loan collateral (including any investment of the collateral) is not subject to the percentage limitations described elsewhere in the Prospectus regarding investments in fixed income securities and cash equivalents.

Short Sales Against-the-Box. The Funds may make short sales against-the-box. A short sale against-the-box means that at all times when a short position is open the Fund will own an equal amount of securities sold short, or securities convertible into or exchangeable for, without payment of any further consideration, an equal amount of the securities of the same issuer as the securities sold short.

Bank Obligations. Each Fund may invest in obligations issued or guaranteed by U.S. or foreign banks. Bank obligations, including without limitation, time deposits, bankers’ acceptances and certificates of deposit, may be general obligations of the parent bank or may be limited to the issuing branch by the terms of the specific obligations or by government regulations. Banks are subject to extensive but different governmental regulations which may limit both the amount and types of loans which may be made and interest rates which may be charged. In addition, the profitability of the banking industry is largely dependent upon the availability and cost of funds for the purpose of financing lending operations under prevailing money market conditions. General economic conditions as well as exposure to credit losses arising from possible financial difficulties of borrowers play an important part in the operation of this industry.

Mortgage-Backed Securities. Each Fund may invest in mortgage-backed securities. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Mortgage-backed securities can be backed by either fixed rate mortgage loans or adjustable rate mortgage loans, and may be issued by either a governmental or non-governmental entity. The value of some mortgage backed securities may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers. Early repayment of principal on mortgage- or asset-backed securities may expose a Fund to the risk of earning a lower rate of return upon reinvestment of principal.

The Funds may invest in privately-issued mortgage pass-through securities that represent interests in pools of mortgage loans that are issued by trusts formed by originators of and institutional investors in mortgage loans (or represent interests in custodial arrangements administered by such institutions). These originators and institutions include commercial banks, savings and loans associations, credit unions, savings banks, mortgage bankers, insurance companies, investment banks or special purpose subsidiaries of the foregoing. The pools underlying privately-issued mortgage pass-through securities consist of mortgage loans secured by mortgages or deeds of trust creating a first lien on commercial, residential, residential multi-family and mixed residential/commercial properties. These mortgage-backed securities typically do not have the same credit standing as U.S. government guaranteed mortgage-backed securities.

Appendix A

Mortgage-backed securities may include multiple class securities, including collateralized mortgage obligations (“CMOs”) and Real Estate Mortgage Investment Conduit (“REMIC”) pass-through or participation certificates. A REMIC is a CMO that qualifies for special tax treatment and invests in certain mortgages principally secured by interests in real property and other permitted investments. CMOs provide an investor with a specified interest in the cash flow from a pool of underlying mortgages or of other mortgage-backed securities. CMOs are issued in multiple classes each with a specified fixed or floating interest rate and a final scheduled distribution rate. In many cases, payments of principal are applied to the CMO classes in the order of their respective stated maturities, so that no principal payments will be made on a CMO class until all other classes having an earlier stated maturity date are paid in full.

Asset-Backed Securities. Each Fund may invest in asset-backed securities. Asset-backed securities are securities whose principal and interest payments are collateralized by pools of assets such as auto loans, credit card receivables, leases, installment contracts and personal property. Asset-backed securities may also include home equity line of credit loans and other second-lien mortgages. Asset-backed securities are often subject to more rapid repayment than their stated maturity date would indicate as a result of the pass-through of prepayments of principal on the underlying loans. During periods of declining interest rates, prepayment of loans underlying asset-backed securities can be expected to accelerate. Accordingly, a Fund’s ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time. Asset-backed securities present credit risks that are not presented by mortgage-backed securities. This is because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities have only a subordinated claim or security interest in collateral. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, the Fund will be unable to possess and sell the underlying collateral and that the Fund’s recoveries on repossessed collateral may not be available to support payments on the securities. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed. There is no guarantee that private guarantors, or insurers of an asset-backed security, if any, will meet their obligations. The value of some asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Asset-backed securities may also be subject to increased volatility and may become illiquid and more difficult to value even when there is no default or threat of default due to the market’s perception of the creditworthiness of the issuers and market conditions impacting asset-backed securities more generally.

Borrowings. Each Fund can borrow money from banks and other financial institutions in amounts not exceeding one-third of its total assets (including the amount borrowed), for temporary or emergency purposes.

Appendix B

Financial Highlights

	Goldman Sachs Mid Cap Growth Fund
	Class A Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018

Net asset value, beginning of year	$18.20	$17.14	$18.14	$23.42	$23.97
Net investment loss(a)	(0.10)	(0.15)	(0.10)	(0.09)	(0.14)
Net realized and unrealized gain (loss)	(3.93)	5.26	4.13	0.69	4.20
Total from investment operations	(4.03)	5.11	4.03	0.60	4.06
Distributions to shareholders from net realized gains	(3.14)	(4.05)	(5.03)	(5.88)	(4.61)
Net asset value, end of year	$11.03	$18.20	$17.14	$18.14	$23.42
Total Return(b)	(25.93)%	33.85%	28.84%	8.00%	19.37%
Net assets, end of year (in 000’s)	$262,404	$404,921	$347,644	$331,433	$421,605
Ratio of net expenses to average net assets	1.24%	1.24%	1.25%	1.27%	1.30%
Ratio of total expenses to average net assets	1.37%	1.37%	1.41%	1.39%	1.40%
Ratio of net investment loss to average net assets	(0.73)%	(0.87)%	(0.64)%	(0.51)%	(0.60)%
Portfolio turnover rate(c)	50%	57%	65%	69%	60%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Appendix B

	Goldman Sachs Mid Cap Growth Fund
	Class C Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data*
Net asset value, beginning of year	$102.96	$162.72	$243.84	$386.64	$430.80
Net investment loss(a)	(0.48)	(1.68)	(2.16)	(3.12)	(5.28)
Net realized and unrealized gain (loss)	(9.97)	39.12	41.76	1.44	71.76
Total from investment operations	(10.45)	37.44	39.60	(1.68)	66.48
Distributions to shareholders from net realized gains	(75.36)	(97.20)	(120.72)	(141.12)	(110.64)
Net asset value, end of year	$17.15	$102.96	$162.72	$243.84	$386.64
Total Return(b)	(26.40)%	32.89%	27.86%	7.24%	18.52%
Net assets, end of year (in 000’s)	$13,261	$23,337	$28,894	$40,072	$77,990
Ratio of net expenses to average net assets	1.99%	1.99%	2.00%	2.02%	2.05%
Ratio of total expenses to average net assets	2.12%	2.12%	2.16%	2.14%	2.15%
Ratio of net investment loss to average net assets	(1.48)%	(1.62)%	(1.38)%	(1.25)%	(1.35)%
Portfolio turnover rate(c)	50%	57%	65%	69%	60%

On June 10, 2022, the Fund’s Class C Shares affected a 24-for-1 reverse share split. All per share data prior to June 10, 2022 has been adjusted to reflect the reverse share split.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

	Goldman Sachs Mid Cap Growth Fund
	Institutional Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$26.68	$23.41	$22.93	$27.78	$27.54
Net investment loss(a)	(0.08)	(0.13)	(0.06)	(0.04)	(0.07)
Net realized and unrealized gain (loss)	(6.09)	7.45	5.57	1.07	4.92
Total from investment operations	(6.17)	7.32	5.51	1.03	4.85
Distributions to shareholders from net realized gains	(3.14)	(4.05)	(5.03)	(5.88)	(4.61)
Net asset value, end of year	$17.37	$26.68	$23.41	$22.93	$27.78
Total Return(b)	(25.69)%	34.27%	29.33%	8.34%	19.78%
Net assets, end of year (in 000’s)	$313,137	$478,127	$442,693	$491,659	$1,178,239
Ratio of net expenses to average net assets	0.90%	0.90%	0.91%	0.93%	0.96%
Ratio of total expenses to average net assets	1.00%	1.00%	1.03%	1.00%	1.01%
Ratio of net investment loss to average net assets	(0.39)%	(0.53)%	(0.29)%	(0.17)%	(0.26)%
Portfolio turnover rate(c)	50%	57%	65%	69%	60%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Appendix B

	Goldman Sachs Mid Cap Growth Fund
	Service Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$15.97	$15.50	$16.89	$22.29	$23.05
Net investment loss(a)	(0.10)	(0.16)	(0.11)	(0.11)	(0.17)
Net realized and unrealized gain (loss)	(3.37)	4.68	3.75	0.59	4.02
Total from investment operations	(3.47)	4.52	3.64	0.48	3.85
Distributions to shareholders from net realized gains	(3.14)	(4.05)	(5.03)	(5.88)	(4.61)
Net asset value, end of year	$9.36	$15.97	$15.50	$16.89	$22.29
Total Return(b)	(26.06)%	33.59%	28.64%	7.82%	19.21%
Net assets, end of year (in 000’s)	$21,107	$33,114	$27,723	$27,094	$34,211
Ratio of net expenses to average net assets	1.40%	1.40%	1.41%	1.43%	1.46%
Ratio of total expenses to average net assets	1.50%	1.50%	1.53%	1.51%	1.51%
Ratio of net investment loss to average net assets	(0.90)%	(1.03)%	(0.79)%	(0.67)%	(0.76)%
Portfolio turnover rate(c)	50%	57%	65%	69%	60%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

	Goldman Sachs Mid Cap Growth Fund
	Investor Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$20.61	$18.90	$19.47	$24.59	$24.90
Net investment loss(a)	(0.07)	(0.12)	(0.07)	(0.05)	(0.08)
Net realized and unrealized gain (loss)	(4.56)	5.88	4.53	0.81	4.38
Total from investment operations	(4.63)	5.76	4.46	0.76	4.30
Distributions to shareholders from net realized gains	(3.14)	(4.05)	(5.03)	(5.88)	(4.61)
Net asset value, end of year	$12.84	$20.61	$18.90	$19.47	$24.59
Total Return(b)	(25.79)%	34.19%	29.15%	8.33%	19.64%
Net assets, end of year (in 000’s)	$70,759	$105,878	$81,928	$77,012	$93,889
Ratio of net expenses to average net assets	0.99%	0.99%	1.00%	1.01%	1.05%
Ratio of total expenses to average net assets	1.12%	1.12%	1.16%	1.15%	1.15%
Ratio of net investment loss to average net assets	(0.48)%	(0.62)%	(0.39)%	(0.25)%	(0.35)%
Portfolio turnover rate(c)	50%	57%	65%	69%	60%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Appendix B

	Goldman Sachs Mid Cap Growth Fund
	Class R6 Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$26.72	$23.44	$22.95	$27.80	$27.55
Net investment loss(a)	(0.08)	(0.13)	(0.06)	(0.04)	(0.07)
Net realized and unrealized gain (loss)	(6.10)	7.46	5.58	1.07	4.93
Total from investment operations	(6.18)	7.33	5.52	1.03	4.86
Distributions to shareholders from net realized gains	(3.14)	(4.05)	(5.03)	(5.88)	(4.61)
Net asset value, end of year	$17.40	$26.72	$23.44	$22.95	$27.80
Total Return(b)	(25.69)%	34.27%	29.35%	8.35%	19.80%
Net assets, end of year (in 000’s)	$199,472	$283,233	$211,480	$181,988	$231,077
Ratio of net expenses to average net assets	0.89%	0.89%	0.90%	0.92%	0.95%
Ratio of total expenses to average net assets	0.99%	0.99%	1.02%	1.00%	0.99%
Ratio of net investment loss to average net assets	(0.38)%	(0.53)%	(0.28)%	(0.16)%	(0.25)%
Portfolio turnover rate(c)	50%	57%	65%	69%	60%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

	Goldman Sachs Mid Cap Growth Fund
	Class R Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$15.99	$15.53	$16.92	$22.33	$23.11
Net investment loss(a)	(0.11)	(0.17)	(0.12)	(0.13)	(0.19)
Net realized and unrealized gain (loss)	(3.37)	4.68	3.76	0.60	4.02
Total from investment operations	(3.48)	4.51	3.64	0.47	3.83
Distributions to shareholders from net realized gains	(3.14)	(4.05)	(5.03)	(5.88)	(4.61)
Net asset value, end of year	$9.37	$15.99	$15.53	$16.92	$22.33
Total Return(b)	(26.10)%	33.44%	28.58%	7.75%	19.06%
Net assets, end of year (in 000’s)	$33,397	$54,987	$48,780	$45,005	$54,359
Ratio of net expenses to average net assets	1.49%	1.49%	1.50%	1.51%	1.55%
Ratio of total expenses to average net assets	1.62%	1.62%	1.66%	1.64%	1.65%
Ratio of net investment loss to average net assets	(0.98)%	(1.12)%	(0.89)%	(0.76)%	(0.85)%
Portfolio turnover rate(c)	50%	57%	65%	69%	60%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Appendix B

	Goldman Sachs Small Cap Growth Fund
	Class A Shares
	Year Ended August 31,		Period Ended August 31, 2020(a)
	2022	2021	Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$16.89	$12.81	$10.00
Net investment loss(b)	(0.10)(c)	(0.16)(d)	(0.09)
Net realized and unrealized gain (loss)	(4.04)	5.36	2.92
Total from investment operations	(4.14)	5.20	2.83
Distributions to shareholders from net investment income	—	(0.02)	(0.02)
Distributions to shareholders from net realized gains	(1.59)	(1.10)	—
Total distributions	(1.59)	(1.12)	(0.02)
Net asset value, end of period	$11.16	$16.89	$12.81
Total Return(e)	(26.55)%	41.87%	28.30%
Net assets, end of period (in 000’s)	$451	$669	$175
Ratio of net expenses to average net assets	1.28%	1.28%	1.30%(f)
Ratio of total expenses to average net assets	2.16%	3.50%	8.30%(f)
Ratio of net investment loss to average net assets	(0.74)%(c)	(1.01)%	(0.94)%(f)
Portfolio turnover rate(g)	81%	101%	70%

(a)

Commenced operations on October 31, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets.

(d)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

(e)

(f)

Annualized.

(g)

	Goldman Sachs Small Cap Growth Fund
	Class C Shares
	Year Ended August 31,		Period Ended August 31, 2020(a)
	2022	2021	Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$16.69	$12.74	$10.00
Net investment loss(b)	(0.20)(c)	(0.27)(d)	(0.15)
Net realized and unrealized gain (loss)	(3.97)	5.32	2.89
Total from investment operations	(4.17)	5.05	2.74
Distributions to shareholders from net investment income	—	—	—(e)
Distributions to shareholders from net realized gains	(1.59)	(1.10)	—
Total distributions	(1.59)	(1.10)	—(e)
Net asset value, end of period	$10.93	$16.69	$12.74
Total Return(f)	(27.08)%	40.86%	27.44%
Net assets, end of period (in 000’s)	$72	$119	$91
Ratio of net expenses to average net assets	2.03%	2.03%	2.06%(g)
Ratio of total expenses to average net assets	2.92%	4.09%	9.80%(g)
Ratio of net investment loss to average net assets	(1.48)%(c)	(1.78)%	(1.70)%(g)
Portfolio turnover rate(h)	81%	101%	70%

(a)

Commenced operations on October 31, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets.

(d)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

(e)

Amount is less than $0.005 per share.

(f)

(g)

Annualized.

(h)

Appendix B

	Goldman Sachs Small Cap Growth Fund
	Institutional Shares
	Year Ended August 31,		Period Ended August 31, 2020(a)
	2022	2021	Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$16.98	$12.84	$10.00
Net investment loss(b)	(0.04)(c)	(0.10)(d)	(0.05)
Net realized and unrealized gain (loss)	(4.07)	5.37	2.91
Total from investment operations	(4.11)	5.27	2.86
Distributions to shareholders from net investment income	—	(0.03)	(0.02)
Distributions to shareholders from net realized gains	(1.59)	(1.10)	—
Total distributions	(1.59)	(1.13)	(0.02)
Net asset value, end of period	$11.28	$16.98	$12.84
Total Return(e)	(26.21)%	42.36%	28.68%
Net assets, end of period (in 000’s)	$18,661	$14,313	$10,516
Ratio of net expenses to average net assets	0.91%	0.91%	0.93%(f)
Ratio of total expenses to average net assets	1.75%	2.93%	8.24%(f)
Ratio of net investment loss to average net assets	(0.34)%(c)	(0.66)%	(0.58)%(f)
Portfolio turnover rate(g)	81%	101%	70%

(a)

Commenced operations on October 31, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets.

(d)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

(e)

(f)

Annualized.

(g)

	Goldman Sachs Small Cap Growth Fund
	Investor Shares
	Year Ended August 31,		Period Ended August 31, 2020(a)
	2022	2021	Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$16.96	$12.83	$10.00
Net investment loss(b)	(0.06)(c)	(0.12)(d)	(0.06)
Net realized and unrealized gain (loss)	(4.07)	5.37	2.91
Total from investment operations	(4.13)	5.25	2.85
Distributions to shareholders from net investment income	—	(0.02)	(0.02)
Distributions to shareholders from net realized gains	(1.59)	(1.10)	—
Total distributions	(1.59)	(1.12)	(0.02)
Net asset value, end of period	$11.24	$16.96	$12.83
Total Return(e)	(26.37)%	42.21%	28.55%
Net assets, end of period (in 000’s)	$67	$91	$64
Ratio of net expenses to average net assets	1.03%	1.03%	1.06%(f)
Ratio of total expenses to average net assets	1.90%	3.13%	9.22%(f)
Ratio of net investment loss to average net assets	(0.48)%(c)	(0.78)%	(0.69)%(f)
Portfolio turnover rate(g)	81%	101%	70%

(a)

Commenced operations on October 31, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets.

(d)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

(e)

(f)

Annualized.

(g)

Appendix B

	Goldman Sachs Small Cap Growth Fund
	Class R6 Shares
	Year Ended August 31,		Period Ended August 31, 2020(a)
	2022	2021	Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$16.99	$12.84	$10.00
Net investment loss(b)	(0.05)(c)	(0.10)(d)	(0.05)
Net realized and unrealized gain (loss)	(4.07)	5.38	2.91
Total from investment operations	(4.12)	5.28	2.86
Distributions to shareholders from net investment income	—	(0.03)	(0.02)
Distributions to shareholders from net realized gains	(1.59)	(1.10)	—
Total distributions	(1.59)	(1.13)	(0.02)
Net asset value, end of period	$11.28	$16.99	$12.84
Total Return(e)	(26.25)%	42.44%	28.68%
Net assets, end of period (in 000’s)	$68	$92	$64
Ratio of net expenses to average net assets	0.90%	0.90%	0.93%(f)
Ratio of total expenses to average net assets	1.77%	3.00%	9.08%(f)
Ratio of net investment loss to average net assets	(0.35)%(c)	(0.65)%	(0.55)%(f)
Portfolio turnover rate(g)	81%	101%	70%

(a)

Commenced operations on October 31, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets.

(d)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

(e)

(f)

Annualized.

(g)

	Goldman Sachs Small Cap Growth Fund
	Class R Shares
	Year Ended August 31,		Period Ended August 31, 2020(a)
	2022	2021	Period Ended August 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$16.84	$12.79	$10.00
Net investment loss(b)	(0.13)(c)	(0.20)(d)	(0.11)
Net realized and unrealized gain (loss)	(4.03)	5.35	2.91
Total from investment operations	(4.16)	5.15	2.80
Distributions to shareholders from net investment income	—	—	(0.01)
Distributions to shareholders from net realized gains	(1.59)	(1.10)	—
Total distributions	(1.59)	(1.10)	(0.01)
Net asset value, end of period	$11.09	$16.84	$12.79
Total Return(e)	(26.76)%	41.51%	28.05%
Net assets, end of period (in 000’s)	$66	$91	$64
Ratio of net expenses to average net assets	1.53%	1.53%	1.56%(f)
Ratio of total expenses to average net assets	2.41%	3.62%	9.73%(f)
Ratio of net investment loss to average net assets	(0.98)%(c)	(1.28)%	(1.19)%(f)
Portfolio turnover rate(g)	81%	101%	70%

(a)

Commenced operations on October 31, 2019.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets.

(d)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

(e)

(f)

Annualized.

(g)

Appendix B

	Goldman Sachs Small/Mid Cap Growth Fund
	Class A Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$28.31	$23.56	$20.53	$23.94	$21.81
Net investment loss(a)	(0.17)	(0.25)	(0.15)	(0.12)(b)	(0.14)(c)
Net realized and unrealized gain (loss)	(7.31)	8.84	6.20	0.36	5.15
Total from investment operations	(7.48)	8.59	6.05	0.24	5.01
Distributions to shareholders from net realized gains	(3.74)	(3.84)	(3.02)	(3.65)	(2.88)
Distributions to shareholders from return of capital	(0.03)	—	—	—	—
Total distributions	(3.77)	(3.84)	(3.02)	(3.65)	(2.88)
Net asset value, end of year	$17.06	$28.31	$23.56	$20.53	$23.94
Total Return(d)	(29.64)%	39.05%	33.09%	4.33%	25.22%
Net assets, end of year (in 000’s)	$276,714	$470,941	$309,715	$295,072	$346,289
Ratio of net expenses to average net assets	1.22%	1.21%	1.27%	1.26%	1.28%
Ratio of total expenses to average net assets	1.27%	1.26%	1.32%	1.32%	1.35%
Ratio of net investment loss to average net assets	(0.79)%	(0.94)%	(0.74)%	(0.59)%(b)	(0.64)%(c)
Portfolio turnover rate(e)	65%	60%	76%	76%	59%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

(d)

(e)

	Goldman Sachs Small/Mid Cap Growth Fund
	Class C Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$21.23	$18.59	$16.90	$20.60	$19.27
Net investment loss(a)	(0.24)	(0.34)	(0.25)	(0.22)(b)	(0.27)(c)
Net realized and unrealized gain (loss)	(5.24)	6.82	4.96	0.17	4.48
Total from investment operations	(5.48)	6.48	4.71	(0.05)	4.21
Distributions to shareholders from net realized gains	(3.74)	(3.84)	(3.02)	(3.65)	(2.88)
Distributions to shareholders from return of capital	(0.03)	—	—	—	—
Total distributions	(3.77)	(3.84)	(3.02)	(3.65)	(2.88)
Net asset value, end of year	$11.98	$21.23	$18.59	$16.90	$20.60
Total Return(d)	(30.18)%	38.00%	32.18%	3.50%	24.30%
Net assets, end of year (in 000’s)	$76,089	$145,721	$153,835	$166,172	$232,881
Ratio of net expenses to average net assets	1.97%	1.96%	2.02%	2.01%	2.03%
Ratio of total expenses to average net assets	2.02%	2.01%	2.08%	2.07%	2.10%
Ratio of net investment loss to average net assets	(1.54)%	(1.69)%	(1.55)%	(1.35)%(b)	(1.38)%(c)
Portfolio turnover rate(e)	65%	60%	76%	76%	59%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

(d)

(e)

Appendix B

	Goldman Sachs Small/Mid Cap Growth Fund
	Institutional Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$31.94	$26.09	$22.36	$25.63	$23.08
Net investment loss(a)	(0.11)	(0.18)	(0.09)	(0.06)(b)	(0.07)(c)
Net realized and unrealized gain (loss)	(8.38)	9.87	6.84	0.44	5.50
Total from investment operations	(8.49)	9.69	6.75	0.38	5.43
Distributions to shareholders from net realized gains	(3.74)	(3.84)	(3.02)	(3.65)	(2.88)
Distributions to shareholders from return of capital	(0.03)	—	—	—	—
Total distributions	(3.77)	(3.84)	(3.02)	(3.65)	(2.88)
Net asset value, end of year	$19.68	$31.94	$26.09	$22.36	$25.63
Total Return(d)	(29.42)%	39.51%	33.55%	4.62%	25.69%
Net assets, end of year (in 000’s)	$824,359	$1,303,226	$921,412	$853,375	$1,067,540
Ratio of net expenses to average net assets	0.90%	0.89%	0.94%	0.93%	0.92%
Ratio of total expenses to average net assets	0.90%	0.89%	0.95%	0.93%	0.96%
Ratio of net investment loss to average net assets	(0.47)%	(0.63)%	(0.39)%	(0.26)%(b)	(0.27)%(c)
Portfolio turnover rate(e)	65%	60%	76%	76%	59%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

(d)

(e)

	Goldman Sachs Small/Mid Cap Growth Fund
	Service Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$26.92	$22.60	$19.84	$23.32	$21.33
Net investment loss(a)	(0.27)	(0.27)	(0.18)	(0.15)(b)	(0.17)(c)
Net realized and unrealized gain (loss)	(6.83)	8.43	5.96	0.32	5.04
Total from investment operations	(7.10)	8.16	5.78	0.17	4.87
Distributions to shareholders from net realized gains	(3.74)	(3.84)	(3.02)	(3.65)	(2.88)
Distributions to shareholders from return of capital	(0.03)	—	—	—	—
Total distributions	(3.77)	(3.84)	(3.02)	(3.65)	(2.88)
Net asset value, end of year	$16.05	$26.92	$22.60	$19.84	$23.32
Total Return(d)	(29.78)%	38.78%	32.87%	4.13%	25.12%
Net assets, end of year (in 000’s)	$1,267	$22,781	$32,215	$18,395	$18,210
Ratio of net expenses to average net assets	1.39%	1.39%	1.44%	1.43%	1.42%
Ratio of total expenses to average net assets	1.39%	1.40%	1.45%	1.44%	1.46%
Ratio of net investment loss to average net assets	(1.10)%	(1.12)%	(0.92)%	(0.75)%(b)	(0.77)%(c)
Portfolio turnover rate(e)	65%	60%	76%	76%	59%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

(d)

(e)

Appendix B

	Goldman Sachs Small/Mid Cap Growth Fund
	Investor Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$30.33	$24.96	$21.53	$24.85	$22.48
Net investment loss(a)	(0.13)	(0.19)	(0.10)	(0.07)(b)	(0.09)(c)
Net realized and unrealized gain (loss)	(7.90)	9.40	6.55	0.40	5.34
Total from investment operations	(8.03)	9.21	6.45	0.33	5.25
Distributions to shareholders from net realized gains	(3.74)	(3.84)	(3.02)	(3.65)	(2.88)
Distributions to shareholders from return of capital	(0.03)	—	—	—	—
Total distributions	(3.77)	(3.84)	(3.02)	(3.65)	(2.88)
Net asset value, end of year	$18.53	$30.33	$24.96	$21.53	$24.85
Total Return(d)	(29.47)%	39.37%	33.44%	4.57%	25.57%
Net assets, end of year (in 000’s)	$428,149	$815,104	$495,629	$409,019	$529,670
Ratio of net expenses to average net assets	0.97%	0.96%	1.02%	1.01%	1.03%
Ratio of total expenses to average net assets	1.02%	1.01%	1.07%	1.07%	1.10%
Ratio of net investment loss to average net assets	(0.55)%	(0.69)%	(0.47)%	(0.34)%(b)	(0.38)%(c)
Portfolio turnover rate(e)	65%	60%	76%	76%	59%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

(d)

(e)

	Goldman Sachs Small/Mid Cap Growth Fund
	Class R6 Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$31.98	$26.12	$22.38	$25.64	$23.09
Net investment loss(a)	(0.10)	(0.18)	(0.08)	(0.05)(b)	(0.06)(c)
Net realized and unrealized gain (loss)	(8.40)	9.88	6.84	0.44	5.49
Total from investment operations	(8.50)	9.70	6.76	0.39	5.43
Distributions to shareholders from net realized gains	(3.74)	(3.84)	(3.02)	(3.65)	(2.88)
Distributions to shareholders from return of capital	(0.03)	—	—	—	—
Total distributions	(3.77)	(3.84)	(3.02)	(3.65)	(2.88)
Total Return(d)	(29.41)%	39.51%	33.56%	4.67%	25.68%
Net assets, end of year (in 000’s)	$156,599	$139,453	$73,863	$54,916	$39,263
Ratio of net expenses to average net assets	0.89%	0.88%	0.93%	0.92%	0.91%
Ratio of total expenses to average net assets	0.89%	0.88%	0.94%	0.93%	0.95%
Ratio of net investment loss to average net assets	(0.43)%	(0.61)%	(0.38)%	(0.23)%(b)	(0.25)%(c)
Portfolio turnover rate(e)	65%	60%	76%	76%	59%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

(d)

(e)

Appendix B

	Goldman Sachs Small/Mid Cap Growth Fund
	Class R Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$26.41	$22.24	$19.58	$23.08	$21.17
Net investment loss(a)	(0.20)	(0.29)	(0.19)	(0.16)(b)	(0.19)(c)
Net realized and unrealized gain (loss)	(6.76)	8.30	5.87	0.31	4.98
Total from investment operations	(6.96)	8.01	5.68	0.15	4.79
Distributions to shareholders from net realized gains	(3.74)	(3.84)	(3.02)	(3.65)	(2.88)
Distributions to shareholders from return of capital	(0.03)	—	—	—	—
Total distributions	(3.77)	(3.84)	(3.02)	(3.65)	(2.88)
Total Return(d)	(29.82)%	38.72%	32.78%	4.07%	24.92%
Net assets, end of year (in 000’s)	$9,301	$14,818	$13,209	$15,856	$24,215
Ratio of net expenses to average net assets	1.47%	1.46%	1.52%	1.51%	1.53%
Ratio of total expenses to average net assets	1.52%	1.51%	1.57%	1.57%	1.61%
Ratio of net investment loss to average net assets	(1.04)%	(1.20)%	(1.00)%	(0.85)%(b)	(0.90)%(c)
Portfolio turnover rate(e)	65%	60%	76%	76%	59%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets.

(c)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.11% of average net assets.

(d)

(e)

	Goldman Sachs Technology Opportunities Fund
	Class A Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$35.07	$29.76	$23.17	$27.91	$23.04
Net investment loss(a)	(0.18)	(0.22)	(0.13)	(0.12)	(0.16)
Net realized and unrealized gain (loss)	(8.75)	8.18	10.43	0.44	6.79
Total from investment operations	(8.93)	7.96	10.30	0.32	6.63
Distributions to shareholders from net realized gains	(5.30)	(2.65)	(3.71)	(5.06)	(1.76)
Net asset value, end of year	$20.84	$35.07	$29.76	$23.17	$27.91
Total Return(b)	(29.60)%	29.05%	51.05%	4.73%	30.46%
Net assets, end of year (in 000’s)	$324,628	$503,553	$429,267	$305,666	$312,289
Ratio of net expenses to average net assets	1.25%	1.26%	1.28%	1.34%	1.38%
Ratio of total expenses to average net assets	1.41%	1.41%	1.46%	1.48%	1.48%
Ratio of net investment loss to average net assets	(0.67)%	(0.72)%	(0.55)%	(0.53)%	(0.65)%
Portfolio turnover rate(c)	51%	41%	41%	27%	46%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Appendix B

	Goldman Sachs Technology Opportunities Fund
	Class C Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$24.46	$21.68	$17.94	$23.05	$19.45
Net investment loss(a)	(0.25)	(0.31)	(0.23)	(0.24)	(0.29)
Net realized and unrealized gain (loss)	(5.65)	5.74	7.68	0.19	5.65
Total from investment operations	(5.90)	5.43	7.45	(0.05)	5.36
Distributions to shareholders from net realized gains	(5.30)	(2.65)	(3.71)	(5.06)	(1.76)
Net asset value, end of year	$13.26	$24.46	$21.68	$17.94	$23.05
Total Return(b)	(30.13)%	28.13%	49.93%	3.97%	29.49%
Net assets, end of year (in 000’s)	$16,950	$27,866	$30,011	$24,948	$57,207
Ratio of net expenses to average net assets	2.00%	2.01%	2.03%	2.10%	2.13%
Ratio of total expenses to average net assets	2.16%	2.16%	2.21%	2.23%	2.23%
Ratio of net investment loss to average net assets	(1.43)%	(1.47)%	(1.31)%	(1.31)%	(1.40)%
Portfolio turnover rate(c)	51%	41%	41%	27%	46%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

	Goldman Sachs Technology Opportunities Fund
	Institutional Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$41.40	$34.57	$26.28	$30.78	$25.15
Net investment loss(a)	(0.13)	(0.16)	(0.07)	(0.04)	(0.07)
Net realized and unrealized gain (loss)	(10.59)	9.64	12.07	0.60	7.46
Total from investment operations	(10.72)	9.48	12.00	0.56	7.39
Distributions to shareholders from net realized gains	(5.30)	(2.65)	(3.71)	(5.06)	(1.76)
Net asset value, end of year	$25.38	$41.40	$34.57	$26.28	$30.78
Total Return(b)	(29.38)%	29.42%	51.49%	5.12%	30.95%
Net assets, end of year (in 000’s)	$97,095	$190,705	$157,267	$74,728	$87,522
Ratio of net expenses to average net assets	0.97%	0.98%	0.99%	0.98%	0.99%
Ratio of total expenses to average net assets	1.04%	1.04%	1.08%	1.09%	1.09%
Ratio of net investment loss to average net assets	(0.40)%	(0.44)%	(0.27)%	(0.17)%	(0.26)%
Portfolio turnover rate(c)	51%	41%	41%	27%	46%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Appendix B

	Goldman Sachs Technology Opportunities Fund
	Service Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$33.72	$28.77	$22.56	$27.35	$22.64
Net investment loss(a)	(0.25)	(0.27)	(0.17)	(0.15)	(0.18)
Net realized and unrealized gain (loss)	(8.33)	7.87	10.09	0.42	6.65
Total from investment operations	(8.58)	7.60	9.92	0.27	6.47
Distributions to shareholders from net realized gains	(5.30)	(2.65)	(3.71)	(5.06)	(1.76)
Net asset value, end of year	$19.84	$33.72	$28.77	$22.56	$27.35
Total Return(b)	(29.76)%	28.78%	50.71%	4.62%	30.28%
Net assets, end of year (in 000’s)	$8,259	$38,670	$41,024	$29,084	$33,109
Ratio of net expenses to average net assets	1.47%	1.48%	1.49%	1.48%	1.49%
Ratio of total expenses to average net assets	1.54%	1.54%	1.58%	1.59%	1.59%
Ratio of net investment loss to average net assets	(0.93)%	(0.94)%	(0.77)%	(0.67)%	(0.75)%
Portfolio turnover rate(c)	51%	41%	41%	27%	46%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

	Goldman Sachs Technology Opportunities Fund
	Investor Shares
	Year Ended August 31,
	2022	2021	2020	2019	2018
Per Share Data
Net asset value, beginning of year	$40.39	$33.79	$25.78	$30.33	$24.84
Net investment loss(a)	(0.13)	(0.16)	(0.08)	(0.07)	(0.11)
Net realized and unrealized gain (loss)	(10.31)	9.41	11.80	0.58	7.36
Total from investment operations	(10.44)	9.25	11.72	0.51	7.25
Distributions to shareholders from net realized gains	(5.30)	(2.65)	(3.71)	(5.06)	(1.76)
Net asset value, end of year	$24.65	$40.39	$33.79	$25.78	$30.33
Total Return(b)	(29.42)%	29.42%	51.40%	5.01%	30.76%
Net assets, end of year (in 000’s)	$26,044	$41,403	$48,387	$19,207	$22,520
Ratio of net expenses to average net assets	1.00%	1.01%	1.02%	1.09%	1.13%
Ratio of total expenses to average net assets	1.16%	1.16%	1.21%	1.23%	1.23%
Ratio of net investment loss to average net assets	(0.42)%	(0.47)%	(0.31)%	(0.29)%	(0.40)%
Portfolio turnover rate(c)	51%	41%	41%	27%	46%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Appendix B

	Goldman Sachs Technology Opportunities Fund
	Class R6 Shares
	Year Ended August 31,				Period Ended August 31, 2018(a)
	2022	2021	2020	2019	Period Ended August 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$41.43	$34.59	$26.29	$30.78	$25.08
Net investment loss(b)	(0.06)	(0.15)	(0.08)	(0.02)	(0.04)
Net realized and unrealized gain (loss)	(10.67)	9.64	12.09	0.59	5.74
Total from investment operations	(10.73)	9.49	12.01	0.57	5.70
Distributions to shareholders from net realized gains	(5.30)	(2.65)	(3.71)	(5.06)	—
Net asset value, end of period	$25.40	$41.43	$34.59	$26.29	$30.78
Total Return(c)	(29.38)%	29.44%	51.51%	5.15%	22.73%
Net assets, end of period (in 000’s)	$50,264	$3,134	$1,330	$138	$12
Ratio of net expenses to average net assets	0.94%	0.97%	0.97%	0.97%	0.98%(d)
Ratio of total expenses to average net assets	1.04%	1.03%	1.06%	1.09%	1.08%(d)
Ratio of net investment loss to average net assets	(0.23)%	(0.43)%	(0.28)%	(0.07)%	(0.20)%(d)
Portfolio turnover rate(e)	51%	41%	41%	27%	46%

(a)

Commenced operations on December 29, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)

Appendix C

Additional Information About Sales Charge Variations, Waivers and Discounts

MERRILL LYNCH

Front-End Sales Load Waivers on Class A Shares Available at Merrill Lynch

◼

Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)

◼

Shares purchased through a Merrill Lynch affiliated investment advisory program

◼

Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

◼

Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

◼

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 fund family)

◼

Shares exchanged from Class C (i.e., level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

◼

Employees and registered representatives of Merrill Lynch or its affiliates and their family members

◼

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the prospectus

◼

CDSC Waivers on Class A and Class C Shares Available at Merrill Lynch

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Funds’ prospectus

◼

Return of excess contributions from an IRA Account

Appendix C

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

◼

Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

◼

Shares acquired through a right of reinstatement

◼

Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

◼

Front-End Load Discounts Available at Merrill Lynch: Rights of Accumulation & Letters of Intent

◼

Breakpoints as described in this prospectus

◼

Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

AMERIPRISE FINANCIAL

The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:

◼

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).

◼

Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

◼

MORGAN STANLEY WEALTH MANAGEMENT

Front-End Sales Charge Waivers on Class A Shares Available at Morgan Stanley Wealth Management

◼

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

◼

RAYMOND JAMES & ASSOCIATES, INC., RAYMOND JAMES FINANCIAL SERVICES, INC. AND EACH ENTITY’S AFFILIATES

(“RAYMOND JAMES”)

Front-End Sales Load Waivers on Class A Shares Available at Raymond James

◼

Shares purchased in an investment advisory program.

◼

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

◼

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

◼

CDSC Waivers on Class A and Class C Shares Available at Raymond James

◼

Death or disability of the shareholder.

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

◼

Return of excess contributions from an IRA Account.

◼

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

◼

Shares acquired through a Right of Reinstatement.

Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent

◼

Breakpoints as described in this Prospectus.

◼

JANNEY MONTGOMERY SCOTT LLC

Front-End Sales Charge* Waivers on Class A Shares Available at Janney

◼

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 fund family).

◼

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

◼

100

Appendix C

◼

Shares acquired through a right of reinstatement.

◼

Class C 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 Janney’s policies and procedures.

CDSC Waivers on Class A and C Shares Available at Janney

◼

Shares sold upon the death or disability of the shareholder.

◼

Shares sold as part of a systematic withdrawal plan as described in the Funds’ Prospectus.

◼

Shares purchased in connection with a return of excess contributions from an IRA account.

◼

Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 70½ as described in the Funds’ Prospectus.

◼

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

◼

Shares acquired through a right of reinstatement.

◼

Shares exchanged into the same share class of a different fund.

Front-End Sales Charge* Discounts Available at Janney: Breakpoints, Rights of Accumulation, and/or Letters of Intent

◼

Breakpoints as described in the Funds’ Prospectus.

◼

Also referred to as an “initial sales charge.”

EDWARD D. JONES & CO., L.P. (“Edward Jones”)

Policies Regarding Transactions Through Edward Jones

The following information has been provided by Edward Jones:

Breakpoints

◼

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

Rights of Accumulation (“ROA”)

◼

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

101

Letter of Intent (“LOI”)

◼

Sales Charge Waivers

Sales charges are waived for the following shareholders and in the following situations:

◼

Shares purchased in an Edward Jones fee-based program.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

◼

Exchanges from Class C Shares to Class A Shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

Contingent Deferred Sales Charge (“CDSC”) Waivers

◼

The death or disability of the shareholder.

◼

Systematic withdrawals with up to 10% per year of the account value.

◼

Return of excess contributions from an Individual Retirement Account (IRA).

◼

Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

◼

Shares exchanged in an Edward Jones fee-based program.

◼

Shares acquired through NAV reinstatement.

◼

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

Other Important Information Regarding Transactions Through Edward Jones

Minimum Purchase Amounts

◼

Initial purchase minimum: $250

◼

Subsequent purchase minimum: none

Minimum Balances

◼

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

◼

A fee-based account held on an Edward Jones platform

◼

A 529 account held on an Edward Jones platform

◼

An account with an active systematic investment plan or letter of intent (LOI)

102

Appendix C

Exchanging Share Classes

◼

At any time it deems necessary, Edward Jones has the authority to change a share class to Class A shares of the same fund at NAV.

OPPENHEIMER & CO. INC.

Front-end Sales Load Waivers on Class A Shares available at OPCO

◼

Shares purchased by or through a 529 Plan

◼

Shares purchased through a OPCO affiliated investment advisory program

◼

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 fund family)

◼

Employees and registered representatives of OPCO or its affiliates and their family members

◼

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus

CDSC Waivers on Class A and C Shares available at OPCO

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

◼

Return of excess contributions from an IRA Account

◼

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

◼

Shares acquired through a right of reinstatement

Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent

◼

Breakpoints as described in this prospectus.

◼

ROBERT W. BAIRD & CO. (“BAIRD”)

Front-End Sales Charge Waivers on Class A Shares Available at Baird

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund

◼

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird

◼

103

◼

CDSC Waivers on Class A and C Shares Available at Baird

◼

Shares sold due to death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus

◼

Shares bought due to returns of excess contributions from an IRA Account

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund’s prospectus

◼

Shares sold to pay Baird fees but only if the transaction is initiated by Baird

◼

Shares acquired through a right of reinstatement

Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations

◼

Breakpoints as described in this prospectus

◼

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time

104

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Fundamental Equity Growth Funds Prospectus

FOR MORE INFORMATION

Annual/Semi-Annual Report

Statement of Additional Information

To obtain other information and for shareholder inquiries:

	Institutional, Service & Class R6	Class A, C, Investor & R
◼ By telephone:	1-800-621-2550	1-800-526-7384
◼ By mail:	Goldman Sachs Funds P.O. Box 806395 Chicago, IL 60680-4125	Goldman Sachs Funds P.O. Box 219711 Kansas City, MO 64121
◼ On the Internet:	SEC EDGAR database – http://www.sec.gov

The Fund's investment company registration number is 811-05349.
GSAM® is a registered service mark of Goldman Sachs & Co. LLC

EQG2PRO-22

Prospectus
December 29, 2022

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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.

◼

Goldman Sachs Mid Cap Growth Fund (formerly, Goldman Sachs Growth Opportunities Fund)

◼

Class P Shares: GGQPX

◼

Goldman Sachs Small Cap Growth Fund

◼

Class P Shares: GSADX

◼

Goldman Sachs Small/Mid Cap Growth Fund

◼

Class P Shares: GSWPX

◼

Goldman Sachs Technology Opportunities Fund

◼

Class P Shares: GSJPX

Table of Contents

Goldman Sachs Mid Cap Growth Fund—Summary	1
Goldman Sachs Small Cap Growth Fund—Summary	5
Goldman Sachs Small/Mid Cap Growth Fund—Summary	8
Goldman Sachs Technology Opportunities Fund—Summary	12
Investment Management Approach	17
Risks of the Funds	24
Service Providers	31
Distributions	35
Shareholder Guide	36
How To Buy Shares	36
How To Sell Shares	40
Taxation	45
Appendix A
Additional Information on Portfolio Risks, Securities and Techniques	47
Appendix B
Financial Highlights	60

Goldman Sachs Mid Cap Growth Fund—Summary

Investment Objective

The Goldman Sachs Mid Cap Growth Fund (the "Fund") seeks long-term growth of capital.

Fees and Expenses of the Fund

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class P
Management Fees	0.92%
Other Expenses1	0.07%
Total Annual Fund Operating Expenses	0.99%
Fee Waiver and Expense Limitation2	(0.15)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation	0.84%

The “Other Expenses” for Class P Shares have been restated to reflect expenses expected to be incurred during the current fiscal year.

The Investment Adviser has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.81% as an annual percentage rate for the Fund’s average daily net assets; (ii) waive a portion of its management fee payable by the Fund in an amount equal to any management fees it earns as an investment adviser to the affiliated funds in which the Fund invests, except those management fees it earns from the Fund’s investments of cash collateral received in connection with securities lending transactions in affiliated funds; and (iii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service and shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. These arrangements will remain in effect through at least December 29, 2023, and prior to such date, the Investment Adviser 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.

	1 Year	3 Years	5 Years	10 Years
Class P Shares	$86	$300	$532	$1,199

Portfolio Turnover

Principal Strategy

2022, the capitalization range of the companies in the Russell Midcap® Growth Index was between $271.25 million and $46.74 billion. 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 benchmark index is the Russell Midcap® Growth Index.

Principal Risks of the Fund

Performance

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.

CALENDAR YEAR (CLASS P)

	Returns	Quarter ended
Year-to-Date Return	-31.53%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	32.75%	June 30, 2020
Worst Quarter Return	-17.15%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	Since Inception	Inception Date
Class P Shares			4/17/2018
Returns Before Taxes	11.70%	19.93%
Returns After Taxes on Distributions	7.73%	14.05%
Returns After Taxes on Distributions and Sale of Fund Shares	8.43%	14.20%
Russell Midcap® Growth Index (reflects no deduction for fees or expenses)	12.73%	18.80%

Portfolio Management

Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or “GSAM”).

Buying and Selling Fund Shares

The Fund does not impose minimum purchase requirements for initial or subsequent investments in Class P Shares.

Tax Information

For important tax information, please see “Tax Information” on page 16 of the Prospectus.

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.

Goldman Sachs Small Cap Growth Fund—Summary

Investment Objective

The Goldman Sachs Small Cap Growth Fund (the "Fund") seeks long-term growth of capital.

Fees and Expenses of the Fund

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class P
Management Fees	0.85%
Other Expenses1	0.90%
Total Annual Fund Operating Expenses	1.75%
Expense Limitation2	(0.84)%
Total Annual Fund Operating Expenses After Expense Limitation	0.91%

The Fund’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.

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.

	1 Year	3 Years	5 Years	10 Years
Class P Shares	$93	$469	$870	$1,993

Portfolio Turnover

Principal Strategy

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 Net 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 may invest up to 20% of its Net Assets in fixed income securities, such as government, corporate and bank debt obligations.

The Fund’s benchmark index is the Russell 2000® Growth Index (Total Return, USD).

Principal Risks of the Fund

Performance

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.

CALENDAR YEAR (CLASS P)

	Returns	Quarter ended
Year-to-Date Return	-30.25%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	36.48%	June 30, 2020
Worst Quarter Return	-20.84%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	Since Inception	Inception Date
Class P Shares			10/31/2019
Returns Before Taxes	8.71%	31.16%
Returns After Taxes on Distributions	5.27%	27.49%
Returns After Taxes on Distributions and Sale of Fund Shares	6.01%	23.15%
Russell 2000® Growth Index (reflects no deduction for fees or expenses)	2.83%	20.53%

Portfolio Management

Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or “GSAM”).

Portfolio Managers: Gregory Tuorto, Managing Director; and Jessica Katz, Vice President, have managed the Fund since its inception in 2019.

Buying and Selling Fund Shares

The Fund does not impose minimum purchase requirements for initial or subsequent investments in Class P Shares.

Tax Information

For important tax information, please see “Tax Information” on page 16 of the Prospectus.

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.

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

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class P
Management Fees	0.83%
Other Expenses	0.06%
Total Annual Fund Operating Expenses	0.89%

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.

	1 Year	3 Years	5 Years	10 Years
Class P Shares	$91	$284	$493	$1,096

Portfolio Turnover

Principal Strategy

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in small and mid-cap issuers. Small or mid-cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the outside range of the market capitalizations of companies constituting the Russell 2000® Growth Index and the Russell Midcap® Growth Index, as last reported by the indexes prior to the time of investment. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. As of September 30, 2022, the outside capitalization range of the companies in the Russell 2000® Growth Index and the Russell Midcap® Growth Index was between $14.72 million and $46.74 billion. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in 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 Net 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 integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. 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 small/mid cap company. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions.

The Fund may invest up to 20% of its Net Assets in fixed income securities, such as government, corporate and bank debt obligations.

The Fund’s benchmark index is the Russell 2500® Growth Index.

Principal Risks of the Fund

Performance

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.

CALENDAR YEAR (CLASS P)

	Returns	Quarter ended
Year-to-Date Return	-32.13%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	35.85%	June 30, 2020
Worst Quarter Return	-17.60%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	Since Inception	Inception Date
Class P Shares			4/17/2018
Returns Before Taxes	8.09%	21.16%
Returns After Taxes on Distributions	4.40%	16.63%
Returns After Taxes on Distributions and Sale of Fund Shares	6.56%	15.65%
Russell 2500® Growth Index (reflects no deduction for fees or expenses)	5.04%	15.79%

Portfolio Management

Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or “GSAM”).

Buying and Selling Fund Shares

The Fund does not impose minimum purchase requirements for initial or subsequent investments in Class P Shares.

Tax Information

For important tax information, please see “Tax Information” on page 16 of the Prospectus.

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.

Goldman Sachs Technology Opportunities Fund—Summary

Investment Objective

The Goldman Sachs Technology Opportunities Fund (the "Fund") seeks long-term growth of capital.

Fees and Expenses of the Fund

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class P
Management Fees	0.94%
Other Expenses	0.09%
Total Annual Fund Operating Expenses	1.03%
Expense Limitation and Fee Waiver1	(0.15)%
Total Annual Fund Operating Expenses After Expense Limitation and Fee Waiver	0.88%

The Investment Adviser has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.85% as an annual percentage rate for the Fund’s average daily net assets and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. These arrangements will remain in effect through at least December 29, 2023, and prior to such date, the Investment Adviser may not terminate the arrangement 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.

	1 Year	3 Years	5 Years	10 Years
Class P Shares	$90	$313	$554	$1,246

Portfolio Turnover

Principal Strategy

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in equity investments in technology companies, as described below. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to benefit from the proliferation of technology. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its total assets measured at the time of purchase (“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 integrate environmental, social and governance (“ESG”) factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection process. 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. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions.

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Strong brand name

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Dominant market share

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Recurring revenue streams

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Free cash flow generation

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Long product life cycle

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Enduring competitive advantage

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Excellent management

The Fund will invest at least 25% of its Total Assets in companies in one or more of the media, telecommunications, technology and/or Internet industries. Because of its focus on technology, telecommunications, Internet, services and media companies, the Fund’s investment performance will be closely tied to many factors which affect these companies. These factors include intense competition, consumer preferences, problems with product compatibility and government regulation. The Fund’s investments may experience significant price movements caused by disproportionate investor optimism or pessimism with little or no basis in fundamental economic conditions. The Fund may also invest in a relatively few number of issuers. As a result, the Fund’s net asset value (“NAV”) is more likely to have greater fluctuations than that of a fund which is more diversified or invests in other industries.

The Fund’s benchmark index is the NASDAQ Composite Total Return Index.

Principal Risks of the Fund

Performance

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.

CALENDAR YEAR (CLASS P)

	Returns	Quarter ended
Year-to-Date Return	-37.50%	September 30, 2022

During the periods shown in the chart above:	Returns	Quarter ended
Best Quarter Return	30.77%	June 30, 2020
Worst Quarter Return	-9.21%	March 31, 2020

AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2021
	1 Year	Since Inception	Inception Date
Class P Shares			4/17/2018
Returns Before Taxes	21.72%	24.74%
Returns After Taxes on Distributions	17.50%	20.34%
Returns After Taxes on Distributions and Sale of Fund Shares	15.07%	18.57%
NASDAQ Composite Total Return Index (reflects no deduction for fees or expenses)	22.18%	24.01%

Portfolio Management

Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or “GSAM”).

Buying and Selling Fund Shares

The Fund does not impose minimum purchase requirements for initial or subsequent investments in Class P Shares.

Tax Information

For important tax information, please see “Tax Information” on page 16 of the Prospectus.

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.

Fundamental Equity Growth Funds –
Additional Summary Information

Tax Information

Payments to Broker-Dealers and

Other Financial Intermediaries

Investment Management Approach

INVESTMENT OBJECTIVE

PRINCIPAL INVESTMENT STRATEGIES

Mid Cap Growth Fund

The Fund invests, under normal circumstances, at least 80% of its Net Assets in a diversified portfolio of equity investments in mid-cap issuers. Mid-cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalizations of companies constituting the Russell Midcap® Growth Index at the time of investment. If the market capitalization of an issuer held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. As of September 30, 2022, the capitalization range of the companies in the Russell Midcap® Growth Index was between $271.25 million and $46.74 billion. 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 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 may also invest in stock, warrants, and other securities of special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek potential acquisition opportunities. Shareholders will be provided with sixty days’ notice in the manner prescribed by the Securities and Exchange Commission (“SEC”) before any change in the Fund’s policy to invest at least 80% of its Net Assets in the particular type of investment suggested by its name.

Small Cap Growth Fund

Small/Mid Cap Growth Fund

Technology Opportunities Fund

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Strong brand name

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Dominant market share

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Recurring revenue streams

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Free cash flow generation

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Long product life cycle

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Enduring competitive advantage

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Excellent management

Investment Management Approach

All Funds

References in the Prospectus to a Fund’s benchmark are for informational purposes only, and unless otherwise noted, are not an indication of how a particular Fund is managed.

GSAM Fundamental U.S. Equity Team’s Investment Approach:

GSAM believes that fundamental, bottom-up research combined with a disciplined investment process is essential for seeking to generate attractive performance over the long-term.

GSAM Fundamental Equity team employs a fundamental investment process that considers a wide range of factors, and no one factor or consideration is determinative.

GSAM Growth Team’s Investment Philosophy:

1. Invest as if buying the company/business, not simply trading its stock:

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Understand the business, management, products and competition.

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Perform intensive, hands-on fundamental research.

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Seek businesses with strategic competitive advantages.

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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 long-term growth companies at attractive valuations, giving the investor the potential to capture returns from above-average growth rates.

In addition, the Investment Adviser may also sell a position in order to meet shareholder redemptions.

GSAM Small Cap Growth Team’s Investment Approach:

Buy Strategy

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Companies with favorable long-term prospects indicated by: predictable and sustainable growth, long product life cycle, enduring competitive advantage, and favorable demographic trends.

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Excellent management capabilities characterized by rational capital allocation, consistent operating history, incentives aligned with shareholders.

Valuation

Sell Discipline

The Investment Adviser may decide to sell a position for various reasons. Some of these reasons may include:

1. Fundamental Outlook Deteriorates: If a company’s long-term fundamental outlook deteriorates.

2. Valuation: When the price of a stock exceeds what the team deems to be the worth of the business.

3. Risk Management: If a holding grows beyond a weight consistent with the team’s level of conviction in the risk/reward opportunity of the investment.

GSAM Fundamental Equity Technology Team’s Investment Philosophy:

1. By quality businesses, we mean those that have:

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Sustainable operating or competitive advantage.

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Excellent stewardship of capital.

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Ability to earn above their cost of capital.

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Strong or improving balance sheets and cash flow.

2. Businesses may sell at compelling valuations when:

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Market uncertainty exists.

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Their economic value is not recognized by the market.

Investment Management Approach

3. Through intensive, first-hand fundamental research our portfolio managers seek to purchase quality businesses selling at compelling valuations.

4. The Investment Adviser may consider ESG factors as part of the fundamental research and stock selection process.

In addition, the Investment Adviser may also sell a position in order to meet shareholder redemptions.

ADDITIONAL PERFORMANCE INFORMATION

The below is additional information that relates to the “Performance” section of each Fund’s summary section.

These definitions apply to the after-tax returns shown in the “Performance” section of each Fund’s Summary section.

Average Annual Total Returns Before Taxes. These returns do not reflect taxes on distributions on a Fund’s Shares nor do they show how performance can be impacted by taxes when shares are redeemed (sold) by you.

OTHER INVESTMENT PRACTICES AND SECURITIES

10 Percent of total assets (including securities lending collateral) (italic type) 10 Percent of net assets (excluding borrowings for investment purposes) (roman type) • No specific percentage limitation on usage; limited only by the objectives and strategies of the Fund	Mid Cap Growth Fund	Small Cap Growth Fund	Small/Mid Cap Growth Fund	Technology Opportunities Fund
Investment Practices
Borrowings	33 1∕3	33 1∕3	33 1∕3	33 1∕3
Cross Hedging of Currencies	•	•	•	•
Custodial Receipts and Trust Certificates	•	•	•	•
Equity Swaps	•	•	•	15
Foreign Currency Transactions (including forward contracts)*	•	•	•	•
Futures Contracts and Options and Swaps on Futures Contracts	•	•	•	•
Illiquid Investments**	15	15	15	15
Investment Company Securities (including ETFs)1	10	10	10	10
Options on Foreign Currencies2	•	•	•	•
Options3	•	•	•	•
Preferred Stock, Warrants and Stock Purchase Rights	•	•	•	•
Repurchase Agreements	•	•	•	•
Securities Lending	33 1∕3	33 1∕3	33 1∕3	33 1∕3
Short Sales Against the Box	25	25	25	•
Unseasoned Companies	•	•	•	•
When-Issued Securities and Forward Commitments	•	•	•	•

Limited by the amount the Fund invests in foreign securities.

The Funds may purchase and sell call and put options on foreign currencies.

Investment Management Approach

10 Percent of total assets (italic type) 10 Percent of net assets (including borrowings for investment purposes) (roman type) • No specific percentage limitation on usage; limited only by the objectives and strategies of the Fund — Not permitted	Mid Cap Growth Fund	Small Cap Growth Fund	Small/Mid Cap Growth Fund	Technology Opportunities Fund
Investment Securities
American, European and Global Depositary Receipts	•	•	•	•
Asset-Backed and Mortgage-Backed Securities4	•	•	•	•
Bank Obligations4	•	•	•	•
Convertible Securities5	•	—	—	•
Corporate Debt Obligations4	•	•	•	•
Equity Investments	80+	80+	80+	80+
Emerging Country Securities6	10	25	25	25
Fixed Income Securities7	10	20	20	20
Foreign Securities6	25	25	25	25
Initial Public Offerings (“IPOs”)	•	•	•	•
Master Limited Partnerships	•	•	•	•
Non-Investment Grade Fixed Income Securities4,8	10	20	20	20
Pre-IPO Investments (including late-stage private equity securities)	•	•	•	•
Private Investments in Public Equity (“PIPEs”)	•	•	•	•
Real Estate Investment Trusts (“REITs”)	•	•	•	•
Special Purpose Acquisition Companies (“SPACs”)	•	•	•	•
Structured Securities (which may include equity linked notes)9	•	•	•	•
Temporary Investments	•	•	•	•
U.S. Government Securities4	•	•	•	•

Limited by the amount the Fund invests in fixed income securities.

All Funds use the same rating criteria for convertible and non-convertible debt securities.

Except as noted under “Non-Investment Grade Fixed Income Securities,” fixed income securities must be investment grade (i.e., BBB– or higher by Standard & Poor’s, Baa3 or higher by Moody’s or have a comparable credit rating by another NRSRO or, if unrated, determined by the Investment Adviser to be of comparable credit quality).

May be BB+ or lower by Standard & Poor’s, Ba1 or lower by Moody’s or have a comparable credit rating by another NRSRO at the time of investment.

Structured securities are not subject to the same minimum credit quality requirements as a Fund’s investments in fixed income securities.

Risks of the Funds

✓ Principal Risk • Additional Risk	Mid Cap Growth Fund	Small Cap Growth Fund	Small/Mid Cap Growth Fund	Technology Opportunities Fund
Credit/Default	•	•	•	•
Cybersecurity	•	•	•	•
Derivatives	•	•	•	•
Emerging Countries	✓	•	✓	✓
ESG Integration	•	•	•	•
Foreign	✓	•	✓	✓
Geographic	•	•	•	•
Industry Concentration				✓
Initial Public Offering (“IPO”)	•	•	•	•
Interest Rate	•	•	•	•
Investment Style	✓	✓	✓	✓
Large Shareholder Transactions	✓	✓	✓	✓
Liquidity	•	•	•	•
Management	•	•	•	•
Market	✓	✓	✓	✓
Master Limited Partnerships	•	•	•	•
Mid-Cap and Small-Cap	✓	✓	✓	✓
NAV	•	•	•	•
Non-Investment Grade Fixed Income Investments	•	•	•	•
Pre-IPO Investments	•	•	•	•
Private Investments in Public Equity (“PIPEs”)	•	•	•	•
Special Purpose Acquisition Companies (“SPACs”)	•	•	•	•
Stock	✓	✓	✓	✓
Technology Sector				✓
U.S. Government Securities	•	•	•	•

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Risks of the Funds

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Risks of the Funds

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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. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase. Also, because growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds will typically underperform when value investing is in favor. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors.

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Illiquidity can be caused by a drop in overall market trading volume, an inability to find a willing buyer, or legal restrictions on the securities’ resale. To the extent that the traditional dealer counterparties that engage in fixed income trading do not maintain inventories of bonds (which provide an important indication of their ability to “make markets”) that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets. Additionally, market participants other than a Fund may attempt to sell fixed income holdings at the same time as the Fund, which could cause downward pricing pressure and contribute to decreased liquidity.

Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period stated in the Prospectus or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests or other reasons. While the Fund reserves the right to meet redemption requests through in-kind distributions, the Fund may instead choose to raise cash to meet redemption requests through sales of portfolio securities or permissible borrowings. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors’ interests.

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Management Risk—A strategy used by the Investment Adviser may fail to produce the intended results.

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NAV Risk—The net asset value of the Fund and the value of your investment will fluctuate.

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Risks of the Funds

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Service Providers

INVESTMENT ADVISER

Investment Adviser	Fund
Goldman Sachs Asset Management, L.P. (“GSAM”) 200 West Street New York, NY 10282	Mid Cap Growth Small Cap Growth Small/Mid Cap Growth Technology Opportunities

The Investment Adviser also performs the following additional services for the Fund (to the extent not performed by others pursuant to agreements with the Fund):

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Supervises all non-advisory operations of the Fund

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Provides personnel to perform necessary executive, administrative and clerical services to the Fund

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Maintains the records of the Fund

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Provides office space and all necessary office equipment and services

MANAGEMENT FEES AND OTHER EXPENSES

Fund	Contractual Management Fee Annual Rate	Average Daily Net Assets	Actual Rate For the Fiscal Year Ended August 31, 2022*
Mid Cap Growth	0.92%	First $2 Billion	0.86%
	0.83%	Next $3 Billion
	0.79%	Next $3 Billion
	0.77%	Over $8 Billion
Small Cap Growth	0.85%	First $2 Billion	0.85%
	0.77%	Next $3 Billion
	0.73%	Next $3 Billion
	0.71%	Over $8 Billion
Small/Mid Cap Growth	0.85%	First $2 Billion	0.83%
	0.77%	Next $3 Billion
	0.73%	Next $3 Billion
	0.71%	Over $8 Billion
Technology Opportunities	0.94%	First $1 Billion	0.92%
	0.85%	Next $1 Billion
	0.80%	Next $3 Billion
	0.79%	Next $3 Billion
	0.77%	Over $8 Billion

The Actual Rate may not correlate to the Contractual Management Fee Annual Rate as a result of management fee waivers that may be in effect from time to time.

A discussion regarding the basis for the Board of Trustees’ approval of the Management Agreement for the Fund in 2022 is available in the Fund's annual report dated August 31, 2022.

The Investment Adviser has agreed to reduce or limit “Other Expenses,” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification and extraordinary expenses) to 0.004%, 0.024%, 0.044%, and 0.004%, of average daily net assets for the Mid Cap Growth, Small Cap Growth, Small/Mid Cap Growth, and Technology Opportunities Funds, respectively, through at least December 29, 2023, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The expense limitations may be modified or terminated by the Investment Adviser at its discretion and without shareholder approval after such date, although the Investment Adviser does not presently intend to do so. The Fund’s “Other Expenses” may be further reduced by any custody and transfer agency fee credits received by the Fund.

Service Providers

FUND MANAGERS

Fundamental Equity U.S. Equity Team

Name and Title	Fund Responsibility	Years Primarily Responsible	Five Year Employment History
Steven M. Barry Managing Director Co-Chief Investment Officer, Fundamental Equity U.S. Equity	Portfolio Manager— Mid Cap Growth, Small/Mid Cap Growth Technology Opportunities	Since 1999 1999	Mr. Barry joined the Investment Adviser as a portfolio manager in 1999. He is Managing Director and Co-Chief Investment Officer of Fundamental Equity U.S. Equity. Mr. Barry became Chief Investment Officer of Fundamental Equity U.S. Equity in 2009.
Sung Cho, CFA Managing Director	Portfolio Manager— Technology Opportunities	Since 2018	Mr. Cho joined the Investment Adviser in 2004. He is a portfolio manager on the Fundamental Equity U.S. Equity Team, where he has broad research responsibilities.
Charles “Brook” Dane, CFA Vice President	Portfolio Manager— Technology Opportunities	Since 2018	Mr. Dane joined the Investment Adviser in 2010 as a portfolio manager for the Fundamental Equity U.S. Equity Team.
Jenny Chang Vice President	Portfolio Manager— Mid Cap Growth	Since 2019	Ms. Chang is a portfolio manager on the Fundamental Equity Team focused on the Mid Cap Growth strategy. She joined GSAM in 2016. Prior to joining the Investment Adviser, she was an investment analyst at Franklin Templeton for five years.
Jessica Katz Vice President	Portfolio Manager— Small/Mid Cap Growth Small Cap Growth	Since 2019 2019	Ms. Katz is a Portfolio Manager for the Fundamental Equity U.S. Equity Team. She has primary research responsibilities for the Energy and Industrials sectors across the U.S. Equity Strategies. Prior to joining the Investment Adviser, she spent over seven years as a Research Analyst at Eaton Vance Management.
Gregory Tuorto Managing Director	Portfolio Manager— Small/Mid Cap Growth Small Cap Growth	Since 2019 2019	Mr. Tuorto is a portfolio manager on the Fundamental Equity Team focused on the Small/Mid Cap Growth strategy. He joined the Investment Adviser in 2019. Prior to joining the Investment Adviser, Mr. Tuorto had worked at JPMorgan Asset Management since 2008.

For information about the portfolio managers’ compensation, other accounts managed by the portfolio managers and the portfolio managers’ ownership of securities in the Fund, see the SAI.

DISTRIBUTOR AND TRANSFER AGENT

For its transfer agency services, Goldman Sachs is entitled to receive a transfer agency fee equal, on an annualized basis, to 0.03% of average daily net assets with respect to Class P Shares.

ACTIVITIES OF GOLDMAN SACHS AND ITS AFFILIATES AND OTHER

ACCOUNTS MANAGED BY GOLDMAN SACHS

sell, hold and recommend a broad array of investments, including securities, derivatives, loans, commodities, currencies, credit default swaps, indices, baskets and other financial instruments and products for their own accounts or for the accounts of their customers and have other direct and indirect interests in the global fixed income, currency, commodity, equities, bank loans and other markets and the securities and issuers in which the Fund directly and indirectly invests. Thus, it is expected that the Fund will have multiple business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities for which Goldman Sachs and its affiliates perform or seek to perform investment banking or other services. The Investment Adviser and/or certain of its affiliates are the managers of the Goldman Sachs Funds. The Investment Adviser and its affiliates earn fees from this and other relationships with the Fund. Although management fees paid by the Fund to the Investment Adviser and certain other fees paid to the Investment Adviser’s affiliates are based on asset levels, the fees are not directly contingent on Fund performance, and the Investment Adviser and its affiliates will still receive significant compensation from the Fund even if shareholders lose money. Goldman Sachs and its affiliates engage in proprietary trading and advise accounts and funds which have investment objectives similar to those of the Fund and/or which engage in and compete for transactions in the same types of securities, currencies and instruments as the Fund. Goldman Sachs and its affiliates will not have any obligation to make available any information regarding their proprietary activities or strategies, or the activities or strategies used for other accounts managed by them, for the benefit of the management of the Fund. The results of the Fund’s investment activities, therefore, will likely differ from those of Goldman Sachs, its affiliates, and other accounts managed by Goldman Sachs, and it is possible that the Fund could sustain losses during periods in which Goldman Sachs and its affiliates and other accounts achieve significant profits on their trading for proprietary or other accounts. In addition, the Fund may enter into transactions in which Goldman Sachs and its affiliates or their other clients have an adverse interest. For example, the Fund may take a long position in a security at the same time that Goldman Sachs and its affiliates or other accounts managed by the Investment Adviser or its affiliates take a short position in the same security (or vice versa). These and other transactions undertaken by Goldman Sachs, its affiliates or Goldman Sachs-advised clients may, individually or in the aggregate, adversely impact the Fund. Transactions by one or more Goldman Sachs-advised clients or the Investment Adviser may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the Fund. The Fund’s activities will, under certain circumstances, be limited because of regulatory restrictions applicable to Goldman Sachs and its affiliates, and/or their internal policies designed to comply with such restrictions. As a global financial services firm, Goldman Sachs and its affiliates also provide a wide range of investment banking and financial services to issuers of securities and investors in securities. Goldman Sachs, its affiliates and others associated with it are expected to create markets or specialize in, have positions in and/or effect transactions in, securities of issuers held by the Fund, and will likely also perform or seek to perform investment banking and financial services for one or more of those issuers. Goldman Sachs and its affiliates are expected to have business relationships with and purchase or distribute or sell services or products from or to distributors, consultants or others who recommend the Fund or who engage in transactions with or for the Fund. For more information about conflicts of interest, see the section entitled “Potential Conflicts of Interest” in the SAI.

Distributions

The Fund pays distributions from its investment income and from net realized capital gains. You may choose to have distributions paid in:

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Cash

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Additional shares of the same class of the same Fund

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You may indicate your election on your account application. Any changes may be submitted in writing or via telephone, in some instances, to the Transfer Agent (either directly or through your intermediary) at any time before the record date for a particular distribution. If you do not indicate any choice, your distributions will be reinvested automatically in the applicable Fund. Distributions from net investment income and distributions from net capital gains, if any, are normally declared and paid annually for the Fund. In addition, the Fund may occasionally make a distribution at a time when it is not normally made. If cash distributions are elected with respect to the Fund’s distributions from net investment income, then cash distributions must also be elected with respect to the net short-term capital gains component, if any, of the Fund’s distributions.

The election to reinvest distributions in additional shares will not affect the tax treatment of such distributions, which will be treated as received by you and then used to purchase the shares.

Shareholder Guide

The following section will provide you with answers to some of the most frequently asked questions regarding buying and selling the Funds' shares.