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gst13:C000055756Member 2011-12-29 2012-12-28 0000822977 gst13:S000009322Member gst13:RussellTwoThousandFiveHundredGrowthIndexMember gst13:C000055755Member 2011-12-29 2012-12-28 pure iso4217:USD <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsCapitalGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsCapitalGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsCapitalGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsCapitalGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsConcentratedGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsConcentratedGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsConcentratedGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsConcentratedGrowthFund column period compact * ~</div> 485BPOS <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsFlexibleCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsFlexibleCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsFlexibleCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsFlexibleCapGrowthFund column period compact * ~</div> 2012-12-28 Goldman Sachs Concentrated Growth Fund—Summary GOLDMAN SACHS TRUST 0000822977 Investment Objective 2012-12-27 The Goldman Sachs Concentrated Growth Fund (the “Fund”) seeks long-term growth of capital. 2012-12-27 Fees and Expenses of the Fund 2012-08-31 false This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 71 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsStrategicGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsStrategicGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsStrategicGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsStrategicGrowthFund column period compact * ~</div> Shareholder Fees (fees paid directly from your investment)Investment Objective The Goldman Sachs Flexible 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 and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 71 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 0 0.05 0.01 0 0 0 Goldman Sachs Flexible Cap Growth Fund—Summary Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.01 0.01 0.01 0.01 0.01 0.01 0.0025 0.01 0.01 0 0 0.005 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsFlexibleCapGrowthFund column period compact * ~</div> 0.0032 0.0032 0.0032 0.0017 0.0032 0.0032 0.0157 Shareholder Fees (fees paid directly from your investment) 0.0232 0.0232 0.0117 0.0132 0.0182 -0.0031 -0.0031 -0.0031 -0.0031 -0.0031 -0.0031 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Goldman Sachs Strategic Growth Fund—Summary 0.0126 0.0201 0.0201 0.0086 0.0101 0.0151 0.01 0.01 0.01 0.01 0.01 Investment Objective 0.0025 0.01 The Goldman Sachs Strategic Growth Fund (the “Fund”) seeks long-term growth of capital. 0.005 0.0189 0.0189 0.0174 0.0189 Fees and Expenses of the Fund 0.0189 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 71 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 0.0314 0.0389 0.0274 0.0289 0.0339 Goldman Sachs Growth and Income Fund—Summary Goldman Sachs U.S. Equity Fund—Summary 0.0126 0.0201 0.0086 0.0101 0.0151 Investment Objective The Goldman Sachs Growth and Income Fund (the “Fund”) seeks long-term capital appreciation and growth of income. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 71 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). Fees and Expenses of the Fund 50000 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 58 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). Investment Objective The Goldman Sachs U.S. Equity Fund (the “Fund”) seeks long-term growth of capital. Fees and Expenses of the Fund 0.055 0 Shareholder Fees (fees paid directly from your investment) 0 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsFlexibleCapGrowthFundBarChart column period compact * ~</div> 0 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in the “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” on page 71 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 0 0 0.01 0 0 0 You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in the “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” on page 71 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 50000 Goldman Sachs Capital Growth Fund—Summary Shareholder Fees (fees paid directly from your investment) Shareholder Fees (fees paid directly from your investment) Investment Objective Expense Example The Goldman Sachs Capital Growth Fund (“the Fund”) seeks long-term growth of capital. <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsFocusedGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsFocusedGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsFocusedGrowthFund column period compact * ~</div> Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 71 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 0 0 -0.0188 -0.0188 -0.0188 -0.0188 -0.0188 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.055 0 0.055 0 0 0 0 0 0 0 0 0 0 0 0 0.01 0 204 1014 1842 3995 0.055 0 0 0 0 0 Assuming complete redemption at end of period 0 671 Assuming no redemption 304 88 103 154 1298 1014 671 717 867 0 0.05 0.01 0 0 0 0 A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. 1949 1842 1282 1357 1603 December 29, 2013 3685 3995 2932 3079 3549 0 0.05 0.01 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 671 704 304 103 154 88 0.055 0 0 0 0 0 0 542 388 Assuming complete redemption at end of period 341 695 995 990 <a name="toc381930_4"></a>Goldman Sachs Focused Growth Fund—Summary Assuming no redemption 0 0.05 956 0.01 0 694 0 1212 0 1412 0 1330 614 Investment Objective 2112 1563 1393 2632 2444 2290 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, 2012 was 32% of the average value of its portfolio. A contingent deferred sales charge ("CDSC") is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase. 0.32 The Goldman Sachs Focused Growth Fund (the “Fund”) seeks long-term growth of capital. Expense Example Fees and Expenses of the Fund This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in Class A, Class C, Institutional, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: December 29, 2013 Principal Strategy This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 71 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in equity investments in small-, mid- and large-cap issuers. In addition, under normal circumstances, the Fund expects that approximately 90% of its Net Assets will be invested in such 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 seeks to achieve its investment objective by investing in a diversified portfolio of equity investments that are considered by the Investment Adviser to be strategically positioned for consistent 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 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. December 29, 2013 0.01 0.01 You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 58 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 0.01 Principal Risks of the Fund 0.01 0.01 0.01 0.01 0.0025 0.01 0.01 0 0 0 0.005 0.007 0.007 0.007 0.007 0.007 0.0023 204 204 0.0023 50000 0.0023 0.0008 0.0025 0.0058 695 0.01 695 0.0023 0 0.0023 0 0.005 1212 1212 2444 2632 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. 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. 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. Mid-Cap and Small-Cap Risk. Investments in mid-capitalization and small-capitalization companies involve greater risks than investments in 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. 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. 0.0268 0.0268 0.0253 0.0268 0.0268 Loss of money is a risk of investing in the Fund. 0.0363 0 0 0.0438 0 0 0.0025 0.0323 0 0 0.0338 0.0388 Portfolio Turnover 0 0 0 0 0.0025 0 0 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, 2012 was 33% of the average value of its portfolio. -0.0245 -0.0245 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. -0.0245 -0.0245 -0.0245 Principal Strategy Performance 0.0118 0.0193 0.0078 0.0093 0.0143 0.0023 0.0023 0.0023 0.0008 0.0008 0.0023 0.0023 0.0148 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, Class IR and Class R 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.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. 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. 0.0223 0.0223 0.0108 0.0158 0.0123 0.0173 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, Class IR and Class R Shares compare to those of a broad-based securities market index. 0.055 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. -0.0034 -0.0034 The Fund invests, under normal circumstances, at least 90% of its total assets measured at 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 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 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. -0.0034 -0.0034 -0.0034 -0.0034 -0.0034 Principal Risks of the Fund www.goldmansachsfunds.com/performance Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0114 0.0189 0.0189 0.0074 0.0124 0.0089 0.0139 0 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. TOTAL RETURN CALENDAR YEAR (CLASS A) 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. 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. 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. Mid-Cap and Small-Cap Risk. Investments in mid-capitalization and small-capitalization companies involve greater risks than investments in 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. Non-Diversification Risk. The Fund is non-diversified, meaning that it is permitted to invest more of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. Under normal circumstances, the Fund intends to invest in approximately 30-40 companies. 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. 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.005 0 0 0 0.01 0.01 0.0025 0.0026 0.0026 TOTAL RETURN CALENDAR YEAR (CLASS A) 0.0026 0.0025 0.0011 0.0061 0.0026 Performance 0.0026 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 B, Class C, Institutional, Class IR and Class R 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.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. 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. 0 0 0.0025 0.007 0 0 0.007 0 0 0.007 0.007 0.007 0.007 0.007 0 0 0 0 0.0025 0 0 0.0026 0.0026 0.0026 0.0011 0.0011 0.0026 0.0026 Expense Example 0.2441 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, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0342 0.032 0.0918 0.1313 -0.4391 0.4825 0.1085 -0.0326 0.0176 0.0126 664 296 0.0161 196 80 0.0111 95 146 0.0226 0.0226 The total return for Class A Shares for the 9-month period ended September 30, 2012 was 19.31%. Best Quarter Q2 ‘09          +20.03% Worst Quarter Q3 ‘11          –16.64% 0.0151 1386 1104 1104 765 810 958 2128 2024 2024 1475 1548 1789 4073 4374 4374 3362 3501 3950 0.4985 0.143 -0.0524 -0.0036 -0.0036 -0.0036 -0.0036 -0.0036 -0.0036 -0.0036 0.014 0.009 0.0125 0.0075 0.019 0.019 0.0115 total return 2012-09-30 0.2008 Best Quarter 2009-06-30 0.1582 0.2085 Worst Quarter 2008-12-31 -0.3157 total return 2012-09-30 0.1931 Best Quarter 2009-06-30 0.2003 0.1707 Worst Quarter 2011-09-30 -0.1664 0.0025 0.01 0.01 0 0 0 0.005 AVERAGE ANNUAL TOTAL RETURNS For the period ended December 31, 2011 0.0027 0.0027 0.0027 0.0012 0.0062 0.0027 0.0027 Portfolio Turnover The Fund pays transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Fund’s performance. The Fund’s portfolio turnover rate for the fiscal year ended August 31, 2012 was 76% of the average value of its portfolio. 0 0.76 0 0 0 0.0025 0 0 0 0 0 The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. 0 0.0025 0 0 0.0027 0.0027 0.0027 0.0012 0.0027 0.0027 0.0122 0.0197 0.0197 0.0082 0.0132 0.0097 0.0147 -0.086 -0.086 -0.0559 0.0264 -0.0878 -0.0487 0.0264 -0.029 0.0264 0.0264 Principal Strategy 0.0264 -0.0003 -0.0003 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. large-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Standard & Poor’s 500 Index. The Fund may also invest up to 20% of its Net Assets in foreign securities. The Goldman Sachs Asset Management Growth Team uses fundamental research to find strong business franchises with favorable long-term growth prospects and excellent management. Investment criteria include dominant market share, positive free cash flow, enduring competitive advantages and sustainable growth. The process also includes a valuation component. The Goldman Sachs Asset Management Value Team’s philosophy is based on the belief that all successful investing should thoughtfully weigh two important attributes of a stock: price and prospects. The team uses a strong valuation discipline to purchase well-positioned, cash-generating businesses run by shareholder-oriented management teams. The Fund’s equity investment process involves: (1) using multiple industry-specific valuation metrics to identify real 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; and (3) buying those securities that a sector portfolio manager recommends, taking into account feedback from the rest of the portfolio management team. 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. The Fund may also, but does not currently intend to, invest in fixed income securities, including government, corporate and bank debt obligations. -0.0003 -0.1583 -0.0003 -0.0003 -0.0003 -0.0003 Principal Risks of the Fund The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary. 0.0119 0.0194 0.0194 0.0079 0.0129 Shareholder Fees (fees paid directly from your investment) 0.0094 0.0144 0.025 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.025 0.0054 -0.006 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. 0.025 0.025 -0.0083 -0.0121 -0.0098 -0.0102 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. 0.0124 Expense Example 0.002 -0.0303 0.002 0.0599 0.0468 0.0348 0.0599 0.0361 0.0599 0.0316 0.0339 0.0365 0.0599 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Expense Example 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. 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 employs both growth and value investment styles, either of which may fall out of favor from time to time. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. 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. 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. 2002-09-03 2002-09-03 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 2002-09-03 2002-09-03 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, Class IR and Class R 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.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. 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. Portfolio Turnover AVERAGE ANNUAL TOTAL RETURNS For the period ended December 31, 2011 Loss of money is a risk of investing in the Fund. 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, 2012 was 54% of the average value of its portfolio. 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. 660 692 292 76 126 0.54 91 142 Principal Strategy 669 The Fund invests, under normal circumstances, at least 90% of its total assets measured at 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 in a diversified portfolio of equity investments that are considered by the Investment Adviser to be strategically positioned for consistent 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 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. 961 965 665 310 466 357 512 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, Class IR and Class R 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. Principal Risks of the Fund www.goldmansachsfunds.com/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. 3625 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. 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. 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. 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. Assuming complete redemption at end of period Loss of money is a risk of investing in the Fund. Assuming no redemption 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. 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 B, Class C, Institutional, Service, Class IR and Class R 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.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. 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. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 71 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 50000 1283 1364 1164 563 828 643 907 TOTAL RETURN CALENDAR YEAR (CLASS A) 5910 -0.1045 -0.112 -0.0576 0.0218 -0.0685 0.0218 9605 -0.049 0.0218 -0.0501 -0.0546 0.0218 0.0218 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 B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of a broad-based securities market index. 0.0111 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 0.0057 0.0085 0.0248 0.0186 0.03 0.0248 0.0248 0.0286 0.0248 0.0235 0.0248 2194 2348 2538 1287 1459 2013 www.goldmansachsfunds.com/performance Expense Example 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. 1850 2008-01-31 2008-01-31 2008-01-31 2008-01-31 2008-01-31 2008-01-31 2008-01-31 2008-01-31 2008-01-31 2008-01-31 2008-01-31 2008-01-31 The total return for Class A Shares for the 9-month period ended September 30, 2012 was 17.84%. Best Quarter Q3 ‘10          +10.99% Worst Quarter Q3 ‘11          –16.97% December 29, 2013 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 661 693 293 77 127 92 143 192 192 665 665 1164 1164 2348 2538 -0.103 -0.1049 -0.0645 0.0211 -0.0672 0.0211 -0.0473 0.0211 -0.049 0.0211 Assuming complete redemption at end of period -0.0536 0.0211 Assuming no redemption 0.0168 0.0157 Portfolio Turnover 0.0902 0.0383 0.0902 0.0506 0.0902 0.0486 0.0902 0.0435 0.0902 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, 2012 was 55% of the average value of its portfolio. 2009-11-30 2009-11-30 2009-11-30 2009-11-30 2009-11-30 2009-11-30 2009-11-30 2009-11-30 2009-11-30 2009-11-30 2009-11-30 2009-11-30 Principal Strategy The Fund invests, under normal circumstances, at least 90% of its total assets measured at 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 in a diversified portfolio of equity investments that are considered by the Investment Adviser to have long-term capital appreciation potential. 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 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. Principal Risks of the Fund 968 972 672 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. 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. 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. 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. 317 473 364 519 1296 1377 1177 577 842 657 920 2223 2378 2567 1319 1881 1491 2043 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 B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of broad-based securities market indices. 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.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. 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. 0 Assumingcomplete redemption at end of period Assumingno redemption 2002-09-03 2002-09-03 0 0 0 2002-09-03 2002-09-03 0.01 0 0 0 665 697 197 2002-09-03 297 2002-09-03 197 81 131 96 147 TOTAL RETURN CALENDAR YEAR (CLASS A) The total return for Class A Shares for the 9-month period ended September 30, 2012 was 20.11%. Best Quarter Q2 ‘09          +22.11% Worst Quarter Q4 ‘08          –28.66% 2007-11-30 913 915 615 615 615 259 415 306 462 1260 1060 1181 1060 1060 452 721 2007-11-30 533 800 1944 2099 2099 2293 2293 1011 1588 1187 1755 0.01 0.01 0.01 0.01 0.01 A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. 0.0264 AVERAGE ANNUAL TOTAL RETURNS For the period ended December 31, 2011 AVERAGE ANNUAL TOTAL RETURNS For the period ended December 31, 2011 Assuming complete redemption at end of period Assuming no redemption 193 672 1177 2378 193 672 1177 2567 TOTAL RETURN CALENDAR YEAR (CLASS A) 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, 2012 was 115% of the average value of its portfolio. The total return for Class A Shares for the 9-month period ended September 30, 2012 was 20.33%. Best Quarter Q2 ‘09         +19.20% Worst Quarter Q4 ‘08        –28.16% 1.15 Principal Strategy The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. The Fund invests, under normal circumstances, at least 65% of its total assets measured at the time of purchase (“Total Assets”) in equity investments that the Investment Adviser considers to have favorable prospects for capital appreciation and/or dividend-paying ability. Although the Fund will invest primarily in publicly traded U.S. securities, including preferred and convertible 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’s equity investment process involves: (1) using multiple industry-specific valuation metrics to identify real 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; and (3) buying those securities that a sector portfolio manager recommends, taking into account feedback from the rest of the portfolio management team. 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. The Fund may also invest in fixed income securities, such as government, corporate and bank debt obligations, that offer the potential to further the Fund’s investment objective. AVERAGE ANNUAL TOTAL RETURNS For the period ended December 31, 2011 The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. 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. 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. 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. 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. The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. 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. -0.0259 Best Quarter 2010-09-30 0.1099 Worst Quarter 2011-09-30 -0.1697 total return 2012-09-30 0.1784 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsSmallCapValueFund column period compact * ~</div> -0.2747 Performance 0.2382 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 B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of broad-based securities market indices. 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.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. 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. 0.0574 0.0158 The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. 0.0779 0.1115 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 B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of broad-based securities market indices. -0.4021 0.4347 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 0.1053 The total return for Class A Shares for the 9-month period ended September 30, 2012 was 20.08%. Best Quarter Q2 ‘09          +20.85% Worst Quarter Q4 ‘08          –31.57% -0.03 The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. 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. 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. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 71 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). www.goldmansachsfunds.com/performance 50000 You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 71 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 50000 December 29, 2013 0.55 0.33 December 29, 2013 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 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 B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of broad-based securities market indices. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.goldmansachsfunds.com/performance The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. Loss of money is a risk of investing in the Fund. <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsU.S.EquityFund column period compact * ~</div> A contingent deferred sales charge (“CDSC”) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase. 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. 2012-09-30 Non-Diversification Risk. The Fund is non-diversified, meaning that it is permitted to invest more of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. Under normal circumstances, the Fund intends to invest in approximately 30-40 companies. 0.2033 Best Quarter 2009-06-30 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 B, Class C, Institutional, Class IR and Class R Shares compare to those of a broad-based securities market index. 0.192 Worst Quarter <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsU.S.EquityFund column period compact * ~</div> 2008-12-31 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. -0.2816 www.goldmansachsfunds.com/performance Goldman Sachs Small Cap Value Fund—Summary Investment Objective The Goldman Sachs Small Cap Value Fund (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 58 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 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. <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsStrategicGrowthFundBarChart column period compact * ~</div> You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 58 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. -0.116 0.2396 0.1833 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. 0.0369 0.2226 0.0142 -0.3543 0.1826 0.1148 -0.0769 0.01 0 The total return for Class A Shares for the 9-month period ended September 30, 2012 was 17.64%. Best Quarter Q3 ’09                  +15.28% Worst Quarter Q4 ’08                  –20.47% 0 0.005 0.1582 0.1567 0.1582 0.1582 0.0185 0.1782 0.1667 0.1682 0.1732 -0.1583 -0.1583 0.055 0 0 0 -0.1583 0 0 0 -0.1583 0.0199 0 0.05 0.01 0 0 0.0084 0 0 0.0099 0.0149 AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2011 -0.249 0.2353 0.0874 0.0235 0.0817 0.0958 -0.4272 0.4822 0.1083 -0.0147 The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. 0.0097 0.0097 0.0097 0.0097 0.0097 0.0097 0.0097 The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. -0.0832 -0.0834 -0.0538 0.0264 -0.0856 0.0264 -0.047 0.0264 -0.0267 0.0264 -0.03 0.0264 -0.0286 0.0264 -0.0325 0.0264 -0.0071 -0.0073 -0.006 0.025 -0.0078 0.025 -0.0035 0.025 0.0078 0.025 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsSmallCapValueFund column period compact * ~</div> 0.0038 0.025 0.0003 0.0002 0.0003 0.0259 -0.0002 0.0259 -0.0016 0.0259 0.0099 0.0259 0.0059 0.0259 -0.0053 -0.0053 -0.0045 0.0004 -0.0055 0.0004 -0.0082 0.0004 0.0031 0.0004 -0.0007 0.0004 0.1344 0.1624 0.1295 0.1624 1999-05-24 1999-05-24 1999-05-24 1999-05-24 1999-05-24 1999-05-24 1999-05-24 1999-05-24 1999-05-24 1999-05-24 1999-05-24 1999-05-24 2009-01-06 2009-01-06 2009-01-06 2009-01-06 A contingent deferred sales charge (“CDSC”) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase. 0.0025 0.01 0.01 0 0 0.005 0 0.0022 0.0022 0.0022 0.0007 0.0057 0.0022 0.0022 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsSmallCapValueFundBarChart column period compact * ~</div> 0 0 0 0 0.0025 0 0 0 0 0 0 0.0025 0 0 0.0022 0.0022 0.0022 0.0007 0.0007 0.0022 0.0022 0.0144 0.0219 0.0219 0.0104 0.0154 0.0119 302 0.0169 3418 2007-11-30 2007-11-30 2007-11-30 2007-11-30 2007-11-30 2007-11-30 1997-08-15 5862 1997-08-15 1997-08-15 1997-08-15 1997-08-15 1997-08-15 1997-08-15 1997-08-15 1997-08-15 1996-05-01 9704 1996-05-01 1996-05-01 1990-04-20 1990-04-20 1990-04-20 1990-04-20 1990-04-20 202 0.0136 0.0211 0.0211 0.0096 0.0146 3418 0.0111 0.0161 5862 9704 86 3165 5567 9510 101 3199 5607 9538 152 3309 5736 9625 -0.0008 -0.0008 -0.0008 -0.0008 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. -0.0008 -0.0008 -0.0008 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. <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsConcentratedGrowthFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsConcentratedGrowthFund column period compact * ~</div> You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 71 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). December 29, 2013 50000 The Fund’s “Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation” have been restated to reflect the fee waiver and expense limitation currently in effect. 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. This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: -0.1275 -0.1294 -0.0804 0.0039 -0.1298 0.0211 0.0211 0.0039 -0.0929 0.0039 -0.073 0.0211 0.0039 -0.0779 0.0211 0.0039 0.0211 681 0.0039 714 0.0211 314 0.0039 98 0.0211 149 113 164 973 977 677 323 479 370 525 1286 1367 1167 566 832 647 910 2173 2328 2517 1264 1828 1991 1436 50000 214 214 677 677 1167 1167 2328 2517 0.0215 0.016 0.0184 0.0389 0.0292 0.021 0.0389 0.0389 0.0196 0.0292 0.0292 0.0313 0.0262 0.0292 0.0389 0.0292 -0.0302 -0.0688 -0.069 -0.0444 0.0264 0.0211 2007-11-30 -0.0352 -0.0025 -0.0077 -0.0107 -0.0084 2007-11-30 0.025 Shareholder Fees (Fees paid directly from your investment) <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsU.S.EquityFund column period compact * ~</div> -0.0758 Portfolio Turnover 0.4327 0.189 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, 2012 was 50% of the average value of its portfolio. 0.0069 0.0057 0.0055 0.5 0.0259 0.0292 0.0318 0.13 0.1734 -0.0507 0.0511 0.0411 0.0408 0.0832 0.077 0.0292 0.069 0.0615 -0.0005 0.0496 0.0362 0.0782 0.0399 0.0621 0.0601 0.0599 0.0324 0.0817 0.0684 0.0855 0.0628 -0.0561 -0.034 -0.0177 -0.034 -0.0177 -0.0713 0.0264 0.0211 -0.0317 -0.0571 0.0264 0.0211 -0.0107 0.0264 0.0211 -0.0159 0.0264 0.0211 -0.0121 0.0264 0.0211 -0.0176 0.0264 0.0211 Assuming complete redemption at end of period -0.2715 Assuming no redemption 0.277 0.2588 -0.0086 Principal Strategy 0.025 -0.0025 -0.0045 0.0042 0.025 -0.0025 0.0069 0.025 -0.0025 0.0019 0.025 -0.0025 0.0064 0.0259 0.0292 0.0051 0.0259 0.0292 0.0167 0.0259 0.0292 0.0116 0.0259 0.0292 The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in small-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000® Value Index at the time of investment. As of November 30, 2012, the capitalization range of the Russell 2000® Value Index was between $42.7 million and $4.8 billion. Under normal circumstances, the Fund’s investment horizon for ownership of stocks will be two to three years. Although the Fund will invest primarily in publicly traded U.S. securities, it may also invest in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund’s equity investment process involves: (1) using multiple industry-specific valuation metrics to identify real 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; and (3) buying those securities that a sector portfolio manager recommends, taking into account feedback from the rest of the portfolio management team. 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. The Fund may invest in companies with public stock market capitalizations outside the range of companies constituting the Russell 2000® Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations. Principal Risks of the Fund Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0505 0.0512 0.0615 0.0262 0.0399 0.0297 0.0379 0.0297 0.0399 0.0328 0.0297 0.0399 -0.0147 0.002 -0.0177 -0.0196 0.002 -0.0177 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsGrowthOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsGrowthOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsGrowthOpportunitiesFund column period compact * ~</div> 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. 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. 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. Mid-Cap and Small-Cap Risk. Investments in mid-capitalization and small-capitalization companies involve greater risks than investments in 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. 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. Loss of money is a risk of investing in the Fund. <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsStrategicGrowthFund column period compact * ~</div> December 29, 2013 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsCapitalGrowthFund column period compact * ~</div> 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, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Goldman Sachs Growth Opportunities Fund—Summary Investment Objective Portfolio Turnover The Goldman Sachs Growth Opportunities Fund (the “Fund”) seeks long-term growth of capital. Fees and Expenses of the Fund <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsCapitalGrowthFundBarChart column period compact * ~</div> The Fund pays transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Fund’s performance. The Fund’s portfolio turnover rate for the period ended August 31, 2012 (commenced January 31, 2012) was 23% of the average value of its portfolio. Principal Strategy You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 53 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 50000 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, including common stocks, preferred stocks, and other securities and instruments having equity characteristics. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in approximately 20-25 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 countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. 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 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 also invest in fixed income securities, such as government, corporate and bank debt obligations. 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 Shareholder Fees (fees paid directly from your investment) -0.0793 -0.0607 0.055 0 0 0 0 0 0 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsU.S.EquityFundBarChart column period compact * ~</div> 0 0.05 0.01 0 0 0 0 -0.0511 -0.0538 -0.0297 -0.055 -0.0531 -0.055 -0.0132 -0.055 0.0081 -0.055 0.0067 -0.055 0.0019 -0.055 0.0032 -0.055 0.0092 0.0014 0.0058 -0.0187 0.0091 -0.0187 0.0132 0.025 -0.0187 0.0199 -0.0187 -0.0187 0.0715 0.0628 0.0604 0.064 0.0711 0.064 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsU.S.EquityFund column period compact * ~</div> 0.064 0.064 0.064 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 53 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 0.0766 0.082 0.0697 0.0951 0.084 0.0804 0.1038 0.0831 0.0847 0.0698 0.0822 0.0769 0.0393 0.0344 -0.0001 -0.0001 0.0702 0.0702 0.0702 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 1992-10-22 1992-10-22 1992-10-22 1992-10-22 1996-05-01 1997-08-15 1997-08-15 1997-08-15 1997-08-15 2007-11-30 2007-11-30 2007-11-30 2007-11-30 1997-08-15 1997-08-15 1996-05-01 0.0095 0.0095 0.0095 0.0095 0.0095 0.0095 0.0095 0.0025 0.01 0.01 0 0 0 0.005 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. 0.0021 0.0021 0.0021 0.0006 0.0056 0.0021 0.0021 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 B, Class C, Institutional, Service, Class IR and Class R 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.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. 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. 0 0 0 0 0.0025 0 0 0 0 0 0 0.0025 0 0 0.0021 0.0021 0.0021 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 B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of a broad-based securities market index. 0.0006 0.0006 0.0021 0.0021 0.0141 0.0216 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 0.0216 0.0101 0.0151 0.0116 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. 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 and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from, among things, deteriorating economic and business conditions in other countries, including the United States, regional and global conflicts, the imposition of exchange controls, confiscations and other government restrictions, or from problems in registration, settlement or custody. Foreign risk also involves 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 has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging countries, these risks may be more pronounced. 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. 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. Mid-Cap and Small-Cap Risk. Investments in mid-capitalization and small-capitalization companies involve greater risks than investments in 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. Non-Diversification Risk. The Fund is non-diversified, meaning that it is permitted to invest more of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. Under normal circumstances, the Fund intends to invest in approximately 20-25 companies. 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. 0.0166 www.goldmansachsfunds.com/performance -0.0006 -0.0006 -0.0006 -0.0006 -0.0006 -0.0006 -0.0006 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. Loss of money is a risk of investing in the Fund. 0.0135 0.021 0.021 0.0095 0.0145 0.011 0.016 TOTAL RETURN CALENDAR YEAR (CLASS A) 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. A contingent deferred sales charge (“CDSC”) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase. Non-Diversification Risk. The Fund is non-diversified, meaning that it is permitted to invest more of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. Under normal circumstances, the Fund intends to invest in approximately 20-25 companies. Performance The Fund commenced operations on January 31, 2012. No performance information for the Fund is provided because the Fund has less than one calendar year of performance as of the date of this Prospectus. 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.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. A contingent deferred sales charge (“CDSC”) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase. <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsFocusedGrowthFund column period compact * ~</div> December 29, 2013 The total return for Class A Shares for the 9-month period ended September 30, 2012 was 13.08%. Best Quarter Q2 ’03 +19.97% Worst Quarter Q4 ’08 –24.77% AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2011 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. This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. The Fund commenced operations on January 31, 2012. No performance information for the Fund is provided because the Fund has less than one calendar year of performance as of the date of this Prospectus. 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. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.goldmansachsfunds.com/performance 680 713 313 97 148 112 163 966 970 670 316 471 363 518 total return 1273 1354 1154 2012-09-30 552 818 0.2011 633 897 Best Quarter 2009-06-30 0.2211 2143 2298 Worst Quarter 2488 1231 1796 2008-12-31 1404 1960 -0.2866 213 213 670 670 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsGrowthandIncomeFund column period compact * ~</div> 1154 1154 2298 2488 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsGrowthandIncomeFund column period compact * ~</div> Assuming no redemption Assuming complete redemption at end of period 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, 2012 was 59% of the average value of its portfolio. 0.59 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 with a primary focus on mid-cap companies. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of equity investments that are considered by the Investment Adviser to be strategically 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 countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. 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 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. Principal Risks of the Fund <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsGrowthandIncomeFundBarChart column period compact * ~</div> 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. 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. 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. Mid-Cap and Small-Cap Risk. Investments in mid-capitalization and small-capitalization companies involve greater risks than investments in 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. 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. 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. 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 B, Class C, Institutional, Service, Class IR and Class R 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.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. 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. 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 B, Class C, Institutional, Service, Class IR and Class R 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. www.goldmansachsfunds.com/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. TOTAL RETURN CALENDAR YEAR (CLASS A) -0.2719 0.3239 0.1587 0.0444 0.0614 0.1933 -0.4012 0.5758 0.1863 -0.0406 AVERAGE ANNUAL TOTAL RETURNS For the period ended December 31, 2011 The after-tax returns are for Class A Shares only. The after-tax returns for Class, B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. -0.0935 -0.1019 -0.0492 -0.0165 0.0388 0.0287 0.0309 0.0244 0.0412 0.0346 0.0344 0.0528 0.0925 0.0854 0.0807 0.0418 1999-05-24 1999-05-24 1999-05-24 1999-05-24 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsMidCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsMidCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsMidCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsMidCapValueFund column period compact * ~</div> Goldman Sachs Mid Cap Value Fund—Summary <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsUSEquityFund column period compact * ~</div> Investment Objective The Goldman Sachs Mid Cap Value Fund (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 58 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). Shareholder Fees (fees paid directly from your investment) 0.055 0 0 0 0 0 0 0 0.01 0.05 0 0 0 0 -0.0744 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.23 -0.0381 -0.0165 -0.043 -0.0165 0.0069 0.0069 0.0069 0.0069 0.0069 0.0069 0.0069 0.0025 0.0246 0.01 0.0037 0.01 0.0197 0 0.0037 0 0 0.005 2007-11-30 2007-11-30 2007-11-30 2007-11-30 0.0021 0.0021 0.0021 0.0006 0.0056 0.0021 0.0021 0 0 0 0 0.0025 0 0 -0.096 -0.0165 -0.0574 -0.0165 -0.037 -0.0165 -0.0417 -0.0165 0 0 0 0 0.0025 0 0 0.0385 0.0244 0.0021 0.0428 0.0021 0.0021 0.0244 0.0006 0.0548 0.0006 0.0021 0.0244 0.0021 0.0496 0.0244 0.0407 0.0528 0.0393 0.0528 0.0513 0.0528 0.0461 0.0528 0.0927 0.0418 0.0418 0.0892 0.1017 0.0418 0.0962 0.0418 1999-05-24 1999-05-24 1999-05-24 1999-05-24 1999-05-24 1999-05-24 1999-05-24 1999-05-24 Expense Example 0.0012 total return 2012-09-30 0.1718 Best Quarter 2009-06-30 0.2245 Worst Quarter 2008-12-31 -0.2868 The total return for Class A Shares for the 9-month period ended September 30, 2012 was 17.18%. Best Quarter Q2 ‘09          22.45% Worst Quarter Q4 ‘08        –28.68% <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsGrowthandIncomeFund column period compact * ~</div> total return 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. 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. The after-tax returns are for Class A Shares only. The after-tax returns for Class, B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary. A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. -0.0553 -0.0615 -0.046 -0.0263 -0.0025 -0.0556 -0.0263 -0.0025 -0.0517 -0.0263 -0.0025 -0.0409 -0.0263 -0.0025 -0.0456 -0.0263 -0.0025 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsGrowthOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsGrowthOpportunitiesFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsGrowthOpportunitiesFund column period compact * ~</div> 0.0389 0.0686 Goldman Sachs Large Cap Value Fund—Summary Investment Objective The Goldman Sachs Large Cap Value Fund (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 58 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 0.055 0 0 0 0 0 0 0 0.05 0.01 0 0 0 0 0.0072 0.0072 0.0072 0.0072 0.0072 0.0072 0.0072 0.0025 0.01 0.01 0 0 0 0.005 0.0022 0.0022 0.0022 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsGrowthandIncomeFund column period compact * ~</div> 0.0007 0.0057 0.0022 0.0022 0 0 0 0 0.0025 0 0 0 0 0 0 0.0025 0 0 0.0022 0.0022 0.0022 0.0007 0.0007 0.0022 0.0022 0.0119 0.0194 0.0194 0.0079 0.0129 0.0094 0.0144 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsGrowthandIncomeFund column period compact * ~</div> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 58 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 50000 TOTAL RETURN CALENDAR YEAR (CLASS A) 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. This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: A contingent deferred sales charge (“CDSC”) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase. 665 697 297 81 131 96 147 907 909 609 252 409 300 456 1168 1247 1047 439 708 520 787 1914 2070 2264 978 1556 1155 1724 Shareholder Fees (fees paid directly from your investment) 197 197 609 609 1047 1047 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 2070 2264 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, 2012 was 123% of the average value of its portfolio. 1.23 Principal Strategy The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in large-cap U.S. issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 1000® Value Index at the time of investment. As of November 30, 2012, the capitalization range of the Russell 1000® Value Index was between $302.4 million and $401.9 billion. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest in foreign securities, including securities quoted in foreign currencies. The Fund seeks its investment objective by investing in value opportunities that the Investment Adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. The Fund’s equity investment process involves: (1) using multiple industry-specific valuation metrics to identify real 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; and (3) buying those securities that a sector portfolio manager recommends, taking into account feedback from the rest of the portfolio management team. 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. The Fund may also invest in fixed income securities, such as government, corporate and bank debt obligations. 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. 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. 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. 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. 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. 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 B, Class C, Institutional, Service, Class IR and Class R 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.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. 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. 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 B, Class C, Institutional, Service, Class IR and Class R 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. www.goldmansachsfunds.com/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. TOTAL RETURN CALENDAR YEAR (CLASS A) The total return for Class A Shares for the 9-month period ended September 30, 2012 was 16.95%. Best Quarter Q3 ‘09 +15.37% Worst Quarter Q4 ‘08 –21.77% -0.1232 0.2495 0.1889 0.0577 0.1844 0.035 -0.3721 0.2476 0.1213 -0.0781 AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2011 total return 2012-09-30 0.1695 Best Quarter 2009-09-30 0.1537 Worst Quarter 2008-12-31 -0.2177 The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. -0.1291 -0.1306 -0.0818 0.0039 -0.1304 0.0039 -0.0943 0.0039 -0.0745 0.0039 -0.0789 0.0039 -0.0754 0.0039 -0.0804 0.0039 -0.0263 -0.0359 -0.0263 -0.0311 -0.0263 -0.0422 -0.0263 -0.0459 -0.0263 -0.0383 -0.0493 -0.0458 0.0259 0.0205 0.0213 0.0389 0.0255 0.0389 0.024 0.0389 0.0358 0.0389 0.0309 0.0389 -0.034 -0.052 -0.034 -0.0476 0.0347 0.029 0.0347 0.0337 0.0347 0.022 0.0347 0.0246 0.0347 0.0205 0.0202 0.0249 2007-11-30 2007-11-30 2007-11-30 2007-11-30 1999-12-15 1999-12-15 1999-12-15 1999-12-15 1999-12-15 1999-12-15 1999-12-15 1999-12-15 1999-12-15 1999-12-15 1999-12-15 1999-12-15 A contingent deferred sales charge (“CDSC”) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase. <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsLargeCapValueFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsLargeCapValueFund column period compact * ~</div> Assuming complete redemption at end of period Assuming no redemption Goldman Sachs Technology Tollkeeper Fund—Summary Investment Objective The Goldman Sachs Technology Tollkeeper 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 and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial advisor and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 53 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 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. This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service and/or Class IR Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service and/or Class IR Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Assuming complete redemption at end of period Assuming no redemption 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, 2012 was 43% of the average value of its portfolio. Principal Strategy The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in equity investments in “Technology Tollkeeper” companies (as described below). The Fund seeks to achieve its investment objective by investing in equity investments of companies that the Investment Adviser believes are well positioned 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’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 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 companies the Investment Adviser describes as Technology Tollkeeper companies. In general, the Investment Adviser defines a Technology Tollkeeper company as a high-quality technology, media or service company that adopts or uses technology to improve its cost structure, revenue opportunities or competitive advantage. The Investment Adviser seeks to identify Technology Tollkeeper companies that exhibit many of the following characteristics:<ul type="square"><li>Strong brand name</li><li>Dominant market share</li><li>Recurring revenue streams</li><li>Free cash flow generation</li><li>Long product life cycle</li><li>Enduring competitive advantage</li><li>Excellent management</li></ul>To the Investment Adviser, Technology Tollkeeper connotes a promising growth business. Like a toll collector for a highway or bridge, Technology Tollkeeper companies may grow revenue by increasing “traffic,” or customers and sales, and raising “tolls,” or prices and margins. The Investment Adviser believes that the characteristics of many Technology Tollkeeper companies should enable them to consistently grow their business. The Investment Adviser does not define companies that are capital intensive, low margin businesses as Technology Tollkeeper companies (although the Investment Adviser may invest in such companies as part of the Fund’s 20% basket of securities which may or may not be Technology Tollkeeper companies). The Internet is an example of a technology that the Investment Adviser believes will drive growth for many Technology Tollkeeper 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 Tollkeeper companies adopting Internet technologies to improve their business model include technology, media and service companies. 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, media and service companies, the Fund’s investment performance will be closely tied to many factors which affect technology, media and service companies. These factors include intense competition, consumer preferences, problems with product compatibility and government regulation. Technology Tollkeeper securities 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. 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. 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 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. 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. 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. Mid-Cap and Small-Cap Risk. Investments in mid-capitalization and small-capitalization companies involve greater risks than investments in 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. 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. 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 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 B, Class C, Institutional, Service and Class IR 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.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. 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. AVERAGE ANNUAL TOTAL RETURNS For the period ended December 31, 2011 The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR 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. 0.055 0 0 0 0 0 0 0.05 0.01 0 0 0 0.01 0.01 0.01 0.01 0.01 0.01 0.0025 0.01 0.01 0 0 0 0.003 0.003 0.003 0.0015 0.0065 0.003 0 0 0 0 0.0025 0 0 0 0 0 0.0025 0 0.003 0.003 0.003 0.0015 0.003 0.0015 0.0155 0.023 0.023 0.0115 0.0165 0.013 -0.0005 -0.0005 -0.0005 -0.0005 -0.0005 -0.0005 0.015 0.0225 0.0225 0.011 0.016 0.0125 694 728 328 112 163 127 1008 1014 714 360 515 407 1344 1426 1226 628 892 708 2290 2444 2632 1393 1950 1563 228 228 714 714 1226 1226 2444 2632 You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial advisor and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 53 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 50000 A contingent deferred sales charge (“CDSC”) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase. December 29, 2013 0.43 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 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 B, Class C, Institutional, Service and Class IR 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. www.goldmansachsfunds.com/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. The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR 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. -0.3932 0.4562 0.1255 0.0191 0.1272 0.2743 -0.454 0.6927 0.2427 -0.1325 total return 2012-09-30 0.2077 Best Quarter 2009-06-30 0.2291 Worst Quarter 2008-12-31 -0.2757 -0.1803 -0.1803 -0.1172 -0.018 -0.1824 -0.018 -0.1472 -0.018 -0.1288 -0.018 -0.1328 -0.018 -0.1302 -0.018 0.0367 0.0367 0.0315 0.0152 0.0373 0.0152 0.0407 0.0152 0.0527 0.0152 0.0479 0.0152 0.0319 0.0319 0.0277 0.0294 0.0315 0.0294 0.03 0.0294 0.042 0.0294 0.0371 0.0294 0.0078 0.0073 0.0064 -0.0043 0.0073 -0.0043 0.0048 -0.0043 0.0165 -0.0043 0.0117 -0.0043 -0.0182 0.0788 1999-10-01 1999-10-01 1999-10-01 1999-10-01 1999-10-01 1999-10-01 1999-10-01 1999-10-01 1999-10-01 1999-10-01 1999-10-01 1999-10-01 2010-09-30 2010-09-30 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsSmall/MidCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsSmall/MidCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsSmall/MidCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsSmall/MidCapGrowthFund column period compact * ~</div> Assuming complete redemption at end of period 661 693 293 77 127 92 143 895 897 240 397 287 443 597 1148 1226 1026 417 686 498 766 1871 2027 2222 930 1511 1108 1680 193 193 597 597 1026 1026 2222 2027 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, 2012 was 80% of the average value of its portfolio. Principal Strategy The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell Midcap® Value Index at the time of investment. As of November 30, 2012, the capitalization range of the Russell Midcap® Value Index was between $302.4 million and $20.2 billion. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund’s equity investment process involves: (1) using multiple industry-specific valuation metrics to identify real 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; and (3) buying those securities that a sector portfolio manager recommends, taking into account feedback from the rest of the portfolio management team. 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. The Fund may also invest in companies with public stock market capitalizations outside the range of companies constituting the Russell Midcap® Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations. 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. 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. 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. Mid-Cap and Small-Cap Risk. Investments in mid-capitalization and small-capitalization companies involve greater risks than investments in 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. 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 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 B, Class C, Institutional, Service, Class IR and Class R 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.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. 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. TOTAL RETURN CALENDAR YEAR (CLASS A) -0.0511 0.2752 0.2529 0.1244 0.1561 0.0291 -0.3665 0.327 0.2436 -0.0661 total return 2012-09-30 0.1385 Best Quarter 2009-09-30 0.1951 Worst Quarter 2008-12-31 -0.2379 The total return for Class A Shares for the 9-month period ended September 30, 2012 was 13.85%. Best Quarter Q3 ‘09 +19.51% Worst Quarter Q4 ‘08 –23.79% -0.1175 -0.1181 -0.0755 -0.0138 -0.0106 -0.0153 -0.0095 0.0004 0.0646 0.0576 0.055 0.0767 0.0695 0.0579 0.0557 0.0783 1997-08-15 1997-08-15 1997-08-15 1997-08-15 -0.0138 -0.1196 -0.0108 0.0004 0.0641 0.0767 0.0694 0.0783 1997-08-15 1997-08-15 -0.0826 -0.0138 -0.0069 0.0004 0.0626 0.0767 0.0659 0.0783 1997-08-15 1997-08-15 -0.0626 -0.0138 0.0047 0.0004 0.0749 0.0767 0.1029 0.0991 1995-08-01 1995-08-01 -0.0671 -0.0138 0.0004 -0.0003 0.0767 0.0697 0.0793 0.0745 1997-07-18 1997-07-18 2009-01-06 -0.0637 -0.0138 -0.0687 -0.0138 0.0012 0.1389 0.1652 2009-01-06 2007-11-30 2007-11-30 The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 58 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 50000 0.8 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 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 B, Class C, Institutional, Service, Class IR and Class R 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. www.goldmansachsfunds.com/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. The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsMidCapValueFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsMidCapValueFund column period compact * ~</div> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: A contingent deferred sales charge (“CDSC”) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase. -0.0011 Assuming no redemption Assuming complete redemption at end of period Assuming no redemption The total return for Class A Shares for the 9-month period ended September 30, 2012 was 20.77%. Best Quarter Q2 ‘09         22.91% Worst Quarter Q4 ‘08       –27.57% 0.0115 0.019 0.019 0.0075 0.0125 0.009 0.014 Goldman Sachs Small/Mid Cap Growth—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 and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 53 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). 50000 You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, 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 53 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-104 of the Fund’s Statement of Additional Information (“SAI”). Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 0.055 0.05 0.01 0 0 0 0 0 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleShareholderFeesGoldmanSachsTechnologyTollkeeperFund column period compact * ~</div> AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2011 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualFundOperatingExpensesGoldmanSachsTechnologyTollkeeperFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleTransposedGoldmanSachsTechnologyTollkeeperFund column period compact * ~</div> A contingent deferred sales charge (“CDSC”) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase. 1993-02-05 1993-02-05 1993-02-05 1993-02-05 1993-02-05 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsTechnologyTollkeeperFund column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsTechnologyTollkeeperFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedGoldmanSachsTechnologyTollkeeperFund column period compact * ~</div> 1996-05-01 1996-05-01 1997-08-15 1997-08-15 1997-08-15 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.0025 0.01 0.01 0 0 0 0.005 0.0025 0.0025 0.0025 0.001 0.006 0.0025 0.0025 total return 2012-09-30 0.1308 Best Quarter 2003-06-30 0 0 0 0 0.1997 0.0025 0 0 Worst Quarter 2008-12-31 0 0 0 0 -0.2477 0.0025 0 0 1996-06-03 1996-06-03 0.0025 1996-06-03 0.0025 0.0025 0.001 0.001 0.0025 0.0025 0.015 0.0225 0.0225 0.011 0.016 0.0125 0.0175 -0.0015 -0.0015 -0.0015 -0.0015 -0.0015 -0.0015 -0.0015 1996-03-06 1996-03-06 1996-03-06 0.0135 0.021 0.021 0.0095 0.0145 0.011 0.016 2007-11-30 2007-11-30 2007-11-30 2007-11-30 2007-11-30 2007-11-30 December 29, 2013 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. This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Assuming complete redemption at end of period Assuming no redemption 680 713 313 97 148 112 163 984 989 689 335 382 536 490 1310 1391 592 672 935 857 1191 2230 2384 1327 1498 2050 1888 2573 TOTAL RETURN CALENDAR YEAR (CLASS A) 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, 2012 was 51% of the average value of its portfolio. 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 with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalization of companies constituting the Russell 2500® 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 November 30, 2012, the capitalization range of the Russell 2500® Growth Index was between $29.73 million and $9.99 billion. The Fund seeks to achieve its investment objective by investing in equity investments that are considered by the Investment Adviser to be strategically 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 issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. 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 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. 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. 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. 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. Mid-Cap and Small-Cap Risk. Investments in mid-capitalization and small-capitalization companies involve greater risks than investments in 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. 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. 0.51 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. Performance total return 2012-09-30 0.1764 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 B, Class C, Institutional, Service, Class IR and Class R 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.goldmansachsfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus. 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. Best Quarter 2009-09-30 0.1528 Worst Quarter 2008-12-31 TOTAL RETURN CALENDAR YEAR (CLASS A) The total return for Class A Shares for the 9-month period ended September 30, 2012 was 17.98%. Best Quarter Q2 ‘09          21.61% Worst Quarter Q4 ‘08        –27.93% AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2011 The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement 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. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.goldmansachsfunds.com/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 B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of a broad-based securities market index. 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. 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. 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. The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service and Class IR Shares, and returns for Class R Shares (which are offered exclusively to retirement plans), will vary. total return 2012-09-30 0.1798 Best Quarter 2009-06-30 0.2161 Worst Quarter 2008-12-31 -0.2793 0.1273 0.1885 -0.4008 0.5857 0.2112 -0.0427 -0.0954 -0.1017 -0.0535 -0.0157 -0.0972 -0.0157 -0.0592 -0.0157 -0.0157 -0.0392 -0.0437 -0.0157 -0.0403 -0.0157 -0.045 -0.0157 0.0382 0.0362 0.0288 0.0431 0.0433 0.0288 0.0471 0.0288 0.0592 0.0288 0.054 0.0288 0.0611 0.0567 0.0541 0.052 0.0617 0.0541 0.0617 0.0541 0.074 0.0541 0.0686 0.0541 0.03 0.012 0.0249 0.012 2005-06-30 2005-06-30 2005-06-30 2005-06-30 2005-06-30 2005-06-30 2005-06-30 2005-06-30 2005-06-30 2005-06-30 2005-06-30 2005-06-30 2007-11-30 2007-11-30 2007-11-30 2007-11-30 1996-05-01 -0.2047 213 213 689 689 1191 1191 2384 2573 <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleAnnualTotalReturnsGoldmanSachsSmall/MidCapGrowthFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.goldmansachsfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedGoldmanSachsSmall/MidCapGrowthFund column period compact * ~</div> The Fund seeks to achieve its investment objective by investing in equity investments of companies that the Investment Adviser believes are well positioned to benefit from the proliferation of technology. A contingent deferred sales charge ("CDSC") is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase. 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 fees in order to achieve an effective net management fee rate of 0.81% as an annual percentage rate of the average daily net assets of the Fund; and (ii) reduce or limit "Other Expenses" (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.014% of the Fund's average daily net assets. These arrangements will remain in effect through at least December 29, 2013, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The Fund's "Other Expenses" may be further reduced by any custody and transfer agency fee credits received by the Fund. A contingent deferred sales charge (“CDSC”) of 1% is imposed on Class C Shares redeemed within 12 months of purchase. A contingent deferred sales charge ("CDSC") is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A 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, taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.044% of the Fund’s average daily net assets through at least December 29, 2013, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Fund’s “Other Expenses” may be further reduced by any custody and transfer agency fee credits received by the Fund. The Investment Adviser has agreed to (i) waive a portion of its management fees in order to achieve an effective net management fee rate of 0.70% as an annual percentage rate of the average daily net assets of the Fund; 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, litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.004% of the Fund's average daily net assets. These arrangements will remain in effect through at least December 29, 2013, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The Fund's "Other Expenses" may be further reduced by any custody and transfer agency fee credits received by the Fund. The Investment Adviser has agreed to (i) waive a portion of its management fees in order to achieve an effective net management fee rate of 0.71% as an annual percentage rate of the average daily net assets of the Fund; 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, litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.004% of the Fund's average daily net assets. These arrangements will remain in effect through at least December 29, 2013, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The Fund's "Other Expenses" may be further reduced by any custody and transfer agency fee credits received by the Fund. 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, litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.054% of the Fund's average daily net assets through at least December 29, 2013, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Fund's "Other Expenses" may be further reduced by any custody and transfer agency fee credits received by the Fund. A contingent deferred sales charge ("CDSC") is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A 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 fees in order to achieve an effective net management fee rate of 0.79% as an annual percentage rate of the average daily net assets of the Fund; and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.014% of the Fund’s average daily net assets. These arrangements will remain in effect through at least December 29, 2013, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The Fund’s “Other Expenses” may be further reduced by any custody and transfer agency fee credits received by the Fund. The Investment Adviser has agreed to (i) waive a portion of its management fees in order to achieve an effective net management fee rate of no higher than 0.93% as an annual percentage rate of the average daily net assets of the Fund (achieved by applying this rate to the first $2 billion in Fund assets, and the lower contractual rates thereafter); 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, litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.004% of the Fund's average daily net assets. These arrangements will remain in effect through at least December 29, 2013, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The Fund's "Other Expenses" may be further reduced by any custody and transfer agency fee credits received by the Fund. The Fund's "Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation" have been restated to reflect the fee waiver and expense limitation currently in effect. After Fee Waiver and Expense Limitation The Investment Adviser has agreed to (i) waive a portion of its management fees in order to achieve an effective net management fee rate of 0.90% as an annual percentage rate of the average daily net assets of the Fund; 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, litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.014% of the Fund's average daily net assets. These arrangements will remain in effect through at least December 29, 2013, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The Fund's "Other Expenses" may be further reduced by any custody and transfer agency fee credits received by the Fund. A contingent deferred sales charge (“CDSC”) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5% in the first year to 1% in the sixth year, and eliminated thereafter. A 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, litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.064% of the Fund's average daily net assets, through at least December 29, 2013, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Fund's "Other Expenses" may be further reduced by any custody and transfer agency fee credits received by the Fund. The Investment Adviser has agreed to waive a portion of its management fees in order to achieve an effective net management fee rate of 0.85% as an annual percentage rate of the average daily net assets of the Fund through at least December 29, 2013, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.