Goldman Sachs Balanced Fund—Summary

The Goldman Sachs Balanced Fund (the “Fund”) seeks to provide long-term growth of capital and current income.

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 82 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-109 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees Goldman Sachs Balanced Fund		Class A Shares	Class B Shares	Class C Shares	Institutional Shares	Class IR Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		5.50%	none	none	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds)	^[1]	none	5.00%	1.00%	none	none

[1]	A contingent deferred sales charge ("CDSC") is imposed on any 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.

Annual Fund Operating Expenses Goldman Sachs Balanced Fund		Class A Shares	Class B Shares	Class C Shares	Institutional Shares	Class IR Shares
Management Fees		0.65%	0.65%	0.65%	0.65%	0.65%
Distribution and Service (12b-1) Fees		0.25%	1.00%	1.00%	none	none
Other Expenses		0.48%	0.48%	0.48%	0.33%	0.48%
Total Annual Fund Operating Expenses		1.38%	2.13%	2.13%	0.98%	1.13%
Fee Waiver and Expense Limitation	^[1]	(0.33%)	(0.33%)	(0.33%)	(0.33%)	(0.33%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation		1.05%	1.80%	1.80%	0.65%	0.80%

[1]

The Investment Adviser has agreed to (i) waive a portion of its management fees in order to achieve an effective net management rate of 0.55% as an annual percentage rate of average daily net assets of the Fund, and (ii) reduce or limit "Other Expenses" (excluding management fees, distribution and service fees, acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any custody and transfer agent fee credit reductions) to 0.064% of the Fund's average daily net assets. These arrangements will remain in effect through at least February 28, 2013, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

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 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 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 management 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:

Portfolio Turnover

Principal Strategy

Principal Risks of the Fund

Performance

TOTAL RETURN CALENDAR YEAR (CLASS A)

Average Annual Total Returns Goldman Sachs Balanced Fund	Label	Index No Deduction for Fees, Expenses, Taxes [Text]	1 Year	5 Years	10 Years	Since Inception	Inception Date
Returns Before Taxes Class A Shares	Returns Before Taxes		(1.13%)	2.03%	3.88%	6.22%	Oct. 12, 1994
Returns Before Taxes Class B Shares	Returns Before Taxes		(1.25%)	2.01%	3.84%	5.00%	May 01, 1996
Returns Before Taxes Class C Shares	Returns Before Taxes		2.82%	2.42%	3.69%	3.01%	Aug. 15, 1997
Returns Before Taxes Institutional Shares	Returns Before Taxes		5.05%	3.60%	4.99%	4.27%	Aug. 15, 1997
Returns Before Taxes Class IR Shares	Returns Before Taxes		4.82%			12.48%	Aug. 31, 2010
Returns After Taxes on Distributions Class A Shares	Returns After Taxes on Distributions		(1.46%)	1.13%	2.99%	4.81%	Oct. 12, 1994
Returns After Taxes on Distributions and Sale of Fund Shares Class A Shares	Returns After Taxes on Distributions and Sale of Fund Shares		(0.42%)	1.40%	2.99%	4.69%	Oct. 12, 1994
S&P 500 Index Class A Shares	S&P 500^® Index	(reflects no deduction for fees, expenses or taxes)	2.11%	(0.25%)	2.92%	7.93%	Oct. 12, 1994
S&P 500 Index Class B Shares	S&P 500^® Index	(reflects no deduction for fees, expenses or taxes)	2.11%	(0.25%)	2.92%	6.15%	May 01, 1996
S&P 500 Index Class C Shares	S&P 500^® Index	(reflects no deduction for fees, expenses or taxes)	2.11%	(0.25%)	2.92%	3.99%	Aug. 15, 1997
S&P 500 Index Institutional Shares	S&P 500^® Index	(reflects no deduction for fees, expenses or taxes)	2.11%	(0.25%)	2.92%	3.99%	Aug. 15, 1997
S&P 500 Index Class IR Shares	S&P 500^® Index	(reflects no deduction for fees, expenses or taxes)	2.11%			16.88%	Aug. 31, 2010
Barclays Capital Aggregate Bond Index Class A Shares	Barclays Capital Aggregate Bond Index	(reflects no deduction for fees, expenses or taxes)	7.84%	6.50%	5.77%	6.77%	Oct. 12, 1994
Barclays Capital Aggregate Bond Index Class B Shares	Barclays Capital Aggregate Bond Index	(reflects no deduction for fees, expenses or taxes)	7.84%	6.50%	5.77%	6.44%	May 01, 1996
Barclays Capital Aggregate Bond Index Class C Shares	Barclays Capital Aggregate Bond Index	(reflects no deduction for fees, expenses or taxes)	7.84%	6.50%	5.77%	6.25%	Aug. 15, 1997
Barclays Capital Aggregate Bond Index Institutional Shares	Barclays Capital Aggregate Bond Index	(reflects no deduction for fees, expenses or taxes)	7.84%	6.50%	5.77%	6.25%	Aug. 15, 1997
Barclays Capital Aggregate Bond Index Class IR Shares	Barclays Capital Aggregate Bond Index	(reflects no deduction for fees, expenses or taxes)	7.84%			4.86%	Aug. 31, 2010

Investment Objective

Fees and Expenses of the Fund

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

Expense Example Goldman Sachs Structured Large Cap Growth Fund (USD $)	Expense Example by, Year, Caption [Text]	1 Year	3 Years	5 Years	10 Years	Expense Example, No Redemption, By Year, Caption [Text]	1 Year	3 Years	5 Years	10 Years
Class A Shares		642	879	1,135	1,865
Class B Shares	Assuming complete redemption at end of period	673	880	1,213	2,022	Assuming no redemption	173	580	1,013	2,022
Class C Shares	Assuming complete redemption at end of period	273	580	1,013	2,217	Assuming no redemption	173	580	1,013	2,217
Institutional Shares		56	222	403	924
Service Shares		107	379	672	1,506
Class IR Shares		72	270	484	1,102
Class R Shares		122	426	752	1,674

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 October 31, 2011 was 76% of the average value of its portfolio.

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 broadly diversified portfolio of equity investments in large-cap U.S. issuers, including foreign issuers that are traded in the United States. These issuers have public stock market capitalizations similar to those of companies constituting the Russell 1000^® Index, which as of February 1, 2012 was between $108.1 million and $425.6 billion. However, the Fund may invest in securities outside the Russell 1000^® capitalization range.

The Fund uses a “structured” quantitative style of management that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund’s investments are selected using both a variety of quantitative techniques and fundamental research, based on six investment themes: Valuation, Profitability, Quality, Management, Momentum and Sentiment. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Profitability assesses whether the company is earning more than its cost of capital. Quality evaluates whether the company’s earnings are coming from more persistent, cash based sources, as opposed to accruals. Management assesses the characteristics, policies and strategic decisions of company management. Momentum seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Finally, the Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries.

The Fund maintains risk, style, and capitalization characteristics similar to the Russell 1000^® Growth Index, which generally consists of companies with above average capitalization and earnings growth expectations and below average dividend yields. The Fund seeks to maximize expected return while maintaining these and other characteristics similar to the benchmark.

The Fund may also invest in fixed income securities that are considered to be cash equivalents.

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.

Management Risk. The risk that a strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for the Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser’s use of these quantitative models will result in effective investment decisions for the Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses.

Market Risk. The value of the instruments 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.

Portfolio Turnover Rate Risk. A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

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 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 Institutional 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.

Best Quarter

Q2 ’03 +14.98%

Worst Quarter

Q4 ’08 –22.14%

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.

Goldman Sachs Structured Large Cap Value Fund—Summary

The Goldman Sachs Structured Large Cap Value Fund (the “Fund”) seeks long-term growth of capital and dividend income.

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 82 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-109 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees Goldman Sachs Structured Large Cap Value Fund		Class A Shares	Class B Shares	Class C Shares	Institutional Shares	Service Shares	Class IR Shares	Class R Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		5.50%	none	none	none	none	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds)	^[1]	none	5.00%	1.00%	none	none	none	none

[1]	A contingent deferred sales charge ("CDSC") is imposed on any 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.

Annual Fund Operating Expenses Goldman Sachs Structured Large Cap Value Fund		Class A Shares	Class B Shares	Class C Shares	Institutional Shares	Service Shares	Class IR Shares	Class R Shares
Management Fees		0.60%	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%
Distribution and Service (12b-1) Fees		0.25%	1.00%	1.00%	none	none	none	0.50%
Other Expenses		0.28%	0.28%	0.28%	0.13%	0.63%	0.28%	0.28%
Service Fees		none	none	none	none	0.25%	none	none
Shareholder Administration Fees		none	none	none	none	0.25%	none	none
All Other Expenses		0.28%	0.28%	0.28%	0.13%	0.13%	0.28%	0.28%
Total Annual Fund Operating Expenses		1.13%	1.88%	1.88%	0.73%	1.23%	0.88%	1.38%
Fee Waiver and Expense Limitation	^[1]	(0.18%)	(0.18%)	(0.18%)	(0.18%)	(0.18%)	(0.18%)	(0.18%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation		0.95%	1.70%	1.70%	0.55%	1.05%	0.70%	1.20%

[1]

The Investment Adviser has agreed to (i) waive a portion of its management fees in order to achieve an effective net management rate of 0.51% as an annual percentage rate of average daily net assets of the Fund, and (ii) reduce or limit "Other Expenses" (excluding management fees, distribution and service fees, 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 exclusive of any custody and transfer agent fee credit reductions) to 0.004% of the Fund's average daily net assets. These arrangements will remain in effect through at least February 28, 2013, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

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 management 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:

Portfolio Turnover

Principal Strategy

Principal Risks of the Fund

Performance

TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)

Average Annual Total Returns Goldman Sachs Structured Large Cap Value Fund	Label	Index No Deduction for Fees, Expenses, Taxes [Text]	1 Year	5 Years	10 Years	Since Inception	Inception Date
Returns Before Taxes Class A Shares	Returns Before Taxes		(2.62%)	(5.70%)	1.81%	1.96%	Dec. 31, 1998
Returns Before Taxes Class B Shares	Returns Before Taxes		(2.73%)	(5.72%)	1.76%	1.93%	Dec. 31, 1998
Returns Before Taxes Class C Shares	Returns Before Taxes		1.23%	(5.34%)	1.62%	1.64%	Dec. 31, 1998
Returns Before Taxes Institutional Shares	Returns Before Taxes		3.41%	(4.23%)	2.80%	2.80%	Dec. 31, 1998
Returns Before Taxes Service Shares	Returns Before Taxes		2.89%	(4.72%)	2.30%	2.30%	Dec. 31, 1998
Returns Before Taxes Class IR Shares	Returns Before Taxes		3.28%			(4.47%)	Nov. 30, 2007
Returns Class R Shares	Returns		2.74%			(4.93%)	Nov. 30, 2007
Returns After Taxes on Distributions Class A Shares	Returns After Taxes on Distributions		(2.85%)	(6.04%)	1.40%	1.52%	Dec. 31, 1998
Returns After Taxes on Distributions and Sale of Fund Shares Class A Shares	Returns After Taxes on Distributions and Sale of Fund Shares		(1.40%)	(4.76%)	1.53%	1.59%	Dec. 31, 1998
Russell 1000 Value Index Class A Shares	Russell 1000^® Value Index	(reflects no deduction for fees, expenses or taxes)	0.39%	(2.63%)	3.89%	3.62%	Dec. 31, 1998
Russell 1000 Value Index Class B Shares	Russell 1000^® Value Index	(reflects no deduction for fees, expenses or taxes)	0.39%	(2.63%)	3.89%	3.62%	Dec. 31, 1998
Russell 1000 Value Index Class C Shares	Russell 1000^® Value Index	(reflects no deduction for fees, expenses or taxes)	0.39%	(2.63%)	3.89%	3.62%	Dec. 31, 1998
Russell 1000 Value Index Institutional Shares	Russell 1000^® Value Index	(reflects no deduction for fees, expenses or taxes)	0.39%	(2.63%)	3.89%	3.62%	Dec. 31, 1998
Russell 1000 Value Index Service Shares	Russell 1000^® Value Index	(reflects no deduction for fees, expenses or taxes)	0.39%	(2.63%)	3.89%	3.62%	Dec. 31, 1998
Russell 1000 Value Index Class IR Shares	Russell 1000^® Value Index	(reflects no deduction for fees, expenses or taxes)	0.39%			(3.40%)	Nov. 30, 2007
Russell 1000 Value Index Class R Shares	Russell 1000^® Value Index	(reflects no deduction for fees, expenses or taxes)	0.39%			(3.40%)	Nov. 30, 2007

Investment Objective

Fees and Expenses of the Fund

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

Expense Example Goldman Sachs Structured Small Cap Equity Fund (USD $)	Expense Example by, Year, Caption [Text]	1 Year	3 Years	5 Years	10 Years	Expense Example, No Redemption, By Year, Caption [Text]	1 Year	3 Years	5 Years	10 Years
Class A Shares		671	961	1,272	2,153
Class B Shares	Assuming complete redemption at end of period	704	965	1,353	2,307	Assuming no redemption	204	665	1,153	2,307
Class C Shares	Assuming complete redemption at end of period	304	665	1,153	2,498	Assuming no redemption	204	665	1,153	2,498
Institutional Shares		88	310	551	1,241
Service Shares		138	466	817	1,807
Class IR Shares		103	357	631	1,414
Class R Shares		153	512	895	1,970

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 October 31, 2011 was 34% of the average value of its portfolio.

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 broadly diversified portfolio of equity investments in small-cap U.S. issuers, including foreign issuers that are traded in the United States. These issuers will have public stock market capitalizations similar to that of the range of the market capitalizations of companies constituting the Russell 2000^® Index at the time of investment, which as of February 1, 2012 was between $27.6 million and $3.46 billion. However, the Fund may invest in securities outside the Russell 2000^® capitalization range.

The Fund uses a “structured” quantitative style of management that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund’s investments are selected using both a variety of quantitative techniques and fundamental research, based on six investment themes: Valuation, Profitability, Quality, Management, Momentum and Sentiment. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Profitability assesses whether the company is earning more than its cost of capital. Quality evaluates whether the company’s earnings are coming from more persistent, cash based sources, as opposed to accruals. Management assesses the characteristics, policies and strategic decisions of company management. Momentum seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Finally, the Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries.

The Fund maintains risk, style, and capitalization characteristics similar to the Russell 2000^® Index, which is an index designed to represent an investable universe of small-cap companies. The Fund seeks to maximize expected return while maintaining these and other characteristics similar to the benchmark.

The Fund may also invest in fixed income securities that are considered to be cash equivalents.

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.

Management Risk. The risk that a strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for the Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser’s use of these quantitative models will result in effective investment decisions for the Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses.

Market Risk. The value of the instruments 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.

Portfolio Turnover Rate Risk. A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

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 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 Institutional 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.

Best Quarter

Q3 ’09 +21.27%

Worst Quarter

Q4 ’08 –25.66%

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.

Goldman Sachs Structured Small Cap Growth Fund—Summary

The Goldman Sachs Structured Small Cap Growth Fund (the “Fund”) seeks long-term growth of capital.

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 82 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-109 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees Goldman Sachs Structured Small Cap Growth Fund		Class A Shares	Class B Shares	Class C Shares	Institutional Shares	Class IR Shares	Class R Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		5.50%	none	none	none	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds)	^[1]	none	5.00%	1.00%	none	none	none

[1]	A contingent deferred sales charge ("CDSC") is imposed on any 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.

Annual Fund Operating Expenses Goldman Sachs Structured Small Cap Growth Fund		Class A Shares	Class B Shares	Class C Shares	Institutional Shares	Class IR Shares	Class R Shares
Management Fees		0.85%	0.85%	0.85%	0.85%	0.85%	0.85%
Distribution and Service (12b-1) Fees		0.25%	1.00%	1.00%	none	none	0.50%
Other Expenses		0.86%	0.86%	0.86%	0.71%	0.86%	0.86%
Acquired Fund Fees and Expenses		0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses	^[1]	1.97%	2.72%	2.72%	1.57%	1.72%	2.22%
Fee Waiver and Expense Limitation	^[2]	(0.71%)	(0.71%)	(0.71%)	(0.71%)	(0.71%)	(0.71%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation	^[1]	1.26%	2.01%	2.01%	0.86%	1.01%	1.51%

[1]

The Total Annual Fund Operating Expenses do not correlate to the ratios of net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.

[2]

The Investment Adviser has agreed to (i) waive a portion of its management fees in order to achieve an effective net management rate of 0.81% as an annual percentage rate of average daily net assets of the Fund, and (ii) reduce or limit "Other Expenses" (excluding management fees, distribution and service fees, acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any custody and transfer agent fee credit reductions) to 0.004% of the Fund's average daily net assets. These arrangements will remain in effect through at least February 28, 2013, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

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 management 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:

Portfolio Turnover

Principal Strategy

Principal Risks of the Fund

Performance

TOTAL RETURN CALENDAR YEAR (CLASS A)

Average Annual Total Returns Goldman Sachs Structured Small Cap Growth Fund	Label	Index No Deduction for Fees, Expenses, Taxes [Text]	1 Year	Since Inception	Inception Date
Returns Before Taxes Class A Shares	Returns Before Taxes		(4.50%)	(1.33%)	Jun. 25, 2007
Returns Before Taxes Class B Shares	Returns Before Taxes		(4.67%)	(1.27%)	Jun. 25, 2007
Returns Before Taxes Class C Shares	Returns Before Taxes		(0.67%)	(0.83%)	Jun. 25, 2007
Returns Before Taxes Institutional Shares	Returns Before Taxes		1.48%	0.32%	Jun. 25, 2007
Returns Before Taxes Class IR Shares	Returns Before Taxes		1.34%	2.51%	Nov. 30, 2007
Returns Class R Shares	Returns		0.78%	1.97%	Nov. 30, 2007
Returns After Taxes on Distributions Class A Shares	Returns After Taxes on Distributions		(4.50%)	(3.12%)	Jun. 25, 2007
Returns After Taxes on Distributions and Sale of Fund Shares Class A Shares	Returns After Taxes on Distributions and Sale of Fund Shares		(2.92%)	(1.56%)	Jun. 25, 2007
Russell 2000 Growth Index Class A Shares	Russell 2000^® Growth Index	(reflects no deduction for fees, expenses or taxes)	(2.91%)	0.39%	Jun. 25, 2007
Russell 2000 Growth Index Class B Shares	Russell 2000^® Growth Index	(reflects no deduction for fees, expenses or taxes)	(2.91%)	0.39%	Jun. 25, 2007
Russell 2000 Growth Index Class C Shares	Russell 2000^® Growth Index	(reflects no deduction for fees, expenses or taxes)	(2.91%)	0.39%	Jun. 25, 2007
Russell 2000 Growth Index Institutional Shares	Russell 2000^® Growth Index	(reflects no deduction for fees, expenses or taxes)	(2.91%)	0.39%	Jun. 25, 2007
Russell 2000 Growth Index Class IR Shares	Russell 2000^® Growth Index	(reflects no deduction for fees, expenses or taxes)	(2.91%)	1.02%	Nov. 30, 2007
Russell 2000 Growth Index Class R Shares	Russell 2000^® Growth Index	(reflects no deduction for fees, expenses or taxes)	(2.91%)	1.02%	Nov. 30, 2007

Investment Objective

Fees and Expenses of the Fund

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

Expense Example Goldman Sachs Structured Small Cap Value Fund (USD $)	Expense Example by, Year, Caption [Text]	1 Year	3 Years	5 Years	10 Years	Expense Example, No Redemption, By Year, Caption [Text]	1 Year	3 Years	5 Years	10 Years
Class A Shares		671	985	1,321	2,268
Class B Shares	Assuming complete redemption at end of period	704	990	1,403	2,422	Assuming no redemption	204	690	1,203	2,422
Class C Shares	Assuming complete redemption at end of period	304	690	1,203	2,611	Assuming no redemption	204	690	1,203	2,611
Institutional Shares		87	336	603	1,369
Class IR Shares		103	383	684	1,539
Class R Shares		153	537	946	2,089

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 October 31, 2011 was 33% of the average value of its portfolio.

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 broadly diversified portfolio of equity investments in small-cap U.S. issuers, including foreign issuers that are traded in the United States. For the purposes of this restriction, “small-cap U.S. issuers” have public stock market capitalizations of companies constituting the Russell 2000^® Index, which as of February 1, 2012 was between $27.6 million and $3.46 billion. However, the Fund may invest in securities outside the Russell 2000^® capitalization range.

The Fund uses a “structured” quantitative style of management that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund’s investments are selected using both a variety of quantitative techniques and fundamental research, based on six investment themes: Valuation, Profitability, Quality, Management, Momentum and Sentiment. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Profitability assesses whether the company is earning more than its cost of capital. Quality evaluates whether the company’s earnings are coming from more persistent, cash based sources, as opposed to accruals. Management assesses the characteristics, policies and strategic decisions of company management. Momentum seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Finally, the Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries.

The Fund maintains risk, style, and capitalization characteristics similar to the Russell 2000^® Value Index, which is designed to represent an investable universe of small-cap companies with above average price to book ratios and earnings growth expectations. The Fund seeks to maximize expected return while maintaining these and other characteristics similar to the benchmark.