Goldman Sachs Real Estate Securities Fund

Goldman Sachs Real Estate Securities Fund—Summary

Investment Objective

The Goldman Sachs Real Estate Securities Fund (the “Fund”) seeks total return comprised of long-term growth of capital and dividend income.

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 38 of this Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-126 of the Fund’s statement of additional information (“SAI”).

Shareholder Fees
(fees paid directly from your investment):

Shareholder Fees - Goldman Sachs Real Estate Securities Fund		Class A	Class C	Institutional	Service	Class IR	Class R	Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		5.50%	none	none	none	none	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds)	[1]	none	1.00%	none	none	none	none	none

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment):

Annual Fund Operating Expenses - Goldman Sachs Real Estate Securities Fund		Class A	Class C	Institutional	Service	Class IR	Class R	Class R6
Management Fees		1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
Distribution and/or Service (12b-1) Fees		0.25%	0.75%	none	0.25%	none	0.50%	none
Other Expenses		0.26%	0.51%	0.11%	0.36%	0.26%	0.27%	0.07%
Service Fees		none	0.25%	none	none	none	none	none
Shareholder Administration Fees		none	none	none	0.25%	none	none	none
All Other Expenses		0.26%	0.26%	0.11%	0.11%	0.26%	0.27%	0.07%
Total Annual Fund Operating Expenses		1.51%	2.26%	1.11%	1.61%	1.26%	1.77%	1.07%
Fee Waiver and Expense Limitation	[1]	(0.20%)	(0.20%)	(0.20%)	(0.20%)	(0.20%)	(0.21%)	(0.18%)
Total Annual Fund Operating Expenses	[1],[2]	1.31%	2.06%	0.91%	1.41%	1.06%	1.56%	0.89%

Expense Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Class C, Institutional, Service, Class IR, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Service, Class IR, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates 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:

Assuming complete redemption at end of period

Expense Example - Goldman Sachs Real Estate Securities Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	676	983	1,311	2,237
Class C	309	688	1,192	2,580
Institutional Shares	93	333	593	1,334
Service Shares	144	489	858	1,895
Class IR Shares	108	380	673	1,505
Class R Shares	159	537	940	2,067
Class R6 Shares	91	323	573	1,290

Assuming no redemption

Expense Example, No Redemption	1 Year	3 Years	5 Years	10 Years
Goldman Sachs Real Estate Securities Fund | Class C | USD ($)	209	688	1,192	2,580

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 December 31, 2015 was 41% 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 portfolio of equity investments in issuers that are primarily engaged in or related to the real estate industry (“real estate industry companies”). An issuer is primarily engaged in or related to the real estate industry if it derives at least 50% of its gross revenues or net profits from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein. Real estate industry companies may include real estate investment trusts (“REITs”), REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry.

The Fund’s investment strategy is based on the premise that property market fundamentals are the primary determinant of growth, underlying the success of companies in the real estate industry. The Investment Adviser focuses on companies that can achieve sustainable growth in cash flow and dividend paying capability over time. The Investment Adviser attempts to purchase securities so that its underlying portfolio will be diversified geographically and by property type. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 15% of its total assets in foreign securities, including securities quoted in foreign currencies.

The Fund may also invest up to 20% of its total assets in fixed income investments, such as government, corporate and bank debt obligations and in other equity investments.

The Fund concentrates its investments in securities of issuers in the real estate industry.

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

The Fund’s benchmark index is the Wilshire U.S. Real Estate Securities Index.

Principal Risks of the Fund

Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will achieve its investment objective. Investments in the Fund involve substantial risks which prospective investors should consider carefully before investing.

Geographic Risk.  Concentration of the investments of the Fund in securities of issuers located in a particular country or region will subject the Fund, to a greater extent than if investments were less concentrated, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; social, political, regulatory, economic or environmental developments; or natural disasters.

Industry Concentration Risk.  The Fund concentrates its investments in the real estate industry, which has historically experienced substantial price volatility. This concentration subjects the Fund to greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

Large Shareholder Transactions Risk.  The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value (“NAV”) and liquidity. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

Market Risk.  The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.

Non-Diversification Risk.  The Fund is non-diversified, meaning that it is permitted to invest a larger percentage 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.

Real Estate Industry Risk.  Risks associated with investments in the real estate industry include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. The real estate industry is particularly sensitive to economic downturns. The values of securities of companies in the real estate industry may go through cycles of relative under-performance and out-performance in comparison to equity securities markets in general.

REIT Risk.  REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.

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 Institutional Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class C, Institutional, Service, Class IR, Class R and Class R6 Shares compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of this Prospectus.

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

TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)

Best Quarter
Q3 ‘09            +33.86%
Worst Quarter
Q4 ‘08            –39.31%

AVERAGE ANNUAL TOTAL RETURN

For the period ended December 31, 2015

Average Annual Total Returns - Goldman Sachs Real Estate Securities Fund		1 Year	5 Years	10 Years	Since Inception	Inception Date
Class A Shares		(2.51%)	10.46%	5.71%	9.58%	Jul. 27, 1998
Class A Shares | Returns After Taxes on Distributions		(3.80%)	9.66%	4.52%	8.05%	Jul. 27, 1998
Class A Shares | Returns After Taxes on Distributions and Sale of Fund Shares		(0.96%)	7.97%	4.27%	7.49%	Jul. 27, 1998
Class A Shares | Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses)		4.80%	12.43%	7.25%	10.20%	Jul. 27, 1998
Class C Shares		1.36%	10.89%	5.52%	9.14%	Jul. 27, 1998
Class C Shares | Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses)		4.80%	12.43%	7.25%	10.20%	Jul. 27, 1998
Institutional Shares		3.56%	12.19%	6.76%	10.39%	Jul. 27, 1998
Institutional Shares | Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses)		4.80%	12.43%	7.25%	10.20%	Jul. 27, 1998
Service Shares		3.09%	11.62%	6.20%	9.85%	Jul. 27, 1998
Service Shares | Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses)		4.80%	12.43%	7.25%	10.20%	Jul. 27, 1998
Class IR Shares		3.44%	11.99%		5.90%	Nov. 30, 2007
Class IR Shares | Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses)		4.80%	12.43%		6.82%	Nov. 30, 2007
Class R Shares		2.89%	11.46%		5.39%	Nov. 30, 2007
Class R Shares | Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses)		4.80%	12.43%		6.82%	Nov. 30, 2007
Class R6 Shares	[1]	3.56%	12.19%	6.76%	10.39%	Jul. 31, 2015
Class R6 Shares | Wilshire U.S. Real Estate Securities Index (reflects no deduction for fees or expenses)	[1]	4.80%	12.43%	7.25%	10.20%	Jul. 31, 2015

The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional, Service and Class IR Shares, and returns for Class R and Class R6 Shares (which are offered exclusively to employee benefit plans), will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

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

[1] The Investment Adviser has agreed to (i) waive a portion of its management fees in order to achieve an effective net management fee of no higher than 0.87% as an annual percentage of the average daily net assets of the Fund; and (ii) 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, shareholder meeting, litigation, indemnification and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. These arrangements will remain in effect through at least April 29, 2017, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. 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.

[2] After Fee Waiver and Expense Limitation

[1] Class R6 Shares commenced operations on July 31, 2015. Performance of the Class R6 Shares is that of the Institutional Shares. Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had similar returns (because these share classes represent interests in the same portfolio of securities) that differed only to the extent that Class R6 Shares and Institutional Shares have different expenses.