GOLDMAN SACHS TACTICAL EXPOSURE FUND INSTITUTIONAL SHARES (GTKIX) Exchange: NMFQS

The Fund seeks to achieve its investment objective through the implementation of investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments (“Tactical Exposures”). Tactical Exposures are generated by the Investment Adviser’s Global Portfolio Solutions group (“GPS”), which attempts to bring together selected multi-class investment ideas from across the Goldman Sachs Investment Management Division. GPS will implement Tactical Exposures primarily by investing in passive investment products that gain exposure to a particular asset class or sector by tracking a stated benchmark. These investment products may include: (i) unaffiliated investment companies, including exchange-traded funds (“ETFs”) (the “Unaffiliated Underlying Funds”); (ii) affiliated investment companies, including ETFs, that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management, L.P. or an affiliate now or in the future acts as investment adviser or principal underwriter (the “Affiliated Underlying Funds” and, together with the Unaffiliated Underlying Funds, the “Underlying Funds”); (iii) derivative instruments, including futures contracts, swaps, options and currency forwards; and (iv) structured securities. With respect to the Affiliated Underlying Funds, the Investment Adviser expects that the Fund will invest in one or more of the Goldman Sachs Emerging Markets Debt Fund, the Goldman Sachs Local Emerging Markets Debt Fund, the Goldman Sachs Inflation Protected Securities Fund, the Goldman Sachs MLP Energy Infrastructure Fund, the Goldman Sachs Financial Square Government Fund and the Goldman Sachs Short-Term Conservative Income Fund. The Fund may also invest in the Goldman Sachs Investment Grade Credit Fund, the Goldman Sachs Enhanced Income Fund, the Goldman Sachs Government Income Fund, the Goldman Sachs High Quality Floating Rate Fund, the Goldman Sachs Short Duration Income Fund, the Goldman Sachs Core Fixed Income Fund and other Goldman Sachs funds as may be determined by the Investment Adviser from time to time. The Investment Adviser may invest in the Affiliated Underlying Funds without considering or canvassing the universe of unaffiliated investment companies available. When evaluating tactical investment ideas for the Fund and the weights of individual Tactical Exposures within the Fund’s overall portfolio, the Investment Adviser considers factors such as (i) the number and type of Tactical Exposures currently implemented in the Fund; (ii) the merits of a particular view relative to others already implemented in the Fund; (iii) the conviction level of the portfolio management team; (iv) the contribution to overall portfolio risk and diversification; (v) liquidity of the underlying asset class; and (vi) trade execution considerations such as the ability to implement or exit a Tactical Exposure over a given time period and preference to transact at multiple entry and exit pricing points for larger risk positions. The Fund may at any time have relatively few Tactical Exposures implemented within its portfolio and, as a result, the Fund may have exposures focused on a limited number of investments or asset classes. Assets of the Fund that are not allocated to Tactical Exposures will be held in cash or invested in instruments deemed appropriate by the Investment Adviser, including, without limitation, cash equivalents, short-term investments and money market funds. The Fund may seek exposure to the commodities markets by investing in commodity index-linked structured notes. The Fund may also take long and/or short positions in commodities by investing in other investment companies, ETFs or other pooled investment vehicles. The Fund may also gain exposure to the commodities markets by investing in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by the Investment Adviser and seeks to gain commodities exposure. Investment in the Subsidiary. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary primarily obtains its commodity exposure by investing in commodity-linked derivative instruments, which may include but are not limited to total return swaps and excess return swaps on commodity indexes, sub-indexes and single commodities, as well as commodity (U.S. or foreign) futures, commodity options and commodity-linked notes. Commodity-linked swaps are derivative instruments whereby the cash flows agreed upon between counterparties are dependent upon the price of the underlying commodity or commodity index over the life of the swap. Commodity futures contracts are standardized, exchange-traded contracts that provide for the sale or purchase of, or economic exposure to the price of, a commodity or a specified basket of commodities at a future time. An option on commodities gives the purchaser the right (and the writer of the option the obligation) to assume a position in a commodity or a specified basket of commodities at a specified exercise price within a specified period of time. The value of these commodity-linked derivatives will rise and fall in response to changes in the underlying commodity or commodity index. Commodity-linked swaps expose the Subsidiary and the Fund economically to movements in commodity prices. Such instruments may be leveraged so that small changes may produce disproportionate losses to the Fund. Neither the Fund nor the Subsidiary purchases or holds physical commodities directly. The Subsidiary will also invest in other instruments, including fixed income securities, either as investments or to serve as margin or collateral for its swap positions. The Fund’s benchmark index is the ICE® BofAML® U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”). The Index tracks the performance of a synthetic asset paying the London Interbank Offered Rate (“LIBOR”) to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. References in the Prospectus to the Fund’s benchmark are for informational purposes only and are not an indication of how the Fund is managed. The Fund’s risk profile is different from that of its benchmark and, as a result, the performance of the Fund may not correlate with that of the benchmark.