Date of First Use: August 16, 2013

Goldman SachsEquity Growth Strategy Portfolio Built-In Diversification and Ongoing Asset Allocation in One Convenient Package

SEEKS LONG-TERM CAPITAL APPRECIATION

Optimized

By investing in optimized

combinations of different sectors,

styles, market capitalizations and

geographic areas, the Portfolio

provides diversification and risk-

management benefits that should

potentially improve the risk/reward

trade-off over time.

Diversified

The Portfolio invests in up to 11

underlying Goldman Sachs Funds

comprised of 100% equity on

average, aligned each quarter to its

unique risk profile.*

Proactive

The Portfolio features a dynamic

forward-looking, quarterly tactical

reallocation process designed to

capitalize on changing market

conditions.

Total Fund Net Assets (MM) $363.0 Net Expense Ratio - Class I (Current) 0.95%

NAV - Class I $12.62 Gross Expense Ratio - Class I (Before Waiver) 1.02%

TOTAL RETURNS AT NAV (%)

0.00

6.50

16.98

13.12

1.60

7.53

4.28

-0.42

6.05

16.57

12.35

2.30

7.58

N/A0.26

6.60

13.4311.83

4.776.22

N/A

3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception

1.2.98

-5

0

5

10

15

20

Class IMSCI All Country World Index (Net total return, unhedged, USD)

Lipper Mixed-Asset Target Alloc Growth Funds

Below are the fund’s average annual total returns with all distributions reinvested for periods ended 6.30.13, assuming payment of the maximum sales charge at the beginning of the stated periods:

1 Yr: +16.98% 5 Yrs: +1.60% 10 Yrs: +7.53%

The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns.

The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above. Each Fund’s waivers and/or expense limitations will remain in place through at least April 30, 2014 and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees.

Performance reflects cumulative total returns for periods of less than one year and average annual total returns for periods of greater than one year. Since inception returns for periods of less than one year are cumulative. All Fund performance data reflect the reinvestment of distributions.

* Percentages represent the approximate allocation of equities and bonds in the portfolio. The underlying investments and portfolio allocation ranges are subject to change from time to time without shareholder approval.

Lipper Total Return Rankings - Lipper Analytical Services, Inc., an independent publisher of mutual fund rankings, records rankings for these and other Goldman Sachs Funds for one-year, three-year, five-year, and ten-year total returns periods. Lipper compares mutual funds within a universe of funds with similar investment objectives, including dividend reinvestment. Lipper rankings are based on total return at net asset value and do not reflect sales charges. Lipper rankings do not imply that the fund had a high total return. Data as of 6.30.13.

The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

Firm-wide AUM includes assets managed by GSAM and its investment advisory affiliates.

Diversification does not protect an investor from market risk and does not ensure a profit.

As of 6.30.13

Class A: GAPAX Class S: GAPSX

Class C: GAXCX Class IR: GAPTX

Class I: GAPIX Class R: GAPRX

LIPPER RANKINGS -CLASS I

Mixed-Asset Target Alloc

Growth Funds

1 Year (top 13%) 69 out of 566 funds

5 Year 434 out of 468 funds

10 Year (top 11%) 29 out of 267 funds

Goldman Sachs Asset

Management, the asset

management arm of The

Goldman Sachs Group, Inc.,

is among the world’s largest

asset managers, with $748.1

billion in assets under

management as of 3.31.13.

Founded in 1869, Goldman Sachs

is a leading global investment

banking, securities and

investment management firm.

Date of First Use: August 16, 2013

Goldman Sachs Equity Growth Strategy Portfolio

Benefit from the

experience of the

Quantitative Investment

Strategies Group

QIS employs a globally integrated team of over 65 professionals, with an additional 60-plus professionals dedicated to trading, information technology and the development of analytical tools.

A team approach to determining the long-term strategic benchmark asset allocation, making quarterly global tactical asset allocation decisions and implementing security selection choices.

Uses a disciplined, rigorous and quantitative approach to global tactical asset allocation and attempts to add value by actively managing exposure to global stock, bond and currency markets.

William Fallon, Ph.D.

Chief Investment Officer,

Macro Alpha Strategies

24 Years of Investment

Experience

Steve Jeneste, CFA

Senior Portfolio Manager

14 Years of Investment

Experience

Nicholas Chan, CFA

Portfolio Manager for

Asset Allocation

Portfolios

13 Years of Investment

Experience

GROWTH OF $10,000 AT NAV (CLASS I)

1/98 6/99 6/00 6/01 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13

2013 YTD: $19,144

$10,000

Inception Date 1.2.98

$0

Cal Yr Ret (Class I at NAV) (%) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Goldman Sachs Equity Growth

Strategy Portfolio35.51 19.41 12.96 21.05 5.41 -42.28 29.81 13.09 -7.16 17.45

MSCI ACWI (Net total return,

unhedged, USD)33.99 15.19 10.84 20.95 11.66 -42.11 34.63 12.67 -7.35 16.08

FUND ALLOCATION (%)

Large Cap Value Insights Fund 13.1

Large Cap Growth Insights Fund 12.1

Large Cap Value Fund 5.6

Strategic Growth Fund 5.2

Small Cap Equity Insights Fund 5.5

International Equity Insights Fund 38.8

International Small Cap Insights Fund 3.0

Emerging Markets Equity Insights Fund 9.7

Real Estate Securities Fund 2.0

Int'l Real Estate Securities Fund 2.0

Commodity Strategy Fund 3.0

DIVIDENDS

Class Inst

6.30.13 $0.000

ASSET CLASS WEIGHTINGS (%)

Domestic Value Equity 18.7

Domestic Growth Equity 17.3

Small Cap Equity 5.5

International Equity 41.8

Emerging Markets Equity 9.7

Real Estate 4.0

Commodities 3.0

The Goldman Sachs Equity Growth Strategy Portfolio invests substantially all of its assets in affiliated domestic and international equity funds (“underlying funds”). The Portfolio’s investment in any of the underlying funds may exceed 25% of its assets. The Portfolio currently expects to invest a relatively significant percentage of its assets in the Goldman Sachs Structured Large Cap Growth, Goldman Sachs Structured Large Cap Value and Goldman Sachs Structured International Equity Funds. The Portfolio is subject to the risk factors of the underlying funds in direct proportion to its investments in those underlying funds, and the ability of the Portfolio to meet its investment objective is directly related to the ability of the underlying funds to meet their investment objectives, as well as the allocation among those underlying funds by the Investment Adviser. An underlying fund is subject to the risks associated with its investments, including (as applicable) those associated with equity, fixed income, foreign and derivative investments generally. From time to time, the underlying funds in which the Portfolio invests, and the size of the investments in the underlying funds, may change. Because the Portfolio is subject to the underlying fund expenses as well as its own expenses, the cost of investing in the Portfolio may be higher than investing in a mutual fund that only invests directly in stocks and bonds.

Effective at the close of business May 3, 2013, the Goldman Sachs Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value, Structured US Equity, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap will be renamed the Goldman Sachs Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, US Equity Insights, Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights respectively.

Fund of Funds Portfolios are subject to the underlying fund expenses as well as the expenses of the portfolio, and the cost of this type of investment may be higher than a mutual fund that only invests in stocks and bonds.

Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

The Net Asset Value (NAV) is the market value of one share of the Fund.

The Fund’s since inception performance begins at $10,000, assumes reinvestment of dividends and does not reflect sales charges.

Percentages may not sum to 100% due to rounding.

A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your Authorized Institution or from Goldman, Sachs & Co. by calling 1-800-621-2550. Please read the summary prospectus, if available, and the Prospectus, which contains a fund’s objectives, risks, charges and expenses, and other information about the Fund, carefully before investing.Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds.© 2013 Goldman Sachs. All rights reserved. AAEGFCT_IAS/7-13

NOT FDIC-INSURED May Lose Value No Bank Guarantee