N-14

Securities Act File No. [Ÿ]

As filed with the Securities and Exchange Commission on February 21, 2014

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM N-14

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

Pre Effective Amendment No. ¨

Post Effective Amendment No. ¨

(Check appropriate box or boxes.)

GOLDMAN SACHS TRUST

(Exact Name of Registrant as Specified in Charter)

71 South Wacker Drive

Chicago, Illinois 60606

(Address of Principal Executive Offices)

Registrant’s Telephone Number, including Area Code (312) 655-4400

CAROLINE KRAUS, ESQ.

Goldman, Sachs & Co.

200 West Street

New York, New York 10282

(Name and Address of Agent for Service)

COPY TO:

GEOFFREY R.T. KENYON, ESQ.

Dechert LLP

One International Place, 40^th Floor

100 Oliver Street

Boston, Massachusetts 02110-2605

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.

Title of Securities Being Registered: Class A, Class C, Institutional and Class IR Shares of Goldman Sachs Asia Equity Fund, a series of the Registrant. The Registrant has registered an indefinite amount of securities pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended; accordingly, no fee is payable herewith in reliance upon Section 24(f).

It is proposed that this filing will become effective on March 24, 2014 pursuant to Rule 488 under the Securities Act of 1933.

GOLDMAN SACHS CHINA EQUITY FUND

71 South Wacker Drive

Chicago, Illinois 60606

March [•], 2014

Dear Shareholder:

We are writing to inform you of an important matter concerning your investment in the Goldman Sachs China Equity Fund (the “Acquired Fund”). At a meeting held on February 11, 2014, the Board of Trustees of the Acquired Fund (the “Board”) approved a reorganization pursuant to which the Acquired Fund will be reorganized with and into another series of the Goldman Sachs Trust – the Goldman Sachs Asia Equity Fund (the “Acquiring Fund,” and together with the Acquired Fund, the “Funds”). Shareholders were first notified of the reorganization on February 12, 2014, in a supplement to the Acquired Fund’s Prospectus and Summary Prospectus, each dated February 28, 2013, as supplemented.

The Board, after careful consideration, approved the reorganization. After considering the recommendation of Goldman Sachs Asset Management International (“GSAMI”), the investment adviser to the Funds, the Board concluded that: (i) the reorganization will benefit the shareholders of each Fund; (ii) the reorganization is in the best interests of each Fund; and (iii) the interests of the shareholders of each Fund will not be diluted as a result of the reorganization.

Effective April [•], 2014 (the “Closing Date”), you will own shares in the Acquiring Fund equal in dollar value to your interest in the Acquired Fund on the Closing Date. No sales charge, redemption fees or other transaction fees will be imposed in the reorganization. The reorganization is intended to be a tax-free reorganization for Federal income tax purposes.

NO ACTION ON YOUR PART IS REQUIRED REGARDING THE REORGANIZATION. YOU WILL AUTOMATICALLY RECEIVE SHARES OF THE ACQUIRING FUND IN EXCHANGE FOR YOUR SHARES OF THE ACQUIRED FUND AS OF THE CLOSING DATE. THE BOARD IS NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND A PROXY.

If you have any questions regarding the attached Information Statement/Prospectus or other materials, please contact the Acquired Fund at 1-800-526-7384.

By Order of the Board of Trustees of the Goldman

Sachs Trust,

James A. McNamara

President

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COMBINED INFORMATION STATEMENT

FOR

GOLDMAN SACHS CHINA EQUITY FUND

(a series of the GOLDMAN SACHS TRUST)

AND

PROSPECTUS FOR

GOLDMAN SACHS ASIA EQUITY FUND

(a series of the GOLDMAN SACHS TRUST)

The address, telephone number and website of the Goldman Sachs China Equity Fund and the Goldman Sachs Asia Equity Fund is:

71 South Wacker Drive

Chicago, Illinois 60606

1-800-526-7384

www.gsamfunds.com

Shares of the Goldman Sachs Asia Equity Fund have not been approved or disapproved by the U.S. Securities and Exchange Commission (the “SEC”). The SEC has not passed upon the adequacy of this Information Statement/Prospectus. Any representation to the contrary is a criminal offense.

An investment in either the Goldman Sachs China Equity Fund (the “Acquired Fund”) or the Goldman Sachs Asia Equity Fund (the “Acquiring Fund,” and together with the Acquired Fund, the “Funds”) is not a bank deposit and is not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation or any other government agency.

This Information Statement/Prospectus sets forth information about the Acquiring Fund that an investor needs to know before investing. Please read this Information Statement/Prospectus carefully before investing and keep it for future reference.

The date of this Information Statement/Prospectus is March [•], 2014.

For more complete information about each Fund, please read the Fund’s Prospectus and Statement of Additional Information, as they may be amended and/or supplemented. Each Fund’s Prospectus and Statement of Additional Information, and other additional information about each Fund, have been filed with the SEC (www.sec.gov) and are available upon written or oral request and without charge by writing to the address above or calling the following toll-free number: 1-800-526-7384.

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INTRODUCTION

This combined information statement/prospectus, dated March [•], 2014 (the “Information Statement/Prospectus”), is being furnished to shareholders of the Acquired Fund in connection with an Agreement and Plan of Reorganization between the Acquired Fund and the Acquiring Fund (the “Plan”), pursuant to which the Acquired Fund will (i) transfer all of its assets and liabilities attributable to each class of its shares to the Acquiring Fund in exchange for shares of the Acquiring Fund; and (ii) distribute to its shareholders a portion of the Acquiring Fund shares to which each shareholder is entitled (as discussed below) in complete liquidation of the Acquired Fund (the “Reorganization”). At a meeting held on February 11, 2014, the Board of Trustees of the Funds (the “Board” or “Trustees”) approved the Plan. A copy of the Plan is attached to this Information Statement/Prospectus as Exhibit A. Shareholders should read this entire Information Statement/Prospectus, including the exhibits, carefully.

After considering the recommendation of Goldman Sachs Asset Management International (“GSAMI” or “Investment Adviser”), the investment adviser to the Funds, the Board concluded that: (i) the Reorganization will benefit the shareholders of each Fund; (ii) the Reorganization is in the best interests of each Fund; and (iii) the interests of the shareholders of each Fund will not be diluted as a result of the Reorganization.

NO ACTION IS REQUIRED REGARDING THE REORGANIZATION. SHAREHOLDERS OF THE ACQUIRED FUND ARE NOT BEING ASKED TO VOTE ON OR APPROVE THE PLAN. THE BOARD IS NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND A PROXY.

Background to the Reorganization

The Investment Adviser, an SEC-registered investment adviser, serves as investment adviser to both the Acquired Fund and the Acquiring Fund, each an investment company registered under the Investment Company Act of 1940 (“1940 Act”). The Reorganization is a part of GSAMI’s continuing effort to optimize the Goldman Sachs Funds and eliminate overlapping products. After evaluating the investment objectives, strategies and policies of the Funds, as well as their performance, size and potential for asset growth in the foreseeable future, the Investment Adviser recommended to the Board that it approve the reorganization of the Acquired Fund with and into the Acquiring Fund, an existing series of Goldman Sachs Trust (the “Trust”). GSAMI believes that the Reorganization may provide enhanced opportunities to realize greater economies of scale in the form of lower total operating expenses over time. In addition, GSAMI does not expect the Acquired Fund to experience significant asset growth in the foreseeable future and believes that the combined Fund would be better positioned for asset growth than the Acquired Fund on its own. The Investment Adviser also believes that the Reorganization is preferable to liquidating the Acquired Fund, as it will provide you and other shareholders with the opportunity to invest in a fund that: (i) invests in a more diversified universe of foreign and emerging markets in the Asian region (e.g., Greater China, South Korea, India and Indonesia); and (ii) is part of the Goldman Sachs Funds – a large, diverse fund family. Moreover, although the Acquired Fund has higher 1-Year performance, the Acquiring Fund has higher since-inception performance and a longer performance record (the Acquiring Fund commenced operations in 1994; the Acquired Fund commenced operations in 2011).

On February 11, 2014, the Board, including a majority of the Trustees who are not “interested persons” of the Funds, as that term is defined in the 1940 Act (the “Independent Trustees”), voted to approve the Reorganization. In approving the Reorganization, the Board, including a majority of the Trustees, concluded that: (i) the Reorganization will benefit the shareholders of each Fund; (ii) the Reorganization is in the best interests of each Fund; and (iii) the interests of the shareholders of each Fund will not be diluted as a result of the Reorganization. The Board also considered and approved the terms and conditions of the Plan.

In approving the Reorganization and Plan, the Board requested and received such information from the Investment Adviser as it determined to be necessary to evaluate the Reorganization. At its meeting, the Board received and evaluated materials regarding the investment objectives, strategies, policies and risks of the Funds, as well as the effect of the Reorganization on the existing shareholders of the Funds. The Board also evaluated and discussed: (i) the material differences between each Fund’s investment objective, strategies, policies and risks;

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(ii) the specific terms of the Reorganization, including information regarding the proposed plans for ongoing management, distribution and operation of the Acquiring Fund; and (iii) other information, such as the relative sizes of the Funds, the performance records of the Funds, the expenses of the Funds (including anticipated pro forma expense information of the Acquiring Fund following the Reorganization) and the anticipated asset growth of the Funds in the foreseeable future. In addition, the Board considered additional factors, which are discussed in more detail below under “Why did the Board approve the Reorganization?”

The Independent Trustees were assisted in their consideration of the Reorganization by independent counsel.

Questions and Answers

How will the Reorganization affect me?

Under the terms of the Plan, the Acquired Fund will transfer all of its assets to the Acquiring Fund and the Acquiring Fund will assume all of the liabilities of the Acquired Fund. Subsequently, the Acquired Fund will be liquidated and you will become a shareholder of the Acquiring Fund. You will receive shares of the Acquiring Fund that are equal in aggregate net asset value to the shares of the Acquired Fund that you held immediately prior to the Closing Date (as defined below). Shareholders of each class of shares of the Acquired Fund will receive the corresponding class of the Acquiring Fund, as follows:

Acquired Fund		Acquiring Fund
Class A	g	Class A
		Class B*
Class C	g	Class C
Institutional	g	Institutional
Class IR	g	Class IR

* The Acquired Fund does not offer Class B Shares.

No sales charge, contingent deferred sales charge (“CDSC”), commission, redemption fee or other transactional fee will be charged as a result of the Reorganization.

When will the Reorganization occur?

The Reorganization is scheduled to occur on or about April [•], 2014, but may occur on such earlier or later date as the parties agree in writing (the “Closing Date”).

How will the Reorganization affect the fees to be paid by the Acquiring Fund, and how do they compare with the fees paid by the Acquired Fund?

The Acquired Fund’s current effective management fee is 1.10% and the Acquiring Fund’s current effective management fee is 1.00%. Accordingly, shareholders of the Acquired Fund are expected to pay a lower effective management fee upon consummation of the Reorganization. The Acquired Fund’s current gross expense ratio (before giving effect to the current expense limitation arrangement) for Class A, Class C, Institutional and Class IR Shares is 3.28%, 3.97%, 2.76% and 3.02%, respectively. It is estimated that post-Reorganization, the Acquiring Fund’s gross expense ratio for Class A, Class C, Institutional and Class IR Shares will be 2.07%, 2.82%, 1.67% and 1.82%, respectively. The Acquired Fund’s current net expense ratio (after giving effect to the current expense limitation arrangement) for Class A, Class C, Institutional and Class IR Shares is 1.92%, 2.67%, 1.53% and 1.71%, respectively. It is estimated that post-Reorganization, the Acquiring Fund’s gross expense ratio for Class A, Class C, Institutional and Class IR Shares will be 1.68%, 2.43%, 1.28% and 1.43%, respectively. Accordingly, shareholders of the Acquired Fund are expected to be subject to a lower gross and net expense ratio upon consummation of the Reorganization. Pro forma expense information is included in this Information Statement/Prospectus under “Summary – The Funds’ Fees and Expenses.”

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Why did the Board approve the Reorganization?

In approving the Reorganization, the Board, including a majority of the Independent Trustees, concluded that: (i) the Reorganization is in the best interests of each Fund; and (ii) the interests of the shareholders of each Fund will not be diluted as a result of the Reorganization. The Trustees also believe that the Reorganization offers a number of potential benefits. These potential benefits and considerations include the following:

• Because GSAMI does not expect the Acquired Fund to experience significant asset growth in the foreseeable future, the Reorganization may provide enhanced opportunities to realize greater economies of scale in the form of lower total operating expenses over time.

• The Reorganization is preferable to liquidating the Acquired Fund, as it will provide you and other shareholders with the opportunity to invest in a fund that invests in a more diversified universe of foreign and emerging markets in the Asian region (e.g., Greater China, South Korea, India and Indonesia). Although the Acquiring Fund will invest in certain markets that are similar or identical to those in which the Acquired Fund currently invests, including Greater China, the Acquired Fund is more heavily focused in China and Chinese markets for investment. These differences, as well as other differences, are discussed in more detail below under “Summary – Comparison of the Acquired Fund with the Acquiring Fund and Comparison of Principal Investment Risks of Investing in the Funds.”

• The Reorganization is expected to qualify as a “reorganization” within the meaning of Section 368 of the Internal Revenue Code of 1986, as amended (the “Code”), and, therefore, you will not recognize gain or loss for federal income tax purposes on the exchange of your shares of the Acquired Fund for the shares of the Acquiring Fund.

Additional considerations are discussed in more detail below under “Summary – Reasons for the Reorganization and Board Considerations.”

Who bears the expenses associated with the Reorganization?

GSAMI has agreed to pay the legal and other costs associated with each Fund’s participation in the Reorganization.

Will GSAMI benefit from the Reorganization?

The Reorganization is a part of GSAMI’s continuing effort to optimize the Goldman Sachs Funds and eliminate overlapping products. Although reorganizing the Acquired Fund with and into the Acquiring Fund (instead of liquidating the Acquired Fund) will benefit the Investment Adviser by managing a larger pool of assets, which will produce increased management fees, GSAMI believes that the combined fund would be better positioned for asset growth than the Acquired Fund on its own.

What are the Federal income tax consequences of the Reorganization?

As a condition to the closing of the Reorganization, the Funds must receive an opinion of Dechert LLP to the effect that the Reorganization will constitute a “reorganization” within the meaning of Section 368 of the Code. Accordingly, subject to the limited exceptions described below under the heading “Tax Status of the Reorganization,” it is expected that neither you nor a Fund will recognize gain or loss as a direct result of the Reorganization, and that the aggregate tax basis of the Acquiring Fund shares that you receive in the Reorganization will be the same as the aggregate tax basis of the shares that you surrendered in the Reorganization.

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Why are shareholders not being asked to vote on the Reorganization?

The Trust’s Declaration of Trust and applicable state law do not require shareholder approval of the Reorganization. Moreover, Rule 17a-8 under the 1940 Act does not require shareholder approval of the Reorganization, provided certain conditions are met. Because applicable legal requirements do not require shareholder approval under these circumstances and the Board has determined that the Reorganization is in the best interests of each Fund, shareholders are not being asked to vote on the Reorganization.

Where can I get more information?

Each Fund’s current prospectus and any applicable supplements.	On file with the SEC (http://www.sec.gov) (file nos. 811-05349; 33-17619) and available at no charge by calling: 1-800-526-7384 or on the Funds’ website (www.gsamfunds.com).
Each Fund’s current statement of additional information and any applicable supplements.	On file with the SEC (http://www.sec.gov) (file nos. 811-05349; 33-17619) and available at no charge by calling: 1-800-526-7384 or on the Funds’ website (www.gsamfunds.com).
Each Fund’s most recent annual and semi-annual reports to shareholders.	On file with the SEC (http://www.sec.gov) (file nos. 811-05349; 33-17619) and available at no charge by calling: 1-800-526-7384 or on the Funds’ website (www.gsamfunds.com).
A statement of additional information for this Information Statement/Prospectus, dated March, [•], 2014 (the “SAI”). The SAI contains additional information about the Acquiring Fund.	On file with the SEC (http://www.sec.gov) (file nos. 811-05349; 33-17619) and available at no charge by calling: 1-800-526-7384. The SAI is incorporated by reference into this Information Statement/Prospectus.
To ask questions about this Information Statement/Prospectus.	Call the toll-free telephone number: 1-800-526-7384.

Each Fund’s: (i) prospectus and statement of additional information, each dated February 28, 2014, and any supplements thereto, and (ii) October 31, 2013 Annual Report, are incorporated by reference into this Information Statement/Prospectus, which means they are considered legally a part of this Information Statement/Prospectus. The materials have been filed with the SEC (www.sec.gov) and are available upon written or oral request and without charge by writing to the address above or calling the following toll-free number: 1-800-526-7384.

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Table of Contents

	Page
SUMMARY		1
Comparison of the Acquired Fund with the Acquiring Fund		1
Comparison of Principal Investment Risks of Investing in the Funds		5
The Funds’ Fees and Expenses		7
The Funds’ Past Performance		10
Reasons for the Reorganization and Board Considerations		10
Buying, Selling and Exchanging Shares of the Funds		12
OTHER IMPORTANT INFORMATION CONCERNING THE REORGANIZATION		12
CAPITALIZATION		13
TERMS OF THE AGREEMENT AND PLAN OF REORGANIZATION		13
TAX STATUS OF THE REORGANIZATION		14
CHARTER DOCUMENTS OF GOLDMAN SACHS TRUST		15
FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT POLICIES OF THE FUNDS		16
ADDITIONAL INFORMATION ABOUT THE FUNDS		18
DISTRIBUTIONS		22
FINANCIAL HIGHLIGHTS		23
EXPERTS		23
OTHER INFORMATION		23
EXHIBIT A AGREEMENT AND PLAN OF REORGANIZATION		A-1
EXHIBIT B GSAMI’S GLOBAL EMERGING MARKETS EQUITY INVESTMENT PHILOSOPHY AND ADDITIONAL INFORMATION ON PORTFOLIO RISKS, SECURITIES AND TECHNIQUES		B-1
EXHIBIT C SHAREHOLDER GUIDE		C-1
EXHIBIT D INTERESTS OF CERTAIN PERSONS		D-1

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GOLDMAN SACHS CHINA EQUITY FUND

AND

GOLDMAN SACHS ASIA EQUITY FUND

SUMMARY

The following is a summary of more complete information appearing later in this Information Statement/Prospectus or incorporated by reference herein. You should read carefully the entire Information Statement/Prospectus, including the form of Agreement and Plan of Reorganization attached as Exhibit A, because it contains details that are not in the summary.

Comparison of the Acquired Fund with the Acquiring Fund

Although each Fund seeks to achieve its investment objective by investing in foreign and emerging markets, including Greater China, there are some important differences between the investment objective and principal investment strategies of the Acquiring Fund and those of the Acquired Fund. These differences are discussed in more detail in the side-by-side chart below to facilitate comparison.

	The Acquired Fund	The Acquiring Fund
Type of fund	The Acquired Fund is non-diversified under the 1940 Act.	The Acquiring Fund is diversified under the 1940 Act.
Investment objective	Each Fund seeks long-term capital appreciation.
How will each Fund seek to achieve its investment objective?	The Acquired Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of investment) (“Net Assets”) in a portfolio of equity investments that are tied economically to China (the People’s Republic of China, Hong Kong and Taiwan, referred to herein as “China” or “Greater China”) or in issuers that participate in the markets of China. The Investment Adviser considers an equity investment to be tied economically to China if the investment is included in an index representative of China, the investment’s returns are linked to the performance of such an index, or the investment is exposed to the economic risks and returns of China. An issuer participates in the markets of China if the issuer: •   Has a class of its securities whose principal securities market is in China; •   Is organized under the laws of, or has a principal office in China; •   Derives 50% or more of its total revenue from goods produced, sales made or services provided in China; or	The Acquiring Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of investment) (“Net Assets”) in a diversified portfolio of equity investments in Asian issuers (excluding Japanese issuers). Such equity investments may include exchange-traded funds (“ETFs”), futures and other instruments with similar economic exposures. An Asian issuer is any company that either: •   Has a class of its securities whose principal securities market is in one or more Asian countries; •   Is organized under the laws of, or has a principal office in, an Asian country; •   Derives 50% or more of its total revenue from goods produced, sales made or services provided in one or more Asian countries; or •   Maintains 50% or more of its assets in one or more Asian countries.

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	The Acquired Fund	The Acquiring Fund
	•   Maintains 50% or more of its assets in China. The Acquired Fund expects to invest primarily in equity securities, including common or ordinary stocks, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), European Depositary Receipts (“EDRs”), Taiwanese Depositary Receipts (“TDRs”), preferred stock, convertible securities, investment companies (including other mutual funds or exchange-traded fund (“ETFs”)), and rights and warrants. The Acquired Fund’s equity investments may also include equity swaps, equity index swaps, futures, participation notes, options and other derivatives and structured securities, which are used primarily to gain broad access to markets and/or individual securities that may be difficult to access via direct investment in equity securities. Only securities open to U.S. investors are eligible for investment by the Acquired Fund. The Acquired Fund’s investments may include companies of all capitalization sizes. The Acquired Fund may invest in the aggregate up to 20% of its Net Assets in investments in developed countries and emerging countries other than China, including non-investment grade fixed income securities.	The Acquiring Fund may allocate its assets among the Asian countries (other than Japan) as determined from time to time by the Investment Adviser. For purposes of the Acquiring Fund’s investment policies, Asian countries include: China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and any other country in Asia (other than Japan) to the extent that foreign investors are permitted by applicable law to make such investments. The Acquiring Fund may invest in the aggregate up to 20% of its Net Assets in: (i) equity investments in issuers located in non-Asian countries and Japan; and (ii) fixed income securities, such as government, corporate and bank debt obligations.
How are each Fund’s investments allocated?	Allocation of the Acquired Fund’s investments is determined by the Investment Adviser’s assessment of a company’s upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact sector and industry weightings. The largest overweights are given to companies the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio risk.	Allocation of the Acquiring Fund’s investments is determined by the Investment Adviser’s assessment of a company’s upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact sector and industry weightings. The largest weightings in the Acquiring Fund’s portfolio relative to the benchmark of the Acquiring Fund are given to companies the Investment Adviser believes have the most upside return potential relative to their contribution to overall portfolio risk.

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	The Acquired Fund	The Acquiring Fund
	The Acquired Fund’s investments are selected using a strong valuation discipline based on industry specific metrics, to purchase what the Investment Adviser believes are well-positioned, cash-generating businesses run by shareholder-oriented management teams. From a valuation perspective, the Investment Adviser generally looks for companies where its proprietary estimate of their earnings, asset value or cash flow is meaningfully different from consensus; or where the Investment Adviser believes growth in intrinsic value is not reflected in the share price.	The Acquiring Fund’s investments are selected using a strong valuation discipline to purchase what the Investment Adviser believes are well-positioned, cash-generating businesses run by shareholder-oriented management teams.
What is each Fund’s limit with respect to an investment in a single industry or group of industries?	The Acquired Fund will not invest more than 25% of the value of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry (excluding the U.S. Government or any of its agencies or instrumentalities), except that, to the extent that an industry represents 20% or more of the Acquired Fund’s benchmark index at the time of investment, the Acquired Fund may invest up to 35% of its assets in that industry.	The Acquiring Fund may not invest 25% or more of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry (excluding the U.S. Government or any of its agencies or instrumentalities).
Benchmark	MSCI® China Index (net, total return, unhedged, USD)	MSCI® All Country Asia ex-Japan Index (net, USD, unhedged) (the “MSCI® All Country Asia ex-Japan Index”). As of January 1, 2014 the MSCI® All Country Asia ex-Japan Index consisted of the following 10 developed and emerging market country indices: China, Hong Kong, India, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand
Fund turnover	Each 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 will be reflected in the Fund’s performance. The Acquired Fund’s portfolio turnover rate for the fiscal year ended October 31, 2013 was 55% of the average value of its portfolio. The Acquiring Fund’s portfolio turnover rate for the fiscal year ended October 31, 2013 was 102% of the average value of its portfolio.
Investment Adviser	GSAMII serves as the investment adviser of each Fund.

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	The Acquired Fund	The Acquiring Fund
Fund management team	Alina Chiew, CFA, Managing Director Ms. Chiew serves as Head of Greater China Equity. Ms. Chiew joined the Investment Adviser in 2006. Prior to that she was the head of research with CITIC Frontier China Research since 2004 Nathan Lin, Executive Director Mr. Lin joined the GSAMI Greater China Equity Research Team as a Research Analyst in April 2008. Before joining GSAMI, Mr. Lin was an analyst at RCM Asset Management (Hong Kong) responsible for technology stocks within the Asian region beginning August 2006. Prior to that he was a portfolio manager covering the technology sector at Alliance Global Investors (Taiwan) beginning in 2004. The SAI provides additional information about the portfolio managers’ compensation and other accounts managed by the portfolio managers.	Kevin Ohn, CFA, Managing Director Mr. Ohn is the head of GSAMI’s Asia Equity team and lead portfolio manager of the Asia Ex-Japan Equity strategy. He was previously the Head of GSAMI’s Korea Equity research team in Seoul. Mr. Ohn joined the Investment Adviser in January 2007 from Allianz Global Investors, Seoul, where he spent four years as Head of Equity Research and then as Chief Investment Officer of the Equity business. Alina Chiew, CFA, Managing Director Ms. Chiew serves as Head of Greater China Equity. Ms. Chiew joined the Investment Adviser in 2006. Prior to that she was the head of research with CITIC Frontier China Research since 2004 The SAI provides additional information about the portfolio managers’ compensation and other accounts managed by the portfolio managers.
Fiscal year end	October 31

As the above table indicates, despite certain similarities, there are some notable differences between the investment objective and principal investment strategies of the Acquiring Fund and those of the Acquired Fund. For example, the Acquired Fund invests in a more limited universe of Asian countries (namely Greater China), while the Acquiring Fund invests in a more diversified universe of foreign and emerging markets in the Asian region (e.g., Greater China, South Korea, India and Indonesia). In addition, although the Acquired Fund may concentrate its investments in a single industry or group of industries to a greater extent than the Acquiring Fund under certain limited, defined circumstances, the Acquired Fund has infrequently relied on this flexibility. Accordingly, GSAMI believes that the differences in the Funds’ concentration policies are not material to shareholders because: (i) the Acquired Fund has infrequently concentrated its investments (i.e., invested more than 25% of its assets) in a single industry or group of industries; and, (ii) whereas the Acquiring Fund’s concentration policy permits that Fund to invest up to 25% of its assets in a single industry or group of industries, the Acquired Fund’s concentration policy only permits that Fund to invest up to 35% of its assets in a single industry or group of industries, but only to the extent that an industry represents 20% or more of that Fund’s benchmark index at the time of investment. The Acquired Fund may also invest up to 5% of its total assets in direct equity investments. Conversely, the Acquiring Fund is not permitted to make these investments. Direct equity investments consist of (i) the private purchase from an enterprise of an equity interest in the enterprise in the form of shares of common stock or equity interests in trusts, partnerships, joint ventures or similar enterprises, and (ii) the purchase of such an equity interest in an enterprise from a principal investor in the enterprise. Direct equity investments are generally considered to be illiquid.

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The Acquiring Fund’s investment objective and principal investment strategies, including the additional markets to which you would be exposed as a shareholder of the Acquiring Fund, may impact performance and the risk/return profile of your investment. The investment philosophy of the Funds, as well as additional information on portfolio risks, securities and techniques, is described in more detail in Exhibit B.

Comparison of Principal Investment Risks of Investing in the Funds

Although the Acquiring Fund will invest in certain markets that are similar or identical to those in which the Acquired Fund currently invests, including Greater China, the Acquiring Fund is expected to invest in a more diversified universe of foreign and emerging markets in the Asian region (e.g., South Korea, India and Indonesia). These markets may subject the Acquiring Fund to unique risks to which the Acquired Fund is not currently subject. However, because the Acquiring Fund has less flexibility to concentrate its investments in a single industry or group of industries, the Acquiring Fund may not be subject to certain risks to the extent to which the Acquired Fund is currently subject (e.g., industry concentration risk and sector risk). Lastly, the Acquired Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Conversely, the Acquiring Fund is diversified. Accordingly, the Acquired 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. These differences are discussed in more detail in the chart below to facilitate comparison.

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

Principal investment risks applicable to each Fund 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 the imposition of exchange controls, confiscations and other government restrictions, or from problems in share 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 the Fund also invests in issuers located in emerging countries, these risks may be more pronounced.   Liquidity Risk. The Fund may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.   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 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 those associated with 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.

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NAV Risk. The net asset value (“NAV”) of the Fund and the value of your investment may fluctuate. 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.

Principal investment risks applicable to the Acquired Fund only

Greater China Risk. Investing in Greater China involves a higher degree of risk and special considerations not typically associated with investing in other more established economies or securities markets. The Fund’s investment exposure to Greater China may subject the Fund, to a greater extent than if investments were made in developed countries, to the risks of adverse securities markets, exchange rates and social, political, regulatory, economic or environmental events or natural disasters which may occur in the China region. The economy, industries, and securities and currency markets of Greater China may be adversely impacted by protectionist trade policies, slow economic activity worldwide, dependence on exports and international trade, increasing competition from Asia’s other low-cost emerging economies, political and social instability, environmental events and natural disasters, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the U.S. The securities markets of the People’s Republic of China and Taiwan are emerging markets characterized by a relatively small number of equity issues and relatively low trading volume, resulting in substantially less liquidity and greater price volatility and potentially fewer investment opportunities for the Fund. The government of the People’s Republic of China exercises significant control over the economy, and may alter laws or policies or discontinue economic reforms at any time. Taiwan and Hong Kong do not exercise the same level of control over their economies as does the People’s Republic of China, but changes to their political and economic relationships with the People’s Republic of China could adversely impact the Fund’s investments in Taiwan and Hong Kong. Industry Concentration Risk. The Fund will not invest more than 25% of the value of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry, except that, to the extent that an industry represents 20% or more of the Fund’s benchmark index at the time of investment, the Fund may invest up to 35% of its assets in that industry. Concentrating Fund investments in a limited number of issuers conducting business in the same industry will subject the Fund to a greater risk of loss as a result of adverse economic, business or other developments affecting that industry than if its investments were not so concentrated. 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. Sector Risk. To the extent the Fund invests a significant amount of its assets in one or more sectors, such as the financial services or telecommunications sectors, the Fund will be subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different sectors.

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Principal investment risks applicable to the Acquiring Fund only Asia Risk. Investing in certain Asian issuers may involve a higher degree of risk and special considerations not typically associated with investing in issuers from more established economies or securities markets. The Fund’s investments in Asian issuers increase the risks to the Fund of conditions and developments that may be particular to Asian countries, such as: volatile economic cycles and/or securities markets; adverse changes to exchange rates; social, political, military, regulatory, economic or environmental developments; or natural disasters.

Additional information on portfolio risks, securities and techniques is described in more detail in Exhibit B. An additional discussion of these risks is included in the “Risks of the Portfolios” section of the current prospectus of the Funds, which is incorporated herein by reference. The materials have been filed with the SEC (www.sec.gov) and are available upon written or oral request and without charge by writing to the address above or calling the following toll-free number: 1-800-526-7384.

The Funds’ Fees and Expenses

Shareholders of both Funds pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy and hold shares of each Fund. The expenses in the tables appearing below are based on the expenses of the Funds for the twelve-month period ended October 31, 2013. For financial statement purposes, the Acquiring Fund will be the accounting survivor of the Reorganization. As the accounting survivor, the Acquiring Fund’s operating history will be used for financial reporting purposes. The tables also show the pro forma expenses of the combined Fund after giving effect to the Reorganization based on pro forma net assets as of October 31, 2013.

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Class A Shares

	China Equity Fund (Class A Shares)	Asia Equity Fund (Class A Shares)	Combined Fund Class A (Pro Forma)
Shareholder fees (paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	5.50%	5.50%	5.50%
Maximum deferred sales charge (load) (as a percentage of the lower of original purchase price or sales proceeds)	None	None	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	1.10%	1.00%	1.00%
Distribution and Service (12b-1) Fees	0.25%	0.25%	0.25%
Other Expenses	1.93%	1.00%	0.82%
Total Annual Fund Operating Expenses	3.28%	2.25%	2.07%
Expense Limitation2	(1.36)%	(0.53)%	(0.39)%
Total Annual Fund Operating Expenses After Expense Limitation	1.92%	1.72%	1.68%

Class C Shares

	China Equity Fund (Class C Shares)	Asia Equity Fund (Class C Shares)	Combined Fund Class C (Pro Forma)
Shareholder fees (paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	None	None	None
Maximum deferred sales charge (load) (as a percentage of the lower of original purchase price or sales proceeds) 1	1.00%	1.00%	1.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	1.10%	1.00%	1.00%
Distribution and Service (12b-1) Fees	1.00%	1.00%	1.00%
Other Expenses	1.87%	0.99%	0.82%
Total Annual Fund Operating Expenses	3.97%	2.99%	2.82%
Expense Limitation2	(1.30)%	(0.52)%	(0.39)%
Total Annual Fund Operating Expenses After Expense Limitation	2.67%	2.47%	2.43%

Institutional Shares

	China Equity Fund (Institutional Shares)	Asia Equity Fund (Institutional Shares)	Combined Fund Institutional Class (Pro Forma)
Shareholder fees (paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	None	None	None
Maximum deferred sales charge (load) (as a percentage of the lower of original purchase price or sales proceeds)	None	None	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	1.10%	1.00%	1.00%
Distribution and Service (12b-1) Fees	None	None	None
Other Expenses	1.66%	0.85%	0.67%
Total Annual Fund Operating Expenses	2.76%	1.85%	1.67%
Expense Limitation2	(1.23)%	(0.53)%	(0.39)%
Total Annual Fund Operating Expenses After Expense Limitation	1.53%	1.32%	1.28%

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Class IR Shares

	China Equity Fund (Class IR Shares)	Asia Equity Fund (Class IR Shares)3	Combined Fund Class IR (Pro Forma)
Shareholder fees (paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	None	None	None
Maximum deferred sales charge (load) (as a percentage of the lower of original purchase price or sales proceeds)	None	None	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	1.10%	1.00%	1.00%
Distribution and Service (12b-1) Fees	None	None	None
Other Expenses	1.92%	0.94%4	0.82%
Total Annual Fund Operating Expenses	3.02%	1.94%	1.82%
Expense Limitation2	(1.31)%	(0.50)%	(0.39)%
Total Annual Fund Operating Expenses After Expense Limitation	1.71%	1.44%	1.43%

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

²  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 0.364% and 0.344% of China Equity Fund’s and Asia Equity Fund’s average daily net assets, respectively, through at least February 28, 2015, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board. The expense limitation may be modified or terminated by the Investment Adviser at its discretion and without shareholder approval after such date, although the Investment Adviser does not presently intend to do so. The Funds’ “Other Expenses” may be further reduced by any custody and transfer agency fee credits received by each Fund.

³  Class IR Shares of the Acquiring Fund commenced investment operations on or after February 28, 2014.

⁴  “Other Expenses” have been estimated to reflect expenses expected to be incurred during the first fiscal year of the Acquiring Fund’s Class IR Shares.

Expense Example

This Example is intended to help you compare the cost of investing in each Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in each Fund for the time periods indicated and then redeem all of your applicable shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, and that each Fund’s operating expenses remain the same (except that the Example incorporates the expense limitation agreements for only the first year). Pro forma expenses are included assuming a Reorganization of the Funds. The examples are for comparison purposes only and are not a representation of either Fund’s actual expenses or returns, either past or future. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	China Equity Fund				Asia Equity Fund				Combined Fund (Pro Forma)
	1 Year	3 Years	5 Years	10 Years	1 Year	3 Years	5 Years	10 Years	1 Year	3 Years	5 Years	10 Years
Class A	$734	1,384	2,057	3,842	$715	1,167	1,643	2,954	$711	1,128	1,568	2,789
Class C
Assuming complete redemption at end of period	$370	1,091	1,929	4,100	$350	876	1,527	3,272	$346	837	1,455	3,119
Assuming no redemption	$270	1,091	1,929	4,100	$250	876	1,527	3,272	$246	837	1,455	3,119
Institutional Class	$156	740	1,350	3,000	$134	530	951	2,126	$130	488	871	1,944
Class IR	$174	810	1,472	3,244	$147	561	1,001	2,224	$146	535	949	2,105

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The Funds’ Past Performance

Upon consummation of the Reorganization, the Acquiring Fund will be the accounting and performance survivor.

The bar chart and table below provide an indication of the risks of investing in each Fund by showing: (i) changes in the performance of the Fund’s Institutional Shares from year to year; and (ii) how the average annual total returns of the Fund’s Class A, Class C, Institutional and Class IR Shares compare to those of a broad-based securities market index.

Each 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 front cover of this Information Statement/Prospectus.

The bar chart (including “Best Quarter” and “Worst Quarter” information) does not reflect the sales load applicable to Class A Shares of the Acquiring Fund. If the sales load were reflected, returns would be less. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.

Acquired Fund Past Performance

AVERAGE ANNUAL TOTAL RETURN

For the period ended December 31, 2013	1 Year			Since Inception
Class A Shares (Inception 4/29/11)
Returns Before Taxes		-0.79	%		-4.57	%
Returns After Taxes on Distributions		-0.90	%		-4.60	%
Returns After Taxes on Distributions and Sale of Fund Shares		-0.06	%		-3.29	%
Class C Shares (Inception 4/29/11)
Returns Before Taxes		3.17	%		-3.22	%
Institutional Shares (Inception 4/29/11)
Returns Before Taxes		5.30	%		-2.13	%
Class IR Shares (Inception 4/29/11)
Returns Before Taxes		5.27	%		-2.27	%
MSCI® China (Net, Unhedged, USD) Index (reflects no deduction for fees or expenses)		3.64	%		-0.26	%

Acquiring Fund Past Performance

AVERAGE ANNUAL TOTAL RETURN

For the period ended December 31, 2013	1 Year			5 Years			10 Years			Since Inception
Class A Shares (Inception 7/8/94)
Returns Before Taxes		-1.70	%		13.48	%		7.02	%		2.21	%
Returns After Taxes on Distributions		-1.62	%		13.54	%		7.11	%		2.19	%
Returns After Taxes on Distributions and Sale of Fund Shares		-0.71	%		11.09	%		6.08	%		1.91	%
MSCI® All Country Asia ex-Japan (Net, USD, unhedged) Index (reflects no deduction for fees or expenses)*		3.07	%		16.50	%		10.63	%		N/A
Class B Shares (Inception 5/1/96)
Returns Before Taxes		-1.78	%		13.67	%		6.97	%		1.24	%
MSCI® All Country Asia ex-Japan (Net, USD, unhedged) Index (reflects no deduction for fees or expenses)*		3.07	%		16.50	%		10.63	%		N/A
Class C Shares (Inception 8/15/97)
Returns Before Taxes		2.21	%		13.89	%		6.82	%		1.43	%
MSCI® All Country Asia ex-Japan (Net, USD, unhedged) Index (reflects no deduction for fees or expenses)*		3.07	%		16.50	%		10.63	%		N/A
Institutional Shares (Inception 2/2/96)
Returns Before Taxes		4.43	%		15.24	%		8.07	%		2.23	%
MSCI® All Country Asia ex-Japan (Net, USD, unhedged) Index (reflects no deduction for fees or expenses)*		3.07	%		16.50	%		10.63	%		N/A

* Performance for the MSCI® All Country Asia ex-Japan (Net, USD, unhedged) Index is provided since 2001.

The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional 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.

Reasons for the Reorganization and Board Considerations

The Reorganization is a part of GSAMI’s continuing effort to optimize the Goldman Sachs Funds and eliminate overlapping products. After evaluating the investment objectives, strategies and policies of the Funds, as well as their performance, size and potential for asset growth in the foreseeable future, the Investment Adviser recommended to the Board that it approve the reorganization of the Acquired Fund with and into the Acquiring Fund, an existing series of the Trust. GSAMI believes that the Reorganization may provide enhanced opportunities to realize greater economies of scale in the form of lower total operating expenses over time. In addition, GSAMI does not expect the Acquired Fund to experience significant asset growth in the foreseeable future and believes that the combined Fund would be better positioned for asset growth than the Acquired Fund on its own. The Investment

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Adviser also believes that the Reorganization is preferable to liquidating the Acquired Fund, as it will provide you and other shareholders with the opportunity to invest in a fund that: (i) invests in a more diversified universe of foreign and emerging markets in the Asian region (e.g., Greater China, South Korea, India and Indonesia); and (ii) is part of the Goldman Sachs Funds – a large, diverse fund family. Moreover, although the Acquired Fund has higher 1-Year performance, the Acquiring Fund has higher since-inception performance and a longer performance record (the Acquiring Fund commenced operations in 1994; the Acquired Fund commenced operations in 2011).

On February 11, 2014, the Board, including a majority of the Independent Trustees, voted to approve the Reorganization. In approving the Reorganization, the Board, including a majority of the Independent Trustees, concluded that: (i) the Reorganization is in the best interests of each Fund; and (ii) the interests of the shareholders of each Fund will not be diluted as a result of the Reorganization.

In approving the Reorganization and Plan, the Board requested and received such information from the Investment Adviser as it determined to be necessary to evaluate the Reorganization. At its meeting, the Board received and evaluated materials regarding the investment objectives, strategies, policies and risks of the Funds, as well as the effect of the Reorganization on the existing shareholders of the Funds. The Board also evaluated and discussed: (i) the material differences between each Fund’s investment objective, strategies, policies and risks; (ii) the specific terms of the Reorganization, including information regarding the proposed plans for ongoing management, distribution and operation of the Acquiring Fund; and (iii) other information, such as the relative sizes of the Funds, the performance records of the Funds, the expenses of the Funds (including anticipated pro forma expense information of the Acquiring Fund following the Reorganization) and the anticipated asset growth of the Funds in the foreseeable future.

The Trustees also believe that the Reorganization offers a number of potential benefits. These potential benefits and considerations include the following:

• Because GSAMI does not expect the Acquired Fund to experience significant asset growth in the foreseeable future, the Reorganization may provide enhanced opportunities to realize greater economies of scale in the form of lower total operating expenses over time.

• The Reorganization is preferable to liquidating the Acquired Fund, as it will provide you and other shareholders with the opportunity to invest in a fund that invests in a more diversified universe of foreign and emerging markets in the Asian region (e.g., Greater China, South Korea, India and Indonesia). Although the Acquiring Fund will invest in certain markets that are similar or identical to those in which the Acquired Fund currently invests, including Greater China, the Acquired Fund is more heavily focused in China and Chinese markets for investment. These differences, as well as other differences, are discussed in more detail below under “Summary – Comparison of the Acquired Fund with the Acquiring Fund and Comparison of Principal Investment Risks of Investing in the Funds.”

• Although the Acquired Fund may concentrate its investments in a single industry or group of industries to a greater extent than the Acquiring Fund under certain limited, defined circumstances, the Acquired Fund has infrequently relied on this flexibility. Accordingly, as discussed more fully above under “Summary – Comparison of the Acquired Fund with the Acquiring Fund,” GSAMI believes that the differences in the Funds’ concentration policies are not material to shareholders.

• The Reorganization is expected to qualify as a “reorganization” within the meaning of Section 368 of the Code, and, therefore, you will not recognize gain or loss for federal income tax purposes on the exchange of your shares of the Acquired Fund for the shares of the Acquiring Fund.

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• No sales charge, CDSC, commission, redemption fee or other transactional fee will be charged as a result of the Reorganization.

• Lower management fees, as the Acquiring Fund’s effective management fee and management fee schedule are lower than the Acquired Fund’s management fees at every breakpoint.

• The Reorganization is expected to result in a lower net expense ratio.

• GSAMI has agreed to pay the legal and other costs associated with each Fund’s participation in the Reorganization.

Buying, Selling and Exchanging Shares of the Funds

The minimum initial investment for Class A and Class C Shares of each Fund is, generally, $1,000. The minimum initial investment for Institutional Shares of each Fund is, generally, $1,000,000 for individual or certain institutional investors, alone or in combination with other assets under the management of the Investment Adviser and its affiliates. There is no minimum for initial purchases of Class IR Shares of each Fund. Those share classes with a minimum initial investment requirement do not impose it on certain employee benefit plans, and Institutional Shares do not impose it on certain investment advisers investing on behalf of other accounts.

For each Fund, the minimum subsequent investment for Class A and Class C shareholders is $50, except for certain employee benefit plans, for which there is no minimum. There is no minimum subsequent investment for Institutional or Class IR shareholders. You may purchase and redeem (sell) shares of the Fund on any business day through certain banks, trust companies, brokers, dealers, investment advisers and other financial institutions (“Authorized Institutions”).

If you purchase a Fund through an Authorized Institution, the Fund and/or its related companies may pay the Authorized Institution for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Authorized Institution and your salesperson to recommend a Fund over another investment. Ask your salesperson or visit your Authorized Institution’s website for more information.

The procedures for making purchases, redemptions and exchanges of the Acquired Fund are identical to those of the Acquiring Fund. Please see the “Shareholder Guide” in Exhibit C to this Information Statement/Prospectus for additional information on making purchases, redemptions and exchanges.

OTHER IMPORTANT INFORMATION CONCERNING THE REORGANIZATION

Fund Securities

If the Reorganization is effected, management will analyze and evaluate the portfolio securities of the Acquired Fund being transferred to the Acquiring Fund. However, each Fund’s portfolio securities are subject to adjustments in the ordinary course of business prior to, or in anticipation of, the Reorganization. The extent and duration to which the portfolio securities of the Acquired Fund will be maintained by the Acquiring Fund will be determined consistent with the Acquiring Fund’s investment objective, strategies and policies, any restrictions imposed by the Code and in the best interests of each Fund’s shareholders (including former shareholders of the Acquired Fund). Subject to market conditions at the time of any such disposition, the disposition of the portfolio securities by the Acquiring Fund may result in a capital gain or loss for the Acquiring Fund. The actual tax consequences of any disposition of portfolio securities will vary depending upon the specific security(ies) being sold and the Acquiring Fund’s ability to use any available tax loss carryforwards.

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Tax Capital Loss Carryforwards

Federal income tax law permits a regulated investment company to carry forward its net capital losses for a period of up to eight taxable years. (Net capital losses that arise in a tax year beginning after December 22, 2010 will generally be able to be carried forward without limit.) As of October 31, 2013, the Acquired Fund had estimated capital loss carryforwards of $1,203,434. Additionally, as of October 31, 2013, the Acquiring Fund had estimated capital loss carryforwards of $19,951,704. The amount of the Funds’ capital loss carryovers as of the date of the Reorganization may differ substantially from these amounts. The Acquiring Fund’s ability to use the capital loss carryovers of the Acquired Fund, if any, to offset gains of Acquiring Fund in a given tax year after the Reorganization may be limited by loss limitation rules under federal tax law. If capital loss carryovers of the Acquired Fund are limited by those rules, it is possible that the limitations could result in all or a portion of Acquired Fund’s capital loss carryovers, if any, eventually expiring unused. The impact of those loss limitation rules will depend on the relative sizes of, and the losses and gains in, the Funds at the time of the Reorganization and thus cannot be calculated precisely at this time.

The ability of the Acquiring Fund to use capital losses to offset gains (even in the absence of the Reorganization) depends on factors other than loss limitations, such as the future realization of capital gains or losses.

CAPITALIZATION

The following table sets forth the capitalization of the Funds as of February 28, 2014. The table also sets forth the pro forma combined capitalization of the combined Fund as if the Reorganization had occurred on February 28, 2014. If the Reorganization is consummated, the net assets, net asset value per share and shares outstanding on the Closing Date will vary from the information below due to changes in the market value of the portfolio securities of the Funds between February 28, 2014 and the Closing Date, changes in the amount of undistributed net investment income and net realized capital gains of the Funds during that period resulting from income and distributions, and changes in the accrued liabilities of the Funds during the same period.

	The Acquired Fund ([•], 2014)	The Acquiring Fund ([•], 2014)	[Adjustments for Any Costs]	Pro Forma (February 28, 2014)
Net Assets (in 000s)
Class A Shares	[•]	[•]	[•]	[•]
Class C Shares	[•]	[•]	[•]	[•]
Institutional Shares	[•]	[•]	[•]	[•]
Class IR Shares	[•]	[•]	[•]	[•]
Total Net Assets	[•]	[•]	[•]	[•]
Net Asset Value Per Share	[•]	[•]	[•]	[•]
Class A Shares	[•]	[•]	[•]	[•]
Class C Shares	[•]	[•]	[•]	[•]
Institutional Shares	[•]	[•]	[•]	[•]
Class IR Shares	[•]	[•]	[•]	[•]
Shares Outstanding	[•]	[•]	[•]	[•]
Class A Shares	[•]	[•]	[•]	[•]
Class C Shares	[•]	[•]	[•]	[•]
Institutional Shares	[•]	[•]	[•]	[•]
Class IR Shares	[•]	[•]	[•]	[•]

It is impossible to predict how many shares of the Acquiring Fund will actually be received and distributed by the Acquired Fund on the Closing Date. The table should not be relied upon to determine the amount of the Acquiring Fund shares that will actually be received and distributed.

TERMS OF THE AGREEMENT AND PLAN OF REORGANIZATION

The description of the Plan contained herein includes the material provisions of the Plan, but this description is qualified in its entirety by the attached form copy of the Plan.

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Timing. The Reorganization is scheduled to occur on or about April [•], 2014 (i.e., Closing Date), but may occur on such earlier or later date as the parties agree in writing.

Transfer and Valuation of the Assets. The Plan contemplates the transfer of all of the assets of the Acquired Fund to, and the assumption of the liabilities of the Acquired Fund by, the Acquiring Fund, in exchange for the applicable shares of the Acquiring Fund having an aggregate net asset value equal to the aggregate net asset value of the applicable shares of the Acquired Fund on the Closing Date. The Acquired Fund would then distribute to its shareholders the portion of the Acquiring Fund shares to which each such shareholder is entitled. Thereafter, the Acquired Fund would be liquidated. All computations of value will be made by the State Street Bank and Trust Company, in its capacity as administrator for the Acquired Fund.

Conditions to Closing the Reorganization. The obligation of each Fund to consummate the Reorganization is subject to the satisfaction of certain conditions, including the Fund’s performance of all of its obligations under the Plan, the receipt of certain documents and financial statements from the Funds and the receipt of all consents, orders and permits necessary to consummate the Reorganization. The Funds’ obligations are also subject to the receipt of a favorable opinion of Dechert LLP as to the U.S. federal income tax consequences of the Reorganization.

Termination of the Plan. The Plan may be terminated and the Reorganization may be abandoned by resolution of the Board at any time prior to the Closing Date, if circumstances should develop that, in the opinion of the Board, make proceeding with the Plan inadvisable.

Cost of the Reorganization. GSAMI (or an affiliate) has agreed to pay the legal and other costs associated with each Fund’s participation in the Reorganization.

TAX STATUS OF THE REORGANIZATION

The Reorganization is conditioned upon the receipt of an opinion from Dechert LLP, counsel to the Trust, substantially to the effect that, for federal income tax purposes:

• The transfer to the Acquiring Fund of all of the Acquired Fund’s assets in exchange solely for the issuance of the Acquiring Fund shares to the Acquired Fund and the assumption of all of the Acquired Fund’s liabilities by the Acquiring Fund, followed by the distribution of the Acquiring Fund shares to the Acquired Fund shareholders in complete liquidation of the Acquired Fund, will constitute a “reorganization” within the meaning of Section 368(a) of the Code;

• No gain or loss will be recognized by the Acquired Fund upon: (i) the transfer of all of its assets to the Acquiring Fund as described above or (ii) the distribution by the Acquired Fund of Acquiring Fund shares to the Acquired Fund’s shareholders in complete liquidation of the Acquired Fund, except for (A) any gain or loss that may be recognized on the transfer of “section 1256 contracts” as defined in Section 1256(b) of the Code, and (B) any gain that may be recognized on the transfer of stock in a “passive foreign investment company” as defined in Section 1297(a) of the Code;

• The tax basis of each asset of the Acquired Fund in the hands of the Acquiring Fund will be the same as the tax basis of that asset in the hands of the Acquired Fund immediately before the transfer of the asset, increased by the amount of gain, if any, recognized by the Acquired Fund on the transfer;

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• The holding period of each asset of the Acquired Fund in the hands of the Acquiring Fund will include the period during which that asset was held by the Acquired Fund (except where investment activities of the Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset);

• No gain or loss will be recognized by the Acquiring Fund upon its receipt of the Acquired Fund’s assets solely in exchange for shares of the Acquiring Fund and the assumption of the Acquired Fund’s liabilities;

• No gain or loss will be recognized by the Acquired Fund shareholders upon the exchange of their Acquired Fund shares for the applicable Acquiring Fund shares as part of the Reorganization;

• The aggregate tax basis of the applicable Acquiring Fund shares received by the Acquired Fund shareholders in the Reorganization will be the same as the aggregate tax basis of the shares of the Acquired Fund surrendered in exchange therefor; and

• Each Acquired Fund shareholder’s holding period for the applicable Acquiring Fund shares received in the Reorganization will include the holding period of the shares of the Acquired Fund that were surrendered in exchange therefor, provided that the shareholder held the Acquired Fund shares as capital assets on the date of the exchange.

In rendering such opinion, counsel shall rely upon, among other things, certain facts, assumptions and representations of the Trust, on behalf of the Funds.

No tax ruling has been or will be received from the IRS in connection with the Reorganization. An opinion of counsel is not binding on the IRS or a court, and no assurance can be given that the IRS would not assert, or a court would not sustain, a contrary position.

The foregoing discussion is very general. The foregoing consequences may not apply to certain classes of taxpayers who are subject to special circumstances, such as shareholders who are not citizens or residents of the United States, insurance companies, tax-exempt organizations, financial institutions, dealers in securities or foreign currencies, or persons who hold their shares as part of a straddle or conversion transaction. This discussion does not address any state, local or foreign tax consequences of the Reorganization. You should consult your tax adviser for the particular tax consequences to you of the transaction, including the applicability of any state, local or foreign tax laws.

CHARTER DOCUMENTS OF GOLDMAN SACHS TRUST

The Funds are each series of the Trust. Accordingly, the operations of each Fund are governed by the Trust’s Declaration of Trust and Amended and Restated By-Laws, each as amended. The operations of each Fund are also governed by applicable Delaware law and are subject to the provisions of the 1940 Act and the rules and regulations of the SEC thereunder.

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FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT POLICIES OF THE FUNDS

The Funds have adopted fundamental investment policies which may not be changed without the affirmative vote of the holders of a “majority of the outstanding voting securities” (as defined in the 1940 Act) of the Fund. Many of the Funds’ fundamental investment policies are similar or identical, though the Funds differ in certain fundamental investment policies, as discussed more fully below.

Under the 1940 Act, the vote of a majority of the outstanding voting securities means the affirmative vote of the lesser of (i) 67% or more of the voting securities present at a meeting, if the holders of more than 50% of the outstanding voting securities of such company are present or represented by proxy; or (ii) more than 50% of the outstanding voting securities of such company. For purposes of the following limitations (except for the asset coverage requirement with respect to borrowings, which is subject to different requirements under the 1940 Act), any limitation which involves the maximum percentage will not be considered violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition or encumbrance of securities or assets of, or borrowings by, a Fund. With respect to a Fund’s fundamental investment restriction on “borrowing,” in the event that asset coverage (as defined in the 1940 Act) at any time falls below 300%, the Fund, within three days thereafter (not including Sundays and holidays) or such longer period as the SEC may prescribe by rules and regulations, will reduce the amount of its borrowings to the extent required so that the asset coverage of such borrowings will be at least 300%.

In addition to the fundamental investment policies, the Funds have adopted certain non-fundamental policies which can be changed or amended by action of the Trustees of such Fund without approval of shareholders. The current fundamental and non-fundamental investment policies of the Acquired Fund and the Acquiring Fund are listed below.

The Acquired Fund	The Acquiring Fund
Fundamental Investment Policies
Concentration Policy
The Acquired Fund may not invest more than 25% of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry (excluding the U.S. Government or any of its agencies or instrumentalities), except that the Acquired Fund may invest up to 35% of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry if, at the time of investment, that industry represents 20% or more of the Acquired Fund’s benchmark index.	The Acquiring Fund may not invest 25% or more of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry (excluding the U.S. Government or any of its agencies or instrumentalities).
Borrowing
The Acquired Fund may not borrow money, except (a) the Fund, to the extent permitted by applicable law, may borrow from banks (as defined in the 1940 Act), other affiliated investment companies and other persons or through reverse repurchase agreements in amounts up to 33 1/3% of its total assets (including the amount borrowed), (b) the Fund may, to the extent permitted by applicable law, borrow up to an additional 5% of its total assets for temporary purposes, (c) the Fund may obtain such short-term credits as may be necessary for the clearance of purchases and sales of portfolio securities, (d) the Fund may purchase securities on margin to the extent permitted by applicable law and (e) the Fund may engage in transactions in mortgage dollar rolls which are accounted for as financings.	The Acquiring Fund may not borrow money, except (a) the Fund may borrow from banks (as defined in the 1940 Act) or through reverse repurchase agreements in amounts up to 33-1/3% of its total assets (including the amount borrowed), (b) the Fund may, to the extent permitted by applicable law, borrow up to an additional 5% of its total assets for temporary purposes, (c) the Fund may obtain such short-term credits as may be necessary for the clearance of purchases and sales of portfolio securities, (d) the Fund may purchase securities on margin to the extent permitted by applicable law and (e) the Fund may engage in transactions in mortgage dollar rolls which are accounted for as financings.

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The following interpretation applies to, but is not part of, this fundamental policy: In determining whether a particular investment in portfolio instruments or participation in portfolio transactions is subject to this borrowing policy, the accounting treatment of such instrument or participation shall be considered, but shall not by itself be determinative. Whether a particular instrument or transaction constitutes a borrowing shall be determined by the Board, after consideration of all of the relevant circumstances.	The following interpretation applies to, but is not part of, this fundamental policy: In determining whether a particular investment in portfolio instruments or participation in portfolio transactions is subject to this borrowing policy, the accounting treatment of such instrument or participation shall be considered, but shall not by itself be determinative. Whether a particular instrument or transaction constitutes a borrowing shall be determined by the Board, after consideration of all of the relevant circumstances.
Loans
The Acquired Fund may not make loans, except through (a) the purchase of debt obligations in accordance with the Fund’s investment objective and policies, (b) repurchase agreements with banks, brokers, dealers and other financial institutions, (c) loans of securities as permitted by applicable law, and (d) loans to affiliates of the Fund to the extent permitted by law.	The Acquiring Fund may not make loans, except through (a) the purchase of debt obligations in accordance with the Fund’s investment objective and policies, (b) repurchase agreements with banks, brokers, dealers and other financial institutions, (c) loans of securities as permitted by applicable law.
Underwriting
The Funds may not underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting.
Real Estate
The Funds may not purchase, hold or deal in real estate, although a Fund may purchase and sell securities that are secured by real estate or interests therein, securities of real estate investment trusts and mortgage-related securities and may hold and sell real estate acquired by a Fund as a result of the ownership of securities.
Commodities
The Funds may not invest in commodities or commodity contracts, except that the Fund may invest in currency and financial instruments and contracts that are commodities or commodity contracts.
Senior Securities
The Funds may not issue senior securities to the extent such issuance would violate applicable law.
Diversification
N/A	The Acquiring Fund may not make any investment inconsistent with the Fund’s classification as a diversified company under the 1940 Act.
Non-Fundamental Investment Policies

The Funds may not:

(a) Invest in companies for the purpose of exercising control or management.

(b) Invest more than 15% of the Fund’s net assets in illiquid investments including illiquid repurchase agreements with a notice or demand period of more than seven days, securities which are not readily marketable and restricted securities not eligible for resale pursuant to Rule 144A under the Securities Act of 1933 (the “1933 Act”).

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(c) Purchase additional securities if the Fund’s borrowings (excluding covered mortgage dollar rolls and such short-term credits as may be necessary for the clearance of purchases and sales of portfolio securities) exceed 5% of its net assets.

(d) Make short sales of securities, except the Fund may make short sales against the box.

Each Fund may, notwithstanding any other fundamental investment restriction or policy, invest some or all of its assets in a single open-end investment company or series thereof with substantially the same fundamental investment restrictions and policies as the Fund.

For purposes of the Funds’ industry concentration policies, the Investment Adviser may analyze the characteristics of a particular issuer and instrument and may assign an industry classification consistent with those characteristics. The Investment Adviser may, but need not, consider industry classifications provided by third parties, and the classifications applied to Fund investments will be informed by applicable law.

ADDITIONAL INFORMATION ABOUT THE FUNDS

Other Investment Practices and Securities

The following tables identify some of the investment techniques that may (but are not required to) be used by the Funds in seeking to achieve their investment objectives. The tables also highlight the differences and similarities between the Funds in their use of these techniques and other investment practices and investment securities. Numbers in these tables show allowable usage only; for actual usage, consult the Funds’ annual/ semi-annual reports. For more information about these and other investment practices and securities, see Exhibit B. Each Fund publishes on its website (http:// www.gsamfunds.com) complete portfolio holdings for the Fund as of the end of each calendar quarter subject to a fifteen calendar-day lag between the date of the information and the date on which the information is disclosed. In addition, the Funds publish on their website month-end top ten holdings subject to a fifteen calendar-day lag between the date of the information and the date on which the information is disclosed. This information will be available on the website until the date on which a Fund files its next quarterly portfolio holdings report on Form N-CSR or Form N-Q with the SEC. In addition, a description of the Funds’ policies and procedures with respect to the disclosure of the Funds’ portfolio holdings is available in the Funds’ SAI.

10  Percent of total assets (italic type) 10  Percent of net assets (excluding borrowings       for investment purposes) (roman type) Ÿ     No specific percentage       limitation on usage; limited       only by the objectives and       strategies of the Fund	Asia Equity Fund	China Equity Fund
Investment Practices
Borrowings	331/3	331/3
Cross Hedging of Currencies	Ÿ	Ÿ
Custodial Receipts and Trust Certificates	Ÿ	Ÿ
Direct Equity Investment	—	5
Equity, Index and Currency Swaps	Ÿ	Ÿ
Foreign Currency Transactions (including forward contracts)	Ÿ	Ÿ
Futures Contracts and Options and Swaps on Futures Contracts (including index futures)	Ÿ	Ÿ
Illiquid Investments*	15	15
Initial Public Offerings (“IPOs”)	Ÿ	Ÿ
Investment Company Securities (including ETFs)**	10	10
Options on Foreign Currencies1	Ÿ	Ÿ
Options on Securities and Securities Indices2	Ÿ	Ÿ
Preferred Stock, Warrants and Stock Purchase Rights	Ÿ	Ÿ
Repurchase Agreements	Ÿ	Ÿ
Unseasoned Companies	Ÿ	Ÿ
When-Issued Securities and Forward Commitments	Ÿ	Ÿ

* Illiquid investments are any investments which cannot be disposed of in seven days in the ordinary course of business at approximately the price at which the Fund values the investment.

** This percentage limitation does not apply to a Fund’s investments in investment companies (including ETFs) where a higher percentage limitation is permitted under the terms of an SEC exemptive order or SEC exemptive rule.

¹  The Funds may purchase and sell call and put options on foreign currencies.

²  The Funds may sell covered call and put options and purchase call and put options on securities and securities indices in which they may invest.

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10  Percent of total assets (italic type) 10  Percent of net assets (including borrowings for       investment purposes) (roman type) Ÿ     No specific percentage       limitation on usage; limited       only by the objective and       strategies of the Fund	Asia Equity Fund	China Equity Fund
Investment Securities
Asset-Backed and Mortgage-Backed Securities1	Ÿ	Ÿ
Bank Obligations1,2	Ÿ	Ÿ
Convertible Securities	Ÿ	Ÿ
Corporate Debt Obligations1	Ÿ	Ÿ
Depositary Receipts	Ÿ	Ÿ
Emerging Country Securities	Ÿ	Ÿ
Equity Investments	80+	80+
Fixed Income Securities	204	205
Foreign Government Securities1	Ÿ	Ÿ
Foreign Securities	Ÿ	Ÿ
Non-Investment Grade Fixed Income Securities1,3	Ÿ	Ÿ
Participation Notes	Ÿ	Ÿ
Real Estate Investment Trusts	Ÿ	Ÿ
Structured Securities (which may include equity linked notes)	Ÿ	Ÿ
Temporary Investments	100	100
U.S. Government Securities1	Ÿ	Ÿ

¹  Limited by the amount the Fund invests in fixed income securities.

²  Issued by U.S. or foreign banks.

³  May be BB+ or lower by Standard & Poor’s, Ba1 or lower by Moody’s or have a comparable credit rating by another NRSRO at the time of investment.

⁴  The Asia Equity Fund may invest in the aggregate up to 20% of its Net Assets in: (i) fixed income securities; and (ii) equity investments in issuers located in non-Asian countries and Japan.

⁵  The China Equity Fund may invest in the aggregate up to 20% of its Net Assets in investments in developed countries and emerging countries other than China.

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Investment Adviser

GSAMI, regulated by the Financial Services Authority and a registered investment adviser since 1991, is an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”). As of September 31, 2013, GSAM, including its investment advisory affiliates, one of which is GSAMI, had assets under management of approximately $807.6 billion.

The Investment Adviser provides day-to-day advice regarding the Funds’ portfolio transactions. The Investment Adviser makes the investment decisions for the Fund and places purchase and sale orders for the Funds’ portfolio transactions in U.S. and foreign markets. As permitted by applicable law, these orders may be directed to any brokers, dealers, futures commission merchants or derivative clearing merchants, including Goldman Sachs and its affiliates. While the Investment Adviser is ultimately responsible for the management of the Funds, it is able to draw upon the research and expertise of its asset management affiliates for portfolio decisions and management with respect to certain portfolio securities. In addition, the Investment Adviser has access to the research and certain proprietary technical models developed by Goldman Sachs (subject to legal, internal, regulatory and Chinese Wall restrictions), and will apply quantitative and qualitative analysis in determining the appropriate allocations among categories of issuers and types of securities.

The Investment Adviser also performs the following additional services for the Funds:

• Supervises all non-advisory operations of the Funds

• Provides personnel to perform necessary executive, administrative and clerical services to the Funds

• Arranges for the preparation of all required tax returns, reports to shareholders, prospectuses and statements of additional information and other reports filed with the SEC and other regulatory authorities

• Maintains the records of each Fund

• Provides office space and all necessary office equipment and services

As compensation for its services and its assumption of certain expenses, the Investment Adviser is entitled to the following fees, computed daily and payable monthly, at the annual rates listed below (as a percentage of each respective Fund’s average daily net assets):

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Fund	Contractual Management Fee Annual Rate			Average Daily Net Assets	Actual Rate For the Fiscal Year Ended October 31, 2013
Acquiring Fund		1.00 0.90 0.86 0.84 0.82	%  %  %  %  %	First $1 Billion Next $1 Billion Next $3 Billion Next $3 Billion Over $8 Billion		1.00	%
Acquired Fund		1.10 0.99 0.94 0.92 0.90	%  %  %  %  %	First $1 Billion Next $1 Billion Next $3 Billion Next $3 Billion Over $8 Billion		1.10	%

The Investment Adviser may waive a portion of its management fee from time to time and may discontinue or modify any such waivers in the future, consistent with the terms of any fee waiver arrangements in place.

A discussion regarding the basis for the Board of Trustees’ approval of the Management Agreement for the Funds for 2013 is available in the Funds’ annual report dated October 31, 2013.

Distributor and Transfer Agent

Goldman Sachs, 200 West Street, New York, New York 10282, serves as the exclusive distributor (the “Distributor”) of the each Fund’s shares. Goldman Sachs, 71 S. Wacker Drive, Chicago, Illinois 60606, also serves as each Fund’s transfer agent (the “Transfer Agent”) and, as such, performs various shareholder servicing functions.

For its transfer agency services, Goldman Sachs is entitled to receive a transfer agency fee equal, on an annualized basis, to 0.04% of average daily net assets with respect to the Institutional Shares and 0.19% of average daily net assets with respect to Class A, Class C and Class IR Shares.

From time to time, Goldman Sachs or any of its affiliates may purchase and hold shares of the Funds. Goldman Sachs and its affiliates reserve the right to redeem at any time some or all of the shares acquired for their own accounts.

Activities of Goldman Sachs and its Affiliates and Other Accounts Managed by Goldman Sachs

The involvement of the Investment Adviser, Goldman Sachs and their affiliates in the management of, or their interest in, other accounts and other activities of Goldman Sachs may present conflicts of interest with respect to the Fund or limit the Fund’s investment activities. Goldman Sachs is a worldwide, full service investment banking, broker dealer, asset management and financial services organization and a major participant in global financial markets that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. As such, it acts as an investor, investment banker, research provider, investment manager, financier, adviser, market maker, trader, prime broker, lender, agent and principal. In those and other capacities, Goldman Sachs advises clients in all markets and transactions and purchases, sells, holds and recommends a broad array of investments, including securities, derivatives, loans, commodities, currencies, credit default swaps, indices, baskets and other financial instruments and products for its own account or for the accounts of its customers and has other direct and indirect interests in the global fixed income, currency, commodity, equities, bank loans and other markets in which the Fund directly and

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indirectly invests. Thus, it is likely that the Fund will have multiple business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities for which Goldman Sachs performs or seeks to perform investment banking or other services. The Investment Adviser and/or certain of its affiliates are the managers of the Goldman Sachs Funds. The Investment Adviser and its affiliates earn fees from this and other relationships with the Fund. Although these fees are generally based on asset levels, the fees are not directly contingent on Fund performance, and Goldman Sachs would still receive significant compensation from the Fund even if shareholders lose money. Goldman Sachs and its affiliates engage in proprietary trading and advise accounts and funds which have investment objectives similar to those of the Fund and/or which engage in and compete for transactions in the same types of securities, currencies and instruments as the Fund. Goldman Sachs and its affiliates will not have any obligation to make available any information regarding their proprietary activities or strategies, or the activities or strategies used for other accounts managed by them, for the benefit of the management of the Fund. The results of the Fund’s investment activities, therefore, may differ from those of Goldman Sachs, its affiliates and other accounts managed by Goldman Sachs, and it is possible that the Fund could sustain losses during periods in which Goldman Sachs and its affiliates and other accounts achieve significant profits on their trading for proprietary or other accounts. In addition, the Fund may enter into transactions in which Goldman Sachs or its other clients have an adverse interest. For example, the Fund may take a long position in a security at the same time that Goldman Sachs or other accounts managed by the Investment Adviser take a short position in the same security (or vice versa). These and other transactions undertaken by Goldman Sachs, its affiliates or Goldman Sachs advised clients may, individually or in the aggregate adversely impact the Fund. Transactions by one or more Goldman Sachs advised clients or the Investment Adviser may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the Fund. The Fund’s activities may be limited because of regulatory restrictions applicable to Goldman Sachs and its affiliates, and/or their internal policies designed to comply with such restrictions. As a global financial services firm, Goldman Sachs also provides a wide range of investment banking and financial services to issuers of securities and investors in securities. Goldman Sachs, its affiliates and others associated with it may create markets or specialize in, have positions in and effect transactions in, securities of issuers held by the Fund, and may also perform or seek to perform investment banking and financial services for those issuers. Goldman Sachs and its affiliates may have business relationships with and purchase or distribute or sell services or products from or to distributors, consultants or others who recommend the Fund or who engage in transactions with or for the Fund. For more information about conflicts of interest, see the SAI.

The Funds may make brokerage and other payments to Goldman Sachs and its affiliates in connection with the Funds’ portfolio investment transactions in accordance with applicable law.

DISTRIBUTIONS

Each Fund pays distributions from its investment income and from net realized capital gains. You may choose to have distributions paid in:

• Cash;

• Additional shares of the same class of the Fund;

• Shares of the same class from another Goldman Sachs Fund. Special restrictions may apply. See the SAI.

You may indicate your election on your Account Application. Any changes may be submitted in writing or via telephone, in some instances, to the Transfer Agent (either directly or through your Authorized Institution) at any time before the record date for a particular distribution. If you do not indicate any choice, your distributions will be reinvested automatically in the applicable Fund. Distributions from net investment income and net capital gains, if any, are declared and paid annually for each Fund. If cash distributions are elected with respect to a Fund’s annual distributions from net investment income, then cash distributions must also be elected with respect to the short-term capital gains component, if any, of the Fund’s annual distributions. The election to reinvest distributions in additional shares will not affect the tax treatment of such distributions, which will be treated as received by you and then used to purchase the shares.

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The Funds’ investments in foreign securities may be subject to foreign withholding taxes. Under certain circumstances, the Funds may elect to pass-through these taxes to you. If this election is made, a proportionate amount of such taxes will constitute a distribution to you, which would allow you either (i) to credit such proportionate amount of foreign taxes against your U.S. federal income tax liability or (ii) to take such amount as an itemized deduction.

From time to time a portion of a Fund’s distributions may constitute a return of capital for tax purposes, and/or may include amounts in excess of the Fund’s net investment income for the period calculated in accordance with good accounting practice. When you purchase shares of a Fund, part of the NAV per share may be represented by undistributed income and/or realized gains that have previously been earned by the Fund. Therefore, subsequent distributions on such shares from such income and/or realized gains may be taxable to you even if the NAV of the shares is, as a result of the distributions, reduced below the cost of such shares and the distributions (or portions thereof) represent a return of a portion of the purchase price.

FINANCIAL HIGHLIGHTS

The financial tables are intended to help you understand the Acquiring Fund’s financial performance for the past five years. Certain information reflects financial results for a single Acquiring Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information has been audited by PricewaterhouseCoopers LLP, whose report, along with the Fund’s financial statement, is included in the Fund’s annual report (available upon request). Because Class IR Shares of the Acquiring Fund recently commenced investment operations, financial highlights are not available.

	Asia Equity Fund—Class A Shares
	For the Fiscal Years Ended October 31,
	2013				2012				2011				2010				2009
Net asset value, beginning of period		$	17.78			$	17.33			$	19.14			$	15.39			$	10.11
Income (loss) from investment operations
Net investment incomea			0.04				0.11				0.12				0.07	b			0.12
Net realized and unrealized gain (loss)			1.51				0.41				(1.69	)			3.84				5.32
Total from investment operations			1.55				0.52				(1.57	)			3.91				5.44
Distributions to shareholders
From net investment income			(0.12	)			(0.07	)			(0.24	)			(0.16	)			(0.22	)
From net realized gains			—				—				—				—				(0.02	)
Total distributions			(0.12	)			(0.07	)			(0.24	)			(0.16	)			(0.24	)
Increase from regulatory settlements							—				—				—				0.08
Net asset value, end of period		$	19.21			$	17.78			$	17.33			$	19.14			$	15.39
Total returnc			8.72	%			3.05	%			(8.33	)%			25.59	%			55.89	%e
Net assets, end of period (in 000s)		$	14,097			$	15,136			$	39,688			$	47,238			$	43,833
Ratio of net expenses to average net assets			1.72	%			1.60	%			1.60	%			1.60	%			1.60	%
Ratio of net investment income to average net assets			0.21	%			0.66	%			0.61	%			0.40	%b			0.97	%
Ratios assuming no expense reductions
Ratio of total expenses to average net assets			2.25	%			2.24	%			2.17	%			2.32	%			2.36	%
Portfolio turnover rated			102	%			83	%			107	%			85	%			117	%

See footnotes below.

	Asia Equity Fund—Class C Shares
	For the Fiscal Years Ended October 31,
	2013				2012				2011				2010				2009
Net asset value, beginning of period		$	16.77			$	16.39			$	18.12			$	14.64			$	9.51
Income (loss) from investment operations
Net investment income (loss)a			(0.10	)			(0.03	)			(0.03	)			(0.05	)b			0.02
Net realized and unrealized gain (loss)			1.43				0.41				(1.59	)			3.64				5.07
Total from investment operations			1.33				0.38				(1.62	)			3.59				5.09
Distributions to shareholders
From net investment income			(0.08	)			—				(0.11	)			(0.11	)			(0.02	)
From net realized gains			—				—				—				—				(0.02	)
Total distributions			(0.08	)			—				(0.11	)			(0.11	)			(0.04	)
Increase form regulatory settlements			—				—				—				—				0.08
Net asset value, end of period		$	18.02			$	16.77			$	16.39			$	18.12			$	14.64
Total returnc			7.87	%			2.31	%			(9.00	)%			24.53	%			54.64	%e
Net assets, end of period (in 000s)		$	2,331			$	2,684			$	3,219			$	4,986			$	4,160
Ratio of net expenses to average net assets			2.47	%			2.35	%			2.35	%			2.35	%			2.35	%
Ratio of net investment income (loss) to average net assets			(0.56	)%			(0.18	)%			(0.18	)%			(0.32	)%b			0.20	%
Ratios assuming no expense reductions
Ratio of total expenses to average net assets			2.99	%			2.97	%			2.92	%			3.07	%			3.11	%
Portfolio turnover rated			102	%			83	%			107	%			85	%			117	%

See footnotes below.

	Asia Equity Fund—Institutional Shares
	For the Fiscal Years Ended October 31,
	2013				2012				2011				2010				2009
Net asset value, beginning of period		$	18.71			$	18.24			$	20.12			$	16.16			$	10.70
Income (loss) from investment operations
Net investment incomea			0.12				0.19				0.23				0.14	b			0.17
Net realized and unrealized gain (loss)			1.58				0.43				(1.80	)			4.03				5.59
Total from investment operations			1.70				0.62				(1.57	)			4.17				5.76
Distributions to shareholders
From net investment income			(0.28	)			(0.15	)			(0.31	)			(0.21	)			(0.36	)
From net realized gains			—				—				—				—				(0.02	)
Total distributions			(0.28	)			(0.15	)			(0.31	)			(0.21	)			(0.38	)
Increase from regulatory settlements							—				—				—				0.08
Net asset value, end of period		$	20.13			$	18.71			$	18.24			$	20.12			$	16.16
Total returnc			9.16	%			3.50	%			(7.94	)%			26.05	%			56.48	%e
Net assets, end of period (in 000s)		$	43,208			$	44,345			$	27,071			$	24,864			$	20,575
Ratio of net expenses to average net assets			1.32	%			1.20	%			1.20	%			1.20	%			1.20	%
Ratio of net investment income to average net assets			0.62	%			1.03	%			1.15	%			0.82	%b			1.35	%
Ratios assuming no expense reductions
Ratio of total expenses to average net assets			1.85	%			1.79	%			1.77	%			1.92	%			1.96	%
Portfolio turnover rated			102	%			83	%			107	%			85	%			117	%

See footnotes below.

Footnotes:

a Calculated based on the average shares outstanding methodology.

b Reflects income recognized from special dividends which amounted to $0.02 per share and 0.10% of average daily net assets on the Asia Equity.

c Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

d The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

e Total return reflects the impact of payments for regulatory settlements entitled to be received during the year and recorded as an increase to capital by the Fund. Excluding such payments, the total return would have been:

	Class A			Class C			Institutional
For the Fiscal Year Ended October 31, 2009		55.33	%		54.16	%		55.93	%

EXPERTS

The financial highlights and financial statements of the Acquired Fund for the past three fiscal years are incorporated by reference into this Information Statement/Prospectus. The financial highlights and financial statements of the Acquired Fund have been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as set forth in their reports thereon incorporated by reference into this Information Statement/Prospectus. Such financial statements and financial highlights are incorporated by reference herein in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.

OTHER INFORMATION

Interest of Certain Persons

Exhibit D to this Information Statement/Prospectus sets forth the persons who owned beneficially more than 5% of each Fund as of February 28, 2014.

Legal Matters

Certain legal matters concerning the issuance of shares of the Acquiring Fund will be passed upon by Dechert LLP, 1095 Avenue of the Americas, New York, NY 10036.

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You can obtain more free information about each Fund from your Authorized Institution or

By calling: 1-800-526-7384

By writing to:

Goldman Sachs Funds

P.O. Box 06050

Chicago, IL 60606-6306

On the Internet: SEC EDGAR database – http://www.sec.gov.

The Funds’ statement of additional information and shareholder reports are available free of charge by using the contact information above or visiting the Fund’s website at: www.gsamfunds.com.

Annual and semiannual reports to shareholders, and quarterly reports filed with the SEC, provide information about each Fund’s investments. An annual report discusses market conditions and investment strategies that significantly affected a Fund’s performance during its last fiscal year.

Each Fund is subject to the informational requirements of the Securities Exchange Act of 1934, as amended and the 1940 Act and files reports, proxy statements and other information with the SEC. These reports, proxy statements and other information filed by the Funds can be inspected and copied (for a duplication fee) at the public reference facilities of the SEC at 100 F Street, N.E., Washington, D.C. Copies of these materials can also be obtained by mail from the Public Reference Branch, Office of Consumer Affairs and Information Services, SEC, Washington, D.C. 20549, at prescribed rates. In addition, copies of these documents may be viewed onscreen or downloaded from the SEC’s Internet site at http://www.sec.gov.

24

Exhibit A

AGREEMENT AND PLAN OF REORGANIZATION

GOLDMAN SACHS CHINA EQUITY FUND

GOLDMAN SACHS ASIA EQUITY FUND

This Agreement and Plan of Reorganization is made as of April [•], 2014, by and between Goldman Sachs Trust, a Delaware statutory trust (“Goldman Sachs Trust”), on behalf of Goldman Sachs China Equity Fund (the “Acquired Fund”) and Goldman Sachs Asia Equity Fund (the “Acquiring Fund,” and together with the Acquired Fund, the “Funds”).

This agreement is intended to be and is adopted as a plan of reorganization and liquidation (the “Plan”) within the meaning of Section 368(a)(1) of the United States Internal Revenue Code of 1986, as amended (the “Code”). The reorganization and liquidation will consist of the transfer of all of the assets of the Acquired Fund to the Acquiring Fund in exchange solely for shares of beneficial interest of the Acquiring Fund (“Acquiring Fund Shares”) corresponding to the outstanding shares of beneficial interest of the Acquired Fund, the assumption by the Acquiring Fund of all liabilities of the Acquired Fund, and the distribution of the Acquiring Fund Shares to the applicable shareholders of the Acquired Fund in complete liquidation of the Acquired Fund, as provided herein (“Reorganization”), all upon the terms and conditions hereinafter set forth in this Plan.

WHEREAS, the Funds are series of Goldman Sachs Trust, an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”);

WHEREAS, the Board of Trustees of Goldman Sachs Trust has determined that the exchange of all of the assets of the Acquired Fund for Acquiring Fund Shares and the assumption of all liabilities of the Acquired Fund by the Acquiring Fund is in the best interests of the Funds and that the interests of the existing shareholders of the Funds would not be diluted as a result of this transaction; and

NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

1. Transfer of Assets of the Acquired Fund to the Acquiring Fund in Exchange for Acquiring Fund Shares, the Assumption of all of the Acquired Fund’s Liabilities and the Liquidation of the Acquired Fund

1.1. Subject to the requisite approvals and the other terms and conditions herein set forth and on the basis of the representations and warranties contained herein, the Acquired Fund agrees to transfer all of its assets, as set forth in paragraph 1.2, to the Acquiring Fund, and the Acquiring Fund agrees in exchange therefor: (i) to deliver to the Acquired Fund the number of full and fractional Acquiring Fund Shares of the respective class set forth on Schedule A, determined by dividing the value of the Acquired Fund’s net assets, computed in the manner and as of the time and date set forth in paragraph 2.1, by the net asset value of one Acquiring Fund Share of the corresponding class, computed in the manner and as of the time and date set forth in paragraph 2.2; and (ii) to assume all liabilities of the Acquired Fund, as set forth in paragraph 1.3. Such transactions shall take place on the date of the closing provided for in paragraph 3.1 (“Closing Date”).

1.2. The assets of the Acquired Fund to be acquired by the Acquiring Fund shall consist of all assets and property, including, without limitation, all cash, securities, commodities and futures interests and dividends or interests receivable that are owned by the Acquired Fund and any deferred or prepaid expenses shown as an asset on the books of the Acquired Fund on the Closing Date (collectively, “Assets”).

1.3. The Acquired Fund will endeavor to discharge all of its liabilities and obligations prior to the Closing Date. The Acquiring Fund shall also assume all of the liabilities of the Acquired Fund, whether accrued or contingent, known or unknown, existing at the Valuation Date as defined in paragraph 2.1 (collectively, “Liabilities”). On or as soon as practicable prior to the Closing Date, the Acquired Fund will declare and pay to its shareholders of record one or more dividends and/or other distributions so that it will have distributed all of its investment company taxable income (computed without regard to any deduction for dividends paid) and realized net capital gain, if any, for the current taxable year through the Closing Date.

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1.4. Immediately after the transfer of assets provided for in paragraph 1.1, the Acquired Fund will distribute to its respective shareholders of record, determined as of immediately after the close of business on the Closing Date (“Acquired Fund Shareholders”), on a pro rata basis, the Acquiring Fund Shares of the corresponding class received by the Acquired Fund pursuant to paragraph 1.1 and Schedule A, and will completely liquidate. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of Acquiring Fund Shares to be so credited to the applicable Acquired Fund Shareholders, shall be equal to the aggregate net asset value of the corresponding class of shares of beneficial interest of the Acquired Fund (“Acquired Fund Shares”) owned by Acquired Fund Shareholders on the Closing Date. All issued and outstanding shares of the Acquired Fund will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with such exchange.

1.5. Ownership of Acquiring Fund Shares will be shown on the books of the Acquiring Fund’s Transfer Agent, as defined in paragraph 3.3. Shares of the Acquiring Fund will be issued in the manner described in the Acquiring Fund’s current prospectus.

1.6. Any reporting responsibility of the Acquired Fund, including, but not limited to, the responsibility for filing regulatory reports, tax returns, or other documents with the U.S. Securities and Exchange Commission (“SEC”), any state securities commission, and any Federal, state or local tax authorities or any other relevant regulatory authority, is and shall remain the responsibility of the Acquired Fund up to and including the Closing Date.

2. Valuation

2.1. The value of the Assets shall be the value of such Assets computed as of immediately after the close of business of the New York Stock Exchange and after the declaration of any dividends on the Closing Date (such time and date being hereinafter called the “Valuation Date”), using the valuation procedures set forth in the then-current prospectus and statement of additional information with respect to the Acquired Fund and valuation procedures established by the Board of Trustees of Goldman Sachs Trust.

2.2. The net asset value of an Acquiring Fund Share shall be the net asset value per share computed with respect to that class as of the Valuation Date, using the valuation procedures set forth in the Acquiring Fund’s then-current prospectus and statement of additional information and valuation procedures established by the Board of Trustees of Goldman Sachs Trust.

2.3. The number of the Acquiring Fund Shares to be issued (including fractional shares, if any) in exchange for the Acquired Fund’s Assets shall be determined by dividing the value of the net assets with respect to the Acquired Fund Shares, determined using the same valuation procedures referred to in paragraph 2.1, by the net asset value of an Acquiring Fund Share, determined in accordance with paragraph 2.2.

2.4. All computations of value shall be made by State Street Bank and Trust Company (“State Street”) in its capacity as administrator for the Acquired Fund.

3. Closing and Closing Date

3.1. The Closing Date shall be on or about April 25, 2014 or such other date as the parties may agree. All acts taking place at the closing of the transactions provided for in this Plan (“Closing”) shall be deemed to take place simultaneously as of immediately after the close of business on the Closing Date unless otherwise agreed to by the parties. The close of business on the Closing Date shall be as of 4:00 p.m. Eastern time. The Closing shall be held at the offices of Goldman Sachs Asset Management International (“GSAMI”) or at such other time and/or place as the parties may agree.

A-2

3.2. The Acquired Fund shall direct State Street, as custodian for the Acquired Fund (“Acquired Fund Custodian”), to deliver, at the Closing, a certificate of an authorized officer stating that the Assets have been delivered in proper form to the Acquiring Fund. The Acquired Fund’s portfolio securities represented by a certificate or other written instrument shall be presented by the Acquired Fund Custodian to those persons at JPMorganChase Bank, N.A., as custodian for the Acquiring Fund (“Acquiring Fund Custodian”) who have primary responsibility for the safekeeping of the assets of the Acquiring Fund. Such presentation shall be made for examination no later than five business days preceding the Closing Date, and shall be transferred and delivered by the Acquired Fund as of the Closing Date for the account of the Acquiring Fund duly endorsed in proper form for transfer in such condition as to constitute good delivery thereof. The Acquired Fund Custodian shall deliver to those persons at the Acquiring Fund Custodian who have primary responsibility for the safekeeping of the assets of the Acquiring Fund as of the Closing Date by book entry, in accordance with customary practices of the Custodians and the requirements of Section 17(f) and the rules thereunder, the Acquired Fund’s Assets. The cash to be transferred by the Acquired Fund shall be delivered by wire transfer of Federal funds on the Closing Date.

3.3. The Acquired Fund shall direct Goldman, Sachs & Co., in its capacity as transfer agent for the Acquired Fund (“Transfer Agent”), to deliver at the Closing a certificate of an authorized officer stating that its records contain the names and addresses of the Acquired Fund Shareholders and the number and percentage ownership of outstanding shares owned by each such shareholder immediately prior to the Closing. The Acquiring Fund shall issue and deliver to the Secretary of the Acquired Fund prior to the Closing Date a confirmation evidencing that the appropriate number of Acquiring Fund Shares will be credited to the Acquired Fund on the Closing Date, or provide other evidence satisfactory to the Acquired Fund as of the Closing Date that such Acquiring Fund Shares have been credited to the Acquired Fund’s accounts on the books of the Acquiring Fund. At the Closing each party shall deliver to the other such bills of sale, checks, assignments, share certificates, if any, receipts or other documents as such other party or its counsel may reasonably request.

3.4. In the event that on the Valuation Date (a) the New York Stock Exchange or another primary trading market for portfolio securities of the Acquiring Fund or the Acquired Fund (each, an “Exchange”) shall be closed to trading or trading thereupon shall be restricted, or (b) trading or the reporting of trading on such Exchange or elsewhere shall be disrupted so that, in the judgment of each Board, accurate appraisal of the value of the net assets of the Acquired Fund or the Acquiring Fund is impracticable, the Closing Date shall be postponed until the first business day after the day when trading shall have been fully resumed and reporting shall have been restored.

4. Representations and Warranties

4.1. Except as has been fully disclosed to the Acquiring Fund in a written instrument executed by an officer, Goldman Sachs Trust, on behalf of the Acquired Fund, represents and warrants to the Acquiring Fund, as follows:

(a) The Acquired Fund is a series of Goldman Sachs Trust, which is a statutory trust duly organized, validly existing, and in good standing under the laws of the State of Delaware with power under its Declaration of Trust and By-Laws to own all of its properties and assets and to carry on its business as it is now being conducted;

(b) Goldman Sachs Trust is a registered investment company classified as a management company of the open-end type, and its registration with the SEC as an investment company under the 1940 Act, and the registration of the Acquired Fund Shares under the Securities Act of 1933, as amended (“1933 Act”) have not been revoked or rescinded and are in full force and effect;

(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquired Fund of the transactions contemplated herein, except such as have been obtained under the 1933 Act, the Securities Exchange Act of 1934, as amended (“1934 Act”), and the 1940 Act, and such as may be required by state securities laws;

A-3

(d) The current prospectus and statement of additional information of the Acquired Fund and each prospectus and statement of additional information of the Acquired Fund used at all times prior to the date of this Plan conforms or conformed at the time of its use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the SEC thereunder and does not or did not at the time of its use include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;

(e) On the Closing Date, Goldman Sachs Trust, on behalf of the Acquired Fund, will have good and marketable title to the Assets and full right, power, and authority to sell, assign, transfer and deliver such Assets hereunder free of any liens or other encumbrances, and upon delivery and payment for such Assets, Goldman Sachs Trust, on behalf of the Acquiring Fund, will acquire good and marketable title thereto, subject to no restrictions on the full transfer thereof, including such restrictions as might arise under the 1933 Act, other than as disclosed to the Acquiring Fund;

(f) The Acquired Fund is not engaged currently, and the execution, delivery and performance of this Plan will not result, in (i) a material violation of Goldman Sachs Trust’s Declaration of Trust or By-Laws, or of any agreement, indenture, instrument, contract, lease or other undertaking to which Goldman Sachs Trust, on behalf of the Acquired Fund, is a party or by which it is bound, or (ii) the acceleration of any obligation, or the imposition of any penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which Goldman Sachs Trust, on behalf of the Acquired Fund, is a party or by which it is bound;

(g) All material contracts or other commitments of the Acquired Fund (other than this Plan and certain investment contracts, including options, futures, and forward contracts) will terminate without liability to the Acquired Fund on or prior to the Closing Date;

(h) Except as otherwise disclosed in writing to and accepted by Goldman Sachs Trust, on behalf of the Acquiring Fund, no litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or, to its knowledge, threatened against Goldman Sachs Trust, on behalf of the Acquired Fund, or any of its properties or assets that, if adversely determined, would materially and adversely affect its financial condition or the conduct of its business. Goldman Sachs Trust, on behalf of the Acquired Fund, knows of no facts which might form the basis for the institution of such proceedings and is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects its business or its ability to consummate the transactions herein contemplated;

(i) The Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets, and Schedule of Investments of the Acquired Fund dated October 31, 2013 have been audited by PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm, and are in accordance with accounting principles generally accepted in the United States of America (“GAAP”) consistently applied, and such statements (copies of which have been furnished to the Acquiring Fund) present fairly, in all material respects, the financial condition of the Acquired Fund as of such date in accordance with GAAP, and there are no known contingent liabilities of the Acquired Fund required to be reflected on a balance sheet (including the notes thereto) in accordance with GAAP as of such date not disclosed therein;

A-4

(j) Since October 31, 2013, there has not been any material adverse change in the Acquired Fund’s financial condition, assets, liabilities or business, other than changes occurring in the ordinary course of business, or any incurrence by the Acquired Fund of indebtedness maturing more than one year from the date such indebtedness was incurred, except as otherwise disclosed to and accepted by the Acquiring Fund. For the purposes of this subparagraph (j), a decline in net asset value per share of Acquired Fund Shares due to declines in market values of securities held by the Acquired Fund, the discharge of the Acquired Fund’s liabilities, or the redemption of the Acquired Fund’s shares by shareholders of the Acquired Fund shall not constitute a material adverse change;

(k) On the Closing Date, all Federal and other tax returns, dividend reporting forms, and other tax-related reports of the Acquired Fund required by law to have been filed by such date (including any extensions) shall have been filed and are or will be correct in all material respects, and all Federal and other taxes shown as due or required to be shown as due on said returns and reports shall have been paid or provision shall have been made for the payment thereof, and to the best of the Acquired Fund’s knowledge, no such return is currently under audit and no assessment has been asserted with respect to such returns;

(l) For each taxable year of its operation (including the taxable year ending on the Closing Date), the Acquired Fund has met (or will meet) the requirements of Subchapter M of the Code for qualification as a regulated investment company, has been (or will be) eligible to and has computed (or will compute) its Federal income tax under Section 852 of the Code, and will have distributed all of its investment company taxable income and net capital gain (as defined in the Code) that has accrued through the Closing Date, and before the Closing Date will have declared dividends sufficient to distribute all of its investment company taxable income and net capital gain for the period ending on the Closing Date;

(m) All issued and outstanding shares of the Acquired Fund are, and on the Closing Date will be, duly and validly issued and outstanding and, subject to the qualifications set forth in the Goldman Sachs Trust’s Declaration of Trust, fully paid and non-assessable by Goldman Sachs Trust and have been offered and sold in every state and the District of Columbia in compliance in all material respects with applicable registration requirements of the 1933 Act and state securities laws. All of the issued and outstanding shares of the Acquired Fund will, at the time of Closing, be held by the persons and in the amounts set forth in the records of the Transfer Agent, on behalf of the Acquired Fund, as provided in paragraph 3.3. The Acquired Fund does not have outstanding any options, warrants or other rights to subscribe for or purchase any of the shares of the Acquired Fund, nor is there outstanding any security convertible into any of the Acquired Fund’s shares;

(n) The execution, delivery and performance of this Plan will have been duly authorized prior to the Closing Date by all necessary action, if any, on the part of the Board of Trustees of Goldman Sachs Trust, on behalf of the Acquired Fund, and this Plan will constitute a valid and binding obligation of the Acquired Fund, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights and to general equity principles;

(o) The information to be furnished by the Acquired Fund for use in registration statements, information statements and other documents filed or to be filed with any Federal, state or local regulatory authority (including the Financial Industry Regulatory Authority), which may be necessary in connection with the transactions contemplated hereby, shall be accurate and complete in all material respects and shall comply in all material respects with Federal securities and other laws and regulations thereunder applicable thereto; and

A-5

(p) The combined information statement and prospectus (“Information Statement”) to be included in the Registration Statement referred to in paragraph 5.5, insofar as it relates to the Acquired Fund, will, on the effective date of the Registration Statement on Form N-14 (“Registration Statement”) and on the Closing Date (i) not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which such statements were made, not materially misleading, provided, however, that the representations and warranties of this subparagraph (p) shall not apply to statements in or omissions from the Information Statement and the Registration Statement made in reliance upon and in conformity with information that was furnished by the Acquiring Fund for use therein, and (ii) comply in all material respects with the provisions of the 1933 Act, the 1934 Act, and the 1940 Act and the rules and regulations thereunder.

4.2. Except as has been fully disclosed to the Acquired Fund in a written instrument executed by an officer of Goldman Sachs Trust, Goldman Sachs Trust, on behalf of the Acquiring Fund, represents and warrants to the Acquired Fund, as follows:

(a) The Acquiring Fund is a series of Goldman Sachs Trust, which is a statutory trust duly organized, validly existing, and in good standing under the laws of the State of Delaware with power under its Declaration of Trust and By-Laws to own all of its properties and assets and to carry on its business as it is now being conducted;

(b) Goldman Sachs Trust is a registered investment company classified as a management company of the open-end type, and its registration with the SEC as an investment company under the 1940 Act, and the registration of the Acquiring Fund Shares under the 1933 Act have not been revoked or rescinded and are in full force and effect;

(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquiring Fund of the transactions contemplated herein, except such as have been obtained under the 1933 Act, the 1934 Act and the 1940 Act and such as may be required by state securities laws;

(d) The current prospectus and statement of additional information of the Acquiring Fund and each prospectus and statement of additional information of the Acquiring Fund used at all times prior to the date of this Plan conforms or conformed at the time of its use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the SEC thereunder and does not or did not at the time of its use include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;

(e) On the Closing Date, Goldman Sachs Trust, on behalf of the Acquiring Fund, will have good and marketable title to the Acquiring Fund’s assets, free of any liens or other encumbrances, except those liens or encumbrances as to which the Acquired Fund has received notice and necessary documentation at or prior to the Closing;

(f) The Acquiring Fund is not engaged currently, and the execution, delivery and performance of this Plan will not result, in (i) a material violation of Goldman Sachs Trust’s Declaration of Trust or By-Laws or of any agreement, indenture, instrument, contract, lease or other undertaking to which Goldman Sachs Trust, on behalf of the Acquiring Fund, is a party or by which it is bound, or (ii) the acceleration of any obligation, or the imposition of any penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which Goldman Sachs Trust, on behalf of the Acquiring Fund, is a party or by which it is bound;

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(g) Except as otherwise disclosed in writing to and accepted by the Acquired Fund, no litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or, to the Acquiring Fund’s knowledge, threatened against Goldman Sachs Trust, on behalf of the Acquiring Fund, or any of the Acquiring Fund’s properties or assets that, if adversely determined, would materially and adversely affect the Acquiring Fund’s financial condition or the conduct of its business. Goldman Sachs Trust, on behalf of the Acquiring Fund, knows of no facts which might form the basis for the institution of such proceedings and is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects the Acquiring Fund’s business or its ability to consummate the transactions herein contemplated;

(h) All issued and outstanding Acquiring Fund Shares are, and on the Closing Date will be, duly and validly issued and outstanding and, subject to the qualifications set forth in the Goldman Sachs Trust’s Declaration of Trust, fully paid and non-assessable by Goldman Sachs Trust and will have been offered in every state and the District of Columbia in compliance in all material respects with applicable registration requirements of the 1933 Act and state securities laws. The Acquiring Fund does not have outstanding any options, warrants or other rights to subscribe for or purchase any Acquiring Fund Shares, nor is there outstanding any security convertible into any Acquiring Fund Shares;

(i) The execution, delivery and performance of this Plan will have been duly authorized prior to the Closing Date by all necessary action, if any, on the part of the Board of Trustees of Goldman Sachs Trust, on behalf of the Acquiring Fund, and this Plan will constitute a valid and binding obligation of the Acquiring Fund, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights and to general equity principles;

(j) The Acquiring Fund Shares to be issued and delivered to the Acquired Fund, for the account of the Acquired Fund Shareholders, pursuant to the terms of this Plan, will on the Closing Date have been duly authorized and, when so issued and delivered, will be duly and validly issued Acquiring Fund Shares, and, subject to the qualifications set forth in the Goldman Sachs Trust’s Declaration of Trust, will be fully paid and non-assessable by the Acquiring Fund;

(k) On the Closing Date, all Federal and other tax returns, dividend reporting forms, and other tax-related reports of the Acquiring Fund required by law to have been filed by such date (including any extensions) shall have been filed and are or will be correct in all material respects, and all Federal and other taxes shown as due or required to be shown as due on said returns and reports shall have been paid or provision shall have been made for the payment thereof, and to the best of the Acquiring Fund’s knowledge no such return is currently under audit and no assessment has been asserted with respect to such returns;

(l) For each taxable year of its operation (including the taxable year that includes the Closing Date), the Acquiring Fund has met (or will meet) the requirements of Subchapter M of the Code for qualification as a regulated investment company, has been eligible to (or will be eligible to) and has computed (or will compute) its federal income tax under Section 852 of the Code, and has distributed all of its investment company taxable income and net capital gain (as defined in the Code) for periods ending prior to the Closing Date.

(m) The information to be furnished by the Acquiring Fund for use in the registration statements, information statements and other documents that may be necessary in connection with the transactions contemplated hereby shall be accurate and complete in all material respects and shall comply in all material respects with Federal securities and other laws and regulations applicable thereto; and

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(n) The Information Statement to be included in the Registration Statement (and any amendment or supplement thereto), insofar as it relates to the Acquiring Fund and the Acquiring Fund Shares, will, from the effective date of the Registration Statement through the Closing Date (i) not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which such statements were made, not materially misleading, provided, however, that the representations and warranties of this subparagraph (n) shall not apply to statements in or omissions from the Information Statement and the Registration Statement made in reliance upon and in conformity with information that was furnished by the Acquired Fund for use therein, and (ii) comply in all material respects with the provisions of the 1933 Act, the 1934 Act, and the 1940 Act and the rules and regulations thereunder.

5. Covenants of the Acquiring Fund and the Acquired Fund

5.1. The Acquiring Fund and the Acquired Fund each will operate its business in the ordinary course between the date hereof and the Closing Date, it being understood that such ordinary course of business will include the declaration and payment of customary dividends and distributions, and any other distribution that may be advisable.

5.2. The Acquired Fund covenants that the Acquiring Fund Shares to be issued hereunder are not being acquired for the purpose of making any distribution thereof, other than in accordance with the terms of this Plan.

5.3. The Acquired Fund will assist the Acquiring Fund in obtaining such information as the Acquiring Fund reasonably requests concerning the beneficial ownership of the Acquired Fund’s shares.

5.4. Subject to the provisions of this Plan, the Acquiring Fund and the Acquired Fund will each take, or cause to be taken, all action, and do or cause to be done all things, reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Plan.

5.5. The Acquired Fund has provided the Acquiring Fund with information reasonably necessary for the preparation of the Information Statement (referred to in subparagraph 4.1(p)) to be included in a Registration Statement on Form N-14, in compliance with the 1933 Act, the 1934 Act and the 1940 Act.

5.6. As soon as is reasonably practicable after the Closing, the Acquired Fund will make a liquidating distribution to its respective shareholders consisting of the Acquiring Fund Shares received at the Closing.

5.7. The Acquiring Fund and the Acquired Fund shall each use their reasonable best efforts to fulfill or obtain the fulfillment of the conditions precedent to effect the transactions contemplated by this Plan as promptly as practicable.

5.8. Goldman Sachs Trust, on behalf of the Acquired Fund, covenants that it will, from time to time, as and when reasonably requested by the Acquiring Fund, execute and deliver or cause to be executed and delivered all such assignments and other instruments, and will take or cause to be taken such further action as Goldman Sachs Trust, on behalf of the Acquiring Fund, may reasonably deem necessary or desirable in order to vest in and confirm (a) Goldman Sachs Trust’s, on behalf of the Acquired Fund, title to and possession of the Acquiring Fund Shares to be delivered hereunder, and (b) Goldman Sachs Trust’s, on behalf of the Acquiring Fund, title to and possession of all the Assets and otherwise to carry out the intent and purpose of this Plan.

5.9. The Acquiring Fund will use all reasonable efforts to obtain the approvals and authorizations required by the 1933 Act, the 1940 Act and such of the state blue sky or securities laws as may be necessary in order to continue its operations after the Closing Date.

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6. Conditions Precedent to Obligations of the Acquired Fund

The obligations of Goldman Sachs Trust, on behalf of the Acquired Fund, to consummate the transactions provided for herein shall be subject, at Goldman Sachs Trust’s election, to the performance by Goldman Sachs Trust, on behalf of the Acquiring Fund, of all the obligations to be performed by it hereunder on or before the Closing Date, and, in addition thereto, the following further conditions:

6.1. All representations and warranties of Goldman Sachs Trust, on behalf of the Acquiring Fund, contained in this Plan shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Plan, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date;

6.2. Goldman Sachs Trust, on behalf of the Acquiring Fund, shall have delivered to the Acquired Fund a certificate executed in the name of the Acquiring Fund by its President or Vice President and its Treasurer or Assistant Treasurer, in a form reasonably satisfactory to the Acquired Fund, and dated as of the Closing Date, to the effect that the representations and warranties of Goldman Sachs Trust, on behalf of the Acquiring Fund, made in this Plan are true and correct at and as of the Closing Date, except as they may be affected by the transactions contemplated by this Plan, and as to such other matters as Goldman Sachs Trust shall reasonably request;

6.3. Goldman Sachs Trust, on behalf of the Acquiring Fund, shall have performed all of the covenants and complied with all of the provisions required by this Plan to be performed or complied with by Goldman Sachs Trust, on behalf of the Acquiring Fund, on or before the Closing Date; and

6.4. The Acquired Fund and the Acquiring Fund shall have agreed on the number of full and fractional Acquiring Fund Shares to be issued in connection with the Reorganization after such number has been calculated in accordance with paragraph 1.1.

7. Conditions Precedent to Obligations of the Acquiring Fund

The obligations of Goldman Sachs Trust, on behalf of the Acquiring Fund, to complete the transactions provided for herein shall be subject, at Goldman Sachs Trust’s election, to the performance by Goldman Sachs Trust, on behalf of the Acquired Fund, of all of the obligations to be performed by it hereunder on or before the Closing Date and, in addition thereto, the following conditions:

7.1. All representations and warranties of Goldman Sachs Trust, on behalf of the Acquired Fund, contained in this Plan shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Plan, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date;

7.2. Goldman Sachs Trust, on behalf of the Acquired Fund, shall have delivered to the Acquiring Fund a statement of the Acquired Fund’s Assets and Liabilities, as of the Closing Date, certified by the Treasurer of the Acquired Fund;

7.3. Goldman Sachs Trust, on behalf of the Acquired Fund, shall have delivered to the Acquiring Fund a certificate executed in the name of the Acquired Fund by its President or Vice President and its Treasurer or Assistant Treasurer, in a form reasonably satisfactory to the Acquiring Fund and dated as of the Closing Date, to the effect that the representations and warranties of Goldman Sachs Trust, on behalf of the Acquired Fund, made in this Plan are true and correct at and as of the Closing Date, except as they may be affected by the transactions contemplated by this Plan, and as to such other matters as Goldman Sachs Trust shall reasonably request;

7.4. Goldman Sachs Trust, on behalf of the Acquired Fund, shall have performed all of the covenants and complied with all of the provisions required by this Plan to be performed or complied with by Goldman Sachs Trust, on behalf of the Acquired Fund, on or before the Closing Date;

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7.5. The Acquired Fund shall have declared and paid a distribution or distributions prior to the Closing that, together with all previous distributions, shall have the effect of distributing to its shareholders (i) all of its investment company taxable income and all of its net realized capital gains, if any, for the period from the close of its last fiscal year to 4:00 p.m. Eastern time on the Closing; and (ii) any undistributed investment company taxable income and net realized capital gains from any period to the extent not otherwise already distributed; and

7.6. The Acquired Fund and the Acquiring Fund shall have agreed on the number of full and fractional Acquiring Fund Shares to be issued in connection with the Reorganization after such number has been calculated in accordance with paragraph 1.1.

8. Further Conditions Precedent to Obligations of the Acquiring Fund and the Acquired Fund

If any of the conditions set forth below have not been satisfied on or before the Closing Date with respect to Goldman Sachs Trust, on behalf of the Acquired Fund, or Goldman Sachs Trust, on behalf of the Acquiring Fund, the other party to this Plan (or in the case of Paragraph 8.1, either party to this Plan) shall, at its option, not be required to consummate the transactions contemplated by this Plan:

8.1. On the Closing Date no action, suit or other proceeding shall be pending or, to either party’s knowledge, threatened before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection with, this Plan or the transactions contemplated herein;

8.2. All consents of other parties and all other consents, orders and permits of Federal, state and local regulatory authorities deemed necessary by each party to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order or permit would not involve a risk of a material adverse effect on the assets or properties of the Acquiring Fund or the Acquired Fund, provided that either party hereto may for itself waive any of such conditions;

8.3. The Registration Statement (and the Information Statement included therein) shall have become effective under the 1933 Act and no stop orders suspending the effectiveness thereof shall have been issued and, to the best knowledge of the parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened or contemplated under the 1933 Act; and

8.4. The parties shall have received the opinion of counsel to the parties substantially to the effect that based upon certain facts, assumptions, and representations, the transactions contemplated by this Plan shall constitute a tax-free reorganization for Federal income tax purposes. The delivery of such opinion is conditioned upon receipt by counsel to the parties of representations it shall request of the parties. Notwithstanding anything herein to the contrary, the parties may not waive the condition set forth in this paragraph 8.4.

9. Indemnification

9.1. Goldman Sachs Trust, out of the Acquiring Fund’s assets and property, agrees to indemnify and hold harmless the Acquired Fund from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Acquired Fund may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on any breach by the Acquiring Fund of any of its representations, warranties, covenants or agreements set forth in this Plan.

9.2. Goldman Sachs Trust, out of the Acquired Fund’s assets and property, agrees to indemnify and hold harmless the Acquiring Fund from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Acquiring Fund may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on any breach by the Acquired Fund of any of its representations, warranties, covenants or agreements set forth in this Plan.

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10. Brokerage Fees and Expenses

10.1. The Acquiring Fund and the Acquired Fund represent and warrant to each other that there are no brokers or finders entitled to receive any payments in connection with the transactions provided for herein, other than any brokerage fees and expenses incurred in connection with the Reorganization.

10.2. The expenses relating to the proposed Reorganization will be borne by GSAMI. The costs of the Reorganization shall include, but not be limited to, costs associated with obtaining any necessary order of exemption from the 1940 Act, if any, preparation, printing and distributing the Registration Statement and Information Statement, legal fees, accounting fees, and securities registration fees, but will not include brokerage costs or other costs associated with portfolio adjustments. Notwithstanding any of the foregoing, expenses will in any event be paid by the party directly incurring such expenses if and to the extent that the payment by another person of such expenses would result in the disqualification of such party as a “regulated investment company” within the meaning of Section 851 of the Code.

11. Entire Agreement; Survival of Warranties

11.1. Each party to this agreement agrees that it has not made any representation, warranty or covenant, not set forth herein, and that this Plan constitutes the entire agreement between the parties.

11.2. The representations, warranties and covenants contained in this Plan or in any document delivered pursuant hereto or in connection herewith shall survive the consummation of the transactions contemplated hereunder. The covenants to be performed after the Closing and the obligations of the Acquired Fund and Acquiring Fund in Sections 9.1 and 9.2 shall survive the Closing.

12. Termination

This Plan may be terminated and the transactions contemplated hereby may be abandoned by resolution of the Board of Trustees of Goldman Sachs Trust at any time prior to the Closing Date, if circumstances should develop that, in the opinion of the Boards, make proceeding with the Plan inadvisable.

13. Amendments

This Plan may be amended, modified or supplemented in such manner as may be deemed necessary or advisable by the authorized officers of Goldman Sachs Trust, on behalf of the Funds.

14. Notices

Any notice, report, statement or demand required or permitted by any provisions of this Plan shall be in writing and shall be given by facsimile, electronic delivery (i.e., e-mail), personal service or prepaid or certified mail addressed to the Funds, 200 West Street, New York, New York 10282, Attn: Caroline Kraus, Esq., Secretary, in each case with a copy to Dechert LLP, One International Place, 40^th Floor, 100 Oliver Street, Boston, Massachusetts 02110-2605, Attn: Geoffrey R.T. Kenyon, Esq.

15. Headings; Governing Law; Assignment; Limitation of Liability

15.1. The Article and paragraph headings contained in this Plan are for reference purposes only and shall not affect in any way the meaning or interpretation of this Plan.

15.2. This Plan shall be governed by and construed in accordance with the laws of the State of New York without regard to its principles of conflicts of laws.

15.3. This Plan shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Plan. Except as expressly provided otherwise in this Plan, the parties hereto will bear the expenses relating to the Reorganization as set forth in Section 10.2 as mutually agreed upon.

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IN WITNESS WHEREOF, each of the parties hereto has caused this Plan to be executed as of the date above first written.

GOLDMAN SACHS TRUST	GOLDMAN SACHS TRUST
On behalf of the Acquiring Fund:	On behalf of the Acquired Fund:
Goldman Sachs Asia Equity Fund	Goldman Sachs China Equity Fund
By:	By:
Name:	Name:
Title:	Title:

Goldman Sachs Asset Management International agrees to the provisions set forth in Sections 10.2 and 15.3 of this Plan.

GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL

By:

Name:

Title:

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Schedule A

Acquired Fund		Acquiring Fund
Class A	g	Class A
		Class B*
Class C	g	Class C
Institutional	g	Institutional
Class IR	g	Class IR

* The Acquired Fund does not offer Class B Shares.

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Exhibit B

GSAMI’S GLOBAL EMERGING MARKETS EQUITY INVESTMENT PHILOSOPHY AND

ADDITIONAL INFORMATION ON PORTFOLIO RISKS, SECURITIES AND TECHNIQUES

Investment Philosophy

Belief	How the Investment Adviser Acts on This Belief
•     Excess returns can be generated by conducting thorough fundamental research and individual stock selection	•     Seeks to generate excess returns through an intensive research culture and a strong commitment to on-the-ground research resources around the world.
•     A team-based approach enriches debate and enhances the quality of investment decisions	•     Conducts proprietary stock level research in a team- orientated regional structure with frequent, open communication and frontline decision-making.
•     Focused and differentiated portfolios provide the greatest potential to generate excess returns	•     Builds portfolios that are reflective of the team’s best investment ideas so that the majority of excess returns are driven by stock selection.

GSAMI’s Global Emerging Markets Equity team’s investment philosophy is grounded in the belief that we can achieve a competitive edge through selecting stocks with local expertise while being opportunistic investors. We seek to discover a broad range of investment ideas while being flexible, nimble, contrarian and avoiding complacency. We believe a company’s prospective ability to generate high returns on invested capital will strongly influence investment success. In our view, using a strong valuation discipline to purchase well-positioned, cash-generating businesses run by shareholder-oriented management teams is the best formula for long-term portfolio performance.

Additional Information on Portfolio Risks, Securities and Techniques

A. General Portfolio Risks

The Funds will be subject to the risks associated with equity investments. “Equity investments” may include common stocks, preferred stocks, interests in REITs, convertible debt obligations, convertible preferred stocks, equity interests in trusts, partnerships, joint ventures, limited liability companies and similar enterprises, other investment companies (including ETFs), warrants, stock purchase rights, Depository Receipts and synthetic and derivative instruments (such as participation notes, swaps, options and futures contracts) that have economic characteristics similar to equity securities. In general, the values of equity investments fluctuate in response to the activities of individual companies and in response to general market and economic conditions. Accordingly, the values of the equity investments that a Fund holds may decline over short or extended periods. The stock markets tend to be cyclical, with periods when stock prices generally rise and periods when prices generally decline. This volatility means that the value of your investment in a Fund may increase or decrease. In recent years, certain stock markets have experienced substantial price volatility. To the extent a Fund’s net assets decrease or increase in the future due to price volatility or share redemption or purchase activity, the Fund’s expense ratio may correspondingly increase or decrease from the expense ratio disclosed in this Prospectus.

To the extent a Fund invests in pooled investment vehicles (including investment companies and ETFs), partnerships and REITs, the Fund will be affected by the investment policies, practices and performance of such entities in direct proportion to the amount of assets the Fund invests therein.

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To the extent that a Fund invests in fixed income securities, that Fund will also be subject to the risks associated with its fixed income securities. These risks include interest rate risk, credit/default risk and call/extension risk. In general, interest rate risk involves the risk that when interest rates decline, the market value of fixed income securities tends to increase (although many mortgage-related securities will have less potential than other debt securities for capital appreciation during periods of declining rates). Conversely, when interest rates increase, the market value of fixed income securities tends to decline. Credit/default risk involves the risk that an issuer or guarantor could default on its obligations, and a Fund will not recover its investment. Call risk and extension risk are normally present in mortgage-backed securities and asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can either shorten (call risk) or lengthen (extension risk). In general, if interest rates on new mortgage loans fall sufficiently below the interest rates on existing outstanding mortgage loans, the rate of prepayment would be expected to increase. Conversely, if mortgage loan interest rates rise above the interest rates on existing outstanding mortgage loans, the rate of prepayment would be expected to decrease. In either case, a change in the prepayment rate can result in losses to investors. The same would be true of asset-backed securities such as securities backed by car loans.

The Funds may invest in non-investment grade fixed income securities (commonly known as “junk bonds”), which are rated below investment grade (or determined to be of comparable credit quality, if not rated) at the time of purchase and are therefore considered speculative. Because non-investment grade fixed income securities are issued by issuers with low credit ratings, they pose a greater risk of default than investment grade securities.

The Investment Adviser will not consider the portfolio turnover rate a limiting factor in making investment decisions for a Fund. A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by a Fund and its shareholders, and is also likely to result in higher short-term capital gains taxable to certain shareholders. The portfolio turnover rate is calculated by dividing the lesser of the dollar amount of sales or purchases of portfolio securities by the average monthly value of a Fund’s portfolio securities, excluding securities having a maturity at the date of purchase of one year or less.

The following sections provide further information on certain types of securities and investment techniques that may be used by the Funds, including their associated risks. Additional information is provided in the SAI, which is available upon request. Among other things, the SAI describes certain fundamental investment restrictions that cannot be changed without shareholder approval. You should note, however, that all investment objectives and all investment policies not specifically designated as fundamental are non-fundamental, and may be changed without shareholder approval. If there is a change in a Fund’s investment objective, you should consider whether that Fund remains an appropriate investment in light of your then current financial position and needs.

B. Other Portfolio Risks

Risks of Investing in Mid-Capitalization and Small-Capitalization Companies. Each Fund may, to the extent consistent with its investment policies, invest in mid- and small-capitalization companies. Investments in mid- and small-capitalization companies involve greater risk and portfolio price volatility than investments in larger capitalization stocks. Among the reasons for the greater price volatility of these investments are the less certain growth prospects of smaller firms and the lower degree of liquidity in the markets for such securities. Mid- and small-capitalization companies may be thinly traded and may have to be sold at a discount from current market prices or in small lots over an extended period of time. In addition, these securities are subject to the risk that during certain periods the liquidity of particular issuers or industries, or all securities in particular investment categories, will shrink or disappear suddenly and without warning as a result of adverse economic or market conditions, or adverse investor perceptions whether or not accurate. Because of the lack of sufficient market liquidity, a Fund may incur losses because it will be required to effect sales at a disadvantageous time and only then at a substantial drop in price. Mid- and small-capitalization companies include “unseasoned” issuers that do not have an established financial history; often have limited product lines, markets or financial resources; may depend on or use a few key personnel for management; and may be susceptible to losses and risks of bankruptcy. Mid- and small-capitalization companies may be operating at a loss or have significant variations in operating results; may be engaged in a rapidly changing business with products subject to a substantial risk of obsolescence; may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position; and may have

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substantial borrowings or may otherwise have a weak financial condition. In addition, these companies may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing, and other capabilities, and a larger number of qualified managerial and technical personnel. Transaction costs for these investments are often higher than those of larger capitalization companies. Investments in mid- and small-capitalization companies may be more difficult to price precisely than other types of securities because of their characteristics and lower trading volumes.

Risks of Foreign Investments. The Funds will make foreign investments. Foreign investments involve special risks that are not typically associated with U.S. dollar denominated or quoted securities of U.S. issuers. Foreign investments may be affected by changes in currency rates, changes in foreign or U.S. laws or restrictions applicable to such investments and changes in exchange control regulations (e.g., currency blockage). A decline in the exchange rate of the currency (i.e., weakening of the currency against the U.S. dollar) in which a portfolio security is quoted or denominated relative to the U.S. dollar would reduce the value of the portfolio security. In addition, if the currency in which a Fund receives dividends, interest or other payments declines in value against the U.S. dollar before such income is distributed as dividends to shareholders or converted to U.S. dollars, the Fund may have to sell portfolio securities to obtain sufficient cash to pay such dividends.

Brokerage commissions, custodial services and other costs relating to investment in international securities markets generally are more expensive than in the United States. In addition, clearance and settlement procedures may be different in foreign countries and, in certain markets, such procedures have been unable to keep pace with the volume of securities transactions, thus making it difficult to conduct such transactions.

Foreign issuers are not generally subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to U.S. issuers. There may be less publicly available information about a foreign issuer than about a U.S. issuer. In addition, there is generally less government regulation of foreign markets, companies and securities dealers than in the United States, and the legal remedies for investors may be more limited than the remedies available in the United States. Foreign securities markets may have substantially less volume than U.S. securities markets and securities of many foreign issuers are less liquid and more volatile than securities of comparable domestic issuers. Furthermore, with respect to certain foreign countries, there is a possibility of nationalization, expropriation or confiscatory taxation, imposition of withholding or other taxes on dividend or interest payments (or, in some cases, capital gains distributions), limitations on the removal of funds or other assets from such countries, and risks of political or social instability or diplomatic developments which could adversely affect investments in those countries.

Concentration of a Fund’s assets in one or a few countries and currencies will subject a Fund to greater risks than if a Fund’s assets were not geographically concentrated. Investments in foreign securities may take the form of sponsored and unsponsored ADRs, GDRs, EDRs, TDRs or other similar instruments representing securities of foreign issuers. ADRs, GDRs, EDRs and TDRs represent the right to receive securities of foreign issuers deposited in a bank or other depository. ADRs and certain GDRs are traded in the United States. GDRs may be traded in either the United States or in foreign markets. EDRs and TDRs are traded primarily outside the United States. Prices of ADRs are quoted in U.S. dollars. EDRs, GDRs and TDRs are not necessarily quoted in the same currency as the underlying security.

Risks of Sovereign Debt. Investment in sovereign debt obligations by a Fund involves risks not present in debt obligations of corporate issuers. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and a Fund may have limited recourse to compel payment in the event of a default. Periods of economic uncertainty may result in the volatility of market prices of sovereign debt, and in turn a Fund’s NAV, to a greater extent than the volatility inherent in debt obligations of U.S. issuers.

A sovereign debtor’s willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor’s policy toward international lenders, and the political constraints to which a sovereign debtor may be subject.

B-3

Risks of Emerging Countries. The Funds may invest in securities of issuers located in emerging countries. The risks of foreign investment are heightened when the issuer is located in an emerging country. Emerging countries are generally located in Africa, Asia, the Middle East, Eastern and Central Europe and Central and South America. A Fund’s purchase and sale of portfolio securities in certain emerging countries may be constrained by limitations relating to daily changes in the prices of listed securities, periodic trading or settlement volume and/or limitations on aggregate holdings of foreign investors. Such limitations may be computed based on the aggregate trading volume by or holdings of a Fund, the Investment Adviser, its affiliates and their respective clients and other service providers. A Fund may not be able to sell securities in circumstances where price, trading or settlement volume limitations have been reached.

Foreign investment in the securities markets of certain emerging countries is restricted or controlled to varying degrees which may limit investment in such countries or increase the administrative costs of such investments. For example, certain Asian countries require governmental approval prior to investments by foreign persons or limit investment by foreign persons to only a specified percentage of an issuer’s outstanding securities or a specific class of securities which may have less advantageous terms (including price) than securities of the issuer available for purchase by nationals. In addition, certain countries may restrict or prohibit investment opportunities in issuers or industries deemed important to national interests. Such restrictions may affect the market price, liquidity and rights of securities that may be purchased by a Fund. The repatriation of both investment income and capital from certain emerging countries is subject to restrictions such as the need for governmental consents. In situations where a country restricts direct investment in securities (which may occur in certain Asian and other countries), a Fund may invest in such countries through other investment funds in such countries.

Many emerging countries have experienced currency devaluations and substantial (and, in some cases, extremely high) rates of inflation. Other emerging countries have experienced economic recessions. These circumstances have had a negative effect on the economies and securities markets of such emerging countries. Economies in emerging countries generally are dependent heavily upon commodity prices and international trade and, accordingly, have been and may continue to be affected adversely by the economies of their trading partners, trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.

Many emerging countries are subject to a substantial degree of economic, political and social instability. Governments of some emerging countries are authoritarian in nature or have been installed or removed as a result of military coups, while governments in other emerging countries have periodically used force to suppress civil dissent. Disparities of wealth, the pace and success of democratization, and ethnic, religious and racial disaffection, among other factors, have also led to social unrest, violence and/or labor unrest in some emerging countries. Unanticipated political or social developments may result in sudden and significant investment losses. Investing in emerging countries involves greater risk of loss due to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on repatriation of capital invested. As an example, in the past, some Eastern European governments have expropriated substantial amounts of private property, and many claims of the property owners have never been fully settled. There is no assurance that similar expropriations will not occur in other countries.

A Fund’s investment in emerging countries may also be subject to withholding or other taxes, which may be significant and may reduce the return to the Fund from an investment in issuers in such countries. Settlement procedures in emerging countries are frequently less developed and reliable than those in the United States and may involve a Fund’s delivery of securities before receipt of payment for their sale. In addition, significant delays may occur in certain markets in registering the transfer of securities. Settlement or registration problems may make it more difficult for a Fund to value its portfolio securities and could cause the Fund to miss attractive investment opportunities, to have a portion of its assets uninvested or to incur losses due to the failure of a counterparty to pay for securities the Fund has delivered or the Fund’s inability to complete its contractual obligations because of theft or other reasons.

B-4

The creditworthiness of the local securities firms used by a Fund in emerging countries may not be as sound as the creditworthiness of firms used in more developed countries. As a result, the Fund may be subject to a greater risk of loss if a securities firm defaults in the performance of its responsibilities.

The small size and inexperience of the securities markets in certain emerging countries and the limited volume of trading in securities in those countries may make a Fund’s investments in such countries less liquid and more volatile than investments in countries with more developed securities markets (such as the United States, Japan and most Western European countries). A Fund’s investments in emerging countries are subject to the risk that the liquidity of a particular investment, or investments generally, in such countries will shrink or disappear suddenly and without warning as a result of adverse economic, market or political conditions or adverse investor perceptions, whether or not accurate. Because of the lack of sufficient market liquidity, a Fund may incur losses because it will be required to effect sales at a disadvantageous time and only then at a substantial drop in price. Investments in emerging countries may be more difficult to value precisely because of the characteristics discussed above and lower trading volumes.

A Fund’s use of foreign currency management techniques in emerging countries may be limited. The Investment Adviser anticipates that a significant portion of the Funds’ currency exposure in emerging countries may not be covered by those techniques.

Risks Specific to Greater China. In addition to the risks listed above, investing in Greater China presents other legal, regulatory, monetary economic and environmental risks.

The People’s Republic of China is dominated by the one-party rule of the Communist Party. Investments in the People’s Republic of China involve the risk of greater control over the economy, political and legal uncertainties and currency fluctuations or blockage. The government of the People’s Republic of China exercises significant control over economic growth through the allocation of resources, controlling payment of foreign currency-denominated obligations, setting monetary policy and providing preferential treatment to particular industries or companies. For over three decades, the government of the People’s Republic of China has been reforming economic and market practices and providing a larger sphere for private ownership of property. While currently contributing to growth and prosperity, the government may decide not to continue to support these economic reform programs and could possibly return to the completely centrally planned economy that existed prior to 1978.

The Chinese government has yet to develop comprehensive securities, corporate, or commercial laws, and the Chinese markets are relatively new and undeveloped. Because the legal system is still developing, it may be more difficult to obtain or enforce judgments. Chinese companies may not be subject to the same disclosure, accounting, auditing and financial reporting standards and practices as U.S. companies. Thus, there may be less information publicly available about Chinese companies than about most U.S. companies. Government supervision and regulation of Chinese stock exchanges, currency markets, trading systems and brokers may be more or less rigorous than that present in the U.S. The procedures and rules governing transactions and custody in Greater China also may involve delays in payment, delivery or recovery of money or investments. The legal and regulatory regime in Greater China, especially as it relates to the securities markets, is constantly evolving, and any changes may either positively or negatively affect the performance of investments in Greater China.

Foreign investments in the People’s Republic of China are somewhat restricted. Securities listed on the Shanghai and Shenzhen Stock Exchanges are divided into two classes of shares: A shares, ownership of which is restricted to Chinese investors and Qualified Foreign Institutional Investors (“QFIIs”) who have obtained QFII quota, and B shares, which may be owned by Chinese and foreign investors. The Funds may obtain exposure to the A share market in the People’s Republic of China by investing in participatory notes issued by banks, broker-dealers and other financial institutions, or other structured or derivative instruments that are designed to replicate, or otherwise provide exposure to, the performance of A shares of Chinese companies. The Funds may also invest directly in B shares on the Shanghai and Shenzhen Stock Exchanges.

B-5

The economies of the People’s Republic of China, Hong Kong and Taiwan may differ favorably or unfavorably from the U.S. economy in terms of the rate of growth of gross domestic product, the rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position, among other measures. Rapid industrialization in Greater China has led to widespread environmental degradation. Greater China is also at risk of certain environmental events and natural disasters including earthquakes, droughts, floods, and tsunamis and may demonstrate economic sensitivity to such events.

As a result of investing in the People’s Republic of China, a Fund may be subject to withholding and various other taxes imposed by the People’s Republic of China. To date, a 10% withholding tax has been levied on cash dividends, distributions and interest payments from companies listed in the People’s Republic of China to foreign investors.

However, tax authorities in the People’s Republic of China have not clarified certain aspects of the tax treatment of capital gains arising from securities trading. It is therefore possible that the relevant tax authorities may in the future clarify the tax position and impose an income tax or withholding tax on realized gains from dealing in People’s Republic of China equities. In light of this uncertainty and in order to meet this potential tax liability for capital gains, the Investment Adviser reserves the right to provide for the withholding tax on such gains or income and withhold the tax for the account of a Fund.

The tax law and regulations of the People’s Republic of China are constantly changing, and they may be changed with retrospective effect to the advantage or disadvantage of shareholders. The interpretation and applicability of the tax law and regulations by tax authorities may not be as consistent and transparent as those of more developed nations, and may vary from region to region. It should also be noted that any provision for taxation made by the Investment Adviser may be excessive or inadequate to meet final tax liabilities. Consequently, shareholders may be advantaged or disadvantaged depending upon the final tax liabilities, the level of provision and when they subscribed and/or redeemed their shares of a Fund.

Hong Kong. Since Hong Kong reverted to Chinese sovereignty in 1997, it has been governed by the Basic Law, a “quasi-constitution.” The Basic Law guarantees a high degree of autonomy in certain matters, including economic, until 2047. Attempts by the government of the People’s Republic of China to exert control over Hong Kong’s economic, political or legal structures or its existing social policy, could negatively affect investor confidence in Hong Kong, which in turn could negatively affect markets and business performance. The economy of Hong Kong may be significantly and adversely affected by increasing competition from the emerging economies of Asia, including that of the People’s Republic of China itself. In addition, the Hong Kong dollar trades within a fixed trading band rate to (or is “pegged” to) the U.S. dollar. This fixed exchange rate has contributed to the growth and stability of the economy, but could be discontinued. It is uncertain what affect any discontinuance of the currency peg and the establishment of an alternative exchange rate system would have on the Hong Kong economy.

Taiwan. The political reunification of the People’s Republic of China and Taiwan is a highly problematic issue and is unlikely to be settled in the near future. This situation, and the continuing hostility between the People’s Republic of China and Taiwan, poses a threat to Taiwan’s economy and may have an adverse impact on the value of investments in both the People’s Republic of China and Taiwan. Any escalation of hostility between the People’s Republic of China and Taiwan would likely distort Taiwan’s capital accounts, as well as have a significant adverse impact on the value of investments in both countries and in the region.

Foreign Custody Risk. A Fund that invests in foreign securities, may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign

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Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Risk of Equity Swap Transactions. In a standard “swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on a particular predetermined asset (or group of assets) which may be adjusted for transaction costs, interest payments, dividends paid on the reference asset or other factors. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” for example, the increase or decrease in value of a particular dollar amount invested in the asset.

Equity swaps may be structured in different ways. For example, when a Fund takes a long position, a counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap would have increased in value had it been invested in a particular stock (or group of stocks), plus the dividends that would have been received on the stock. In these cases, a Fund may agree to pay to the counter-party interest on the notional amount of the equity swap plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such stock (or group of stocks). Therefore, in this case the return to the Fund on the equity swap should be the gain or loss on the notional amount plus dividends on the stock less the interest paid by the Fund on the notional amount. In other cases, when a Fund takes a short position, a counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap would have decreased in value had the Fund sold a particular stock (or group of stocks) short, less the dividend expense that the Fund would have paid on the stock (or group of stocks), as adjusted for interest payments or other economic factors.

Under an equity swap, payments may be made at the conclusion of the equity swap or periodically during its term. Sometimes, however, the Investment Adviser may be able to terminate a swap contract prior to its term, subject to any potential termination fee that is in addition to a Fund’s accrued obligations under the swap.

Equity swaps are derivatives and their value can be very volatile. To the extent that the Investment Adviser does not accurately analyze and predict future market trends, the values of assets or economic factors, or the creditworthiness of the counterparty, a Fund may suffer a loss, which may be substantial.

Risks of Derivative Investments. The Funds may invest in derivative instruments including without limitation, options, futures, options on futures, forwards, participation notes, swaps, options on swaps, structured securities and other derivatives relating to foreign currency transactions. Investments in derivative instruments may be for both hedging and nonhedging purposes (that is, to seek to increase total return), although suitable derivative instruments may not always be available to the Investment Adviser for these purposes. Losses from investments in derivative instruments can result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged, the potential illiquidity of the markets for derivative instruments, the failure of the counterparty to perform its contractual obligations, or the risks arising from margin requirements and related leverage factors associated with such transactions. Losses may also arise if the Funds receive cash collateral under the transactions and some or all of that collateral is invested in the market. To the extent that cash collateral is so invested, such collateral will be subject to market depreciation or appreciation, and a Fund may be responsible for any loss that might result from its investment of the counterparty’s cash collateral. The use of these management techniques also involves the risk of loss if the Investment Adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments may be harder to value, subject to greater volatility and more likely subject to changes in tax treatment than other investments. For these reasons, the Investment Adviser’s attempts to hedge portfolio risks through the use of derivative instruments may not be successful, and the Investment Adviser may choose not to hedge certain portfolio risks. Investing for nonhedging purposes presents even greater risk of loss.

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Risks of Participation Notes. The Funds may invest in participation notes. Some countries, especially emerging markets countries, do not permit foreigners to participate directly in their securities markets or otherwise present difficulties for efficient foreign investment. A Fund may use participation notes to establish a position in such markets as a substitute for direct investment. Participation notes are issued by banks or broker-dealers and are designed to track the return of a particular underlying equity or debt security, currency or market. When the participation note matures, the issuer of the participation note will pay to, or receive from, a Fund the difference between the nominal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. Investments in participation notes involve the same risks as are associated with a direct investment in the underlying security, currency or market that they seek to replicate. In addition, participation notes are generally traded over-the-counter and are subject to counterparty risk. Counterparty risk is the risk that the broker-dealer or bank that issues them will not fulfill its contractual obligation to complete the transaction with a Fund. Participation notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them, and a Fund would be relying on the creditworthiness of such banks or broker-dealers and would have no rights under a participation note against the issuer of the underlying assets. In addition, participation notes may trade at a discount to the value of the underlying securities or markets that they seek to replicate.

Risks of Large Shareholder Redemptions. Certain funds, accounts, individuals or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of a Fund’s shares. Redemptions by these funds, accounts or individuals of their holdings in a Fund may impact the Fund’s liquidity and NAV. These redemptions may also force a Fund to sell securities, which may negatively impact the Fund’s brokerage and tax costs.

Risks of Illiquid Securities. Each Fund may invest up to 15% of its net assets in illiquid securities which cannot be disposed of in seven days in the ordinary course of business at fair value. Illiquid securities, in which some or all of the Funds may invest, include:

• Both domestic and foreign securities that are not readily marketable

• Certain stripped mortgage-backed securities

• Repurchase agreements and time deposits with a notice or demand period of more than seven days

• Certain over-the-counter options

• Certain private investments in public equity (“PIPEs”)

• Certain structured securities and swap transactions

• Certain restricted securities, unless it is determined, based upon a review of the trading markets for a specific restricted security, that such restricted security is liquid because it is so-called “4(2) commercial paper” or is otherwise eligible for resale pursuant to Rule 144A under the Securities Act of 1933 (“144A Securities”).

Investing in 144A Securities may decrease the liquidity of a Fund’s portfolio to the extent that qualified institutional buyers become for a time uninterested in purchasing these restricted securities. The purchase price and subsequent valuation of restricted and illiquid securities normally reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists.

Investments purchased by a Fund, particularly debt securities and over-the-counter traded instruments, that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the securities, markets events, economic conditions or investor perceptions. Domestic and foreign markets are becoming more and more complex and interrelated, so that events in one sector of the market or the economy, or in one geographical region, can reverberate and have negative consequences for other market, economic or regional sectors in a manner that may not be reasonably foreseen. With respect to over-the-counter traded securities, the continued viability of any over-the-counter secondary market depends on the continued willingness of dealers and other participants to purchase the instruments.

If one or more instruments in a Fund’s portfolio become illiquid, the Fund may exceed its 15% limitation in illiquid instruments. In the event that changes in the portfolio or other external events cause the investments in illiquid instruments to exceed 15% of a Fund’s net assets, the Fund must take steps to bring the aggregate amount of illiquid instruments back within the prescribed limitations as soon as reasonably practicable. This requirement would not force a Fund to liquidate any portfolio instrument where the Fund would suffer a loss on the sale of that instrument.

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In cases where no clear indication of the value of a Fund’s portfolio instruments is available, the portfolio instruments will be valued at their fair value according to the valuation procedures approved by the Board of Trustees. These cases include, among others, situations where a security or other asset or liability does not have a price source, or the secondary markets on which an investment has previously been traded are no longer viable, due to its lack of liquidity. For more information on fair valuation, please see “Shareholder Guide—How To Buy Shares—How Are Shares Priced?”

Non-Diversification and Geographic Concentration Risks. The China Equity Fund is classified as nondiversified funds under the Investment Company Act and is, therefore, more susceptible to adverse developments affecting any single issuer held in its portfolios, and may be more susceptible to greater losses because of these developments.

In addition, the Fund may invest a significant portion of its total assets in the securities of corporate and government issuers located in a particular foreign country or region. Concentration of the investments of the Fund in issuers located in a particular country or region will subject the Fund, to a greater extent than if investments were less concentrated, to losses arising from adverse developments affecting those issuers or countries.

Credit/Default Risks. Debt securities purchased by the Funds may include U.S. Government Securities (including zero coupon bonds) and securities issued by foreign governments, domestic and foreign corporations, banks and other issuers. Some of these fixed income securities are described in the next section below. Further information is provided in the SAI.

Debt securities rated BBB– or higher by Standard & Poor’s or Baa3 or higher by Moody’s or having a comparable rating by another NRSRO are considered “investment grade.” Securities rated BBB– or Baa3 are considered medium-grade obligations with speculative characteristics, and adverse economic conditions or changing circumstances may weaken their issuers’ capacity to pay interest and repay principal. For the purpose of determining compliance with any credit rating requirement, each Fund assigns a security, at the time of purchase, the highest rating by an NRSRO if the security is rated by more than one NRSRO. Therefore, a security will be deemed to have met a rating requirement if it receives the minimum required rating from at least one such rating organization even though it has been rated below the minimum rating by one or more other rating organizations, or if unrated by such rating organizations, the security is determined by the Investment Adviser to be of comparable credit quality. A security satisfies a Fund’s minimum rating requirement regardless of its relative ranking (for example, plus or minus) within a designated major rating category (for example, BBB or Baa). If a security satisfies a Fund’s minimum rating requirement at the time of purchase and is subsequently downgraded below that rating, the Fund will not be required to dispose of the security. If a downgrade occurs, the Investment Adviser will consider which action, including the sale of the security, is in the best interest of a Fund and its shareholders.

The Funds may invest in fixed income securities rated BB+ or Ba1 or below (or comparable unrated securities) which are commonly referred to as “junk bonds.” Junk bonds are considered speculative and may be questionable as to principal and interest payments.

In some cases, junk bonds may be highly speculative, have poor prospects for reaching investment grade standing and be in default. As a result, investment in such bonds will present greater speculative risks than those associated with investment in investment grade bonds. Also, to the extent that the rating assigned to a security in a Fund’s portfolio is downgraded by a rating organization, the market price and liquidity of such security may be adversely affected.

Risks of IPOs. The Funds may invest in IPOs. An IPO is a company’s first offering of stock to the public. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high trans-action costs. IPO shares are subject to market

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risk and liquidity risk. When a Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, a Fund may choose to hold

IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. By selling IPO shares, a Fund may realize taxable gains it will subsequently distribute to shareholders. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. There is no assurance that a Fund will be able to obtain allocable portions of IPO shares. The limited number of shares available for trading in some IPOs may make it more difficult for a Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Investors in IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

Temporary Investment Risks. Each Fund may, for temporary defensive purposes, invest up to 100% of its total assets in:

• U.S. Government Securities

• Commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO (or, if unrated, determined by the Investment Adviser to be of comparable credit quality)

• Certificates of deposit

• Bankers’ acceptances

• Repurchase agreements

• Non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year

• ETFs

• Other investment companies

• Cash items

When a Fund’s assets are invested in such instruments, the Fund may not be achieving its investment objective.

C. Portfolio Securities and Techniques

This section provides further information on certain types of securities and investment techniques that may be used by the Funds, including their associated risks.

The Funds may purchase other types of securities or instruments similar to those described in this section if otherwise consistent with the Fund’s investment objective and policies. Further information is provided in the SAI, which is available upon request.

Other Investment Companies. Each Fund may invest in securities of other investment companies, including ETFs, subject to statutory limitations prescribed by the Investment Company Act. These limitations include in certain circumstances a prohibition on any Fund acquiring more than 3% of the voting shares of any other investment company, and a prohibition on investing more than 5% of a Fund’s total assets in securities of any one investment company or more than 10% of its total assets in securities of all investment companies. Many ETFs, however, have obtained exemptive relief from the SEC to permit unaffiliated funds to invest in the ETFs’ shares beyond these statutory limitations, subject to certain conditions and pursuant to a contractual arrangement between the ETFs and the investing funds. A Fund may rely on these exemptive orders to invest in unaffiliated ETFs.

The use of ETFs is intended to help a Fund match the total return of the particular market segments or indices represented by those ETFs, although that may not be the result. Most ETFs are passively-managed investment companies whose shares are purchased and sold on a securities exchange. An ETF represents a portfolio of

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securities designed to track a particular market segment or index. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective. The price of an ETF can fluctuate, and a Fund could lose money investing in an ETF. Moreover, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.

Pursuant to an exemptive order obtained from the SEC or under an exemptive rule adopted by the SEC, a Fund may also invest in certain other investment companies and money market funds beyond the statutory limits described above. Some of those investment companies and money market funds may be funds for which the Investment Adviser or any of its affiliates serves as investment adviser, administrator or distributor.

A Fund will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment companies (including ETFs), in addition to the fees and expenses regularly borne by the Fund. Although the Funds do not expect to do so in the foreseeable future, each Fund is authorized to invest substantially all of its assets in a single open-end investment company or series thereof that has substantially the same investment objective, policies and fundamental restrictions as the Fund.

Unseasoned Companies. Each Fund may invest in companies which (together with their predecessors) have operated less than three years. The securities of such companies may have limited liquidity, which can result in their being priced higher or lower than might otherwise be the case. In addition, investments in unseasoned companies are more speculative and entail greater risk than do investments in companies with an established operating record.

Direct Equity Investment. The China Equity Fund may invest up to 5% of its total assets in direct equity investments. These Funds may invest in direct equity investments that the Investment Adviser expects will become listed or otherwise publicly traded securities. Direct equity investments consist of (i) the private purchase from an enterprise of an equity interest in the enterprise in the form of shares of common stock or equity interests in trusts, partnerships, joint ventures or similar enterprises, and (ii) the purchase of such an equity interest in an enterprise from a principal investor in the enterprise. Direct equity investments are generally considered to be illiquid. To the degree that the Fund invests in direct equity investments that it considers to be illiquid, it will limit such investments so that they, together with the Fund’s other illiquid investments, comply with the Fund’s investment restriction on illiquid securities.

In most cases, the Fund will, at the time of making a direct equity investment, enter into a shareholder or similar agreement with the enterprise and one or more other holders of equity interests in the enterprise. The Investment Adviser anticipates that these agreements may, in appropriate circumstances, provide the Fund with the ability to appoint a representative to the board of directors or similar body of the enterprise, and eventually to dispose of the Fund’s investment in the enterprise through, for example, the listing of the securities or the sale of the securities to the issuer or another investor. In cases where the Fund appoints a representative, the representative would be expected to provide the Fund with the ability to monitor its investment and protect its rights in the investment and will not be appointed for the purpose of exercising management or control of the enterprise. In addition, the Fund intends to make their direct equity investments in such a manner as to avoid subjecting the Fund to unlimited liability with respect to the investments. There can be no assurance that the Fund’s direct equity investments will become listed, or that it will be able to sell any direct equity investment to the issuer or another investor. The extent to which the Fund may make direct equity investments may be limited by considerations relating to its status as a regulated investment company.

Direct equity investments in Chinese companies may involve a high degree of business and financial risk that can result in substantial losses. Because of the absence of a public trading market for these investments, the Fund may take longer to liquidate these positions than would be the case for publicly traded securities and the prices on these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such

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securities. Further, issuers whose securities are not publicly traded may not be subject to disclosure and other investor protection requirements applicable to publicly traded securities. If such securities are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Certain of the Fund’s direct equity investments, particularly in China, may include investments in smaller, less-seasoned companies, which may involve greater risks. These companies may have limited product lines, markets of financial resources, or they may be dependent on a limited management group.

Convertible Securities. Each Fund may invest in convertible securities. Convertible securities are preferred stock or debt obligations that are convertible into common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities in which a Fund invests are subject to the same rating criteria as its other investments in fixed income securities. Convertible securities have both equity and fixed income risk characteristics. Like all fixed income securities, the value of convertible securities is susceptible to the risk of market losses attributable to changes in interest rates. Generally, the market value of convertible securities tends to decline as interest rates increase and, conversely, to increase as interest rates decline. However, when the market price of the common stock underlying a convertible security exceeds the conversion price of the convertible security, the convertible security tends to reflect the market price of the underlying common stock. As the market price of the underlying common stock declines, the convertible security, like a fixed income security, tends to trade increasingly on a yield basis, and thus may not decline in price to the same extent as the underlying common stock.

Foreign Currency Transactions. A Fund may, to the extent consistent with its investment policies, purchase or sell foreign currencies on a cash basis or through forward contracts. A forward contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. A Fund may engage in foreign currency transactions for hedging purposes and to seek to protect against anticipated changes in future foreign currency exchange rates. In addition, a Fund may enter into foreign currency transactions to seek a closer correlation between the Fund’s overall currency exposures and the currency exposures of the Fund’s performance benchmark. The Funds may also enter into such transactions to seek to increase total return, which presents additional risk.

The Funds may also engage in cross-hedging by using forward contracts in a currency different from that in which the hedged security is denominated or quoted. A Fund may hold foreign currency received in connection with investments in foreign securities when, in the judgment of the Investment Adviser, it would be beneficial to convert such currency into U.S. dollars at a later date (e.g., the Investment Adviser may anticipate the foreign currency to appreciate against the U.S. dollar).

The Funds may, from time to time, engage in non-deliverable forward transactions to manage currency risk or to gain exposure to a currency without purchasing securities denominated in that currency. A non-deliverable forward is a transaction that represents an agreement between a Fund and a counterparty (usually a commercial bank) to buy or sell a specified (notional) amount of a particular currency at an agreed upon foreign exchange rate on an agreed upon future date. If the counterparty defaults, a Fund will have contractual remedies pursuant to the agreement related to the transaction, but the Fund may be delayed or prevented from obtaining payments owed to it pursuant to non-deliverable forward transactions.

Currency exchange rates may fluctuate significantly over short periods of time, causing, along with other factors, a Fund’s NAV to fluctuate (when the Fund’s NAV fluctuates, the value of your shares may go up or down). Currency exchange rates also can be affected unpredictably by the intervention of U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the United States or abroad.

The market in forward foreign currency exchange contracts, currency swaps and other privately negotiated currency instruments offers less protection against defaults by the other party to such instruments than is available for currency instruments traded on an exchange. Such contracts are subject to the risk that the counterparty to the contract will default on its obligations. Because these contracts are not guaranteed by an exchange or clearinghouse, a default on a contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or could force the Fund to cover its purchase or sale commitments, if any, at the current market price.

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As an investment company registered with the SEC, each Fund must identify on its books (often referred to as “asset segregation”) liquid assets, or engage in other appropriate measures, to “cover” open positions with respect to its transactions in forward contracts. In the case of forward contracts that do not cash settle, for example, a Fund must identify on its books liquid assets equal to the full notional amount of the forward contracts while the positions are open. With respect to forward contracts that do cash settle, however, a Fund is permitted to identify liquid assets in an amount equal to the Fund’s daily marked-to-market net obligations (i.e., the Fund’s daily net liability) under the forward contracts, if any, rather than their full notional amount.

Each Fund reserves the right to modify its asset segregation policies in the future in its discretion. By identifying assets equal to only its net obligations under cash-settled forward contracts, the Fund will have the ability to employ leverage to a greater extent than if the Fund were required to identify assets equal to the full notional amount of the forward contracts.

Corporate Debt Obligations. Corporate debt obligations include bonds, notes, debentures, commercial paper and other obligations of corporations to pay interest and repay principal. Each Fund may invest in corporate debt obligations issued by U.S. and certain non-U.S. issuers which issue securities denominated in the U.S. dollar (including Yankee and Euro obligations as well as other non-U.S. dollar currencies). In addition to obligations of corporations, corporate debt obligations include securities issued by banks and other financial institutions and supranational entities (i.e., the World Bank, the International Monetary Fund, etc.).

Bank Obligations. Each Fund may invest in obligations issued or guaranteed by U.S. or foreign banks. Bank obligations, including without limitation, time deposits, bankers’ acceptances and certificates of deposit, may be general obligations of the parent bank or may be limited to the issuing branch by the terms of the specific obligations or by government regulations. Banks are subject to extensive but different governmental regulations which may limit both the amount and types of loans which may be made and interest rates which may be charged. In addition, the profitability of the banking industry is largely dependent upon the availability and cost of funds for the purpose of financing lending operations under prevailing money market conditions. General economic conditions as well as exposure to credit losses arising from possible financial difficulties of borrowers play an important part in the operation of this industry.

U.S. Government Securities. Each Fund may invest in U.S. Government Securities. U.S. Government Securities include U.S. Treasury obligations and obligations issued or guaranteed by U.S. government agencies, instrumentalities or sponsored enterprises. U.S. Government Securities may be supported by (i) the full faith and credit of the U.S. Treasury; (ii) the right of the issuer to borrow from the U.S. Treasury; (iii) the discretionary authority of the U.S. government to purchase certain obligations of the issuer; or (iv) only the credit of the issuer. U.S. Government Securities also include Treasury receipts, zero coupon bonds and other stripped U.S. Government Securities, where the interest and principal components are traded independently. U.S. Government Securities may also include Treasury inflation-protected securities whose principal value is periodically adjusted according to the rate of inflation.

U.S. Government Securities are deemed to include (i) securities for which the payment of principal and interest is backed by an irrevocable letter of credit issued by the U.S. government, its agencies, authorities or instrumentalities; and (ii) participations in loans made to foreign governments or their agencies that are so guaranteed. Certain of these participations may be regarded as illiquid. U.S. Government Securities also include zero coupon bonds.

U.S. Government Securities have historically involved little risk of loss of principal if held to maturity. However, no assurance can be given that the U.S. government will be able or willing to repay the principal or interest when due or will provide financial support to U.S. government agencies, authorities, instrumentalities or sponsored enterprises if it is not obligated to do so by law.

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Custodial Receipts and Trust Certificates. Each Fund may invest in custodial receipts and trust certificates representing interests in securities held by a custodian or trustee. The securities so held may include U.S. Government Securities or other types of securities in which a Fund may invest. The custodial receipts or trust certificates may evidence ownership of future interest payments, principal payments or both on the underlying securities, or, in some cases, the payment obligation of a third party that has entered into an interest rate swap or other arrangement with the custodian or trustee. For certain securities laws purposes, custodial receipts and trust certificates may not be considered obligations of the U.S. government or other issuer of the securities held by the custodian or trustee. If for tax purposes a Fund is not considered to be the owner of the underlying securities held in the custodial or trust account, the Fund may suffer adverse tax consequences. As a holder of custodial receipts and trust certificates, a Fund will bear its proportionate share of the fees and expenses charged to the custodial account or trust. Each Fund may also invest in separately issued interests in custodial receipts and trust certificates.

Borrowings. Each Fund can borrow money from banks and other financial institutions in amounts not exceeding one-third of its total assets (including the amount borrowed) for temporary or emergency purposes. A Fund generally may not make additional investments if borrowings exceed 5% of its net assets.

Structured Securities. Each Fund may invest in structured securities. Structured securities are securities whose value is determined by reference to changes in the value of specific currencies, securities, interest rates, commodities, indices or other financial indicators (the “Reference”) or the relative change in two or more References. Investments in structured securities may provide exposure to certain securities or markets in situations where regulatory or other restrictions prevent direct investments in such issuers or markets.

The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the applicable Reference. Structured securities may be positively or negatively indexed, so that appreciation of the Reference may produce an increase or decrease in the interest rate or value of the security at maturity. In addition, changes in the interest rates or the value of the security at maturity may be a multiple of changes in the value of the Reference, effectively leveraging the Fund’s investment so that small changes in the value of the Reference may result in disproportionate gains or losses to the Fund. Consequently, structured securities may present a greater degree of market risk than many types of securities and may be more volatile, less liquid and more difficult to price accurately than less complex securities. Structured securities are also subject to the risk that the issuer of the structured securities may fail to perform its contractual obligations. Certain issuers of structured products may be deemed to be investment companies as defined in the Investment Company Act. As a result, the Fund’s investments in structured securities may be subject to the limits applicable to investments in other investment companies.

Structured securities include, but are not limited to, equity linked notes. An equity linked note is a note whose performance is tied to a single stock, a stock index or a basket of stocks. Equity linked notes combine the principal protection normally associated with fixed income investments with the potential for capital appreciation normally associated with equity investments. Upon the maturity of the note, the holder generally receives a return of principal based on the capital appreciation of the linked securities. Depending on the terms of the note, equity linked notes may also have a “cap” or “floor” on the maximum principal amount to be repaid to holders, irrespective of the performance of the underlying linked securities. For example, a note may guarantee the repayment of the original principal amount invested (even if the underlying linked securities have negative performance during the note’s term), but may cap the maximum payment at maturity at a certain percentage of the issuance price or the return of the underlying linked securities. Alternatively, the note may not guarantee a full return on the original principal, but may offer a greater participation in any capital appreciation of the underlying linked securities. The terms of an equity linked note may also provide for periodic interest payments to holders at either a fixed or floating rate. The secondary market for equity linked notes may be limited, and the lack of liquidity in the secondary market may make these securities difficult to dispose of and to value. Equity linked notes will be considered equity securities for purposes of a Fund’s investment objective and policies.

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REITs. Each Fund may invest in REITs. REITs are pooled investment vehicles that invest primarily in either real estate or real estate related loans. The value of a REIT is affected by changes in the value of the properties owned by the REIT or securing mortgage loans held by the REIT. REITs are dependent upon the ability of the REITs’ managers, and are subject to heavy cash flow dependency, default by borrowers and the qualification of the REITs under applicable regulatory requirements for favorable income tax treatment. REITs are also subject to risks generally associated with investments in real estate including possible declines in the value of real estate, general and local economic conditions, environmental problems and changes in interest rates. To the extent that assets underlying a REIT are concentrated geographically, by property type or in certain other respects, these risks may be heightened. A Fund will indirectly bear its proportionate share of any expenses, including management fees, paid by a REIT in which it invests.

Options on Securities, Securities Indices and Foreign Currencies. A put option gives the purchaser of the option the right to sell, and the writer (seller) of the option the obligation to buy, the underlying instrument during the option period. A call option gives the purchaser of the option the right to buy, and the writer (seller) of the option the obligation to sell, the underlying instrument during the option period. Each Fund may write (sell) covered call and put options and purchase put and call options on any securities in which the Fund may invest or on any securities index consisting of securities in which it may invest. A Fund may also, to the extent consistent with its investment policies, purchase and sell (write) put and call options on foreign currencies.

The writing and purchase of options is a highly specialized activity which involves special investment risks. Options may be used for either hedging or cross-hedging purposes, or to seek to increase total return (which presents additional risk). The successful use of options depends in part on the ability of the Investment Adviser to anticipate future price fluctuations and the degree of correlation between the options and securities (or currency) markets. If the Investment Adviser is incorrect in its expectation of changes in market prices or determination of the correlation between the instruments or indices on which options are written and purchased and the instruments in a Fund’s investment portfolio, the Fund may incur losses that it would not otherwise incur. The use of options can also increase a Fund’s transaction costs. Options written or purchased by the Funds may be traded on either U.S. or foreign exchanges or over-the-counter. Foreign and over-the-counter options will present greater possibility of loss because of their greater illiquidity and credit risks. When writing an option, a Fund must identify on its books liquid assets, or engage in other appropriate measures, to “cover” its obligation under the option contract.

Futures Contracts and Options and Swaps on Futures Contracts. Futures contracts are standardized, exchange-traded contracts that provide for the sale or purchase of a specified financial instrument or currency at a future time at a specified price. An option on a futures contract gives the purchaser the right (and the writer of the option the obligation) to assume a position in a futures contract at a specified exercise price within a specified period of time. A swap on a futures contract provides an investor with the ability to gain economic exposure to a particular futures market. A futures contract may be based on particular securities, foreign currencies, securities indices and other financial instruments and indices. The Funds may engage in futures transactions on both U.S. and foreign exchanges.

Each Fund may, to the extent consistent with its investment policies, purchase and sell futures contracts, purchase and write call and put options on futures contracts and enter into swaps on futures contracts, in order to seek to increase total return or to hedge against changes in interest rates, securities prices or currency exchange rates, or to otherwise manage its term structure, sector selections and duration in accordance with its investment objective and policies. Each Fund may also enter into closing purchase and sale transactions with respect to such contracts and options.

Futures contracts and related options and swaps present the following risks:

• While a Fund may benefit from the use of futures and options and swaps on futures, unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance than if the Fund had not entered into any futures contracts, options transactions or swaps.

• Because perfect correlation between a futures position and a portfolio position that is intended to be protected is impossible to achieve, the desired protection may not be obtained and a Fund may be exposed to additional risk of loss.

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• The loss incurred by a Fund in entering into futures contracts and in writing call options and entering into swaps on futures is potentially unlimited and may exceed the amount of the premium received.

• Futures markets are highly volatile and the use of futures may increase the volatility of a Fund’s NAV.

• As a result of the low margin deposits normally required in futures trading, a relatively small price movement in a futures contract may result in substantial losses to a Fund.

• Futures contracts and options and swaps on futures may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day.

• Foreign exchanges may not provide the same protection as U.S. exchanges.

A Fund must identify on its books liquid assets, or engage in other appropriate measures, to “cover” open positions with respect to its transactions in futures contracts and options and swaps on futures contracts. In the case of futures contracts that do not cash settle, for example, a Fund must identify on its books liquid assets equal to the full notional amount of the futures contracts while the positions are open. With respect to futures contracts that are required to cash settle, however, a Fund may identify on its books liquid assets in an amount equal to the Fund’s daily marked-to-market net obligations (i.e., the Fund’s daily net liability) under the futures contracts, if any, rather than their full notional amount. Each Fund reserves the right to modify its asset segregation policies in the future in its discretion. By identifying assets equal to only its net obligations under cash-settled futures contracts, a Fund will have the ability to employ leverage to a greater extent than if the Fund were required to identify assets equal to the full notional amount of the futures contracts.

Equity Swaps, Index Swaps and Currency Swaps. Each Fund may invest in equity swaps, index swaps and currency swaps. Equity swaps allow the parties to a swap agreement to exchange the dividend income or other components of return on an equity investment (for example, a group of equity securities or an index) for another payment stream. An equity swap may be used by a Fund to invest in a market without owning or taking physical custody of securities in circumstances in which direct investment may be restricted for legal reasons or is otherwise deemed impractical or disadvantageous. Index swaps allow one party or both parties to a swap agreement to receive one or more payments based off of the return, performance or volatility of an index or of certain securities which comprise the index. Currency swaps involve the exchange of the parties’ respective rights to make or receive payments in specified currencies.

The value of swaps can be very volatile. To the extent that the Investment Adviser does not accurately analyze and predict the potential relative fluctuation of the components swapped with another party, or the creditworthiness of the counterparty, a Fund may suffer a loss, which may be substantial. The value of some components of a swap (such as the dividends on a common stock) may also be sensitive to changes in interest rates. Furthermore, swaps may be illiquid, and a Fund may be unable to terminate its obligations when desired.

Currently, certain standardized swap transactions are subject to mandatory central clearing. Although central clearing is expected to decrease counterparty risk and increase liquidity compared to bilaterally negotiated swaps, central clearing does not eliminate counterparty risk or illiquidity risk entirely.

As an investment company registered with the SEC, each Fund must identify on its books liquid assets, or engage in other SEC or staff approved measures, to “cover” open positions with respect to certain kinds of derivative instruments. In the case of swaps that do not cash settle, for example, a Fund must identify on its books liquid assets equal to the full notional amount of the swaps while the positions are open. With respect to swaps that are required to cash settle, however, a Fund may identify liquid assets in an amount equal to the Fund’s daily marked-to-market net obligations (i.e. the Fund’s daily net liability) under the swaps, if any, rather than their full notional amount. Each Fund reserves the right to modify its asset segregation policies in the future in its discretion. By identifying assets equal to only its net obligations under cash-settled swaps, a Fund will have the ability to employ leverage to a greater extent than if the Funds were required to identify assets equal to the full notional amount of the swaps.

When-Issued Securities and Forward Commitments. Each Fund may purchase when-issued securities and make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time. When-issued securities are securities that have been authorized, but not yet issued. When-issued securities are purchased in

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order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction. A forward commitment involves the entering into a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period.

The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, a Fund may dispose of when-issued securities or forward commitments prior to settlement if the Investment Adviser deems it appropriate. When purchasing a security on a when-issued basis or entering into a forward commitment, a Fund must identify on its books liquid assets, or engage in other appropriate measures, to “cover” its obligations.

Non-Investment Grade Fixed Income Securities. Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative. In some cases, these obligations may be highly speculative and have poor prospects for reaching investment grade standing. Non-investment grade fixed income securities are subject to the increased risk of an issuer’s inability to meet principal and interest obligations. These securities, also referred to as high yield securities, may be subject to greater price volatility due to such factors as specific government or municipal developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less secondary market liquidity.

Non-investment grade securities may be issued by governmental bodies that may have difficulty in making all scheduled interest and principal payments. The market value of non-investment grade fixed income securities tends to reflect individual government or municipal developments to a greater extent than that of higher rated securities which react primarily to fluctuations in the general level of interest rates. As a result, a Fund’s ability to achieve its investment objectives may depend to a greater extent on the Investment Adviser’s judgment concerning the creditworthiness of issuers than funds which invest in higher-rated securities. Issuers of non-investment grade fixed income securities may not be able to make use of more traditional methods of financing and their ability to service debt obligations may be affected more adversely than issuers of higher-rated securities by economic downturns, specific corporate or financial developments or the issuer’s inability to meet specific projected business forecasts. Negative publicity about the junk bond market and investor perceptions regarding lower rated securities, whether or not based on fundamental analysis, may depress the prices for such securities.

A holder’s risk of loss from default is significantly greater for non-investment grade fixed income securities than is the case for holders of other debt securities because such non-investment grade securities are generally unsecured and are often subordinated to the rights of other creditors of the issuers of such securities. Investment by a Fund in defaulted securities poses additional risk of loss should nonpayment of principal and interest continue in respect of such securities. Even if such securities are held to maturity, recovery by a Fund of its initial investment and any anticipated income or appreciation is uncertain.

The secondary market for non-investment grade fixed income securities is concentrated in relatively few market makers and is dominated by institutional investors, including mutual funds, insurance companies and other financial institutions. Accordingly, the secondary market for such securities is not as liquid as, and is more volatile than, the secondary market for higher-rated securities. In addition, market trading volume for high yield fixed income securities is generally lower and the secondary market for such securities could shrink or disappear suddenly and without warning as a result of adverse market or economic conditions, independent of any specific adverse changes in the condition of a particular issuer. The lack of sufficient market liquidity may cause a Fund to incur losses because it will be required to effect sales at a disadvantageous time and then only at a substantial drop in price. These factors may have an adverse effect on the market price and the Funds’ ability to dispose of particular portfolio investments. A less liquid secondary market also may make it more difficult for the Funds to obtain precise valuations of the high yield securities in their portfolios.

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Credit ratings issued by credit rating agencies are designed to evaluate the safety of principal and interest payments of rated securities. They do not, however, evaluate the market value risk of non-investment grade securities and, therefore, may not fully reflect the true risks of an investment. In addition, credit rating agencies may or may not make timely changes in a rating to reflect changes in the economy or in the conditions of the issuer that affect the market value of the security. Consequently, credit ratings are used only as a preliminary indicator of investment quality.

Repurchase Agreements. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase them at a mutually agreed upon date and price. Each Fund may enter into repurchase agreements with eligible counter-parties which furnish collateral at least equal in value or market price to the amount of their repurchase obligation. Repurchase agreements involving obligations other than U.S. Government Securities (such as foreign securities, commercial paper, corporate bonds, mortgage loans and equities) may be subject to special risks and may not have the benefit of certain protections in the event of the counterparty’s insolvency.

If the other party or “seller” defaults, a Fund might suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of bankruptcy of the seller, a Fund could suffer additional losses if a court determines that the Fund’s interest in the collateral is not enforceable.

Certain Funds, together with other registered investment companies having advisory agreements with the Investment Adviser or any of its affiliates, may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which will be invested in one or more repurchase agreements.

Short Sales Against-the-Box. The Funds may make short sales against-the-box. A short sale against-the-box means that at all times when a short position is open the Fund will own an equal amount of securities sold short, or securities convertible into or exchangeable for, without payment of any further consideration, an equal amount of the securities of the same issuer as the securities sold short.

Preferred Stock, Warrants and Stock Purchase Rights. Each Fund may invest in preferred stock, warrants and stock purchase rights (or “rights”). Preferred stocks are securities that represent an ownership interest providing the holder with claims on the issuer’s earnings and assets before common stock owners but after bond owners. Unlike debt securities, the obligations of an issuer of preferred stock, including dividend and other payment obligations, may not typically be accelerated by the holders of such preferred stock on the occurrence of an event of default or other non-compliance by the issuer of the preferred stock.

Warrants and other rights are options to buy a stated number of shares of common stock at a specified price at any time during the life of the warrant or right. The holders of warrants and rights have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer.

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Exhibit C

SHAREHOLDER GUIDE

HOW TO BUY SHARES

Shares Offering

Shares of the Fund are continuously offered through the Distributor. In addition, certain Authorized Institutions designated by the Fund may be authorized to accept, on behalf of the Fund, purchase and exchange orders and redemption requests placed by or on behalf of their customers, and if approved by the Fund, may designate other financial intermediaries to accept such orders.

The Fund and the Distributor will have the sole right to accept orders to purchase shares and reserve the right to reject any order in whole or in part.

How Can I Purchase Shares Of The Fund?

You may purchase shares of the Fund through certain Authorized Institutions. In order to make an initial investment in the Fund you must furnish to your Authorized Institution the information in the account application.

The decision as to which class to purchase depends on the amount you invest, the intended length of the investment and your personal situation. You should contact your Authorized Institution to discuss which share class option is right for you.

Note: Authorized Institutions may receive different compensation for selling different class shares.

To open an account, contact your Authorized Institution. Customers of certain Authorized Institutions will normally give their purchase instructions to the Authorized Institution, and the Authorized Institution will, in turn, place purchase orders with Goldman Sachs. Authorized Institutions will set times by which purchase orders and payments must be received by them from their customers.

For purchases by check, the Fund will not accept checks drawn on foreign banks, third party checks, temporary checks, or cash or cash equivalents; e.g., cashier’s checks, official bank checks, money orders, travelers cheques or credit card checks. In limited situations involving the transfer of retirement assets, the Fund may accept cashier’s checks or official bank checks.

Class IR Shares are not sold directly to the public. Instead, Class IR Shares generally are available only to Section 401(k), 403(b), 457, profit sharing, money purchase pension, tax-sheltered annuity, defined benefit pension, nonqualified deferred compensation plans and non-qualified pension plans or other employee benefit plans (including health savings accounts) or SIMPLE plans that are sponsored by one or more employers (including governmental or church employers) or employee organizations (“Employee Benefit Plans”). Such an Employee Benefit Plan must purchase Class IR Shares through a plan level or omnibus account. Class IR Shares may also be sold to accounts established under a fee-based program that is sponsored and maintained by an Authorized Institution that is approved by Goldman Sachs (“Eligible Fee-Based Program”). Class IR Shares are not available to traditional and Roth Individual Retirement Accounts (“IRAs”), SEPs and SARSEPs; except that Class IR Shares are available to such accounts or plans to the extent they are purchased through an Eligible Fee-Based Program.

Employee Benefit Plans generally may open an account and purchase Class IR Shares through Authorized Institutions, financial planners, Employee Benefit Plan administrators and other financial intermediaries. Class IR Shares may not be available through certain Authorized Institutions. Additional shares may be purchased through an Employee Benefit Plan’s administrator or record-keeper.

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What Is My Minimum Investment In The Fund?

For each of your accounts investing in Class A or Class C Shares, the following investment minimums must be met:

	Initial	Additional*
Regular Accounts	$1,000	$50
Employee Benefit Plans	No Minimum	No Minimum
Uniform Gift/Transfer to Minors Accounts (UGMA/UTMA)	$250	$50
Individual Retirement Accounts and Coverdell ESAs	$250	$50
Automatic Investment Plan Accounts	$250	$50

^*  No minimum additional investment requirements are imposed with respect to investors trading through Authorized Institutions who aggregate shares in omnibus or similar accounts (e.g., Employee Benefit Plan accounts, wrap program accounts or traditional brokerage house accounts). A maximum purchase limitation of $1,000,000 in the aggregate normally applies to purchases of Class C Shares across all Goldman Sachs Funds.

For Institutional Shares, the minimum initial investment is $1,000,000 for individual or Institutional Investors, alone or in combination with other assets under the management of the Investment Adviser and its affiliates, except that no initial minimum will be imposed on (i) Employee Benefit Plans that hold their Institutional Shares through plan level or omnibus accounts; or (ii) investment advisers investing for accounts for which they receive asset-based fees where the investment adviser or its Authorized Institution purchases Institutional Shares through an omnibus account. For this purpose, “Institutional Investors” shall include “wrap” account sponsors (provided they have an agreement covering the arrangement with the Distributor), corporations, qualified non-profit organizations, charitable trusts, foundations and endowments, state, county, city or any instrumentality, department, authority or agency thereof, and banks, trust companies or other depository institutions investing for their own account or on behalf of their clients.

No minimum amount is required for initial purchases in Class IR Shares or additional investments in Institutional or Class IR Shares.

The minimum investment requirement for Class A, Class C and Institutional Shares may be waived: (i) Goldman Sachs, its affiliates (including Goldman Sachs Trust (the “Trust”)) or their respective Trustees, officers, partners, directors or employees (including retired employees and former partners), as well as certain individuals related to such investors, including spouses or domestic partners, minor children including those of their domestic partners, other family members residing in the same household, and/or financial dependents, provided that all of the above are designated as such with an Authorized Institution or the Portfolio’s Transfer Agent; (ii) advisory clients of Goldman Sachs Private Wealth Management and accounts for which The Goldman Sachs Trust Company, N.A. acts in a fiduciary capacity (i.e., as agent or trustee); (iii) certain mutual fund “wrap” programs at the discretion of the Trust’s officers; and (iv) other investors at the discretion of the Trust’s officers. No minimum amount is required for additional investments in such accounts.

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What Should I Know When I Purchase Shares Through An Authorized Institution?

If shares of the Fund are held in an account maintained and serviced by your Authorized Institution, all recordkeeping, transaction processing and payments of distributions relating to your account will be performed by your Authorized Institution, and not by the Fund and its Transfer Agent. Since the Fund will have no record of your transactions, you should contact your Authorized Institution to purchase, redeem or exchange shares, to make changes in or give instructions concerning your account or to obtain information about your account. The transfer of shares from an account with one Authorized Institution to an account with another Authorized Institution involves special procedures and may require you to obtain historical purchase information about the shares in the account from your Authorized Institution. If your Authorized Institution’s relationship with Goldman Sachs is terminated, and you do not transfer your account to another Authorized Institution, the Trust reserves the right to redeem your shares. The Trust will not be responsible for any loss in an investor’s account or tax liability resulting from a redemption.

Certain Authorized Institutions may be authorized to accept, on behalf of the Trust, purchase, redemption and exchange orders placed by or on behalf of their customers, and if approved by the Trust, to designate other financial intermediaries to accept such orders. In these cases:

• The Fund will be deemed to have received an order that is in proper form when the order is accepted by an Authorized Institution on a business day, and the order will be priced at the Fund’s NAV per share (adjusted for any applicable sales charge) next determined after such acceptance.

• Authorized Institutions are responsible for transmitting accepted orders to the Fund within the time period agreed upon by them.

You should contact your Authorized Institution to learn whether it is authorized to accept orders for the Trust.

Authorized Institutions that invest in shares on behalf of their customers may charge fees directly to their customer accounts in connection with their investments. You should contact your Authorized Institution for information regarding such charges, as these fees, if any, may affect the return such customers realize with respect to their investments.

The Investment Adviser, Distributor and/or their affiliates may make payments or provide services to Authorized Institutions to promote the sale, distribution and/or servicing of shares of the Fund and other Goldman Sachs Funds. These payments are made out of the Investment Adviser’s, Distributor’s and/or their affiliates’ own assets, and are not an additional charge to the Fund. The payments are in addition to the distribution and service fees, service fees and shareholder administration fees and sales charges described in this Prospectus. Such payments are intended to compensate Authorized Institutions for, among other things: marketing shares of the Fund and other Goldman Sachs Funds, which may consist of payments relating to the Fund’s inclusion on preferred or recommended fund lists or in certain sales programs sponsored by the Authorized Institutions; access to the Authorized Institutions’ registered representatives or salespersons, including at conferences and other meetings; assistance in training and education of personnel; marketing support; and/or other specified services intended to assist in the distribution and marketing of the Fund and other Goldman Sachs Funds. The payments may also, to the extent permitted by applicable regulations, contribute to various non-cash and cash incentive arrangements to promote the sale of shares, as well as sponsor various educational programs, sales contests and/or promotions. The payments by the Investment Adviser, Distributor and/or their affiliates which are in addition to the fees paid for these services by the Fund, may also compensate Authorized Institutions for sub-accounting, sub-transfer agency, administrative and/or shareholder processing services. These additional payments may exceed amounts earned on these assets by the Investment Adviser, Distributor and/or their affiliates for the performance of these or similar services. The amount of these additional payments is normally not expected to exceed 0.50% (annualized) of the amount sold or invested through the Authorized Institutions. In addition, certain

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Authorized Institutions may have access to certain services from the Investment Adviser, Distributor and/or their affiliates, including research reports and economic analysis, and portfolio analysis tools. In certain cases, the Authorized Institution may not pay for these services. Please refer to the “Payments to Intermediaries” section of the SAI for more information about these payments and services.

The payments made by the Investment Adviser, the Distributor and/or their affiliates and the services provided by an Authorized Institution may differ for different Authorized Institutions. The presence of these payments, receipt of these services and the basis on which an Authorized Institution compensates its registered representatives or salespersons may create an incentive for a particular Authorized Institution, registered representative or salesperson to highlight, feature or recommend the Fund based, at least in part, on the level of compensation paid. You should contact your Authorized Institution for more information about the payments it receives and any potential conflicts of interest.

What Else Should I Know About Share Purchases?

The Trust reserves the right to:

• Refuse to open an account or require an Authorized Institution to refuse to open an account if you fail to (i) provide a Social Security Number or other taxpayer identification number; or (ii) certify that such number is correct (if required to do so under applicable law).

• Reject or restrict any purchase or exchange order by a particular purchaser (or group of related purchasers) for any reason in its discretion. Without limiting the foregoing, the Trust may reject or restrict purchase and exchange orders by a particular purchaser (or group of related purchasers) when a pattern of frequent purchases, sales or exchanges of shares of the Fund is evident, or if purchases, sales or exchanges are, or a subsequent redemption might be, of a size that would disrupt the management of the Fund.

• Close the Fund to new investors from time to time and reopen the Fund whenever it is deemed appropriate by the Investment Adviser.

• Provide for, modify or waive the minimum investment requirements.

• Modify the manner in which shares are offered.

• Modify the sales charge rate applicable to future purchases of shares.

Shares of the Fund are only registered for sale in the United States and certain of its territories. Generally, shares of the Fund will only be offered or sold to “U.S. persons” and offerings or other solicitation activities will be conducted within the United States, in accordance with the rules and regulations of the Securities Act of 1933, as amended.

The Fund may allow you to purchase shares with securities instead of cash if consistent with the Fund’s investment policies and operations and if approved by the Fund’s Investment Adviser.

Notwithstanding the foregoing, the Trust and Goldman Sachs reserve the right to reject or restrict purchase or exchange requests from any investor. The Trust and Goldman Sachs will not be liable for any loss resulting from rejected purchase or exchange orders.

Please be advised that abandoned or unclaimed property laws for certain states (to which your account may be subject) require financial organizations to transfer (escheat) unclaimed or lost property (including shares of the Fund) to the appropriate state if no activity occurs in an account for a period of time specified by state law.

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Customer Identification Program. Federal law requires the Fund to obtain, verify and record identifying information for certain investors, which will be reviewed solely for customer identification purposes, which may include the name, residential or business street address, date of birth (for an individual), Social Security Number or taxpayer identification number or other information, for each investor who opens an account directly with the Fund. Applications without the required information may not be accepted by the Fund. Throughout the life of your account, the Fund may request updated identifying information in accordance with its Customer Identification Program. After accepting an application, to the extent permitted by applicable law or its Customer Identification Program, the Fund reserves the right to: (i) place limits on transactions in any account until the identity of the investor is verified; (ii) refuse an investment in the Fund; or (iii) involuntarily redeem an investor’s shares and close an account in the event that the Fund is unable to verify an investor’s identity or obtain all required information. The Fund and its agents will not be responsible for any loss or tax liability in an investor’s account resulting from the investor’s delay in providing all required information or from closing an account and redeeming an investor’s shares pursuant to the customer identification program.

How Are Shares Priced?

The price you pay when you buy shares is the Fund’s next determined NAV for a share class (as adjusted for any applicable sales charge) after the Fund receives your order in proper form. The price you receive when you sell shares is the Fund’s next determined NAV for a share class with the redemption proceeds reduced by any applicable charges (e.g., CDSCs) after the Fund receives your order in proper form. Each class calculates its NAV as follows:

NAV =	(Value of Assets of the Class) – (Liabilities of the Class)
	Number of Outstanding Shares of the Class

The Fund’s investments for which market quotations are readily available are valued at market value on the basis of quotations furnished by a pricing service or provided by securities dealers. If accurate quotations are not readily available, or if the Investment Adviser believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined in good faith under valuation procedures established by the Board.

Cases where there is no clear indication of the value of the Fund’s investments include, among others, situations where a security or other asset or liability does not have a price source.

To the extent the Fund invests in foreign equity securities, “fair value” prices are provided by an independent fair value service in accordance with the fair value procedures approved by the Board. Fair value prices are used because many foreign markets operate at times that do not coincide with those of the major U.S. markets. Events that could affect the values of foreign portfolio holdings may occur between the close of the foreign market and the time of determining the NAV, and would not otherwise be reflected in the NAV. If the independent fair value service does not provide a fair value price for a particular security, or if the price provided does not meet the established criteria for the Underlying Fund, the Underlying Fund will price that security at the most recent closing price for that security on its principal exchange.

In addition, the Investment Adviser, consistent with its procedures and applicable regulatory guidance, may (but need not) determine to make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events, to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or unscheduled market closings; equipment failures; natural or man made disasters or acts of God; armed conflicts; governmental actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; ratings downgrades; bankruptcies; and trading suspensions

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One effect of using an independent fair value service and fair valuation may be to reduce stale pricing arbitrage opportunities presented by the pricing of Fund shares. However, it involves the risk that the values used by the Fund to price its investments may be different from those used by other investment companies and investors to price the same investments.

Investments in other open-end registered investment companies (if any) excluding investments in ETFs, are valued based on the NAV of those open-end registered investment companies (which may use fair value pricing as discussed in their prospectuses).

Please note the following with respect to the price at which your transactions are processed:

• NAV per share of each share class is generally calculated by the accounting agent on each business day as of the close of regular trading on the New York Stock Exchange (normally 4:00 p.m. Eastern time) or such other times as the New York Stock Exchange or NASDAQ market may officially close. Fund shares will generally not be priced on any day the New York Stock Exchange is closed.

• The Trust reserves the right to reprocess purchase (including dividend reinvestments), redemption and exchange transactions that were processed at a NAV that is subsequently adjusted, and to recover amounts from (or distribute amounts to) shareholders accordingly based on the official closing NAV, as adjusted.

• The Trust reserves the right to advance the time by which purchase and redemption orders must be received for same business day credit as otherwise permitted by the SEC.

Consistent with industry practice, investment transactions not settling on the same day are recorded and factored into the Fund’s NAV on the business day following trade date (T+1). The use of T+1 accounting generally does not, but may, result in a NAV that differs materially from the NAV that would result if all transactions were reflected on their trade dates.

Note: The time at which transactions and shares are priced and the time by which orders must be received may be changed in case of an emergency or if regular trading on the New York Stock Exchange is stopped at a time other than its regularly scheduled closing time. In the event the New York Stock Exchange does not open for business, the Trust may, but is not required to, open one or more Funds for purchase, redemption and exchange transactions if the Federal Reserve wire payment system is open. To learn whether a Fund is open for business during this situation, please call the appropriate phone number located on the back cover of this Prospectus.

Foreign securities may trade in their local markets on days the Fund is closed. As a result, if the Fund holds foreign securities, its NAV may be impacted on days when investors may not purchase or redeem Fund shares.

COMMON QUESTIONS APPLICABLE TO THE PURCHASE OF CLASS A SHARES

What Is The Offering Price Of Class A Shares?

The offering price of Class A Shares of the Fund is the next determined NAV per share plus an initial sales charge paid to Goldman Sachs at the time of purchase of shares. The sales charge varies depending upon the amount you purchase. In some cases, described below, the initial sales charge may be eliminated altogether, and the offering price will be the NAV per share. The current sales charges and commissions paid to Authorized Institutions for Class A Shares of the Fund are as follows:

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Amount of Purchase (including sales charge, if any)	Sales Charge as Percentage of Offering Price			Sales Charge as Percentage of Net Amount Invested			Maximum Dealer Allowance as Percentage of Offering Price*
Less than $50,000		5.50	%		5.82	%		5.00	%
$50,000 up to (but less than) $100,000		4.75			4.99			4.00
$100,000 up to (but less than) $250,000		3.75			3.90			3.00
$250,000 up to (but less than) $500,000		2.75			2.83			2.25
$500,000 up to (but less than) $1 million		2.00			2.04			1.75
$1 million or more		0.00	**		0.00	**			***

* Dealer’s allowance may be changed periodically. During special promotions, the entire sales charge may be reallowed to Authorized Institutions. Authorized Institutions to whom substantially the entire sales charge is reallowed may be deemed to be “underwriters” under the Securities Act of 1933 (“Securities Act”).

** No sales charge is payable at the time of purchase of Class A Shares of $1 million or more, but a CDSC of 1% may be imposed in the event of certain redemptions within 18 months.

*** The Distributor may pay a one-time commission to Authorized Institutions who initiate or are responsible for purchases of $1 million or more of shares of the Fund equal to 1.00% of the amount under $3 million, 0.50% of the next $2 million, and 0.25% thereafter. In instances where this one-time commission is not paid to a particular Authorized Institution (including Goldman Sachs’ Private Wealth Management Unit), the CDSC on Class A Shares, generally, will be waived. The Distributor may also pay, with respect to all or a portion of the amount purchased, a commission in accordance with the foregoing schedule to Authorized Institutions who initiate or are responsible for purchases by Employee Benefit Plans investing in the Fund which satisfy the criteria set forth below in “When Are Class A Shares Not Subject to A Sales Load?” or $1 million or more by certain “wrap” accounts. Purchases by such plans will be made at NAV with no initial sales charge, but if shares are redeemed within 18 months, a CDSC of 1% may be imposed upon the plan, the plan sponsor or the third-party administrator. In addition, Authorized Institutions will remit to the Distributor such payments received in connection with “wrap” accounts in the event that shares are redeemed within 18 months.

You should note that the actual sales charge that appears in your mutual fund transaction confirmation may differ slightly from the rate disclosed above in this Prospectus due to rounding calculations.

As indicated in the preceding chart, and as discussed further below and in the section titled “How Can The Sales Charge On Class A Shares Be Reduced?”, you may, under certain circumstances, be entitled to pay reduced sales charges on your purchases of Class A Shares or have those charges waived entirely. To take advantage of these discounts, your Authorized Institution must notify the Fund’s Transfer Agent at the time of your purchase order that a discount may apply to your current purchases. You may also be required to provide appropriate documentation to receive these discounts, including:

(i) Information or records regarding shares of the Fund or other Goldman Sachs Funds held in all accounts (e.g., retirement accounts) of the shareholder at all Authorized Institutions; and

(ii) Information or records regarding shares of the Fund or other Goldman Sachs Funds held at any Authorized Institution by related parties of the shareholder, such as members of the same family or household.

What Else Do I Need To Know About Class A Shares’ CDSC?

Purchases of $1 million or more of Class A Shares will be made at NAV with no initial sales charge. However, if you redeem shares within 18 months after the beginning of the month in which the purchase was made, a CDSC of 1% may be imposed. The CDSC may not be imposed if your Authorized Institution agrees with the Distributor to return all or an applicable prorated portion of its commission to the Distributor. The CDSC is waived on redemptions in certain circumstances. See “In What Situations May The CDSC On Class A, B Or C Shares Be Waived Or Reduced?” below.

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When Are Class A Shares Not Subject To A Sales Load?

Class A Shares of the Fund may be sold at NAV without payment of any sales charge to the following individuals and entities:

• Goldman Sachs, its affiliates or their respective officers, partners, directors or employees (including retired employees and former partners), any partnership of which Goldman Sachs is a general partner, any Trustee or officer of the Trust and designated family members of any of these individuals;

• Qualified employee benefit plans of Goldman Sachs;

• Trustees or directors of investment companies for which Goldman Sachs or an affiliate acts as sponsor;

• Any employee or registered representative of any Authorized Institution or their respective spouses, children and parents;

• Banks, trust companies or other types of depository institutions;

• Any state, county or city, or any instrumentality, department, authority or agency thereof, which is prohibited by applicable investment laws from paying a sales charge or commission in connection with the purchase of shares of a Fund;

• Employee Benefit Plans, where such Plans purchase Class A Shares through a plan level or omnibus account;

• Investors who purchase Class A Shares through an omnibus account sponsored by an Authorized Institution that has an agreement with the Distributor covering such investors to offer Class A Shares without charging an initial sales charge;

• Insurance company separate accounts that make the Fund available as an underlying investment in certain group annuity contracts;

• “Wrap” accounts for the benefit of clients of broker-dealers, financial institutions or financial planners, provided they have entered into an agreement with GSAM specifying aggregate minimums and certain operating policies and standards;

• Investment advisers investing for accounts for which they receive asset-based fees;

• Accounts over which GSAM or its advisory affiliates have investment discretion;

• Shareholders who roll over distributions from any tax-qualified Employee Benefit Plan or tax-sheltered annuity to an IRA which invests in the Goldman Sachs Funds if the tax-qualified Employee Benefit Plan or tax-sheltered annuity receives administrative services provided by certain third party administrators that have entered into a special service arrangement with Goldman Sachs relating to such plan or annuity;

• State sponsored 529 college savings plans; or

• Investors who qualify under other exemptions that are stated from time to time in the SAI.

You must certify eligibility for any of the above exemptions on your account application and notify your Authorized Institution and the Fund if you no longer are eligible for the exemption.

The fund will grant you an exemption subject to confirmation of your eligibility by your authorized institution. you may be charged a fee by your authorized institution.

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How Can The Sales Charge On Class A Shares Be Reduced?

Right of Accumulation: When buying Class A Shares in Goldman Sachs Funds, your current aggregate investment determines the initial sales load you pay. You may qualify for reduced sales charges when the current market value of holdings across Class A, Class B and/or Class C Shares, plus new purchases, reaches $50,000 or more. Class A, Class B and/or Class C Shares of any of the Goldman Sachs Funds may be combined under the Right of Accumulation. If a Fund’s Transfer Agent is properly notified, the “Amount of Purchase” in the chart in the section “What Is The Offering Price of Class A Shares?” will be deemed to include all Class A, Class B and/or Class C Shares of the Goldman Sachs Funds that were held at the time of purchase by any of the following persons: (i) you, your spouse, your parents and your children; and (ii) any trustee, guardian or other fiduciary of a single trust estate or a single fiduciary account. This includes, for example, any Class A, Class B and/or Class C Shares held at an Authorized Institution other than the one handling your current purchase. For purposes of applying the Right of Accumulation, shares of the Fund and any other Goldman Sachs Funds purchased by an existing client of Goldman Sachs Private Wealth Management or GS Ayco Holding LLC will be combined with Class A, Class B and/or Class C Shares and other assets held by all other Goldman Sachs Private Wealth Management accounts or accounts of GS Ayco Holding LLC, respectively. In addition, under some circumstances, Class A, Class B and/or Class C Shares of the Fund and Class A, Class B and/or Class C Shares of any other Goldman Sachs Fund purchased by partners, directors, officers or employees of certain organizations may be combined for the purpose of determining whether a purchase will qualify for the Right of Accumulation and, if qualifying, the applicable sales charge level. To qualify for a reduced sales load, you or your Authorized Institution must notify the Fund’s Transfer Agent at the time of investment that a quantity discount is applicable. If you do not notify your Authorized Institution at the time of your current purchase or a future purchase that you qualify for a quantity discount, you may not receive the benefit of a reduced sales charge that might otherwise apply. Use of this option is subject to a check of appropriate records.

In some circumstances, other Class A, Class B and/or Class C Shares may be aggregated with your current purchase under the Right of Accumulation as described in the SAI. For purposes of determining the “Amount of Purchase,” all Class A, Class B and/or Class C Shares currently held will be valued at their current market value.

Statement of Intention: You may obtain a reduced sales charge by means of a written Statement of Intention which expresses your non-binding commitment to invest (not counting reinvestments of dividends and distributions) in the aggregate $50,000 or more within a period of 13 months in Class A Shares of one or more of the Goldman Sachs Funds. Any investments you make during the period will receive the discounted sales load based on the full amount of your investment commitment. Purchases made during the previous 90 days may be included; however, capital appreciation does not apply toward these combined purchases. If the investment commitment of the Statement of Intention is not met prior to the expiration of the 13-month period, the entire amount will be subject to the higher applicable sales charge unless the failure to meet the investment commitment is due to the death of the investor. By selecting the Statement of Intention, you authorize the Transfer Agent to escrow and redeem Class A Shares in your account to pay this additional charge if the Statement of Intention is not met. You must, however, inform the Transfer Agent (either directly or through your Authorized Institution) that the Statement of Intention is in effect each time shares are purchased. Each purchase will be made at the public offering price applicable to a single transaction of the dollar amount specified on the Statement of Intention. The SAI has more information about the Statement of Intention, which you should read carefully.

A COMMON QUESTION APPLICABLE TO THE PURCHASE OF CLASS C SHARES

What Is The Offering Price of Class C Shares?

You may purchase Class C Shares of the Funds at the next determined NAV without paying an initial sales charge. However, if you redeem Class C Shares within 12 months of purchase, a CDSC of 1% will normally be deducted from the redemption proceeds. In connection with purchases by Employee Benefit Plans, where Class C Shares are redeemed within 12 months of purchase, a CDSC of 1% may be imposed upon the plan sponsor or third party administrator. Class C Shares acquired in exchange for shares subject to a CDSC will be subject to the CDSC, if any, of the shares originally held. With respect to such shares held by Employee Benefit Plans, the CDSC may be imposed on the plan sponsor or third party administrator.

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Proceeds from the CDSC are payable to the Distributor and may be used in whole or in part to defray the Distributor’s expenses related to providing distribution-related services to the Funds in connection with the sale of Class C Shares, including the payment of compensation to Authorized Institutions. A commission equal to 1% of the amount invested is normally paid by the Distributor to Authorized Institutions.

COMMON QUESTIONS APPLICABLE TO THE PURCHASE OF CLASS A AND C SHARES

What Else Do I Need To Know About The CDSC On Class A or C Shares?

• The CDSC is based on the lesser of the NAV of the shares at the time of redemption or the original offering price (which is the original NAV).

• No CDSC is charged on shares acquired from reinvested dividends or capital gains distributions.

• No CDSC is charged on the per share appreciation of your account over the initial purchase price.

• When counting the number of months since a purchase of Class A or Class C Shares was made, all purchases made during a month will be combined and considered to have been made on the first day of that month.

• To keep your CDSC as low as possible, each time you place a request to sell shares, the Fund will first sell any shares in your account that do not carry a CDSC and then the shares in your account that have been held the longest.

In What Situations May The CDSC On Class A or C Shares Be Waived Or Reduced?

The CDSC on Class A or Class C shares that are subject to a CDSC may be waived or reduced if the redemption relates to:

• Mandatory retirement distributions or loans to participants or beneficiaries from Employee Benefit Plans;

• Hardship withdrawals by a participant or beneficiary in an Employee Benefit Plan;

• The separation from service by a participant or beneficiary in an Employee Benefit Plan;

• Excess contributions distributed from an Employee Benefit Plan;

• Distributions from a qualified Employee Benefit Plan invested in the Goldman Sachs Funds which are being rolled over into an IRA in the same share class of a Goldman Sachs Fund;

• The death or disability (as defined in Section 72(m)(7) of the Code) of a shareholder, participant or beneficiary in an Employee Benefit Plan;

• Satisfying the minimum distribution requirements of the Code;

• Establishing “substantially equal periodic payments” as described under Section 72(t)(2) of the Code;

• Redemption proceeds which are to be reinvested in accounts or non-registered products over which GSAM or its advisory affiliates have investment discretion;

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• A systematic withdrawal plan. The Fund reserves the right to limit such redemptions, on an annual basis, to 12% of the value of your Class C Shares and 10% of the value of your Class A Shares;

• Redemptions or exchanges of Fund shares held through an Employee Benefit Plan using the Fund as part of a qualified default investment alternative or “QDIA;” or

• Other redemptions, at the discretion of the Trust’s officers, relating to shares purchased through Employee Benefit Plans.

HOW TO SELL SHARES

How Can I Sell Shares Of The Fund?

Generally, Shares may be sold (redeemed) only through your Authorized Institution. Customers of an Authorized Institution will normally give their redemption instructions to the Authorized Institution, and the Authorized Institution will, in turn, place redemption orders with the Fund. Redemptions may be requested by electronic trading platform (through your Authorized Institution), in writing or by telephone (unless the Authorized Institution opts out of the telephone redemption privilege on the account application). The Fund will generally redeem its Shares upon request on any business day the Fund is open at the NAV next determined after receipt of such request in proper form, subject to any applicable CDSC. You should contact your Authorized Institution to discuss redemptions and redemption proceeds. Certain Authorized Institutions are authorized to accept redemption requests on behalf of the Fund as described under “How to Buy Shares—Shares Offering.” The Fund may transfer redemption proceeds to an account with your Authorized Institution. In the alternative, your Authorized Institution may request that redemption proceeds be sent to you by check or wire (if the wire instructions are designated in the current records of the Transfer Agent).

An Authorized Institution may request redemptions by electronic trading platform, in writing or by telephone (unless the Authorized Institution opts out of the telephone redemption privilege on the account application).

Generally, any redemption request that requires money to go to an account or address other than that designated in the current records of the Transfer Agent must be in writing and signed by an authorized person with a Medallion signature guarantee. The written request may be confirmed by telephone with both the requesting party and the designated bank to verify instructions. Other restrictions may apply in these situations.

When Do I Need A Medallion Signature Guarantee To Redeem Shares?

A Medallion signature guarantee may be required if:

• A request is made in writing to redeem Class A, Class C and Class IR Shares in an amount over $50,000 via check;

• You would like the redemption proceeds sent to an address that is not your address of record; or

• You would like redemption proceeds sent to a domestic bank account that is not designated in the current records of the Transfer Agent.

A Medallion signature guarantee must be obtained from a bank, brokerage firm or other financial intermediary that is a member of an approved Medallion Guarantee Program or that is otherwise approved by the Trust. A notary public cannot provide a Medallion signature guarantee. Additional documentation may be required.

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What Do I Need To Know About Telephone Redemption Requests?

The Trust, the Distributor and the Transfer Agent will not be liable for any loss or tax liability you may incur in the event that the Trust accepts unauthorized telephone redemption requests that the Trust reasonably believes to be genuine. The Trust may accept telephone redemption instructions from any person identifying himself or herself as the owner of an account or the owner’s registered representative where the owner has not declined in writing to use this service. Authorized Institutions may submit redemption requests by telephone. Thus, you risk possible losses if a telephone redemption is not authorized by you.

In an effort to prevent unauthorized or fraudulent redemption and exchange requests by telephone, Goldman Sachs and Boston Financial Data Services, Inc. (“BFDS”) each employ reasonable procedures specified by the Trust to confirm that such instructions are genuine. If reasonable procedures are not employed, the Trust may be liable for any loss due to unauthorized or fraudulent transactions. The following general policies are currently in effect:

• Telephone requests are recorded.

• Proceeds of telephone redemption requests will be sent to your address of record or authorized account designated in the current records of the Transfer Agent (unless you provide written instructions and a Medallion signature guarantee indicating another address or account).

• For the 30-day period following a change of address, telephone redemptions will only be filled by a wire transfer to the authorized account designated in the current records of the Transfer Agent (see immediately preceding bullet point). In order to receive the redemption by check during this time period, the redemption request must be in the form of a written, Medallion signature guaranteed letter.

• The telephone redemption option does not apply to shares held in an account maintained and serviced by your Authorized Institution. If your shares are held in an account with an Authorized Institution, you should contact your registered representative of record, who may make telephone redemptions on your behalf.

• The telephone redemption option may be modified or terminated at any time without prior notice.

• The Fund may redeem via check up to $50,000 in Class A, Class C and Class IR Shares requested via telephone.

Note: It may be difficult to make telephone redemptions in times of unusual economic or market conditions.

How Are Redemption Proceeds Paid?

By Wire: You may arrange for your redemption proceeds to be paid as federal funds to an account with your Authorized Institution or to a domestic bank account designated in the current records of the Transfer Agent. In addition, redemption proceeds may be transmitted through an electronic trading platform to an account with your Authorized Institution. The following general policies govern wiring redemption proceeds:

• Redemption proceeds will normally be paid on the next business day in federal funds, but may be paid up to three business days following receipt of a properly executed wire transfer redemption request.

• Although redemption proceeds will normally be paid as described above, under certain circumstances, redemption requests or payments may be postponed or suspended as permitted under Section 22(e) of the 1940 Act. Generally, under that section, redemption requests or payments may be postponed or suspended if (i) the New York Stock Exchange is closed for trading or trading is restricted; (ii) an emergency exists which makes the disposal of securities owned by the Fund or the fair determination of the value of the Fund’s net assets not reasonably practicable; or (iii) the SEC, by order or regulation, permits the suspension of the right of redemption.

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• If you are selling shares you recently paid for by check or purchased by Automated Clearing House (“ACH”), the Fund will pay you when your check or ACH has cleared, which may take up to 15 days.

• If the Federal Reserve Bank is closed on the day that the redemption proceeds would ordinarily be wired, wiring the redemption proceeds may be delayed until the Federal Reserve Bank reopens.

• To change the bank wiring instructions designated in the current records of the Transfer Agent, you must send written instructions signed by an authorized person designated in the current records of the Transfer Agent. A Medallion signature guarantee may be required if you are requesting a redemption in conjunction with the change.

• None of the Trust, the Investment Adviser or Goldman Sachs assumes any responsibility for the performance of your bank or any other financial intermediary in the transfer process. If a problem with such performance arises, you should deal directly with your bank or such financial intermediary.

By Check: You may elect to receive redemption proceeds by check. Redemption proceeds paid by check will normally be mailed to the address of record within three business days of receipt of a properly executed redemption request. If you are selling shares you recently paid for by check or ACH, the Fund will pay you when your check or ACH has cleared, which may take up to 15 days.

What Else Do I Need To Know About Redemptions?

The following generally applies to redemption requests:

• Additional documentation may be required when deemed appropriate by the Transfer Agent. A redemption request will not be in proper form until such additional documentation has been received.

• Authorized Institutions are responsible for the timely transmittal of redemption requests by their customers to the Transfer Agent. In order to facilitate the timely transmittal of redemption requests, Authorized Institutions may set times by which they must receive redemption requests. Authorized Institutions may also require additional documentation from you.

The Trust reserves the right to:

• Redeem your shares in the event your Authorized Institution’s relationship with Goldman Sachs is terminated, and you do not transfer your account to another Authorized Institution with a relationship with Goldman Sachs or in the event that the Fund is no longer an option in your Employee Benefit Plan or no longer available through Eligible Fee-Based Program.

• Redeem your shares if your account balance is below the required Fund minimum. The Fund will not redeem your shares on this basis if the value of your account falls below the minimum account balance solely as a result of market conditions. The Fund will give you 60 days prior written notice to allow you to purchase sufficient additional shares of the Fund in order to avoid such redemption. Different rules may apply to investors who have established brokerage accounts with Goldman Sachs in accordance with the terms and conditions of their account agreements.

• Subject to applicable law, redeem your shares in other circumstances determined by the Board to be in the best interest of the Trust.

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• Pay redemptions by a distribution in-kind of securities (instead of cash). If you receive redemption proceeds in-kind, you should expect to incur transaction costs upon the disposition of those securities.

• Reinvest any amounts (e.g., dividends, distributions or redemption proceeds) which you have elected to receive by check should your check be returned to the Fund as undeliverable or remain uncashed for more than 180 days. Amounts will be reinvested in additional shares at NAV per share on the day the check is reinvested. When reinvested, those amounts are subject to the risk of loss like any Fund investment. This provision may not apply to certain retirement or qualified accounts or to a closed account. Your participation in a systematic withdrawal program may be terminated if your checks remain uncashed. No interest will accrue on amounts represented by uncashed checks.

• Charge an additional fee in the event a redemption is made via wire transfer.

None of the Trust, the Investment Adviser or Goldman Sachs will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.

Can I Reinvest Redemption Proceeds In The Same Or Another Goldman Sachs Fund?

You may redeem shares of a Fund and reinvest a portion or all of the redemption proceeds (plus any additional amounts needed to round off purchases to the nearest full share) at NAV. To be eligible for this privilege, you must have held the shares you want to redeem for at least 30 days and you must reinvest the share proceeds within 90 days after you redeem. You should obtain and read the applicable prospectus before investing in any other Goldman Sachs Fund. You may reinvest redemption proceeds as follows:

• Class A Shares—Class A Shares of the same Fund or another Goldman Sachs Fund.

• Class C Shares—Class C Shares of the same Fund or another Goldman Sachs Fund.

• If you pay a CDSC upon redemption of Class A or Class C Shares and then reinvest in Class A or Class C Shares of another Goldman Sachs Fund as described above, your account will be credited with the amount of the CDSC you paid. The reinvested shares will, however, continue to be subject to a CDSC. The holding period of the shares acquired through reinvestment will include the holding period of the redeemed shares for purposes of computing the CDSC payable upon a subsequent redemption. For Class B Shares, you may reinvest the redemption proceeds in Class A Shares at NAV but the amount of the CDSC paid upon redemption of the Class B Shares will not be credited to your account.

• The reinvestment privilege may be exercised at any time in connection with transactions in which the proceeds are reinvested at NAV in a tax-sheltered Employee Benefit Plan. In other cases, the reinvestment privilege may be exercised once per year upon receipt of a written request.

• You may be subject to tax as a result of a redemption. You should consult your tax adviser concerning the tax consequences of a redemption and reinvestment.

Can I Exchange My Investment From One Goldman Sachs Fund To Another Goldman Sachs Fund?

You may exchange shares of a Goldman Sachs Fund at NAV without the imposition of an initial sales charge or CDSC, if applicable, at the time of exchange for certain shares of another Goldman Sachs Fund. Redemption of shares (including by exchange) of certain Goldman Sachs Funds offered in other prospectuses may, however, be subject to a redemption fee for shares that are held for either 30 or 60 days or less, subject to certain exceptions as described in those Goldman Sachs Funds’ prospectuses. The exchange privilege may be materially modified or withdrawn at any time upon 60 days written notice. You should contact your Authorized Institution to arrange for exchanges of shares of the Fund for shares of another Goldman Sachs Fund.

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You should keep in mind the following factors when making or considering an exchange:

• You should obtain and carefully read the prospectus of the Goldman Sachs Fund you are acquiring before making an exchange. You should be aware that not all Goldman Sachs Funds may offer all share classes.

• Currently, the Fund does not impose any charge for exchanges, although the Fund may impose a charge in the future.

• The exchanged shares of the new Goldman Sachs Fund may later be exchanged for shares of the same class of the original Fund held at the next determined NAV without the imposition of an initial sales charge or CDSC (but subject to any applicable redemption fee). However, if additional shares of the new Goldman Sachs Fund were purchased after the initial exchange, and that Fund’s shares do not impose a sales charge or CDSC, then the applicable sales charge or CDSC of the original Fund’s shares will be imposed upon the exchange of those shares.

• When you exchange shares subject to a CDSC, no CDSC will be charged at that time. However, for purposes of determining the CDSC applicable to those shares, the length of time you have owned the shares will be measured from the date you acquired the original shares subject to a CDSC, and the amount and terms of the CDSC will be those applicable to the original shares and will not be affected by a subsequent exchange.

• Eligible investors may exchange certain classes of shares for another class of shares of the same Fund. For further information, contact your Authorized Institution.

• All exchanges which represent an initial investment in a Goldman Sachs Fund must satisfy the minimum initial investment requirement of that Fund. This requirement may be waived at the discretion of the Trust. Exchanges into a Fund need not meet the traditional minimum investment requirements for that Fund if the entire balance of the original Fund account is exchanged.

• Exchanges are available only in states where exchanges may be legally made.

• It may be difficult to make telephone exchanges in times of unusual economic or market conditions.

• Goldman Sachs and BFDS may use reasonable procedures described under “What Do I Need To Know About Telephone Redemption Requests?” in an effort to prevent unauthorized or fraudulent telephone exchange requests.

• Normally, a telephone exchange will be made only to an identically registered account.

• Exchanges into Goldman Sachs Funds or certain share classes of Goldman Sachs Funds that are closed to new investors may be restricted.

• Exchanges into the Fund from another Goldman Sachs Fund may be subject to any redemption fee imposed by the other Goldman Sachs Fund.

• Exchanges into the Fund from another Goldman Sachs Fund received by the close of regular trading on the New York Stock Exchange will normally begin to accrue dividends on the next business day.

For federal income tax purposes, an exchange from one Goldman Sachs Fund to another is treated as a redemption of the shares surrendered in the exchange, on which you may be subject to tax, followed by a purchase of shares received in the exchange. Exchanges within Employee Benefit Plan accounts will not result in capital gains or loss for federal or state income tax purposes. You should consult your tax adviser concerning the tax consequences of an exchange.

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SHAREHOLDER SERVICES

Can I Arrange To Have Automatic Investments Made On A Regular Basis?

You may be able to make automatic investments in Class A and Class C Shares through your bank via ACH transfer or via bank draft each month. The minimum dollar amount for this service is $250 for the initial investment and $50 per month for additional investments. Forms for this option are available at www.gsamfunds.com and from your Authorized Institution, or you may check the appropriate box on the Account Application

Can My Distributions From The Fund Be Invested In Other Goldman Sachs Funds?

You may elect to cross-reinvest distributions paid by a Goldman Sachs Fund in shares of the same class of other Goldman Sachs Funds.

• Shares will be purchased at NAV.

• You may elect to cross-reinvest into an identically registered account or a similarly registered account provided that at least one name on the account is registered identically.

• You cannot make cross-reinvestments into a Goldman Sachs Fund unless that Fund’s minimum initial investment requirement is met.

• You should obtain and read the prospectus of the Goldman Sachs Fund into which distributions are invested.

Can I Arrange To Have Automatic Exchanges Made On A Regular Basis?

You may elect to exchange automatically a specified dollar amount of Class A or Class C Shares of the Fund for shares of the same class of other Goldman Sachs funds.

• Shares will be purchased at NAV if a sales charge had been imposed on the initial purchase.

• You may elect to exchange into an identically registered account or a similarly registered account provided that at least one name on the account is registered identically.

• Shares subject to a CDSC acquired under this program may be subject to a CDSC at the time of redemption from the Goldman Sachs Fund into which the exchange is made depending upon the date and value of your original purchase.

• Automatic exchanges are made monthly on the 15th day of each month or the first business day thereafter.

• Minimum dollar amount: $50 per month.

• You cannot make automatic exchanges into a Goldman Sachs Fund unless that Fund’s minimum initial investment requirement is met.

• You should obtain and read the prospectus of the Goldman Sachs Fund into which automatic exchanges are made.

• An exchange is considered a redemption and a purchase and therefore may be a taxable transaction.

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Can I Have Systematic Withdrawals Made On A Regular Basis?

You may redeem from your Class A or Class C Shares account systematically via check or ACH transfer in any amount of $50 or more.

• It is normally undesirable to maintain a systematic withdrawal plan at the same time that you are purchasing additional Class A or Class C Shares because of the sales charges that are imposed on certain purchases of Class A Shares and because of the charges that are imposed on certain purchases of Class A Shares and because of the CDSCs that are imposed on certain redemptions of Class A and Class C Shares.

• Checks are normally mailed within two business days after your selected systematic withdrawal date of either the 15th or 25th of the month. ACH payments may take up to three business days to post to your account after your selected systematic withdrawal date between, and including, the 3rd and 26th of the month.

• Each systematic withdrawal is a redemption and therefore may be a taxable transaction.

The CDSC applicable to Class A or Class C Shares redeemed under the systematic withdrawal plan may be waived. The Fund reserves the right to limit such redemptions, on an annual basis, to 12% of the value of your Class C Shares and 10% of the value of your Class A Shares.

What Types Of Reports Will I Be Sent Regarding My Investment?

Authorized Institutions are responsible for providing any communication from the Fund to shareholders, including but not limited to, prospectuses, prospectus supplements, proxy materials and notices regarding the source of dividend payments under Section 19 of the 1940 Act. They may charge additional fees not described in this Prospectus to their customers for such services.

You will be provided with a printed confirmation of each transaction in your account and a quarterly account statement if you invest in Class A, Class C or Class IR Shares and a monthly account statement if you invest in Institutional Shares. If your account is held through your Authorized Institution, you will receive this information from your Authorized Institution.

You will also receive an annual shareholder report containing audited financial statements and a semi-annual shareholder report. If you have consented to the delivery of a single copy of shareholder reports, prospectuses and other information to all shareholders who share the same mailing address with your account, you may revoke your consent at any time by contacting your Authorized Institution or Goldman Sachs Funds at the appropriate phone number or address found on the back cover of this Prospectus. If your account is held through an Authorized Institution, please contact the Authorized Institution to revoke your consent. The Fund will begin sending individual copies to you within 30 days after receipt of your revocation. The Fund does not generally provide sub-accounting services.

The types of reports Class IR shareholders will receive depend on the related arrangements in effect with respect to such shareholders’ Employee Benefit Plan or Eligible Fee-Based Program.

C-17

DISTRIBUTION AND SERVICE FEES

What Are The Different Distribution And/Or Service Fees Paid By The Fund’s Shares?

The Trust has adopted distribution and service plans (each a “Plan”) under which Class A and Class C Shares bear distribution and/or service fees paid to Goldman Sachs and Authorized Institutions. These Authorized Institutions seek distribution and/or servicing fee revenues to, among other things, offset the cost of servicing small and medium sized plan investors and providing information about the Fund. If the fees received by Goldman Sachs pursuant to the Plans exceed its expenses, Goldman Sachs may realize a profit from these arrangements. Goldman Sachs generally receives and pays the distribution and service fees on a quarterly basis.

Under the Plans, Goldman Sachs is entitled to a monthly fee from the Fund for distribution services equal, on an annual basis, to 0.25% and 0.75%, of the Fund’s average daily net assets attributed to Class A and Class C Shares, respectively. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time, these fees will increase the cost of your investment and may cost you more than paying other types of such charges. The distribution fees are subject to the requirements of Rule 12b-1 under the Investment Company Act, and may be used (among other things) for:

• Compensation paid to and expenses incurred by Authorized Institutions, Goldman Sachs and their respective officers, employees and sales representatives;

• Commissions paid to Authorized Institutions;

• Allocable overhead;

• Telephone and travel expenses;

• Interest and other costs associated with the financing of such compensation and expenses;

• Printing of prospectuses for prospective shareholders;

• Preparation and distribution of sales literature or advertising of any type; and

• All other expenses incurred in connection with activities primarily intended to result in the sale of Class A and Class C Shares.

In connection with the sale of Class C Shares, Goldman Sachs normally begins paying the 0.75% distribution fee as an ongoing commission to Authorized Institutions after the shares have been held for one year. Goldman Sachs normally begins accruing the annual 0.25% distribution fee for the Class A Shares as an ongoing commission to Authorized Institutions immediately. Goldman Sachs generally pays the distribution fee on a quarterly basis.

CLASS C PERSONAL AND ACCOUNT MAINTENANCE SERVICES AND FEES

Under the Class C Plans, Goldman Sachs is also entitled to receive a separate fee equal on an annual basis to 0.25% of each applicable Fund’s average daily net assets attributed to Class C Shares. This fee is for personal and account maintenance services, and may be used to make payments to Goldman Sachs, Authorized Institutions and their officers, sales representatives and employees for responding to inquiries of, and furnishing assistance to, shareholders regarding ownership of their shares or their accounts or similar services not otherwise provided on behalf of the Fund. If the fees received by Goldman Sachs pursuant to the Plans exceed its expenses, Goldman Sachs may realize a profit from this arrangement.

C-18

In connection with the sale of Class C Shares, Goldman Sachs normally begins paying the 0.25% ongoing service fee to Authorized Institutions after the shares have been held for one year.

RESTRICTIONS ON EXCESSIVE TRADING PRACTICES

Policies and Procedures on Excessive Trading Practices. In accordance with the policy adopted by the Board of the Trust, the Trust discourages frequent purchases and redemptions of Fund shares and does not permit market timing or other excessive trading practices. Purchases and exchanges should be made with a view to longer-term investment purposes only that are consistent with the investment policies and practices of the Fund. Excessive, short-term (market timing) trading practices may disrupt portfolio management strategies, increase brokerage and administrative costs, harm Fund performance and result in dilution in the value of Fund shares held by longer-term shareholders. The Trust and Goldman Sachs reserve the right to reject or restrict purchase or exchange requests from any investor. The Trust and Goldman Sachs will not be liable for any loss resulting from rejected purchase or exchange orders. To minimize harm to the Trust and its shareholders (or Goldman Sachs), the Trust (or Goldman Sachs) will exercise this right if, in the Trust’s (or Goldman Sachs’) judgment, an investor has a history of excessive trading or if an investor’s trading, in the judgment of the Trust (or Goldman Sachs), has been or may be disruptive to the Fund. In making this judgment, trades executed in multiple accounts under common ownership or control may be considered together to the extent they can be identified. No waivers of the provisions of the policy established to detect and deter market timing and other excessive trading activity are permitted that would harm the Trust or its shareholders or would subordinate the interests of the Trust or its shareholders to those of Goldman Sachs or any affiliated person or associated person of Goldman Sachs.

To deter excessive shareholder trading, certain Goldman Sachs Funds offered in other prospectuses impose a redemption fee on redemptions made within 30 or 60 days of purchase subject to certain exceptions as described in those Goldman Sachs Funds’ prospectuses. As a further deterrent to excessive trading, many foreign equity securities held by the Fund are priced by an independent pricing service using fair valuation. For more information on fair valuation, please see “How To Buy Shares—How Are Shares Priced?”

Pursuant to the policy adopted by the Board, Goldman Sachs has developed criteria that it uses to identify trading activity that may be excessive. Excessive trading activity in the Fund is measured by the number of “round trip” transactions in a shareholder’s account. A “round trip” includes a purchase or exchange into the Fund followed or preceded by a redemption or exchange out of the same Fund. If the Fund detects that a shareholder has completed two or more round trip transactions in a single Fund within a rolling 90-day period, the Fund may reject or restrict subsequent purchase or exchange orders by that shareholder permanently. In addition, the Fund may, in its sole discretion, permanently reject or restrict purchase or exchange orders by a shareholder if the Fund detects other trading activity that is deemed to be disruptive to the management of the Fund or otherwise harmful to the Fund. For purposes of these transaction surveillance procedures, the Fund may consider trading activity in multiple accounts under common ownership, control, or influence. A shareholder that has been restricted from participation in the Fund pursuant to this policy will be allowed to apply for re-entry after one year. A shareholder applying for re-entry must provide assurances acceptable to the Fund that the shareholder will not engage in excessive trading activities in the future.

Goldman Sachs may modify its surveillance procedures and criteria from time to time without prior notice regarding the detection of excessive trading or to address specific circumstances. Goldman Sachs will apply the criteria in a manner that, in Goldman Sachs’ judgment, will be uniform.

Fund shares may be held through omnibus arrangements maintained by Authorized Institutions such as broker-dealers, investment advisers and insurance companies. In addition, Fund shares may be held in omnibus Employee Benefit Plans, Eligible Fee-Based Programs and other group accounts. Omnibus accounts include multiple investors and such accounts typically provide the Fund with a net purchase or redemption request on any given day where the purchases and redemptions of Fund shares by the investors are netted against one another. The identity of individual investors whose purchase and redemption orders are aggregated are ordinarily not tracked by

C-19

the Fund on a regular basis. A number of these Authorized Institutions may not have the capability or may not be willing to apply the Fund’s market timing policies or any applicable redemption fee. While Goldman Sachs may monitor share turnover at the omnibus account level, the Fund’s ability to monitor and detect market timing by shareholders or apply any applicable redemption fee in these omnibus accounts may be limited in certain circumstances, and certain of these Authorized Institutions may charge the Fund a fee for providing certain shareholder information requested as part of the Fund’s surveillance process. The netting effect makes it more difficult to identify, locate and eliminate market timing activities. In addition, those investors who engage in market timing and other excessive trading activities may employ a variety of techniques to avoid detection. There can be no assurance that the Fund and Goldman Sachs will be able to identify all those who trade excessively or employ a market timing strategy, and curtail their trading in every instance. If necessary, the Trust may prohibit additional purchases of Fund shares by an Authorized Institution or by certain customers of the Authorized Institution. Authorized Institutions may also monitor their customers’ trading activities in the Fund. The criteria used by Authorized Institutions to monitor for excessive trading may differ from the criteria used by the Fund. If an Authorized Institution fails to cooperate in the implementation or enforcement of the Trust’s excessive trading policies, the Trust may take certain actions including terminating the relationship.

TAXATION

As with any investment, you should consider how your investment in the Fund will be taxed. The tax information below is provided as general information. More tax information is available in the SAI. You should consult your tax adviser about the federal, state, local or foreign tax consequences of your investment in the Fund. Except as otherwise noted, the tax information provided assumes that you are a U.S. citizen or resident.

Unless your investment is through an Employee Benefit Plan or other tax-advantaged account, you should carefully consider the possible tax consequences of Fund distributions and the sale of your Fund shares.

DISTRIBUTIONS

The Fund contemplates declaring as dividends each year all or substantially all of its taxable income. Distributions you receive from the Fund are generally subject to federal income tax, and may also be subject to state or local taxes. This is true whether you reinvest your distributions in additional Fund shares or receive them in cash. For federal tax purposes, Fund distributions attributable to net investment income and short-term capital gains are taxable to you as ordinary income, while any distributions of long-term capital gains are taxable to you as long-term capital gains, no matter how long you have owned your Fund shares.

Under current provisions of the Code, the maximum individual rate applicable to long-term capital gains is generally either 15% or 20%, depending on whether the individual’s income exceeds certain threshold amounts. Fund distributions to noncorporate shareholders attributable to dividends received by the Fund from U.S. and certain qualified foreign corporations will generally be taxed at the long-term capital gain rate, as long as certain other requirements are met. For these lower rates to apply, noncorporate shareholders must own their Fund shares for at least 61 days during the 121-day period beginning 60 days before the Fund’s ex-dividend date. The amount of the Fund’s distributions that would otherwise qualify for this favorable tax treatment may be reduced as a result of a high portfolio turnover rate.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds certain threshold amounts.

C-20

Although distributions are generally treated as taxable to you in the year they are paid, distributions declared in October, November or December but paid in January are taxable as if they were paid in December.

It is not anticipated that any significant percentage of the Fund’s dividends paid will be eligible for dividends-received deduction. The character and tax status of all distributions will be available to shareholders after the close of each calendar year.

The Fund may be subject to foreign withholding or other foreign taxes on income or gain from certain foreign securities. In general, the Fund may deduct these taxes in computing its taxable income. Rather than deducting these foreign taxes, the Fund may make an election to treat a proportionate amount of those taxes as constituting a distribution to each shareholder, which would generally allow you, subject to certain limitations, either (i) to credit that proportionate amount of taxes against U.S. Federal income tax liability as a foreign tax credit or (ii) to take that amount as an itemized deduction.

If you buy shares of the Fund before it makes a distribution, the distribution will be taxable to you even though it may actually be a return of a portion of your investment. This is known as “buying into a dividend.”

SALES AND EXCHANGES

Your sale of Fund shares is a taxable transaction for federal income tax purposes, and may also be subject to state and local taxes. For tax purposes, the exchange of your Fund shares for shares of a different Goldman Sachs Fund is the same as a sale. When you sell or redeem your shares, you will generally recognize a capital gain or loss in an amount equal to the difference between your adjusted tax basis in the shares and the amount received. Generally, this capital gain or loss will be long-term or short-term depending on whether your holding period for the shares exceeds one year, except that any loss realized on shares held for six months or less will be treated as a long-term capital loss to the extent of any long-term capital gain dividends that were received on the shares. Additionally, any loss realized on a sale, exchange or redemption of shares of the Fund may be disallowed under “wash sale” rules to the extent the shares disposed of are replaced with other shares of the Fund within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition (such as pursuant to a dividend reinvestment in shares of the Fund.) If disallowed, the loss will be reflected in an adjustment to the basis of the shares acquired.

OTHER INFORMATION

When you open your account, you should provide your Social Security Number or Tax Identification Number on your Account Application. By law, the Fund must withhold 28% of your taxable distributions and any redemption proceeds if you do not provide your correct taxpayer identification number, or certify that it is correct, or if the IRS instructs the Fund to do so.

Non-U.S. investors are generally subject to U.S. withholding tax with respect to dividends received from the Fund and may be subject to estate tax. However, withholding is generally not required on properly designated distributions to non-U.S. investors of long-term capital gains, and, for distributions in taxable years beginning before January 1, 2014 (if not extended further by Congress), of short-term capital gains and qualified interest income. Although this designation will be made for distributions of long-term and short-term capital gains, the Fund does not anticipate making any qualified interest income designations. Therefore, all distributions of interest income will be subject to withholding when paid to non-U.S. investors.

Effective July 1, 2014, the Fund will be required to withhold U.S. tax (at a 30% rate) on payments of dividends and (effective January 1, 2017) redemption proceeds and certain capital gain dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant) with extensive new reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to enable the Fund to determine whether withholding is required.

C-21

The Fund is required to report to you and the IRS annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also their cost basis. Cost basis will be calculated using the Fund’s default method of average cost, unless you instruct the Fund to use a different methodology. If you would like to use the average cost method of calculation, no action is required. To elect an alternative method, you should contact Goldman Sachs Funds at the address or phone number on the back cover of this Prospectus. If your account is held with an Authorized Institution, contact your representative with respect to reporting of cost basis and available elections for your account.

You should carefully review the cost basis information provided by the Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on your federal income tax returns.

C-22

Exhibit D

INTERESTS OF CERTAIN PERSONS

To the knowledge of the Funds, as of February 28, 2014, the following persons owned of record or beneficially 5% or more of the outstanding shares of the class identified of the Acquired Fund or Acquiring Fund. Shareholders indicated below holding greater than 25% or more of a Fund are “controlling persons” of that Fund under the 1940 Act.

Shareholder Name and Address	Number of Shares	Percentage of Class
[•]	[•]	[•]%

As of February 28, 2014, the Trustees and Officers of each Fund as a group owned less than 1% of the outstanding shares of the Fund.

The votes of the shareholders of the Acquired Fund and Acquiring Fund are not being solicited since their approval or consent is not necessary for the Reorganization to take place.

D-1

PART B

STATEMENT OF ADDITIONAL INFORMATION

DATED MARCH [•], 2014

GOLDMAN SACHS ASIA EQUITY FUND

(a series of Goldman Sachs Trust)

Class A Shares	Class C Shares	Institutional Shares	Class IR Shares
GSAGX	GSACX	GSAIX	GSAEX

71 South Wacker Drive

Chicago, Illinois 60606

This Statement of Additional Information (the “SAI”) is not a prospectus. This SAI should be read in conjunction with the related Information Statement/Prospectus, dated March [•], 2014, which relates to the Class A, Class C, Institutional and Class IR Shares of the Goldman Sachs Asia Equity Fund to be issued in exchange for the corresponding shares of the Goldman Sachs China Equity Fund. Please retain this SAI for further reference. To obtain a copy of the Information Statement/Prospectus, free of charge, please write to the Goldman Sachs Funds at the address set forth above or call the Goldman Sachs Funds at 800-621-2550 (for Institutional Shareholders) or 800-526-7384 (for Class A, Class C and Class IR Shareholders).

GSAM^® is a registered service mark of Goldman, Sachs & Co.

The date of this SAI is March [•], 2014.

TABLE OF CONTENTS

	Page
INTRODUCTION		B-2
DOCUMENTS INCORPORATED BY REFERENCE		B-2
PRO FORMA FINANCIAL STATEMENTS		B-3

-i-

GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL

Investment Adviser

Christchurch Court

10-15 Newgate Street

London, England EC1A7HD

GOLDMAN, SACHS & CO.

Distributor

200 West Street

New York, NY 10282

GOLDMAN, SACHS & CO.

Transfer Agent

71 South Wacker Drive

Chicago, IL 60606

Toll-free (in U.S.) 800-621-2550 (for Institutional Shareholders) or 800-526-7384 (for Class A, Class C and Class IR Shareholders).

B-1

INTRODUCTION

This SAI is intended to supplement the information provided in an Information Statement/Prospectus dated March [•], 2014 (the “Information Statement/Prospectus”) relating to the proposed Agreement and Plan of Reorganization (the “Plan”) between the Goldman Sachs China Equity Fund (the “Acquired Fund”) and the Goldman Sachs Asia Equity Fund (the “Acquiring Fund”), each a series of Goldman Sachs Trust, pursuant to which the Acquired Fund will (i) transfer all of its assets and liabilities attributable to each class of its shares to the Acquiring Fund in exchange for shares of the Acquiring Fund; and (ii) distribute to its shareholders a portion of the Acquiring Fund shares to which each shareholder is entitled (as discussed below) in complete liquidation of the Acquired Fund (the “Reorganization”).

Under the terms of the Plan, the Acquired Fund will transfer all of its assets to the Acquiring Fund and the Acquiring Fund will assume all of the liabilities of the Acquired Fund. Subsequently, the Acquired Fund will be liquidated and you will become a shareholder of the Acquiring Fund. You will receive shares of the Acquiring Fund that are equal in aggregate net asset value to the shares of the Acquired Fund that you held immediately prior to the Closing Date (as defined below). Shareholders of each class of shares of the Acquired Fund will receive the corresponding class of the Acquiring Fund, as follows:

Acquired Fund		Acquiring Fund
Class A	g	Class A
		Class B*
Class C	g	Class C
Institutional	g	Institutional
Class IR	g	Class IR

* The Acquired Fund does not offer Class B Shares.

No sales charge, contingent deferred sales charge, commission, redemption fee or other transactional fee will be charged as a result of the Reorganization, which is scheduled to occur on or about April [•], 2014, but may occur on such earlier or later date as the parties agree in writing (the “Closing Date”).

DOCUMENTS INCORPORATED BY REFERENCE

This SAI consists of these cover pages and the following documents, each of which was filed electronically with the Securities and Exchange Commission (the “SEC”) and is incorporated by reference herein.

1. The Acquired Fund’s Annual Report for the fiscal year ended October 31, 2013 (File Nos. 33-17619 and 811-05349) as filed with the SEC on January 3, 2014 (Accession No. 0001193125-14-001905).

2. The Acquired Fund’s Statement of Additional Information, dated February 28, 2014, as supplemented to date (File Nos. 33-17619 and 811-05349), as filed with the SEC on February [•], 2014 (Accession No. [•]) (and as supplement from time to time in the future).

3. The Acquiring Fund’s Annual Report for the fiscal year ended October 31, 2013 (File Nos. 33-17619 and 811-05349), as filed with the SEC on January 3, 2014 (Accession No. 0001193125-14-001905).

4. The Acquiring Fund’s Statement of Additional Information, dated February 28, 2014, as supplemented to date (File Nos. 33-17619 and 811-05349), as filed with the SEC on February [•], 2014 (Accession No. [•]) (and as supplement from time to time in the future).

B-2

PRO FORMA FINANCIAL STATEMENTS

Shown below are unaudited pro forma financial statements for the combined Fund, assuming the Reorganization, as more fully described in the combined Information Statement/Prospectus dated March [•], 2014, had been consummated as of October 31, 2013. The pro forma Combined Schedules of Investments and the pro forma Combined Statements of Assets and Liabilities have been adjusted to give effect to the Reorganization as if the Reorganization had occurred on October 31, 2013. The pro forma Combined Statement of Operations is for the fiscal year ended October 31, 2013 and has been adjusted to give effect to the Reorganization as if the Reorganization had occurred November 1, 2012.

The unaudited pro forma Combined Schedules and Financial Statements are presented for informational purposes only and do not purport to be indicative of the financial condition that actually would have resulted if the Reorganization had been consummated on October 31, 2013. These pro forma numbers have been estimated in good faith based on information regarding the Acquired Fund and the Acquiring Fund for the fiscal year ended October 31, 2013.

The following unaudited pro forma Combined Schedules and Financial Statements have been derived from the Schedules and Financial Statements of the Acquired Fund and the Acquiring Fund and such information has been adjusted to give effect to the Reorganization as if the Reorganization had occurred on October 31, 2013. The unaudited pro forma Schedules and Financial Statements should be read in conjunction with the Financial Statements and related notes of the Acquired Fund and the Acquiring Fund included in the Annual Reports to Shareholders for the fiscal year ended October 31, 2013, each of which are incorporated herein.

Pro Forma Combined Schedule of Investments for the Goldman Sachs China Equity Fund and the Goldman Sachs Asia Equity Fund October 31, 2013 (Unaudited)

Shares						Description	Value
Goldman Sachs China Equity Fund		Goldman Sachs Asia Equity Fund		Pro Forma Combined Fund		Common Stocks—98.3%	Goldman Sachs China Equity Fund		Goldman Sachs Asia Equity Fund		Pro Forma Combined Fund
						Canada—1.1%
	—		39,052		39,052	Canadian Solar, Inc. (Semiconductors & Semiconductor Equipment)*	$	—	$	898,196	$	898,196
						China—36.8%
	2,009,000		—		2,009,000	Agricultural Bank of China Ltd. Class H (Banks)		968,127		—		968,127
	254,000		—		254,000	Belle International Holdings Ltd. (Retailing)		358,146		—		358,146
	162,100		—		162,100	China International Marine Containers (Capital Goods)		303,160		—		303,160
	341,000		—		341,000	China Machinery Engineering Corp. Class H (Capital Goods)		233,028		—		233,028
	114,000		—		114,000	China Mobile Ltd (Telecommunication Services)		1,184,648		—		1,184,648
	436,000		—		436,000	China National Building Material Co. (Capital Goods)		426,292		—		426,292
	171,200		—		171,200	China Pacific Insurance (Group) Co. Ltd. Class H (Insurance)		618,653		—		618,653
	102,000		—		102,000	China Shenhua Energy Co. Ltd. Class H (Energy)		310,271		—		310,271
	654,000		—		654,000	China Suntien Green Energy Corp. Ltd. Class H (Energy)		228,646		—		228,646
	192,000		—		192,000	Dawnrays Pharmaceutical Holdings Ltd. (Pharmaceuticals)		95,096		—		95,096
	468,000		—		468,000	FIH Mobile Ltd. (Telecommunication Services)*		263,621		—		263,621
	109,500		—		109,500	Great Wall Motor Co. Ltd. Class H (Automotive)		643,610		—		643,610
	878,000		—		878,000	Guangdong Land Holdings Ltd. (Beverages)		234,587		—		234,587
	163,000		—		163,000	Haitian International Holdings Ltd. (Capital Goods)		392,906		—		392,906
	101,000		—		101,000	Hilong Holding Ltd (Energy)		67,179		—		67,179
	396,000		—		396,000	Huaneng Power International Inc. Class H (Energy)		413,349		—		413,349
	249,000		—		249,000	Jiangxi Copper Co. Ltd. Class H (Metals & Mining)		477,382		—		477,382
	386,000		—		386,000	Ju Teng International Holdings Ltd.		280,813		—		280,813
	161,600		—		161,600	New China Life Insurance Co., Ltd (Insurance)		456,592		—		456,592
	46,000		—		46,000	Orient Overseas International Ltd. (Consumer Services)		237,595		—		237,595
	926,000		—		926,000	PetroChina Co. Ltd. Class H (Energy)		1,054,511		—		1,054,511
	93,000		—		93,000	Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H (Pharmaceuticals)		210,580		—		210,580
	8,435		—		8,435	TAL Education Group ADR (Diversified Consumer Services)		161,868		—		161,868
	134,000		—		134,000	Zhuzhpu CSR Times Electric Co. Ltd. Class H		480,984		—		480,984
	266,000		284,000		550,000	China Oilfield Services Ltd. Class H (Energy)		743,386		793,691		1,537,077
	505,000		858,000		1,363,000	China Huishan Dairy Holdings Co. (Food, Beverage & Tobacco)*		200,619		340,854		541,473
	2,666,000		1,483,110		4,149,110	China Construction Bank Corp. Class H (Banks)		2,074,219		1,153,900		3,228,119
	40,100		20,300		60,400	Tencent Holdings Ltd. (Software & Services)		2,186,669		1,106,968		3,293,637
	2,609,000		2,274,635		4,883,635	Industrial & Commercial Bank of China Ltd. Class H (Banks)		1,828,977		1,594,578		3,423,555
	27,522		31,541		59,063	Hollysys Automation Technologies Ltd. (Technology Hardware & Equipment)*		461,544		528,943		990,487
	47,000		58,000		105,000	Hengan International Group Co. Ltd. (Household & Personal Products)		575,494		710,184		1,285,678
	1,476,800		1,030,000		2,506,800	China Petroleum & Chemical Corp. Class H (Energy)		1,195,481		833,793		2,029,274
	70,000		242,000		312,000	ENN Energy Holdings Ltd. (Utilities)		415,023		1,434,794		1,849,817
	284		751		1,035	58.Com, Inc. ADR (Software & Services)*		6,850		18,114		24,964
	—		192,000		192,000	Anhui Conch Cement Co. Ltd. Class H (Materials)		—		670,036		670,036
	—		527,500		527,500	Bloomage Biotechnology Corp. Ltd. (Materials)		—		1,109,027		1,109,027
	—		174,000		174,000	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		—		599,952		599,952
								19,789,906		10,894,834		30,684,740

B-3

Shares						Description	Value
Goldman Sachs China Equity Fund		Goldman Sachs Asia Equity Fund		Pro Forma Combined Fund		Common Stocks—98.3%	Goldman Sachs China Equity Fund		Goldman Sachs Asia Equity Fund		Pro Forma Combined Fund
						Hong Kong—10.7%
	—		169,436		169,436	AIA Group Ltd. (Insurance)		—		860,368		860,368
	—		36,000		36,000	Cheung Kong Holdings Ltd. (Real Estate)		—		562,214		562,214
	—		34,000		34,000	Cheung Kong Infrastructure Holdings Ltd. (Utilities)		—		236,597		236,597
	216,000		140,000		356,000	China Overseas Land & Investment Ltd. (Real Estate)		669,389		433,863		1,103,252
	342,000		270,000		612,000	China Unicom Hong Kong Ltd. (Telecommunication Services)		535,063		422,419		957,482
	—		151,000		151,000	Galaxy Entertainment Group Ltd. (Consumer Services)*		—		1,127,197		1,127,197
	—		1,960,000		1,960,000	Peace Mark Holdings Ltd. (Consumer Durables & Apparel)*		—		—		—
	216,500		255,000		471,500	Shimao Property Holdings Ltd. (Real Estate)		544,120		640,881		1,185,001
	396,000		424,000		820,000	Sino Biopharmaceutical (Pharmaceuticals, Biotechnology & Life Sciences)		279,885		299,675		579,560
	—		33,555		33,555	Sun Hung Kai Properties Ltd. (Real Estate)		—		439,528		439,528
	114,000		115,000		229,000	China Menguin Dairy Co. Ltd. (Food, Beverage & Tobacco)		501,476		505,875		1,007,351
	—		67,000		67,000	Hutchison Whampoa Ltd. (Capital Goods)		—		834,865		834,865
								2,529,933		6,363,482		8,893,415
						India—6.2%
	—		2,624		2,624	Bosch Ltd. (Automobiles & Components)		—		374,802		374,802
	—		15,123		15,123	Bajaj Finance Ltd. (Diversified Financials)		—		333,647		333,647
	—		61,531		61,531	HDFC Bank Ltd. (Banks)		—		685,198		685,198
	—		22,161		22,161	HCL Technologies Ltd. (Software & Services)		—		395,088		395,088
	—		30,951		30,951	IndusInd Bank Ltd. (Banks)		—		223,971		223,971
	—		10,762		10,762	Infosys Ltd. (Software & Services)		—		575,116		575,116
	—		87,018		87,018	Just Dial Ltd. (Software & Services)*		—		1,764,835		1,764,835
	—		3,657		3,657	Oracle Financial Services Software Ltd. (Software & Services)*		—		190,756		190,756
	—		80,518		80,518	Prestige Estates Projects Ltd. (Real Estate)		—		186,975		186,975
	—		10,857		10,857	United Spirits Ltd. (Food, Beverage & Tobacco)*		—		454,536		454,536
								—		5,184,924		5,184,924
						Indonesia—3.2%
	—		1,612,000		1,612,000	PT Telekomunikasi Indonesia (Persero) Tbk (Telecommunication Services)		—		335,313		335,313
	—		54,500		54,500	PT Unilever Indonesia Tbk (Household & Personal Products)		—		144,914		144,914
	—		4,106,000		4,106,000	PT Erajaya Swasembada Tbk (Technology Hardware & Equipment)		—		495,008		495,008
	—		685,000		685,000	PT MNC Sky Vision Tbk (Media)		—		141,208		141,208
	—		2,575,000		2,575,000	PT Media Nusantara Citra Tbk (Media)		—		570,277		570,277
	—		9,077,000		9,077,000	PT Sumber Alfaria Trijaya Tbk (Food & Staples Retailing)		—		434,826		434,826
	—		554,000		554,000	PT Bank Central Asia Tbk (Banks)		—		513,286		513,286
								—		2,634,832		2,634,832
						Malaysia—2.2%
	—		66,400		66,400	Public Bank Bhd (Banks)		—		385,378		385,378
	—		193,620		193,620	Genting Berhad (Consumer Services)		—		642,823		642,823
	—		144,800		144,800	Tenaga Nasional Berhad (Utilities)		—		432,708		432,708
	—		476,500		476,500	UEM Sunrise Bhd (Real Estate)		—		353,066		353,066
								—		1,813,975		1,813,975
						Philippines—1.8%		—		—		—
	—		1,957,700		1,957,700	Emperador, Inc. (Software & Services)*		—		532,806		532,806
	—		1,919,900		1,919,900	Lafarge Republic, Inc. (Materials)		—		413,455		413,455
	—		191,270		191,270	Universal Robina Corp. (Food, Beverage & Tobacco)		—		564,559		564,559
	—		—					—		1,510,820		1,510,820
						Singapore—3.8%
	—		599,000		599,000	Hutchison Port Holdings Trust Class U (Transportation)		—		452,245		452,245
	—		114,230		114,230	DBS Group Holdings Ltd. (Banks)		—		1,539,989		1,539,989
	—		388,000		388,000	Singapore Telecommunications Ltd. (Telecommunication Services)		—		1,178,272		1,178,272
								—		3,170,506		3,170,506

B-4

Shares						Description	Value
Goldman Sachs China Equity Fund		Goldman Sachs Asia Equity Fund		Pro Forma Combined Fund		Common Stocks—98.3%	Goldman Sachs China Equity Fund		Goldman Sachs Asia Equity Fund		Pro Forma Combined Fund
						South Korea—20.5%
	—		4,495		4,495	NCSoft Corp. (Software & Services)		—		871,289		871,289
	—		44,000		44,000	Hyundai Development Co.—Engineering & Construction (Capital Goods)		—		978,046		978,046
	—		31,271		31,271	Seoul Semiconductor Co. Ltd. (Semiconductors & Semiconductor Equipment)		—		1,301,181		1,301,181
	—		33,300		33,300	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		—		1,002,027		1,002,027
	—		8,270		8,270	Hyundai Mipo Dockyard (Capital Goods)		—		1,316,259		1,316,259
	—		25,863		25,863	Kia Motors Corp. (Automobiles & Components)		—		1,502,672		1,502,672
	—		9,891		9,891	OCICo. Ltd. (Materials)		—		1,789,967		1,789,967
	—		2,866		2,866	Kumho Petro Chemical Co. Ltd. (Materials)		—		280,560		280,560
	—		8,620		8,620	Hanssem Co. Ltd. (Consumer Durables & Apparel)		—		349,254		349,254
	—		1,135		1,135	NAVER Corp. (Software & Services)		—		636,925		636,925
	—		3,213		3,213	Hyundai Department Store Co. Ltd. (Retailing)		—		511,616		511,616
	—		1,071		1,071	LG Chem Ltd. (Materials)		—		302,110		302,110
	—		6,954		6,954	Samsung C&T Corp. (Capital Goods)		—		412,636		412,636
	—		1,565		1,565	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		—		2,158,227		2,158,227
	—		1,908		1,908	SK Holdings Co. Ltd. (Capital Goods)		—		345,806		345,806
	—		53,180		53,180	Hana Financial Group, Inc. (Banks)		—		2,044,893		2,044,893
	—		16,190		16,190	LMS Co. Ltd. (Semiconductors & Semiconductor Equipment)		—		259,003		259,003
	—		26,680		26,680	KT Skylife Co. Ltd. (Media)		—		706,333		706,333
	—		4,900		4,900	Hankook Tire Co. Ltd. (Automobiles & Components)		—		287,456		287,456
								—		17,056,260		17,056,260
						Taiwan—9.1%
	199,000		364,000		563,000	Epistar Corp. (Semiconductor)		345,087		631,209		976,296
	—		52,000		52,000	Ginko International Co. Ltd. (Health Care Equipment & Services)		—		986,520		986,520
	—		423,000		423,000	Fubon Financial Holdings Co. Ltd. (Diversified Financials)		—		619,932		619,932
	—		57,899		57,899	PChome Online, Inc. (Software & Services)		—		336,432		336,432
	—		80,000		80,000	Media Tek, Inc. (Semiconductors & Semiconductor Equipment)		—		1,093,755		1,093,755
	—		319,600		319,600	Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment)		—		812,518		812,518
	—		636,195		636,195	Mega Finanancial Holdings Co. Ltd. (Banks)		—		550,874		550,874
	—		67,286		67,286	Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)		—		251,784		251,784
	—		530,338		530,338	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		—		1,954,595		1,954,595
								345,087		7,237,619		7,582,706
						Thailand—2.5%
	—		79,753		79,753	PTT Exploration & Production PCL (Energy)		—		431,536		431,536
	—		45,600		45,600	Bangkok Bank PCL NVDR (Banks)		—		302,623		302,623
	—		199,200		199,200	Airports of Thailand PCL (Transportation)		—		1,355,680		1,355,680
								—		2,089,839		2,089,839
						United States—0.6%
	—		5,393		5,393	Cognizant Technology Solutions Corp. Class A (Software & Services)*		—		468,813		468,813
						TOTAL COMMON STOCKS
						(Cost $20,540,977, $52,857,473 and $71,398,450)	$	22,664,926	$	59,324,100	$	81,989,026
						Investment Company—1.1%
						United States
	452,274		—		452,274	SSgA U.S. Government Money Market Fund(a)		452,274		—		452,274
						Thailand
	—		1,593,800		1,593,800	BTS Rail Mass Transit Growth Infrastructure Fund, Class F		—		493,560		493,560
						TOTAL INVESTMENT COMPANY
						(Cost $452,274, $563,859 and $1,016,133)	$	452,274	$	493,560	$	945,834

B-5

Shares						Description	Value
Goldman Sachs China Equity Fund		Goldman Sachs Asia Equity Fund		Pro Forma Combined Fund		Common Stocks—98.3%	Goldman Sachs China Equity Fund		Goldman Sachs Asia Equity Fund		Pro Forma Combined Fund
						Rights—0.0%
	—		50,648		50,648	Mega Financial Holding Co. Ltd. (Banks)*		—		6,791		6,791
						TOTAL INVESTMENTS
						(Cost $20,993,251, $53,421,332 and $74,414,583)	$	23,117,200	$	59,824,451	$	82,941,651
						OTHER ASSETS IN EXCESS OF LIABILITIES—0.6%	$	20,896	$	439,301	$	460,197
						NET ASSETS—100%	$	23,138,096	$	60,263,752	$	83,401,848

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

* Non-income producing security

(a) Variable rate Security. Interest rate disclosed is that which is in effect at October 31, 2013.

Investment Abbreviations:

ADR—American Depository Receipt

NVDR—Non-Votin Depository Receipt

B-6

Pro Forma Combined Statement of Assets and Liabilities

For the Goldman Sachs China Equity Fund and the Goldman Sachs Asia Equity Fund

October 31, 2013 (Unaudited)

	Goldman Sachs China Equity Fund			Goldman Sachs Asia Equity Fund			Adjustments			Pro Forma Combined Fund
Assets:
Investments, at value (cost $20,993,251, $53,421,332 and $74,414,583, respectively)	$	23,117,200		$	59,824,451		$	—		$	82,941,651
Cash					147,842			—			147,842
Foreign Currency, at value (cost $2,996, $96,494 and $99,490)		2,996			94,493			—			97,489
Receivables:
Investments sold		151,988			807,164			—			959,152
Dividends		113,246			70,371			—			183,617
Fund shares sold		—			16,238			—			16,238
Reimbursement from investment adviser		15,041			25,564			—			40,605
Other assets:		2,460			19,215			—			21,675
Total assets		23,402,931			61,005,338			—			84,408,269
Liabilities:
Payables:
Investments purchased		153,295			318,103			—			471,398
Foreign capital gains taxes		—			147,777			—			147,777
Fund shares redeemed		—			87,448			—			87,448
Amounts owed to affiliates		22,492			60,566			—			83,058
Accrued expenses		89,048			127,692			—			216,740
Total liabilities		264,835			741,586			—			1,006,421
Net Assets:
Paid in capital		22,111,260			74,101,255			—			96,212,515
Undistributed net investment income		416,443			72,950			—			489,393
Accumulated net realized loss		(1,513,578	)		(20,176,544	)		—			(21,690,122	)
Net unrealized gain		2,123,971			6,266,091			—			8,390,062
Net Assets	$	23,138,096		$	60,263,752			—		$	83,401,848
Net Assets:
Class A	$	18,091		$	14,097,045		$	—		$	14,115,136
Class B		—			627,977			—			627,977
Class C		8,870			2,330,963			—			2,339,833
Institutional		23,102,039			43,207,767			—			66,309,806
Class IR		9,096			—			—			9,096
Net Assets Value, offering and redemption price per share: (a)
Class A	$	8.92		$	19.21					$	19.21
Class B		—		$	18.23					$	18.23
Class C	$	8.84		$	18.02					$	18.02
Institutional	$	8.99		$	20.13					$	20.13
Class IR	$	8.97		$	20.13	(b)				$	20.13
Shares Outstanding par value (unlimited number of shares authorized):
Class A		2,028			733,666			(1,086	) (c)		734,608
Class B		—			34,448			—			34,448
Class C		1,003			129,382			(511	) (c)		129,874
Institutional		2,570,215			2,146,290			(1,422,573	) (c)		3,293,932
Class IR		1,014			—			(562	) (c)		452

(a) Maximum public offering price per share for Class A Shares of the Goldman Sachs China Equity Fund and Goldman Sachs Asia Equity Fund is $9.44 and $20.33, respectively At redemption, Class B and Class C shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase of the shares.

(b) Assumed share class existed at October 31, 2013 with NAV of $20.13.

(c) Adjustment to reflect reduction of shares based on Goldman Sachs Asia Equity Fund NAVs.

B-7

Pro Forma Combined Statement of Operations

For the Goldman Sachs China Equity Fund and the Goldman Sachs Asia Equity Fund

For the Fiscal Year Ended October 31, 2013 (Unaudited)

	China Equity Fund			Asia Equity Fund			Adjustments			Pro Forma Combined Fund
Investment Income:
Dividends (net of foreign taxes of $53,879, $112,297 and $166,176)	$	692,111		$	1,186,533		$	0		$	1,878,644
Expenses:
Management fees		191,531			610,893			(17,281	) (a)		785,143
Custody, Accounting & Administrative services		84,393			257,721			(66,393	) (b)		275,721
Professional Fees		75,142			82,711			(75,142	) (b)		82,711
Registration fees		68,655			70,723			(61,582	) (b)		77,796
Distribution and Service fees(a)		515			68,787			—			69,302
Transfer Agent fees(a)		7,120			50,969			—			58,089
Printing and Mailing Costs		22,915			38,158			(17,915	) (b)		43,158
Trustee fees		16,921			17,051			(16,921	) (b)		17,051
Other		14,263			27,460			(9,263	) (b)		32,460
Total expenses		481,455			1,224,473			(264,497	)		1,441,431
Less - expense reductions		(214,602	)		(320,647	)		229,126	(c)		(306,123	)
Net Expenses		266,853			903,826			(35,371	)		1,135,308
Net Investment Income		425,258			282,707			35,371			743,336
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(338,734	)		5,947,967			—			5,609,233
Futures Contracts		—			15,130			—			15,130
Foreign currency transactions		(3,782	)		(125,965	)		—			(129,747	)
Net change in unrealized gain (loss) on:
Investments		1,647,738			(858,549	)		—			789,189
Futures Contracts		—			3,939			—			3,939
Foreign Currency Translation		22			(26,342	)		—			(26,320	)
Net realized and unrealized gain		1,305,244			4,956,180			—			6,261,424
Net Increase in Net Assets Resulting from Operations	$	1,730,502		$	5,238,887		$	35,371		$	7,004,760

(a) Class specific Distribution and Service, and Transfer Agent fees were as follows:

	Distribution and Service Fees						Transfer Agent Fees
Fund	Class A		Class B		Class C		Class A		Class B		Class C		Institutional		Class IR
China Equity	$	146	$	—	$	369	$	111	$	—	$	70	$	6,923	$	16
Asia Equity		36,034		7,385		25,368		27,386		1,403		4,820		17,360		—

(b) Adjustment to reflect lower management fee for the Goldman Sachs Asia Equity Fund

(c) Adjustments to reflect anticipated savings as a result of consolidation of custody and accounting, professional fees, printing and mailing cost, etc.

(d) Adjustment to reflect expense reduction arrangement for Goldman Sachs Asia Equity Fund.

B-8

GOLDMAN SACHS ASIA EQUITY FUND

Notes to Pro Forma Financial Statements

October 31, 2013 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, (the “Act”) as an open-end management investment company. The Trust includes the Goldman Sachs Asia Equity Fund (the “Fund”). The Fund is a diversified portfolio offering four classes of shares — Class A, Class B, Class C and Institutional.

The Trust also includes the Goldman Sachs China Equity Fund (“China Equity”). China Equity is a non-diversified portfolio offering four classes of shares — Class A, Class C, Institutional and IR.

2. BASIS OF COMBINATION

The unaudited pro forma Schedule of Investments, Statement of Assets and Liabilities, and Statement of Operations ( “pro forma statements” ) reflect the accounts of the Fund and China Equity as if the proposed reorganization occurred as of and for the year ended October 31, 2013. Classes A, C, Institutional and IR of China Equity will be combined with Classes A, C, Institutional and IR (to be launched) of the Fund, respectively. These pro forma statements reflect all adjustments, which are, in the opinion of management, necessary to present a fair statement of the results for the period shown.

The Fund will be the accounting survivor for financial reporting purposes. The Plan of Reorganization provides for a tax-free acquisition of China Equity into the Fund. The acquisition is expected to be completed in April, 2014.

3. SHARES OF BENEFICIAL INTEREST

These pro forma statements give effect to the proposed transaction whereby all assets of China Equity will be exchanged for shares of the Fund. The Fund will assume the liabilities, if any, of China Equity. Immediately thereafter, shares of the Fund will be distributed to the shareholders of China Equity. China Equity will be subsequently terminated.

The pro forma net asset value per share assumes the issuance of additional shares of the Fund, which would have been issued on October 31, 2013 in connection with the proposed reorganization. The amount of additional shares assumed to be issued under the reorganization was calculated based on the October 31, 2013 net assets and the net assets value per share (“NAV”) of the Fund. These amounts are summarized as follows:

	Class A		Class C		Institutional		IR
Shares Issued		942		492		1,147,642		452
Net Assets 10/31/2013	$	18,091	$	8,870	$	23,102,039	$	9,096
Pro Forma Net Asset Value 10/31/2013	$	19.21	$	18.02	$	20.13	$	20.13	*

* Assumed share class existed at October 31, 2013 with NAV of $20.13.

4. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A. Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agent and Service and Shareholder Administration fees. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The Fund had capital loss carryforwards as of October 31, 2013. The year and amount of expiration for each capital loss carryforward is indicated below:

Capital Loss Carryforward	China Equity Fund		Asia Equity Fund
Expiring 2017*	$	—	$	19,951,704
Perpetual Long-term		514,813		—
Perpetual Short-term		688,621		—
Total	$	1,203,434	$	19,951,704

* Expiration occurs on October 31 of the year indicated.

E. Foreign Currency Translation — The accounting records and reporting currency of the Fund is maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency transactions. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

5. INVESTMENTS AND FAIR VALUE MEASUREMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Trustees have adopted Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAMI day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAMI regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

2

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities - Equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Derivative Contracts- A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Exchange-traded derivatives, including futures contracts, typically fall within Level 1 of the fair value hierarchy.

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.

B. Level 3 Fair Value Investments —

To the extent that the aforementioned significant inputs are unobservable, or if quotations are not readily available, or if GSAMI believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAMI, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of October 31, 2013:

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	1,367,009	$	—	$	—
Other		1,431,719		79,197,089		—
Investment Companies		945,834		—		—
	$	3,744,562	$	79,197,089	$	—

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6. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2013. These gains (losses) should be considered in the context that these derivative contracts may have been executed to economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)		Average Number of Contracts (a)
Equity	Net realized gain (loss) from futures contracts / Net change in unrealized gain (loss) on futures contracts	$	15,130	$	3,939		1

a) Average number of contracts is based on the average of month end balances for the fiscal year ended October 31, 2013

7. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAMI manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAMI is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

For the fiscal year ended October 31, 2013, contractual and effective net management fees with GSAMI were at the following rates:

First $1 billion	Next $1 billion	Next $3 billion	Next $3 billion	Over $8 billion	Effective Rate
1.00%	0.90%	0.86%	0.84%	0.82%	1.00%

B. Distribution and Service Plans — The Trust, on behalf of the Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, at the following annual rates calculated on the Fund’s average daily net assets of each respective share class:

	Distribution and Service Plan Rates
	Class A*			Class B			Class C
Distribution Plan		0.25	%		0.75	%		0.75	%
Service Plan		—			0.25			0.25

* With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

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C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class B and Class C Shares’ CDSC. During the fiscal year ended October 31, 2013, Goldman Sachs advised that it retained approximately $3,900 in front end sales charges and no compensation for contingent deferred sale charges.

D. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.19% of the average daily net assets of Class A, Class B, Class C, and Class IR Shares; and 0.04% of the average daily net assets of Institutional Shares.

E. Other Expense Agreements and Affiliated Transactions — GSAMI has agreed to limit certain “Other Expense” of the Fund (excluding transfer agent fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, litigation, indemnification, shareholder meetings and other extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.344% of the average daily net assets of the Fund. Prior to February 28, 2013, the Other Expense limitation for the Fund was 0.164%. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAMI for prior fiscal year expense reimbursements, if any. These Other Expense limitations will remain in place through at least February 28, 2014 and prior to such date GSAMI may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended October 31, 2013, The Fund had $304,861 and $1,262 of Other Expense Reimbursements and Custody Fee Credits, respectively.

As of October 31, 2013, the amounts owed to affiliates were $72,643, $5,440 and $4,975 for management, distribution and service, and transfer agent fees, respectively.

F. Line of Credit Facility — As of October 31, 2013, the Fund participated in a $780,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAMI or its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Fund and Other Borrowers could increase the credit amount by an additional $220,000,000, for a total of up to $1,000,000,000. This facility is to be used solely for temporary or emergency purposes, which may include the funding of redemptions. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2013, the Fund did not have any borrowings under the facility. Prior to May 8, 2013, the committed amount available through the facility was $630,000,000.

G. Other Transactions with Affiliates — For the fiscal year ended October 31, 2013, Goldman Sachs earned $190, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Fund.

As of October 31, 2013, the Goldman Sachs Group, Inc. was beneficial owner of approximately 100% of Class IR Shares.

8. OTHER RISKS

The Fund’s risks include, but are not limited to, the following:

Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). In some countries, Foreign Custodians may be subject to little or no regulatory oversight or independent evaluation of their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters into bankruptcy. Investments in emerging markets may be subject to greater custody risks than investments in more developed markets. Custody services in emerging market countries are often undeveloped and may be less regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). In some countries, Foreign Custodians may be subject to little or no regulatory oversight or independent evaluation of their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters into bankruptcy. Investments in emerging markets may be subject to greater custody risks than investments in more developed markets. Custody services in emerging market countries are often undeveloped and may be less regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange traded fund (“ETF”), a Fund will directly bear its proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, be subject to government ownership controls, have delayed settlements and their prices may be more volatile than those of comparable securities in the U.S.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAMI believes the risk of loss under these arrangements to be remote.

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PART C: OTHER INFORMATION

Item 15. Indemnification

Article IV of the Declaration of Trust of Goldman Sachs Trust, a Delaware statutory trust, provides for indemnification of the Trustees, officers and agents of the Trust, subject to certain limitations. The Declaration of Trust is incorporated by reference to Exhibit (1)(a).

The Management Agreement provides that the Investment Adviser will not be liable for any error of judgment or mistake of law or for any loss suffered by a Fund, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Investment Adviser or from reckless disregard by the Investment Adviser of its obligations or duties under the Management Agreement. The Management Agreement is incorporated by reference as Exhibit (6).

Section 9 of the Distribution Agreement between the Registrant and Goldman Sachs dated April 30, 1997, as amended, and Section 7 of the Transfer Agency Agreement between the Registrant and Goldman, Sachs & Co. dated August 9, 2007 provides that the Registrant will indemnify Goldman, Sachs & Co. against certain liabilities. Copies of the Distribution Agreement and the Transfer Agency Agreement are incorporated by reference as Exhibits (7)(a) and (b) and (13)(d) and (e) respectively.

Mutual fund and trustees and officers liability policies purchased jointly by the Registrant, Goldman Sachs Variable Insurance Trust, Goldman Sachs Credit Strategies Fund, Goldman Sachs BDC, Inc., Goldman Sachs Trust II and Goldman Sachs MLP Income Opportunities Fund insure such persons and their respective trustees, partners, officers and employees, subject to the policies’ coverage limits and exclusions and varying deductibles, against loss resulting from claims by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is therefore unenforceable.

Item 16. Exhibits

(1)      (a)        Agreement and Declaration of Trust dated January 28, 1997 1/

(b) Amendment No. 1 dated April 24, 1997 to Agreement and Declaration of Trust January 28, 1997 2/

(c) Amendment No. 2 dated July 21, 1997 to Agreement and Declaration of Trust dated January 28, 1997 2/

(d) Amendment No. 3 dated October 21, 1997 to the Agreement and Declaration of Trust dated January 28, 1997 3/

(e) Amendment No. 4 dated January 28, 1998 to the Agreement and Declaration of Trust dated January 28, 1997 3/

(f) Amendment No. 5 dated January 28, 1998 to Agreement and Declaration of Trust dated January 28, 1997 4/

(g) Amendment No. 6 dated July 22, 1998 to Agreement and Declaration of Trust dated January 28, 1997 4/

(h) Amendment No. 7 dated November 3, 1998 to Agreement and Declaration of Trust dated January 28, 1997 5/

(i) Amendment No. 8 dated January 22, 1999 to Agreement and Declaration of Trust dated January 28, 1997 6/

(j) Amendment No. 9 dated April 28, 1999 to Agreement and Declaration of Trust dated January 28, 1997 7/

(k) Amendment No. 10 dated July 27, 1999 to Agreement and Declaration of Trust dated January 28, 1997 8/

(l) Amendment No. 11 dated July 27, 1999 to Agreement and Declaration of Trust dated January 28, 1997 8/

(m) Amendment No. 12 dated October 26, 1999 to Agreement and Declaration of Trust dated January 28, 1997 9/

(n) Amendment No. 13 dated February 3, 2000 to Agreement and Declaration of Trust dated January 28, 1997 10/

(o) Amendment No. 14 dated April 26, 2000 to Agreement and Declaration of Trust dated January 28, 1997 11/

(p) Amendment No. 15 dated August 1, 2000 to Agreement and Declaration of Trust dated January 28, 1997 12/

(q) Amendment No. 16 dated January 30, 2001 to Agreement and Declaration of Trust dated January 28, 1997 13/

(r) Amendment No. 17 dated April 25, 2001 to Agreement and Declaration of Trust dated January 28, 1997 14/

(s) Amendment No. 18 dated July 1, 2002 to Agreement and Declaration of Trust dated January 28, 1997 15/

(t) Amendment No. 19 dated August 1, 2002 to Agreement and Declaration of Trust dated January 28, 1997 15/

(u) Amendment No. 20 dated August 1, 2002 to Agreement and Declaration of Trust dated January 28, 1997 15/

(v) Amendment No. 21 dated January 29, 2003 to the Agreement and Declaration of Trust dated January 28, 1997 16/

(w) Amendment No. 22 dated July 31, 2003 to the Agreement and Declaration of Trust dated January 28, 1997 17/

(x) Amendment No. 23 dated October 30, 2003 to the Agreement and Declaration of Trust dated January 28, 1997 17/

(y) Amendment No. 24 dated May 6, 2004 to the Agreement and Declaration of Trust dated January 28, 1997 18/

(z) Amendment No. 25 dated April 21, 2004 to the Agreement and Declaration of Trust dated January 28, 1997 19/

(aa) Amendment No. 26 dated November 4, 2004 to the Agreement and Declaration of Trust dated January 28, 1997 19/

(bb) Amendment No. 27 dated February 10, 2005 to the Agreement and Declaration of Trust dated January 28, 1997 20/

(cc) Amendment No. 28 dated May 12, 2005 to the Agreement and Declaration of Trust dated January 28, 1997 21/

(dd) Amendment No. 29 dated June 16, 2005 to the Agreement and Declaration of Trust dated January 28, 1997 21/

(ee) Amendment No. 30 dated August 4, 2005 to the Agreement and Declaration of Trust dated January 28, 1977 21/

(ff) Amendment No. 31 dated November 2, 2005 to the Agreement and Declaration of Trust dated January 28, 1997 22/

(gg) Amendment No. 32 dated December 31, 2005 to the Agreement and Declaration of Trust dated January 28, 1997 23/

(hh) Amendment No. 33 dated March 16, 2006 to the Agreement and Declaration of Trust dated January 28, 1997 22/

(ii) Amendment No. 34 dated March 16, 2006 to the Agreement and Declaration of Trust dated January 28, 1997 22/

(jj) Amendment No. 35 dated May 11, 2006 to the Agreement and Declaration of Trust dated January 28, 1997 24/

(kk) Amendment No. 36 dated June 15, 2006 to the Agreement and Declaration of Trust dated January 28, 1997 25/

(ll) Amendment No. 37 dated August 10, 2006 to the Agreement and Declaration of Trust dated January 28, 1997 26/

(mm) Amendment No. 38 dated November 9, 2006 to the Agreement and Declaration of Trust dated January 28, 1997 26/

(nn) Amendment No. 39 dated December 14, 2006 to the Agreement and Declaration of Trust dated January 28, 1997 27/

(oo) Amendment No. 40 dated December 14, 2006 to the Agreement and Declaration of Trust dated January 28, 1997 27/

(pp) Amendment No. 41 dated February 8, 2007 to the Agreement and Declaration of Trust dated January 28, 1997 27/

(qq) Amendment No. 42 dated March 15, 2007 to the Agreement and Declaration of Trust dated January 28, 1997 27/

(rr) Amendment No. 43 dated May 10, 2007 to the Agreement and Declaration of Trust dated January 28, 1997 27/

(ss) Amendment No. 44 dated June 13, 2007 to the Agreement and Declaration of Trust dated January 28, 1997 28/

(tt) Amendment No. 45 dated June 13, 2007 to the Agreement and Declaration of Trust dated January 28, 1997 29/

(uu) Amendment No. 46 dated November 8, 2007 to the Agreement and Declaration of Trust dated January 28, 1997 29/

(vv) Amendment No. 47 dated November 8, 2007 to the Agreement and Declaration of Trust dated January 28, 1997 29/

(ww) Amendment No. 48 dated December 13, 2007 to the Agreement and Declaration of Trust dated January 28, 1997 30/

(xx) Amendment No. 49 dated June 19, 2008 to the Agreement and Declaration of Trust dated January 28, 1997 31/

(yy) Amendment No. 50 dated August 14, 2008 to the Agreement and Declaration of Trust dated January 28, 1997 32/

(zz) Amendment No. 51 dated August 25, 2008 to the Agreement and Declaration of Trust dated January 28, 1997 33/

(aaa) Amendment No. 52 dated November 13, 2008 to the Agreement and Declaration of Trust dated January 28, 1997 33/

(bbb) Amendment No. 53 dated May 21, 2009 to the Agreement and Declaration of Trust dated January 28, 1997 34/

(ccc) Amendment No. 54 dated November 19, 2009 to the Agreement and Declaration of Trust dated January 28, 1997 34/

(ddd) Amendment No. 55 dated February 11, 2010 to the Agreement and Declaration of Trust dated January 28, 1997 35/

(eee) Amendment No. 56 dated May 20, 2010 to the Agreement and Declaration of Trust dated January 28, 1997 36/

(fff) Amendment No. 57 dated June 17, 2010 to the Agreement and Declaration of Trust dated January 28, 1997 36/

(ggg) Amendment No. 58 dated November 18, 2010 to the Agreement and Declaration of Trust dated January 28, 1997 37/

(hhh) Amendment No. 59 dated January 5, 2011 to the Agreement and Declaration of Trust dated January 28, 1997 38/

(iii) Amendment No. 60 dated February 10, 2011 to the Agreement and Declaration of Trust dated January 28, 1997 38/

(jjj) Amendment No. 61 dated February 10, 2011 to the Agreement and Declaration of Trust dated January 28, 1997 38/

(kkk) Amendment No. 62 dated June 16, 2011 to the Agreement and Declaration of Trust dated January 28, 1997 39/

(lll) Amendment No. 63 dated August 18, 2011 to the Agreement and Declaration of Trust dated January 28, 1997 40/

(mmm) Amendment No. 64 dated September 27, 2011 to the Agreement and Declaration of Trust dated January 28, 1997 41/

(nnn) Amendment No. 65 dated October 20, 2011 to the Agreement and Declaration of Trust dated January 28, 1997 41/

(ooo) Amendment No. 66 dated December 15, 2011 to the Agreement and Declaration of Trust dated January 28, 1997 42/

(ppp) Amendment No. 67 dated April 19, 2012 to the Agreement and Declaration of Trust dated January 28, 1997 43/

(qqq) Amendment No. 68 dated August 16, 2012 to the Agreement and Declaration of Trust dated January 28, 1997 44/

(rrr) Amendment No. 69 dated December 13, 2012 to the Agreement and Declaration of Trust dated January 28, 1997 45/

(sss) Amendment No. 70 dated February 12, 2013 to the Agreement and Declaration of Trust dated January 28, 1997 46/

(ttt) Amendment No. 71 dated April 18, 2013 to the Agreement and Declaration of Trust dated January 28, 1997 47/

(uuu) Amendment No. 72 dated June 13, 2013 to the Agreement and Declaration of Trust dated January 28, 1997 48/

(vvv) Amendment No. 73 dated August 15, 2013 to the Agreement and Declaration of Trust dated January 28, 1997 49/

(www) Amendment No. 74 dated September 19, 2013 to the Agreement and Declaration of Trust dated January 28, 1997 50/

(xxx) Amendment No. 75 dated October 17, 2013 to the Agreement and Declaration of Trust dated January 28, 1997 51/

(yyy) Amendment No. 76 dated November 8, 2013 to the Agreement and Declaration of Trust dated January 28, 1997 52/

(zzz) Amendment No. 77 dated December 19, 2013 to the Agreement and Declaration of Trust dated January 28, 1997 53/

(aaaa) Amendment No. 78 dated February 21, 2014 to the Agreement and Declaration of Trust dated January 28, 1997 54/

(2) Amended and Restated By-Laws of Goldman Sachs Trust dated August 15, 2013 54/

(3) Not applicable

(4) Form of Agreement and Plan of Reorganization is included in Part A to the Registration Statement on Form N-14.

(5) Instruments Defining the Rights of Holders of Registrant’s Shares of Beneficial Interest 55/

(6) (a) Management Agreement dated April 30, 1997 between Registrant, Goldman Sachs Asset Management, Goldman Sachs Fund Management L.P. and Goldman Sachs Asset Management International 56/

(b) Amended Annex A dated December 19, 2013 to the Management Agreement dated April 30, 1997 between Registrant, Goldman Sachs Asset Management, Goldman Sachs Fund Management L.P. and Goldman Sachs Asset Management International 58/

(7) (a) Distribution Agreement dated April 30, 1997 17/

(b) Amended Exhibit A dated December 19, 2013 to the Distribution Agreement dated April 30, 1997 58/

(8) Not applicable

(9)     (a)         Global Custody Agreement dated June 30, 2006 between Registrant and JPMorgan Chase Bank, N.A. 64/

(10)     (a)         Class A Distribution and Service Plan amended and restated as of May 5, 2004 19/

(b) Class B Distribution and Service Plan amended and restated as of February 4, 2004 82/

(c) Class C Distribution and Service Plan amended and restated as of February 4, 2004 82/

(d) Plan in Accordance with Rule 18f-3, amended and restated as of December 1, 2010 81/

(11) Opinion and Consent of Dechert LLP, filed herewith

(12) Form of Opinion of Dechert LLP supporting the tax matters and consequences to shareholders discussed in the Prospectus/Information Statement, filed herewith

(13)     (a)         First Amendment dated July 18, 1994 to Amended and Restated Wiring Agreement dated January 25, 1994

among Goldman, Sachs & Co., State Street Bank and Trust Company and The Northern Trust Company 76/

(b) Amended and Restated Wiring Agreement dated January 25, 1994 among Goldman, Sachs & Co., State Street Bank and Trust Company and The Northern Trust Company 76/

(c) Letter Agreement dated June 20, 1987 regarding use of checking account between Registrant and The Northern Trust Company 77/

(d) Amended and Restated Transfer Agency Agreement dated August 9, 2007 between Registrant and Goldman, Sachs & Co. 78/

(e) Amended and Restated Transfer Agency Agreement Fee Schedule dated December 19, 2013, to the Transfer Agency Agreement dated August 9, 2007 between Registrant and Goldman, Sachs & Co. 58/

(f) Form of Retail Service Agreement on behalf of Goldman Sachs Trust relating to Class A Shares of Goldman Sachs Asset Allocation Portfolios, Goldman Sachs Fixed Income Funds, Goldman Sachs Domestic Equity Funds and Goldman Sachs International Equity Funds 5/

(g) Form of Retail Service Agreement on behalf of Goldman Sachs Trust – TPA Assistance Version relating to the Class A Shares of Goldman Sachs Asset Allocation Portfolios, Goldman Sachs Fixed Income Funds, Goldman Sachs Domestic Equity Funds and Goldman Sachs International Equity Funds 79/

(h) Form of Supplemental Service Agreement on behalf of Goldman Sachs Trust relating to the Class A Shares and Service Shares of Goldman Sachs Equity and Fixed Income Funds 79/

(i) Form of Service Agreement on behalf of Goldman Sachs Trust relating to the Institutional Class, Select Class, Preferred Class, Capital Class, Administration Class, Premier Class, Service Class, Resource Class and Cash Management Class, as applicable, of Goldman Sachs Financial Square Funds, Goldman Sachs Fixed Income Funds, Goldman Sachs Domestic Equity Funds, Goldman Sachs International Equity Funds and Goldman Sachs Fund of Funds Portfolios 80/

(j) Mutual Funds Service Agreement dated June 30, 2006 between Registrant and J.P. Morgan Investor Services Co. 64/

(k) Code of Ethics — Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and Goldman Sachs Credit Strategies Fund dated April 23, 1997, as amended effective June 1, 2012 48/

(l) Code of Ethics — Goldman, Sachs & Co., Goldman Sachs Asset Management, L.P., Goldman Sachs Asset Management International, Goldman Sachs Hedge Fund Strategies LLC and GS Investment Strategies, LLC dated January 23, 1991, effective February 6, 2012 47/

(14) Consent of Independent Registered Public Accounting Firm, filed herewith

(15) Not applicable

(16) Powers of Attorney for James A. McNamara, Ashok N. Bakhru, Donald C. Burke, John P. Coblentz, Jr., Diana M. Daniels, Joseph P. LoRusso, Herbert J. Markley, Jessica Palmer, Alan A. Shuch, Richard P. Strubel and Roy W. Templin, filed herewith

(17)     (a)   Prospectus and Statement of Additional Information of Goldman Sachs Asia Equity and China Equity Funds, dated

                    February 28, 2014, as supplemented, to be filed

(c) Audited Financials of the Annual Report of Goldman Sachs Asia Equity and China Equity Funds for the fiscal year ended October 31, 2013, filed herewith

1/ Incorporated by reference from Post-Effective Amendment No. 29 to the Registrant’s registration statement, SEC File No. 33-17619, filed February 14, 1997.

2/ Incorporated by reference from Post-Effective Amendment No. 40 to the Registrant’s registration statement, SEC File No. 33-17619, filed October 16, 1997.

3/ Incorporated by reference from Post-Effective Amendment No. 41 to the Registrant’s registration statement, SEC File No. 33-17619, filed February 13, 1998.

4/ Incorporated by reference from Post-Effective Amendment No. 47 to the Registrant’s registration statement, SEC File No. 33-17619, filed October 1, 1998.

5/ Incorporated by reference from Post-Effective Amendment No. 50 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 29, 1998.

6/ Incorporated by reference from Post-Effective Amendment No. 52 to the Registrant’s registration statement, SEC File No. 33-17619, filed February 12, 1999.

7/ Incorporated by reference from Post-Effective Amendment No. 55 to the Registrant’s registration statement, SEC File No. 33-17619, filed July 16, 1999.

8/ Incorporated by reference from Post-Effective Amendment No. 56 to the Registrant’s registration statement, SEC File No. 33-17619, filed September 16, 1999.

9/ Incorporated by reference from Post-Effective Amendment No. 58 to the Registrant’s registration statement, SEC File No. 33-17619, filed November 22, 1999.

10/ Incorporated by reference from Post-Effective Amendment No. 62 to the Registrant’s registration statement, SEC File No. 33-17619, filed February 23, 2000.

11/ Incorporated by reference from Post-Effective Amendment No. 65 to the Registrant’s registration statement, SEC File No. 33-17619, filed May 3, 2000.

12/ Incorporated by reference from Post-Effective Amendment No. 68 to the Registrant’s registration statement, SEC File No. 33-17619, filed November 22, 2000.

13/ Incorporated by reference from Post-Effective Amendment No. 72 to the Registrant’s registration statement, SEC File No. 33-17619, filed April 13, 2001.

14/ Incorporated by reference from Post-Effective Amendment No. 73 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 21, 2001.

15/ Incorporated by reference from Post-Effective Amendment No. 79 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 11, 2002.

16/ Incorporated by reference from Post-Effective Amendment No. 81 to the Registrant’s registration statement, SEC File No. 33-17619, filed February 19, 2003.

17/ Incorporated by reference from Post-Effective Amendment No. 85 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 12, 2003.

18/ Incorporated by reference from the Registrant’s Registration Statement on Form N-14 relating to the Registrant’s acquisition of the Golden Oak^® Family of Funds (“Acquisition”), SEC File No. 333-117561, filed July 22, 2004.

19/ Incorporated by reference from Post-Effective Amendment No. 93 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 23, 2004.

20/ Incorporated by reference from Post-Effective Amendment No. 103 to the Registrant’s registration statement, SEC File No. 33-17619, filed June 17, 2005.

21/ Incorporated by reference from Post-Effective Amendment No. 112 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 7, 2005.

22/ Incorporated by reference from Post-Effective Amendment No. 127 to the Registrant’s registration statement, SEC File No. 33-17619, filed May 26, 2006.

23/ Incorporated by reference from Post-Effective Amendment No. 114 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 29, 2005.

24/ Incorporated by reference from Post-Effective Amendment No. 133 to the Registrant’s registration statement, SEC File No. 33-17619, filed August 18, 2006.

25/ Incorporated by reference from Post-Effective Amendment No. 129 to the Registrant’s registration statement, SEC File No. 33-17619, filed June 23, 2006.

26/ Incorporated by reference from Post-Effective Amendment No. 143 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 21, 2006.

27/ Incorporated by reference from Post-Effective Amendment No. 159 to the Registrant’s registration statement, SEC File No. 33-17619, filed June 12, 2007.

28/ Incorporated by reference from Post-Effective Amendment No. 162 to the Registrant’s registration statement, SEC File No. 33-17619, filed August 14, 2007.

29/ Incorporated by reference from Post-Effective Amendment No. 173 to the Registrant’s registration statement, SEC File No. 33-17619, filed November 27, 2007.

30/ Incorporated by reference from Post-Effective Amendment No. 183 to the Registrant’s registration statement, SEC File No. 33-17619, filed January 18, 2008.

31/ Incorporated by reference from Post-Effective Amendment No. 205 to the Registrant’s registration statement, SEC File No. 33-17619, filed July 29, 2008.

32/ Incorporated by reference from Post-Effective Amendment No. 206 to the Registrant’s registration statement, SEC File No. 33-17619, filed August 27, 2008.

33/ Incorporated by reference from Post-Effective Amendment No. 217 to the Registrant’s registration statement, SEC File No. 33-17619, filed February 27, 2009.

34/ Incorporated by reference from Post-Effective Amendment No. 226 to the Registrant’s registration statement, SEC File No. 33-17619, filed November 24, 2009.

35/ Incorporated by reference from Post-Effective Amendment No. 242 to the Registrant’s registration statement, SEC File No. 33-17619, filed April 30, 2010.

36/ Incorporated by reference from Post-Effective Amendment No. 249 to the Registrant’s registration statement, SEC File No. 33-17619, filed June 30, 2010.

37/ Incorporated by reference from Post-Effective Amendment No. 261 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 3, 2010.

38/ Incorporated by reference from Post-Effective Amendment No. 270 to the Registrant’s registration statement, SEC File No. 33-17619, filed February 16, 2011.

39/ Incorporated by reference from Post-Effective Amendment No. 285 to the Registrant’s registration statement, SEC File No. 33-17619, filed July 29, 2011.

40/ Incorporated by reference from Post-Effective Amendment No. 290 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 12, 2011.

41/ Incorporated by reference from Post-Effective Amendment No. 291 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 16, 2011.

42/ Incorporated by reference from Post-Effective Amendment No. 292 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 23, 2011.

43/ Incorporated by reference from Post-Effective Amendment No. 321 to the Registrant’s registration statement, SEC File No. 33-17619, filed April 27, 2012.

44/ Incorporated by reference from Post-Effective Amendment No. 333 to the Registrant’s registration statement, SEC File No. 33-17619, filed September 24, 2012.

45/ Incorporated by reference from Post-Effective Amendment No. 346 to the Registrant’s registration statement, SEC File No. 33-17619, filed January 28, 2013.

46/ Incorporated by reference from Post-Effective Amendment No. 348 to the Registrant’s registration statement, SEC File No. 33-17619, filed February 28, 2013.

47/ Incorporated by reference from Post-Effective Amendment No. 355 to the Registrant’s registration statement, SEC File No. 33-17619, filed April 30, 2013.

48/ Incorporated by reference from Post-Effective Amendment No. 363 to the Registrant’s registration statement, SEC File No. 33-17619, filed July 29, 2013.

49/ Incorporated by reference from Post-Effective Amendment No. 366 to the Registrant’s registration statement, SEC File No. 33-17619, filed September 12, 2013.

50/ Incorporated by reference from Post-Effective Amendment No. 368 to the Registrant’s registration statement, SEC File No. 33-17619, filed September 26, 2013.

51/ Incorporated by reference from Post-Effective Amendment No. 369 to the Registrant’s registration statement, SEC File No. 33-17619, filed October 25, 2013.

52/ Incorporated by reference from Post-Effective Amendment No. 375 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 13, 2013.

53/ Incorporated by reference from Post-Effective Amendment No. 376 to the Registrant’s registration statement, SEC File no. 33-17619, filed December 26, 2013.

54/ Incorporated by reference from Post-Effective Amendment No. 364 to the Registrant’s registration statement, SEC File No. 33-17619, filed August 16, 2013.

55/ Article II, Section 10, Article IV, Section 3, Article V, Article VI, Article VII, Article IX, Section 8 and Section 9 of the Registrant’s Agreement and Declaration of Trust incorporated herein by reference as Exhibit (a)(1) and Article III of the Registrant’s Amended and Restated By-Laws incorporated by reference as Exhibit (b)(3).

56/ Incorporated by reference from Post-Effective Amendment No. 48 to the Registrant’s registration statement, SEC File No. 33-17619, filed November 25, 1998.

57/ Incorporated by reference from Post-Effective Amendment No. 195 to the Registrant’s registration statement, SEC File No. 33-17619, filed February 29, 2008.

58/ Incorporated by reference from Post-Effective Amendment No. 387 to the Registrant’s registration statement, SEC File No. 33-17619, filed January 30, 2014.

59/ Incorporated by reference from Post-Effective Amendment No. 311 to the Registrant’s registration statement, SEC File No. 33-17619, filed February 27, 2012.

60/ Incorporated by reference from Post-Effective Amendment No. 83 to the Registrant’s registration statement, SEC File No. 33-17619, filed June 13, 2003.

61/ Incorporated by reference from Post-Effective Amendment No. 26 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 29, 1995.

62/ Incorporated by reference from Post-Effective Amendment No. 59 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 1, 1999.

63/ Incorporated by reference from Post-Effective Amendment No. 75 to the Registrant’s registration statement, SEC File No. 33-17619, filed April 15, 2002.

64/ Incorporated by reference from Post-Effective Amendment No. 149 to the Registrant’s registration statement, SEC File No. 33-17619, filed January 19, 2007.

65/ Incorporated by reference from Post-Effective Amendment No. 218 to the Registrant’s registration statement, SEC File No. 33-17619, filed April 30, 2009.

66/ Incorporated by reference from Post-Effective Amendment No. 233 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 28, 2009.

67/ Incorporated by reference from Post-Effective Amendment No. 229 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 24, 2009.

68/ Incorporated by reference from Post-Effective Amendment No. 277 to the Registrant’s registration statement, SEC File No. 33-17619, filed April 5, 2011.

69/ Incorporated by reference from Post-Effective Amendment No. 279 to the Registrant’s registration statement, SEC File No. 33-17619, filed April 28, 2011.

70/ Incorporated by reference from Post-Effective Amendment No. 304 to the Registrant’s registration statement, SEC File No. 33-17619, filed January 25, 2012.

71/ Incorporated by reference from Post-Effective Amendment No. 312 to the Registrant’s registration statement, SEC File No. 33-17619, filed February 27, 2012.

72/ Incorporated by reference from Post-Effective Amendment No. 313 to the Registrant’s registration statement, SEC File No. 33-17619, filed February 28, 2012.

73/ Incorporated by reference from Post-Effective Amendment No. 338 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 21, 2012.

74/ Incorporated by reference from Post-Effective Amendment No. 353 to the Registrant’s registration statement, SEC File No. 33-17618, filed March 25, 2013.

75/ Incorporated by reference from Post-Effective Amendment No. 360 to the Registrant’s registration statement. SEC File No. 33-17619, filed May 28, 2013.

76/ Incorporated by reference from Post-Effective Amendment No. 222 to the Registrant’s registration statement, SEC File. No. 33-17619, filed July 28, 2009.

77/ Incorporated by reference from Post-Effective Amendment No. 43 to the Registrant’s registration statement, SEC File No. 33-17619, filed March 2, 1998.

78/ Incorporated by reference from Post-Effective Amendment No. 175 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 10, 2007.

79/ Incorporated by reference from Post-Effective Amendment No. 198 to the Registrant’s registration statement, SEC File No. 33-17619, filed April 28, 2008.

80/ Incorporated by reference from Post-Effective Amendment No. 252 to the Registrant’s registration statement, SEC File No. 33-17619, filed July 29, 2010.

81/ Incorporated by reference from Post-Effective Amendment No. 263 to the Registrant’s registration statement, SEC File No. 33-17619, filed December 29, 2010.

82/ Incorporated by reference from Post-Effective Amendment No. 86 to the Registrant’s registration statement, SEC File No. 33-17619, filed February 24, 2004.

83/ Incorporated by reference from Post-Effective Amendment No. 245 to the Registrant’s registration statement, SEC File No. 33-17619, filed May 14, 2010.

84/ Incorporated by reference from Post-Effective Amendment No. 331 to the Registrant’s registration statement, SEC File No. 33-17619, filed August 31, 2012.

85/ Incorporated by reference from Post-Effective Amendment No. 370 to the Registrant’s registration statement, SEC File No. 33-17619, filed November 15, 2013.

Item 17. Undertakings

(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be

an underwriter within the meaning of Rule 145(c) of the Securities Act [17 CFR 230.145c], the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3) The Registrant hereby undertakes to file, by post-effective amendment, the final opinion of Dechert LLP supporting the tax consequences of the proposed reorganization as soon as practicable after the closing of the reorganization.

SIGNATURES

As required by the Securities Act of 1933, this registration statement has been filed on behalf of the Registrant, in the City and State of New York on the 21^st day of February, 2014.

GOLDMAN SACHS TRUST, on behalf of its series: Goldman Sachs Asia Equity Fund (A Delaware statutory trust)
By:	/s/ Caroline Kraus
	Caroline Kraus Secretary

As required by the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

Name	Title	Date
1James A. McNamara James A. McNamara	President (Chief Executive Officer) and Trustee	February 21, 2014
1 Scott M. McHugh Scott M. McHugh	Treasurer, Senior Vice President and Principal Financial Officer	February 21, 2014
1Ashok N. Bakhru Ashok N. Bakhru	Chairman and Trustee	February 21, 2014
1Donald C. Burke Donald C. Burke	Trustee	February 21, 2014
1John P. Coblentz, Jr. John P. Coblentz, Jr.	Trustee	February 21, 2014
1Diana M. Daniels Diana M. Daniels	Trustee	February 21, 2014
1Joseph P. LoRusso Joseph P. LoRusso	Trustee	February 21, 2014
1Herbert J. Markley Herbert J. Markley	Trustee	February 21, 2014
1Jessica Palmer Jessica Palmer	Trustee	February 21, 2014
1Alan A. Shuch Alan A. Shuch	Trustee	February 21, 2014
1Richard P. Strubel Richard P. Strubel	Trustee	February 21, 2014
1Roy W. Templin Roy W. Templin	Trustee	February 21, 2014

By:	/s/ Caroline Kraus
	Caroline Kraus, Attorney-In-Fact

¹  Pursuant to powers of attorney, filed herewith.

EXHIBIT INDEX

(11) Opinion and Consent of Dechert LLP

(12) Form of Opinion of Dechert LLP supporting the tax matters and consequences to shareholders discussed in the Prospectus/Information Statement

(14) Consent of Independent Registered Public Accounting Firm

(16) Powers of Attorney for James A. McNamara, Ashok N. Bakhru, Donald C. Burke, John P. Coblentz, Jr., Diana M. Daniels, Joseph P. LoRusso, Herbert J. Markley, Jessica Palmer, Alan A. Shuch, Richard P. Strubel and Roy W. Templin

(17)  (c) Audited Financials of the Annual Report of Goldman Sachs Asia Equity and China Equity Funds for the fiscal year ended October 31, 2013

EX-99.(11)

[11]

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Form N-14 of our report dated December 23, 2013, relating to the financial statements and financial highlights which appear in the October 31, 2013 Annual Report to Shareholders of Goldman Sachs Asia Equity Fund and Goldman Sachs China Equity Fund. We also consent to the references to us under the headings “Financial Highlights”, “Experts” and in Exhibit A “Agreement and Plan of Reorganization” under the heading “Representations and Warranties.”

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 21, 2014

EX-99.(12)

(12)

1095 Avenue of the Americas                      New York, NY 10036-6797 +1 212 698 3500 Main +1 212 698 3599 Fax www.dechert.com  

FORM OF TAX OPINION

[•], 2014

Board of Trustees

Goldman Sachs Trust

Goldman Sachs China Equity Fund

71 South Wacker Drive

Chicago, Illinois 60606

Board of Trustees

Goldman Sachs Trust

Goldman Sachs Asia Equity Fund

71 South Wacker Drive

Chicago, Illinois 60606

Dear Ladies and Gentlemen:

You have requested our opinion regarding certain federal income tax consequences to Goldman Sachs China Equity Fund (the “Acquired Fund”), a separate series of Goldman Sachs Trust, a Delaware statutory trust (“GST”), to the holders of the shares of beneficial interest (the “Acquired Fund Shares”) of Acquired Fund (the “Acquired Fund Shareholders”), and to Goldman Sachs Asia Equity Fund (the “Acquiring Fund”), a separate series of GST, in connection with the proposed transfer of substantially all of the properties of Acquired Fund to Acquiring Fund in exchange solely for shares of beneficial interest of Acquiring Fund (“Acquiring Fund Shares”) and the assumption of all liabilities of Acquired Fund by Acquiring Fund, followed by the distribution of such Acquiring Fund Shares received by Acquired Fund in complete liquidation and termination of Acquired Fund (the “Reorganization”), all pursuant to the Agreement and Plan of

Page 2

Reorganization (the “Plan”) dated as of April [•], 2014, executed by GST on behalf of Acquired Fund and Acquiring Fund.

For purposes of this opinion, we have examined and relied upon (1) the Plan, (2) the facts and representations contained in the letter dated on or about the date hereof addressed to us from GST on behalf of Acquiring Fund, (3) the facts and representations contained in the letter dated on or about the date hereof addressed to us from GST on behalf of Acquired Fund, and (4) such other documents and instruments as we have deemed necessary or appropriate for purposes of rendering this opinion.

This opinion is based upon the Internal Revenue Code of 1986, as amended (the “Code”), United States Treasury regulations, judicial decisions, and administrative rulings and pronouncements of the Internal Revenue Service, all as in effect on the date hereof. This opinion is conditioned upon the Reorganization taking place in the manner described in the Plan referred to above.

Based upon the foregoing, it is our opinion that for federal income tax purposes:

1. The acquisition by Acquiring Fund of substantially all of the properties of Acquired Fund in exchange solely for Acquiring Fund Shares and the assumption of all liabilities of Acquired Fund by Acquiring Fund followed by the distribution of Acquiring Fund Shares to the Acquired Fund Shareholders in exchange for their Acquired Fund Shares in complete liquidation and termination of Acquired Fund will constitute a tax-free reorganization under Section 368(a) of the Code.

2. Acquired Fund will not recognize gain or loss upon the transfer of substantially all of its assets to Acquiring Fund in exchange solely for Acquiring Fund Shares and the assumption of all liabilities of Acquired Fund, except that Acquired Fund may be required to recognize gain or loss with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code.

3. Acquired Fund will not recognize gain or loss upon the distribution to its shareholders of the Acquiring Fund Shares received by Acquired Fund in the Reorganization.

Page 3

4. Acquiring Fund will recognize no gain or loss upon receiving the properties of Acquired Fund in exchange solely for Acquiring Fund Shares and the assumption of all liabilities of Acquired Fund.

5. The adjusted basis to Acquiring Fund of the properties of Acquired Fund received by Acquiring Fund in the Reorganization will be the same as the adjusted basis of those properties in the hands of Acquired Fund immediately before the exchange.

6. Acquiring Fund’s holding periods with respect to the properties of Acquired Fund that Acquiring Fund acquires in the Reorganization will include the respective periods for which those properties were held by Acquired Fund (except where investment activities of Acquiring Fund have the effect of reducing or eliminating a holding period with respect to an asset).

7. The Acquired Fund Shareholders will recognize no gain or loss upon receiving Acquiring Fund Shares solely in exchange for Acquired Fund Shares.

8. The aggregate basis of the Acquiring Fund Shares received by an Acquired Fund Shareholder in the Reorganization will be the same as the aggregate basis of Acquired Fund Shares surrendered by the Acquired Fund Shareholder in exchange therefor.

9. An Acquired Fund Shareholder’s holding period for the Acquiring Fund Shares received by the Acquired Fund Shareholder in the Reorganization will include the holding period during which the Acquired Fund Shareholder held Acquired Fund Shares surrendered in exchange therefor, provided that the Acquired Fund Shareholder held such shares as a capital asset on the date of Reorganization.

We express no opinion as to the federal income tax consequences of the Reorganization except as expressly set forth above, or as to any transaction except those consummated in accordance with the Plan.

Very truly yours,

EX-99.(16)

(16)

POWER OF ATTORNEY

Each person whose signature appears below hereby constitutes and appoints James A. McNamara, Caroline Kraus, Andrew Murphy, Robert Griffith and Matthew Wolfe, jointly and severally, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power and authority of substitution and resubstitution, to do any and all acts and things and to execute any and all instruments which said attorneys-in-fact and agents, or any of them, may deem necessary or advisable or which may be required to enable Goldman Sachs Trust (the “Trust”) to comply with the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended (collectively, the “Acts”), and any rules, regulations or requirements of the Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of the Trust’s Registration Statement on Form N-14 (the “Registration Statement”), relating to the proposed reorganization of Goldman Sachs China Equity Fund with and into Goldman Sachs Asia Equity Fund, each a series of the Trust, and any and all amendments (including post-effective amendments) to the Registration Statement, including specifically, but without limiting the generality of the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a Trustee and/or officer of the Trust, any and all such amendments to the Registration Statement filed with the Securities and Exchange Commission under said Acts, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys-in-fact and agents, or any of them, shall do or cause to be done by virtue hereof.

All past acts of such attorneys-in-fact and agents in furtherance of the foregoing are hereby ratified and confirmed.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

As to each of the undersigned, this Power of Attorney shall be valid from the date hereof until revoked by such individual.

WITNESS our hands on the date(s) set forth below.

Name	Title	Date
/s/ James A. McNamara James A. McNamara	President (Chief Executive Officer) and Trustee	February 11, 2014
/s/ Scott M. McHugh Scott M. McHugh	Treasurer, Senior Vice President and Principal Financial Officer	February 11, 2014
/s/ Ashok N. Bakhru Ashok N. Bakhru	Chairman and Trustee	February 11, 2014
/s/ Donald C. Burke Donald C. Burke	Trustee	February 11, 2014
/s/ John P. Coblentz, Jr. John P. Coblentz, Jr.	Trustee	February 11, 2014
/s/ Diana M. Daniels Diana M. Daniels	Trustee	February 11, 2014

/s/ Joseph P. LoRusso Joseph P. LoRusso	Trustee	February 11, 2014
/s/ Herbert J. Markley Herbert J. Markley	Trustee	February 11, 2014
/s/ Jessica Palmer Jessica Palmer	Trustee	February 11, 2014
/s/ Alan A. Shuch Alan A. Shuch	Trustee	February 11, 2014
/s/ Richard P. Strubel Richard P. Strubel	Trustee	February 11, 2014
/s/ Roy W. Templin Roy W. Templin	Trustee	February 11, 2014

EX-99.(17)(C)

(17)(c)

Goldman Sachs Funds

Annual Report	October 31, 2013
	Fundamental Emerging Markets Equity Funds
	Asia Equity
	BRIC
	China Equity
	Emerging Markets Equity
	N-11 Equity

Goldman Sachs Fundamental

Emerging Markets Equity Funds

n ASIA EQUITY

n BRIC

n CHINA EQUITY

n EMERGING MARKETS EQUITY

n N-11 EQUITY

TABLE OF CONTENTS
Principal Investment Strategies and Risks	1
Investment Process	3
Market Review	4
Portfolio Management Discussions and Performance Summaries	7
Schedules of Investments	43
Financial Statements	56
Financial Highlights	62
Notes to Financial Statements	72
Report of Independent Registered Public Accounting Firm	89
Other Information	90

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Principal Investment Strategies and Risks

This is not a complete list of risks that may affect the Funds. For additional information concerning the risks applicable to the Funds, please see the Funds’ Prospectus.

The Goldman Sachs Asia Equity Fund invests primarily in a diversified portfolio of equity investments in Asian issuers (excluding Japanese issuers). The Fund is subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. Because of its exposure to Asian issuers, the Fund is subject to greater risk of loss as a result of adverse securities markets, exchange rates and social, political, regulatory or economic events that may occur in Asian countries. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all.

The Goldman Sachs BRIC Fund invests primarily in a portfolio of equity investments in Brazil, Russia, India and China (“BRIC countries”) or in issuers that participate in the markets of the BRIC countries. The Fund is subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. Because of its exposure to the BRIC countries, the Fund is subject to greater risk of loss as a result of adverse securities markets, exchange rates and social, political, regulatory or economic events that may occur in those countries. Because the Fund may invest heavily in specific sectors, the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting such sectors. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Fund is “non-diversified” and may invest a larger percentage of its assets in fewer issuers than “diversified” mutual funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

The Goldman Sachs China Equity Fund invests primarily in a portfolio of equity investments that are tied economically to China or in issuers that participate in the markets of China. The Fund is subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions. Foreign and emerging markets investments, including Chinese securities, may be more volatile and less liquid than U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. Because of its exposure to China, the Fund is subject to greater risk of loss as a result of adverse securities markets, exchange rates and social, political, regulatory or economic events which may occur in China. Because the Fund may invest heavily in specific sectors, the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting such sectors. The Fund may concentrate its investments in a specific industry (only in the event that that industry represents 20% or more of the Fund’s benchmark index at the time of investment), subjecting it to greater risk of loss as a result of adverse economic, business or other developments affecting that industry. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Fund is “non-diversified” and may invest a larger percentage of its assets in fewer issuers than “diversified” mutual funds. Accordingly, the Fund

1

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

The Goldman Sachs Emerging Markets Equity Fund invests primarily in a diversified portfolio of equity investments in emerging country issuers. The Fund is subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. Because the Fund may invest heavily in specific sectors, the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting such sectors. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all.

The Goldman Sachs N-11 Equity Fund invests primarily in a portfolio of equity investments that are tied economically to the “N-11 countries” or in issuers that participate in the markets of the following N-11 countries: Bangladesh, Egypt, Indonesia, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam. While Iran is among the N-11 countries, the Fund will not invest in issuers organized under the laws of Iran, or domiciled in Iran, or in certain other issuers as necessary to comply with U.S. economic sanctions against Iran. The Fund is subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. Such securities are also subject to foreign custody risk. Because of its exposure to the N-11 countries, the Fund is subject to greater risk of loss as a result of adverse securities markets, exchange rates and social, political, regulatory or economic events that may occur in those countries. The N-11 countries generally have smaller economies or less developed capital markets than traditional emerging markets countries, and, as a result, the risks of investing in these countries are magnified. Because the Fund may invest heavily in specific sectors, the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting such sectors. The Fund may concentrate its investments in a specific industry (only in the event that that industry represents 20% or more of the Fund’s benchmark index at the time of investment), subjecting it to greater risk of loss as a result of adverse economic, business or other developments affecting that industry. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Fund is “non-diversified” and may invest a larger percentage of its assets in fewer issuers than “diversified” mutual funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

2

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

What Differentiates Goldman Sachs’ Fundamental Emerging Markets Equity Investment Process?

Goldman Sachs’ Fundamental Emerging Markets Equity investment process is based on the belief that strong, consistent results are best achieved through expert stock selection, performed by our dedicated Emerging Markets Team that works together on a global scale. Our deep, diverse and experienced team of research analysts and portfolio managers combines local insights with global, industry-specific expertise to identify its best investment ideas.

n The Emerging Markets Equity research team, based in the United States, United Kingdom, Japan, China, Korea, Singapore, Brazil, India, and Australia focuses on long-term business and management quality

n Proprietary, bottom-up research is the key driver of our investment process

n Analysts collaborate regularly to leverage regional and industry-specific research and insights

n Members of each local investment team are aligned by sector and are responsible for finding ideas with the best risk-adjusted upside in their respective areas of coverage

n The decision-making process includes active participation in frequent and regular research meetings

n The Emerging Markets Equity team benefits from the country and currency expertise of our Global Emerging Markets Debt and Currency teams

n Security selections are aligned with levels of investment conviction and risk-adjusted upside

n Continual risk monitoring identifies various risks at the stock and portfolio level and assesses whether they are intended and justified

n Dedicated portfolio construction team assists in ongoing monitoring and adjustment of the Funds

Emerging markets equity portfolios that strive to offer:

n Access to markets across emerging markets

n Disciplined approach to stock selection

n Optimal risk/return profiles

3

MARKET REVIEW

Goldman Sachs Fundamental Emerging

Markets Equity Funds

Market Review

Emerging markets equities advanced during the 12-month period ended October 31, 2013 (the “Reporting Period”). The MSCI Emerging Markets Index (net, unhedged) (the “MSCI EM Index”) posted a return of 6.53%.* While generating solid positive absolute returns, emerging markets equities significantly lagged developed markets equities, as measured by the MSCI Europe, Australasia, Far East (net) Index (unhedged) (the “MSCI EAFE Index”), as concerns over slowing economic growth in several regions, combined with the prospect that ultra-loose global monetary policies might soon end, weighed on many of the growth and emerging markets during the Reporting Period.

Improving economic data for China lifted the Chinese equity market and others in the region toward the end of 2012, but those same markets pulled back early in 2013 on fears of new regulation and tightening measures in China. Tighter financial conditions, slowing economic growth and rising social unrest weighed on many of the growth and emerging markets through much of the second quarter of 2013. Growth and emerging equity markets reacted particularly negatively in mid-May 2013 to news the U.S. may taper the pace of asset purchases later in 2013, with the program ending by the middle of 2014. In China, a sharp spike in interbank lending rates sparked a sell-off in the local equity market in June 2013, further pressuring global equity markets. Concerns that the tighter conditions would exacerbate an already slowing Chinese economy, as evidenced by weakening Purchasing Managers’ Index readings, pressured commodity prices and weighed on commodity-related stocks. Markets with heavy commodity exposure, such as several in Latin America, were notably impacted. Brazilian equities felt the additional strain of an interest rate hike, implemented despite stagnant economic growth, and rising social unrest. Escalating protests in Turkey and Egypt drove steep declines in those equity markets during the summer months of 2013. Also impacting emerging equity markets during these months was the strengthening of the U.S. dollar against many emerging market currencies, further reducing returns of many emerging equity markets expressed in U.S. dollars.

Equity markets finally got a boost in September 2013 following the U.S. Federal Reserve’s (the “Fed”) decision not to begin tapering asset purchases at that time. The strong rally continued into October 2013 following additional events and/or data releases in the developed market countries that suggested global monetary conditions would likely remain loose. For example, the U.S. added fewer jobs than expected in September 2013; Janet Yellen, a relatively dovish choice, was nominated to succeed Ben Bernanke as Fed Chair; and the European Central Bank (“ECB”) held interest rates at 0.5% due to a “weak, fragile and uneven” recovery in Europe.

For the Reporting Period overall, strong returns in the information technology sector contributed to strong returns in the Taiwanese, South Korean and Philippine equity markets and outperformance of the MSCI EM Index by the Asia ex-Japan region as a whole. Poland and Russia also posted double-digit returns during the Reporting Period, contributing to Europe’s outperformance of the MSCI EM Index as well. Conversely, the materials sector was the weakest performer in the MSCI EM Index during the Reporting Period, posting a steep decline on weaker commodity prices. In turn, the commodity-heavy Latin American region underperformed the MSCI EM Index during the Reporting Period, with Peru, Chile, Colombia and Brazil each posting negative returns.

* All index returns are expressed in U.S. dollar terms.

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MARKET REVIEW

Looking Ahead

During the Reporting Period, emerging markets equities underperformed developed markets equities by a significant margin, as many developing markets faced macroeconomic headwinds, negative headlines and country-specific challenges. We fully acknowledge these near-term to medium-term factors — including inflation, declining commodity prices, growing social unrest, the end of Chinese double-digit economic growth and potential impacts of quantitative easing tapering and the anticipated end to ultra-loose monetary conditions globally on broader equity markets — and incorporate them in our bottom-up fundamental analysis. Upcoming elections in a number of markets may also add to near-term uncertainty and increase market volatility.

The macro concerns that pressured emerging markets equities during the Reporting Period — and may continue to do so over the near-to-medium term — have not changed our longer-term positive view of emerging markets equity fundamentals. We believe the structural story is still intact and the domestically-focused growth of the emerging markets should continue to drive strong returns in their equity markets over the long term. In our view, countries that have prudently made difficult reforms in the good times should be better positioned for a period of slower economic growth and tighter financial conditions ahead. That said, companies and their stocks are also likely, we believe, to show more variation from one another than in previous years, as they can no longer simply ride a wave of economic growth. Policy changes may also lead to more stock price differentiation. Finally, we believe valuation will be an important factor in emerging markets equity share price performance going forward, as wide discrepancies between country markets and sectors already exist and present some compelling investment opportunities. We believe the sell-off amongst emerging markets equities, which, at the end of the Reporting Period, were trading at a significant discount to developed markets on a forward-looking price/earnings ratio basis, forms an attractive entry point for long-term investors.

As bottom-up fundamental investors, we constantly look across a broad range of sectors, countries and market capitalizations to identify what we believe are the most compelling investment opportunities trading at attractive valuations and that may outperform over the market cycle. In particular, we look for companies with strong or improving cash flows and sustainable competitive advantages that should be able to withstand inflationary pressures on their margins while taking advantage of secular growth themes in the growth and emerging markets. Finally, we seek to invest in companies with strong corporate governance track records, especially with respect to their treatment of minority shareholders. With the uncertainty of the markets anticipated to continue, we believe our focus on companies with strong or improving fundamentals and secular growth opportunities should serve our shareholders well.

As always, we maintain our focus on seeking high-quality equity investments trading at compelling valuations and intend to stay true to our long-term discipline as we seek to navigate potentially volatile markets ahead.

5

MARKET REVIEW

Changes to the Funds’ Portfolio Management Team during the Reporting Period

Effective June 10, 2013, Gabriella Antici, Managing Director, left the firm to pursue a different opportunity based in Brazil. She had portfolio management responsibilities for the Global Emerging Markets Equity and BRIC Equity strategies. Prashant Khemka, Managing Director and head of India Equity, became head of Emerging Markets Equity. He relocated from Mumbai to Singapore and became lead Portfolio Manager of our Global Emerging Markets Equity and BRIC Equity strategies. Prashant continues to work closely with the India Equity team as the lead Portfolio Manager of our India Offshore Equity strategies. Prashant joined GSAM in May 2000 and has 15 years of investment experience. Hiren Dasani, Executive Director, became head of India Equity and lead Portfolio Manager of our India Onshore Equity strategies. Hiren joined the India Equity team in January 2007 and has been a key contributor to the strong performance of our India Equity strategies since this time. He has 12 years of experience. Prashant will also work closely with Kevin Ohn, CFA, Managing Director and head of Asia ex-Japan Equity. Kevin began managing the Goldman Sachs Asia Equity Fund effective March 2013. Edward Perkin, Managing Director, continues as Chief Investment Officer of International and Emerging Markets Equity. Our Emerging Markets Equity business is of great strategic importance to us and we will continue to dedicate the necessary focus and resources to ensure our shareholders’ investment success in these markets.

6

PORTFOLIO RESULTS

Goldman Sachs Asia Equity Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Asia ex Japan Equity Portfolio Management Team discusses the Goldman Sachs Asia Equity Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, B, C and Institutional Shares generated average annual total returns, without sales charges, of 8.72%, 7.92%, 7.87% and 9.16%, respectively. These returns compare to the 10.25% average annual total return of the Fund’s benchmark, the MSCI All Country Asia ex-Japan Index (net, USD, unhedged, with dividends reinvested) (the “Index”), during the same time period.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A The Fund’s performance relative to the Index during the Reporting Period can be primarily attributed to individual stock selection. From a country perspective, having an overweighted position in Indonesia, the worst performing component of the Index during the Reporting Period, and weak stock selection in Taiwan detracted most. Stock selection was strongest in Thailand, South Korea and India.

Q Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

A Detracting most from the Fund’s results relative to the Index were positions in Indonesian media broadcasting company Media Nusantara, Indonesian cellular phone retailer Erajaya Swasembada and Indian credit rating company Credit Analysis & Research.

Media Nusantara, a leading free-to-air television network with the largest audience share in Indonesia, detracted. The company derives most of its revenues from advertising and its performance, therefore, is closely correlated with the macroeconomic environment. Indeed, the market turned more cautious on near-term advertising spending as consumption and consumer confidence weakened on the back of higher inflation and slower Gross Domestic Product (“GDP”) growth in Indonesia. Further, when the U.S. Federal Reserve (the “Fed”) announced in May 2013 its intention to taper its quantitative easing program, the Indonesian rupiah depreciated and interest rates rose, both of which negatively impacted advertising spending.

Erajaya Swasembada, the largest handset retailer and distributor in Indonesia, also underperformed the Index during the Reporting Period, detracting from the Fund’s relative results. Its share price weakness was primarily attributable to weaker than expected results for the first half of 2013 due to several factors. These included an unfavorable change in an import rule; unexpected competition from the black market for one of its key brands, Blackberry; depressed sales after flooding; and compressed margins from higher interest costs. Despite the short-term setback, we expect its first half of 2013 results to mark the bottom for the company’s stock, and we were optimistic at the end of the Reporting Period that the action plans put in place by its management should improve its operational performance going forward. We continued to believe the company offered long-term growth potential given the low penetration of smartphones in Indonesia and positive industry trends.

Credit Analysis & Research was impacted by broad macroeconomic trends. Specifically, with interest rate direction uncertain and no imminent revival in corporate capital expenditures, a rebound in the ratings business was getting pushed back, leading to a downgrade in earnings estimates and impacting performance of rating agencies such as Credit Analysis & Research. We sold the Fund’s position in the company by the end of the Reporting Period.

Q What were some of the Fund’s best-performing individual stocks?

A The Fund benefited most relative to the Index from holdings in Airports of Thailand, Just Dial and Naver.

The top individual stock contributor to the Fund’s results during the Reporting Period was Airports of Thailand, which owns and operates several airports in Thailand, including the Bangkok, Chiang Mai and Phuket airports. The stock outperformed on robust air travel demand, as passenger volume and aircraft movement continued to exceed investors’ expectations. At the end of the Reporting Period, we maintained high conviction in the stock, as we expected strong air traffic growth to sustain, underpinned by the company’s monopoly position as the gateway to Thailand, a buoyant tourism industry, and aggressive capacity additions

7

PORTFOLIO RESULTS

by low cost carriers in the region. Given the company’s operating leverage and delivery of better than expected cost controls, we also expected its margins to expand further.

Another significant contributor was Just Dial, India’s leading local business search engine in the information technology sector. The stock performed well during the Reporting Period, as the market began to price in the operating leverage benefits in its business model and value creation from new initiatives the company is pursuing. At the end of the Reporting Period, we believed the company had strong growth prospects due to its market dominance and franchise value, with a first mover advantage and strong brand recall, as well as what we consider to be the strong execution capabilities of its management team.

Naver is a South Korean information technology company engaging in Internet search engines and online computer games. The company’s popular mobile messenger, LINE, has been investors’ focus and contributed to the stock’s strong performance during the Reporting Period. LINE’s valuation rose to between $6 billion and $7 billion, as the messenger is adding one million new users every day and is projected to reach 300 million users within a year. Mobile messenger developers are seeking how they might monetize traffic on their platform, and some of the business models are already successful, drawing investors’ attention.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A The biggest detractors from the Fund’s relative results during the Reporting Period were the consumer discretionary, financials and materials sectors, each due primarily to poor stock selection. The sectors that contributed most positively to the Fund’s performance relative to the Index were information technology, industrials and utilities, each due primarily to effective stock selection. Having an overweight allocation to information technology, which strongly outpaced the Index during the Reporting Period, also added value.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we did not use derivatives to hedge positions or as part of an active management strategy, but we used index futures on an opportunistic basis to ensure the Fund remained almost fully exposed to equities following cash inflows or stock sales.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A We established a Fund position in Hyundai Mipo Dockyard, a South Korean industrial company. It is one of the world’s top five shipbuilders and specializes in mid-sized product carriers and chemical tanks. The company benefited during the Reporting Period from rising order flows from one of its main clients. Also, ship prices rebounded from the bottom, and there was industry consolidation in terms of technology and physical capacity. At the time of purchase, we considered the company’s valuation particularly attractive.

We also established a Fund position in ENN Energy Holdings, which operates and manages gas pipeline infrastructure and engages in the sale and distribution of piped and bottled gas in China. We subsequently trimmed the weighting as we grew concerned about its aggressive addition of liquid natural gas stations and believe rising liquid natural gas prices may hurt its near-term margins. Still, we maintained the position, as we remain constructive on ENN Energy Holdings over the longer term, as we believe it should benefit from the rising consumption of natural gas, which provides a clean energy solution for China. With its franchise in 110 cities and plans for expansion, we believe ENN Energy Holdings offers growth prospects with an improving operating cash flow position.

In addition to those sales already mentioned, we eliminated the Fund’s position in Samsung Electronics. Samsung Electronics is one of the world’s largest electronics products manufacturers based in South Korea but with global operations. Along with lingering concerns of oversaturation in the high-end smartphone market after Apple’s iPhone5 missed expectations in the fourth quarter of 2012, a conservative market outlook from Samsung Electronics’ management triggered weak share price performance. Also, a strong South Korean won and fund outflows from South Korea contributed to the company’s weak performance during the Reporting Period. Another reason we sold the Fund’s position in the company’s stock was because we expected its second and third quarter of 2013 shipments of Galaxy S4, its flagship high-end smartphone, to be lower than market expectations and company guidance.

We sold the Fund’s position in CNOOC, a Chinese producer of crude oil and natural gas primarily involved in upstream production activities. (Upstream production activities generally include those operations stages in the oil and gas industry that involve exploration and production.) We had begun to trim the Fund’s position in the stock in November

8

PORTFOLIO RESULTS

2012, as we expected its operating margin to be pressured by a relatively flat oil price environment amid rising costs. The stock subsequently underperformed the Index in the first quarter of 2013, as the market was concerned about the production growth prospects of offshore China. The stock further underperformed in April 2013, as oil prices were under pressure on concerns of rising supply and rather flat demand growth, and thus we opted to eliminate the Fund’s position in CNOOC.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A Most sector weights are usually established within a relatively narrow range from the Index, as our team prefers to make decisions at the individual stock level, where we believe we can generate more added value. That said, during the Reporting Period, the Fund’s exposure to information technology, materials, utilities and consumer staples increased, and its allocations to financials, telecommunication services and energy decreased.

Similarly, allocations to countries are directly the result of various stock selection decisions. During the Reporting Period, the Fund’s allocations to South Korea and the Philippines increased, and its exposure to Taiwan, Singapore and Malaysia decreased.

Q How was the Fund positioned relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund had overweighted exposure to South Korea, China, India, the Philippines, Indonesia and Thailand compared to the Index. On the same date, the Fund had underweighted exposure relative to the Index to Hong Kong, Taiwan, Malaysia and Singapore. The Fund also had a modest position in the Cayman Islands, which represented American Depositary Receipts (“ADRs”) for a Chinese company in which we initiated a Fund position toward the end of the Reporting Period.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in the financials, materials, industrials and consumer discretionary sectors at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the Index in the information technology, telecommunication services and energy sectors and was relatively neutrally weighted compared to the Index in health care, utilities and consumer staples.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

9

FUND BASICS

Asia Equity Fund

as of October 31, 2013

PERFORMANCE REVIEW
November 1, 2012–October 31, 2013	Fund Total Return (based on NAV)1			MSCI AC (All Country) Asia ex-Japan Index2
Class A		8.72	%		10.25	%
Class B		7.92			10.25
Class C		7.87			10.25
Institutional		9.16			10.25

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI AC (All Country) Asia ex-Japan Index (net, USD, unhedged, with dividends reinvested) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan. The MSCI AC Asia ex-Japan Index consists of the following 10 developed and emerging market country indices: China, Hong Kong, India, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. This index is net of dividends reinvested after deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. This series approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 9/30/13	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		-2.25	%	5.78%	7.69%	1.90%	7/08/94
Class B		-2.32		5.87	7.63	0.87	5/01/96
Class C		1.70		6.17	7.49	1.06	8/15/97
Institutional		3.89		7.42	8.74	1.88	2/02/96

³  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds).

The returns set forth in the tables above 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.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

10

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.78	%		2.24	%
Class B		2.53			2.98
Class C		2.53			2.97
Institutional		1.38			1.79

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 10/31/135
Holding	% of Net Assets			Line of Business	Country
Samsung Electronics Co. Ltd.		3.6	%	Semiconductors & Semiconductor Equipment	South Korea
Hana Financial Group, Inc.		3.4		Banks	South Korea
Taiwan Semiconductor		3.2		Semiconductors &	Taiwan
Manufacturing Co. Ltd.				Semiconductor Equipment
OCI Co. Ltd.		3.0		Materials	South Korea
Just Dial Ltd.		2.9		Software & Services	India
Industrial & Commercial Bank of China Ltd. Class H		2.6		Banks	China
DBS Group Holdings Ltd.		2.6		Banks	Singapore
Kia Motors Corp.		2.5		Automobiles & Components	South Korea
ENN Energy Holdings Ltd.		2.4		Utilities	China
Airports of Thailand PCL		2.2		Transportation	Thailand

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

11

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of October 31, 2013

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of exchange traded funds or investment companies held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

12

GOLDMAN SACHS ASIA EQUITY FUND

Performance Summary

October 31, 2013

The following graph shows the value, as of October 31, 2013, of a $10,000 investment made on November 1, 2003 in Institutional Shares (at NAV). For comparative purposes, the performance of the Fund’s benchmark, the MSCI All Country Asia ex-Japan Index (net, USD, unhedged, with dividends reinvested) is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class B and Class C Shares will vary from that of Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Asia Equity Fund’s 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2003 through October 31, 2013.

Average Annual Total Return through October 31, 2013	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced July 8, 1994)
Excluding sales charges	8.72%	14.99%	7.86%	2.43%
Including sales charges	2.77%	13.69%	7.25%	2.13%
Class B (Commenced May 1, 1996)
Excluding contingent deferred sales charges	7.92%	14.12%	7.21%	1.13%
Including contingent deferred sales charges	2.90%	13.88%	7.21%	1.13%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	7.87%	14.10%	7.05%	1.33%
Including contingent deferred sales charges	6.86%	14.10%	7.05%	1.33%
Institutional (Commenced February 2, 1996)	9.16%	15.45%	8.31%	2.14%

13

PORTFOLIO RESULTS

Goldman Sachs BRIC Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman Sachs BRIC Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated average annual total returns, without sales charges, of 3.83%, 3.06%, 4.26% and 4.09%, respectively. These returns compare to the 5.08% average annual total return of the Fund’s benchmark, the MSCI BRIC Index (net, unhedged, USD) (the “Index”), during the same period.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A The Fund underperformed the Index during the Reporting Period. Weak stock selection and a modest overweighting in the weaker Brazilian equity market and an underweighting in China detracted most. The Fund benefited from effective stock selection in Russia, China and India as well as from having an overweight to Russia and a modest underweight to India.

Q Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

A Detracting most from the Fund’s results relative to the Index were positions in Brazilian energy company Petroleo Brasileiro (“Petrobras”), Brazilian appliance retailer Magazine Luiza and Russian precious metal producer Polymetal International.

Leading Brazilian integrated energy company Petrobras saw its shares decline during the Reporting Period. Petrobras suffered from a reduction in its earnings and cash flow guidance, as increases in official set prices were lower than desired. Further, Petrobras had been selling imported fuel at a loss in its domestic market due to capacity constraints at its domestic refineries. Price increases implemented during the Reporting Period were seen as likely not to be sufficient to make Petrobras’ refining segment profitable. We trimmed the Fund’s position in the stock by the end of the Reporting Period. Petrobras’ Board of Directors is currently studying a methodology to align international and domestic prices of oil by-products, the result of which is yet unclear.

Magazine Luiza, one of the largest household appliance retail chains in Brazil, performed poorly, as the company reported weaker than expected fourth quarter 2012 and first quarter 2013 results. The company reported slow sales growth and lack of margin improvements, as the benefits of the integration of the company’s acquisitions were not reflected in its results. Further, the macroeconomic backdrop for the company was challenging, driven by weak consumer sentiment and higher inflation risks. We sold the Fund’s position in Magazine Luiza by the end of the Reporting Period.

Polymetal International had been a high dividend yield company, which was also showing double-digit growth. However, the correction in gold prices and operational issues at its processing plant changed both of these investment theses. Further, we were worried the company might change its merger and acquisition strategy and look for bigger acquisitions outside Russia. We sold the Fund’s position in Polymetal International by the end of the Reporting Period.

Q What were some of the Fund’s best-performing individual stocks?

A The strongest contributors to the Fund’s performance during the Reporting Period were Chinese Internet service company Tencent Holdings, Russian retailer Magnit and Chinese automobile manufacturer Great Wall Motors.

Tencent Holdings is an Internet service company in China engaged in social networks, web portals, e-commerce and multiplayer online games. Tencent Holdings’ stock performed well during the Reporting Period, as the company delivered better than expected earnings results on the strong progress of its e-commerce business and well-developed mobile platform. Also, after its introduction of its new version of WeChat — its proprietary social messaging platform, we started to see monetization activities in its mobile platform. Subscriber growth for WeChat was strong in both its domestic and overseas markets.

Magnit, the largest Russian retailer as measured by number of stores, benefited during the Reporting Period from rapid expansion and increased market share, resulting, in turn, in

14

PORTFOLIO RESULTS

improved profitability. At the end of the Reporting Period, the company remained one of our highest conviction names in the consumer sector, as we believe its strong margins are sustainable going forward. We also expected Magnit to continue enjoying healthy revenue growth, coupled with increased investment, in the months ahead. Magnit’s management was guiding for more than 20% annualized revenue growth over the next five years.

Great Wall Motors is a Chinese automobile manufacturer specializing in the niche sport utility vehicles (“SUV”) segment. Its share price rose as the company reported second quarter of 2013 revenue of 13.7 billion renminbi, a 43% year-over-year increase, driven mainly by a 78% increase in SUV sales. Its profit margin also improved due to better economies of scale and growth in high margin SUV sales. At the end of the Reporting Period, we expected the company’s SUV sales to remain strong given additional production from the completion of its Tianjin and Xushui plants and new models scheduled to be introduced in the coming months.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A Weak stock selection in the financials, consumer discretionary and health care sectors detracted most from the Fund’s performance relative to the Index during the Reporting Period. The key drivers of the underperformance in the financials sector were the Fund’s positions in Credit Analysis & Research, an Indian credit rating company, and Bank of China, a state-owned commercial bank in China. Within consumer discretionary, the Fund’s holdings in Magazine Luiza, mentioned earlier, and Titan Industries, an Indian jewelry company, detracted most from performance during the Reporting Period. In health care, the Fund’s holdings in Sun Pharmaceutical Industries, an Indian manufacturer of pharmaceutical ingredients, and Sinopharm Group, a Chinese pharmaceutical company, detracted most from returns.

Conversely, the sectors that contributed most positively to the Fund’s performance during the Reporting Period were information technology, consumer staples and utilities. Strong stock selection and having an overweight to the strongly performing information technology sector boosted the Fund’s results most. The Fund’s positions in Tencent Holdings, mentioned earlier, and HollySys Automation Technologies, a Chinese provider of automation and control technologies, were the two largest contributors to relative performance within the sector. In consumer staples, stock selection proved effective, more than offsetting the modestly detracting effect of having an overweight to the sector. Within consumer staples, holdings in Magnit, already mentioned, and United Spirits, an Indian beverage company, were particularly strong performers. In utilities, both stock selection and having an underweighted allocation helped. Positions in Sabesp, a Brazilian waste management company, and Transmissora Alianca, a Brazilian company that engages in provision of power transmission lines, were the largest contributors.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Fund gained exposure to select stocks through equity-linked notes and participatory notes. We used index futures on an opportunistic basis to ensure the Fund remained almost fully exposed to equities following cash inflows or stock sales.

15

PORTFOLIO RESULTS

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A We elected to change the Fund’s positioning within the energy sector in China during the Reporting Period. We initiated a Fund position in PetroChina, the largest oil and gas producer in China, and sold out of the Fund’s position in CNOOC, the third largest national oil company. We initiated the position in PetroChina, as we expect its losses from imported gas may have peaked in 2012 as import volume growth appears to have slowed and more gas is being supplied to Southern China, including Hong Kong, where prices are comparatively more market driven. We saw more opportunities for market-based pricing of natural gas to be introduced, at least in certain regions, as inflationary pressures have been relatively benign and China’s import requirement for natural gas has increased. We also expect the refining segment of the company’s business to show improvement. We decided to sell out of the Fund’s position in CNOOC, as we believe its lack of production growth, combined with relatively stable oil prices and escalating costs, is likely to increase operating margin pressures for the company.

In the financials sector, we sold out of Indian bank ICICI Bank, as we have less conviction in this name, and initiated a position in Agricultural Bank of China, one of four state-owned banks with the largest number of branches domestically. We believe Agricultural Bank of China provides exposure to the development of rural China through its expanding business in the central and western regions of China. We also believe its net interest margin is more defensible given its lower loan-to-deposit ratio. Further, the bank showed a strong non-performing loans coverage ratio, which provides us with an additional comfort factor. (The non-performing loans coverage ratio is the amount outstanding of non-performing loans (loans for which principal repayments or interest payments are more than ninety days in arrears or overdrawn) divided by the total outstanding loan portfolio. A higher coverage ratio means the banking system has higher ability to weather the financial impact resulting from their non-performing loans.)

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A Most sector weights are usually established within a narrow range from the Index, as our team prefers to make decisions at the individual stock level, where we believe we can generate more added value. That said, during the Reporting Period, the Fund’s exposure relative to the Index in consumer staples, information technology and utilities increased, and its allocations relative to the Index to energy, consumer discretionary, materials, industrials and telecommunication services decreased.

Resulting from various stock selection decisions, the Fund’s exposure relative to the Index to Brazil decreased, and its allocations relative to the Index to China, India and Russia modestly increased.

Q How was the Fund positioned relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund had overweighted exposure to Russia, underweighted exposure to Brazil and China and rather neutrally weighted exposure to India relative to the Index.

From a sector perspective, the Fund had overweighted allocations to information technology, consumer staples, financials and consumer discretionary compared to the Index at the end of the Reporting Period. On the same date, the Fund had underweighted exposure to the energy, telecommunication services, materials, utilities and industrials sectors and was rather neutrally weighted relative to the Index in the health care sector.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

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FUND BASICS

BRIC Fund

as of October 31, 2013

PERFORMANCE REVIEW
November 1, 2012–October 31, 2013	Fund Total Return (based on NAV)1			MSCI BRIC Index2
Class A		3.83	%		5.08	%
Class C		3.06			5.08
Institutional		4.26			5.08
Class IR		4.09			5.08

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI BRIC Index (net, unhedged, USD) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the following four emerging market country indices: Brazil, Russia, India and China. This series approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 9/30/13	One Year			Five Years	Since Inception			Inception Date
Class A		-4.58	%	2.12%		3.19	%	6/30/06
Class C		-0.75		2.52		3.22		6/30/06
Institutional		1.39		3.71		4.42		6/30/06
Class IR		1.23		N/A		-2.47		8/31/10

³  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the tables above 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.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.70	%		1.96	%
Class C		2.45			2.71
Institutional		1.30			1.56
Class IR		1.45			1.71

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 10/31/135
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		5.1	%	Software & Services	China
Industrial & Commercial Bank of China Ltd. Class H		4.2		Banks	China
China Construction Bank Corp. Class H		3.4		Banks	China
Sberbank of Russia		3.4		Banks	Russia
OAO Lukoil ADR		3.4		Energy	Russia
iShares China Large-Cap Fund		3.2		Exchange Traded Fund	United States
Petroleo Brasilerio SA ADR		3.1		Energy	Brazil
Companhia de Bebidas das Americas		3.1		Food, Beverage & Tobacco	Brazil
Agricultural Bank of China Ltd. Class H		2.9		Banks	China
BB Seguridade Participacoes SA		2.7		Insurance	Brazil

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

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FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of October 31, 2013

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of exchange traded funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

19

GOLDMAN SACHS BRIC FUND

Performance Summary

October 31, 2013

The following graph shows the value, as of October 31, 2013, of a $10,000 investment made on June 30, 2006 (commencement of operations) in Institutional Shares (at NAV). For comparative purposes, the performance of the Fund’s benchmark, the MSCI BRIC Index (net, unhedged, USD), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C and Class IR Shares will vary from that of Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

BRIC Fund’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from June 30, 2006 through October 31, 2013.

Average Annual Total Return through October 31, 2013	One Year	Five Years	Since Inception
Class A (Commenced June 30, 2006)
Excluding sales charges	3.83%	12.29%	4.55%
Including sales charges	-1.88%	11.03%	3.75%
Class C (Commenced June 30, 2006)
Excluding contingent deferred sales charges	3.06%	11.44%	3.76%
Including contingent deferred sales charges	2.06%	11.44%	3.76%
Institutional (Commenced June 30, 2006)	4.26%	12.73%	4.97%
Class IR (Commenced August 31, 2010)	4.09%	N/A	-1.09%

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PORTFOLIO RESULTS

Goldman Sachs China Equity Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman Sachs China Equity Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated average annual total returns, without sales charges, of 9.15%, 8.36%, 9.61% and 9.34%, respectively. These returns compare to the 9.28% average annual total return of the Fund’s benchmark, the MSCI China Index (net, unhedged, USD) (the “Index”), during the same time period.

Q What economic and market factors most influenced China’s equity market as a whole during the Reporting Period?

A China’s offshore equity market, as measured by the Index, outperformed emerging market peers, as measured by the MSCI Emerging Markets Index, but underperformed developed equity markets broadly, as measured by the MSCI EAFE Index. Mid-cap and small-cap names within the Index significantly outperformed large-cap names during the Reporting Period. From a sector perspective, the mid-cap and small-cap heavy information technology and utilities sectors soared robustly during the Reporting Period, followed by consumer discretionary, consumer staples, financials and industrials, which each also posted solid double-digit gains. Conversely, materials, energy, health care and telecommunication services posted negative returns during the Reporting Period.

Volatility, driven by investor sentiment and economic growth concerns, characterized the roller coaster returns and divergent sector performance within China’s offshore equity market during the Reporting Period. In November 2012, when the Reporting Period began, China completed its once-in-a-decade leadership transition, removing political uncertainty relating to change in China’s top leadership. As the Reporting Period progressed, China’s Gross Domestic Product (“GDP”) growth slowed from 7.9% year-over-year in the fourth quarter of 2012 to 7.7% year-over-year in the first quarter of 2013 and then further down to 7.5% year-over-year in the second quarter of 2013. However, China’s GDP then rebounded to 7.8% year-over-year in the third quarter of 2013.

In June 2013, a sharp spike in Chinese interbank lending rates and a belated response from the People’s Bank of China sparked a sell-off in China’s local equity market. In late July 2013, to many investors’ relief, Premier Li Keqiang set a clear target for the nation’s 2013 GDP growth at an annualized rate of 7.5%. He also set an inflation target at below 3.5%. Together, these targets have been popularly coined as the “Li Keqiang Put” by the market. To support these targets, the Chinese State Council subsequently announced measures such as cutting value added and business taxes or fees, halting renminbi appreciation and building more railways. On September 29, 2013, China officially unveiled the Shanghai Pilot Free Trade Zone (“SHFTZ”) — an experimental area to promote yuan convertibility and the opening up of various services sectors to foreign players — six months after Premier Li introduced the concept during his Shanghai trip. SHFTZ euphoria particularly lifted many related names in the financials sector. At the end of the Reporting Period, the Chinese offshore equity market continued to cautiously wait with great expectation for any new reform policy to be announced in the 3rd Plenium of China’s ruling Communist Party’s (“CPC”) 18th Central Committee, which was scheduled to be held in early November 2013.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A The Fund’s underperformance of the Index (with respect to certain of its share classes) during the Reporting Period can be primarily attributed to individual stock selection.

Q What were some of the Fund’s best-performing individual stocks?

A Among the Fund’s best-performing individual stocks relative to the Index were holdings in Tencent Holdings, Great Wall Motors and Shimao Property.

Tencent Holdings is an Internet service company in China engaged in social networks, web portals, e-commerce and multiplayer online games. Tencent Holdings’ stock performed well during the Reporting Period, as the company delivered better than expected earnings results on the strong

21

PORTFOLIO RESULTS

progress of its e-commerce business and well-developed mobile platform. Also, after its introduction of its new version of WeChat — its proprietary social messaging platform, we started to see monetization activities in its mobile platform. Subscriber growth for WeChat was strong in both its domestic and overseas markets.

Great Wall Motors is a Chinese automobile manufacturer specializing in the niche sport utility vehicles (“SUV”) segment. Its share price rose as the company reported second quarter of 2013 revenue of 13.7 billion renminbi, a 43% year-over-year increase, driven mainly by a 78% increase in SUV sales. Its profit margin also improved due to better economies of scale and growth in high margin SUV sales. At the end of the Reporting Period, we expected the company’s SUV sales to remain strong given additional production from the completion of its Tianjin and Xushui plants and new models scheduled to be introduced in the coming months.

Shimao Property is a diversified Chinese developer with residential, commercial and hotel projects. Its shares performed well, as investors appreciated the company’s strong fundamentals and better than expected first half of 2013 results. However, Shimao Property’s stock pulled back significantly in September 2013, partly due to its aggressive land acquisition among a few second-tier cities in China. Also, the market turned cautious toward home sales for the entire sector since certain small banks had slowed down their mortgage approvals. In select cities, mortgage rates also crept up. We trimmed the Fund’s position in Shimao Property to take profits, while continuing to be impressed by what we considered to be the company’s strong management team, business execution and balance sheet.

Q Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

A Among the stocks that detracted most from the Fund’s results relative to the Index were positions in cement producer China National Building Material, life insurance provider New China Life Insurance and information technology company Digital China.

China National Building Material, a new position for the Fund during the Reporting Period, is one of the largest cement producers in China. Its stock performed poorly during the Reporting Period as cement prices declined with slower construction activity, due, in turn, to the summer seasonal low and tightened liquidity. At the end of the Reporting Period, we still believed there would be consolidation in the supply side of the market coupled with re-acceleration of construction activity, supporting improved cement prices going forward.

We initiated a position in New China Life Insurance during the first quarter of 2013, as we believed the company was more attractively priced than its competitor China Life Insurance, which we sold during the Reporting Period, and we expect the discount to close over time. We also expect its premium growth to recover with the introduction of new products. Nevertheless, the stock detracted during the Reporting Period given the general negative sentiment on this industry.

Digital China is an information technology hardware distributor, software developer and solution and servicing provider. Its share price declined through much of the Reporting Period on disappointing results. Toward the end of the Reporting Period, the company announced the approval from the government in swapping its shares with Shenzhen Techo Telecom — its A-Share listed company. The valuation gap between H shares and A shares triggered Digital China’s subsequent share price rebound. Still, we exited the Fund’s position in the stock as we remained concerned about the company’s fundamentals and near-term outlook given the slowdown in China’s personal computer sales and weak information technology service demand.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A The sectors that contributed most positively to the Fund’s performance relative to the Index were information technology, consumer discretionary and energy. Having an overweighted exposure to information technology, which was the best performing sector in the Index by a wide margin during the Reporting Period, helped most. In consumer discretionary and energy, individual stock selection proved most effective.

The only two sectors to detract from the Fund’s relative results during the Reporting Period were materials and utilities. Stock selection was weak in materials. Having a rather neutral weighting to utilities, which was the second best performing sector in the Index during the Reporting Period, hampered results.

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PORTFOLIO RESULTS

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, we did not use derivatives to hedge positions or as part of an active management strategy.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A In addition to those purchases already mentioned, we initiated a Fund position in Orient Overseas, a container shipping company. We established the position on expectations of global cargo volume recovery. In our view, compared to its peers, Orient Overseas has a stronger balance sheet and a superior execution track record, which we saw as being underappreciated by the market at the time of purchase.

We also established a Fund position in ENN Energy Holdings, which operates and manages gas pipeline infrastructure and engages in the sale and distribution of piped and bottled gas in China. We subsequently trimmed the weighting as we grew concerned about its aggressive addition of liquid natural gas stations and believe rising liquid natural gas prices may hurt its near-term margins. Still, we maintained the position, as we remain constructive on ENN Energy Holdings over the longer term. We believe ENN Energy Holdings should benefit from the rising consumption of natural gas, which provides a clean energy solution for China. With its franchise in 110 cities and plans for expansion, we believe ENN Energy Holdings offers growth prospects with an improving operating cash flow position.

We added to the Fund’s position in China Overseas Land & Investment, a leading state-owned property developer in China that focuses on residential projects. The company managed to deliver strong contracted sales results despite policy headwinds. In our opinion, China Overseas Land & Investment is among the most established and well-run real estate developers in China and believe its valuation to be at a reasonable level and its balance sheet strong.

We also increased the Fund’s position in Jiangxi Copper, the largest integrated copper producer in China. We believe copper remains the best commodity metal in terms of supply/ demand fundamentals globally and locally in China. We added to the Fund’s position in the stock, as we think the worst time was probably over for the company, and its growth should pick up given the seemingly stabilization of the gold price globally, China’s improving economy and resumption of China’s electricity grid.

The most notable of the Fund’s sales and reduced positions were already mentioned earlier.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A Throughout the Reporting Period, we remained focused on individual stock selection, with sector positioning being a secondary, closely-monitored effect. That said, the Fund’s exposure relative to the Index in information technology, consumer staples and industrials increased, and its allocations relative to the Index to financials and consumer discretionary decreased.

Q How was the Fund positioned relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund had overweighted positions relative to the Index in information technology and health care. On the same date, the Fund had underweighted positions compared to the Index in the financials and telecommunication services sectors and rather neutral exposure relative to the Index in consumer discretionary, materials, energy, utilities, industrials and consumer staples.

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PORTFOLIO RESULTS

Q What is the Fund’s tactical view and strategy going forward?

A At the end of the Reporting Period, we expected to see sequential but moderate recovery in levels of economic activity over the next six to 12 months. As China’s new leadership leans toward structural and secular reforms, we expect overall government actions to be based more on pro-growth sustainability rather than on pro-GDP escalation. At the same time, policy execution could remain bumpy and at times lack clarity, which may heighten equity market volatility between anticipation and disappointment. Nonetheless, we believe equity valuation levels in China at the end of the Reporting Period may have been over-pricing the risks and under-pricing the opportunities.

In our view, China’s offshore equity market presents attractive risk-reward opportunities for long-term investors who are able to align their investment time frame with China’s new economic era. In contrast to China’s sometimes indiscriminate expansion in the past, we believe China’s next phase of economic development is likely to be more disciplined and focused on: 1) industrial upgrading; 2) pricing liberalization and reform; 3) deepening its sources of growth into consumption and services and away from fixed asset investments; and 4) strategic infrastructure development of its central and western regions.

We believe China’s impending reform efforts may well expose numerous latent deficiencies in its current economic structure, including excess capacity, weak pricing power and high environmental costs associated with traditional industries. But at the same time, these reform efforts create a conducive environment for new winners to emerge, which presents, in our view, exciting investment opportunities. What looked most interesting to us at the end of the Reporting Period were companies able to ride on what we viewed as the five mega-trends for China in the next decade — 1) modernization of its hinterland, or that area that surrounds a big city or port and on which the city or port depends for economic growth; 2) upgrade of its industrial capabilities; 3) liberalization and reform of its factor pricing, wherein in economic theory, the price of a finished item affects the factors of production, the various costs, and incentives of producing it, so as to ‘attract’ it toward a theoretical factor price. Simply put, factor price is why the price of an item tends to approach the cost of producing it; 4) rebalancing of its sources of growth into consumption and services and away from fixed asset investments; and 5) conservation of its environment. Against this backdrop, we expect corporate winners and losers to be differentiated by their respective franchise strength, product and technology innovation, cost efficiency and, most importantly perhaps, management execution ability.

As always, we continue to look for what we consider to be reasonably priced investment opportunities in companies with healthy balance sheets, strong earnings growth visibility and management quality.

24

FUND BASICS

China Equity Fund

as of October 31, 2013

PERFORMANCE REVIEW
November 1, 2012–October 31, 2013	Fund Total Return (based on NAV)1			MSCI China Index2
Class A		9.15	%		9.28	%
Class C		8.36			9.28
Institutional		9.61			9.28
Class IR		9.34			9.28

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI China Index (net, unhedged, USD) is a free-float adjusted market capitalization weighted index that is designed to measure the equity market performance of China. As of December 31, 2012, the MSCI China Index consisted of 148 constituents. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 9/30/13	One Year			Since Inception	Inception Date
Class A		7.10	%	-7.13%	4/29/11
Class C		11.50		-5.66	4/29/11
Institutional		13.92		-4.54	4/29/11
Class IR		13.64		-4.73	4/29/11

³ The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the tables above 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.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

25

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.89	%		4.83	%
Class C		2.64			4.98
Institutional		1.50			4.66
Class IR		1.65			5.06

⁴ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 10/31/135
Holding	% of Net Assets			Line of Business
Tencent Holdings Ltd.		9.5	%	Internet Software & Services
China Construction Bank Corp. Class H		9.0		Commercial Banks
Industrial and Commercial Bank of China Ltd. Class H		7.9		Commercial Banks
China Petroleum and Chemical Corp. (Sinopec) Class H		5.2		Oil, Gas & Consumable Fuels
China Mobile Ltd.		5.1		Wireless Telecommunication Services
PetroChina Co. Ltd. Class H		4.6		Oil, Gas & Consumable Fuels
Agricultural Bank of China Ltd. Class H		4.2		Commercial Banks
China Oilfield Services Ltd. Class H		3.2		Energy Equipment & Services
China Overseas Land & Investment Ltd.		2.9		Real Estate Management & Development
Great Wall Motor Co. Ltd. Class H		2.8		Automobiles

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

26

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of October 31, 2013

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

27

GOLDMAN SACHS CHINA EQUITY FUND

Performance Summary

October 31, 2013

The following graph shows the value, as of October 31, 2013, of a $10,000 investment made on April 29, 2011 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI China Index (net, unhedged, USD), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C and Class IR Shares will vary from that of Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

China Equity Fund’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from April 29, 2011 through October 31, 2013.

Average Annual Total Return through October 31, 2013	One Year	Since Inception
Class A (Commenced April 29, 2011)
Excluding sales charges	9.15%	-3.92%
Including sales charges	3.14%	-6.05%
Class C (Commenced April 29, 2011)
Excluding contingent deferred sales charges	8.36%	-4.65%
Including contingent deferred sales charges	7.36%	-4.65%
Institutional (Commenced April 29, 2011)	9.61%	-3.53%
Class IR (Commenced April 29, 2011)	9.34%	-3.71%

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PORTFOLIO RESULTS

Goldman Sachs Emerging Markets Equity Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman Sachs Emerging Markets Equity Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service and IR Shares generated average annual total returns, without sales charges, of 4.04%, 3.23%, 3.35%, 4.49%, 4.02% and 4.37%, respectively. These returns compare to the 6.53% average annual total return of the Fund’s benchmark, the MSCI Emerging Markets Index (net, unhedged, USD) (the “Index”), during the same period.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A The Fund underperformed the Index during the Reporting Period. While the Fund benefited from effective stock selection in Russia, Thailand and Turkey, such positives were offset by the detracting effect of its weak stock selection and allocation positioning in South Korea, Brazil and Taiwan.

Q Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

A Detracting most from the Fund’s results relative to the Index were positions in Brazilian energy company Petroleo Brasileiro (“Petrobras”), South African gold producer Anglogold Ashanti and South Korean auto manufacturer Hyundai Motor.

Leading Brazilian integrated energy company Petrobras saw its shares decline during the Reporting Period. Petrobras suffered from a reduction in its earnings and cash flow guidance, as increases in official set prices were lower than desired. Further, Petrobras had been selling imported fuel at a loss in its domestic market due to capacity constraints at its domestic refineries. Price increases implemented during the Reporting Period were seen as likely not to be sufficient to make Petrobras’ refining segment profitable. We trimmed the Fund’s position in the stock by the end of the Reporting Period. Petrobras’ Board of Directors is currently studying a methodology to align international and domestic prices of oil by-products, the result of which is yet unclear.

Anglogold Ashanti, one of South Africa’s top gold producers, performed poorly, suffering from several operational issues in South Africa throughout the Reporting Period, including safety stops and labor strikes. As a result, the company had to revise its production targets downwards. Our original investment case was based on the assumption that current prices would be justified, even assigning no value to South Africa operations. However, the company started to have operational problems in South Africa as well. The collapse in gold prices added to our concerns, as the company was close to breaching its debt covenants. Finally, its Chief Executive Officer, who was instrumental in its turnaround, left the company, and finding his replacement took longer than expected. With these factors combined, we decided to sell the Fund’s position in Anglogold Ashanti.

Hyundai Motor detracted from the Fund’s results, as the Fund held an underweighted position in the stock when it surged on the back of easing concerns over fierce competition from Japanese carmakers. We sold the Fund’s position in Hyundai Motor, as we saw greater opportunities in the South Korean auto industry, such as Kia Motors.

Q What were some of the Fund’s best-performing individual stocks?

A The strongest contributors to the Fund’s performance during the Reporting Period were Airports of Thailand, Magnit and Tencent Holdings.

The top individual stock contributor to the Fund’s results during the Reporting Period was Airports of Thailand, which owns and operates several airports in Thailand, including the Bangkok, Chiang Mai and Phuket airports. The stock outperformed on robust air travel demand, as passenger volume and aircraft movement continued to exceed investors’ expectations. At the end of the Reporting Period, we maintained high conviction in the stock, as we expected strong air traffic growth to sustain, underpinned by the company’s monopoly position as the gateway to Thailand, a buoyant tourism industry, and aggressive capacity additions by low cost carriers in the region. Given the company’s operating leverage and delivery of better than expected cost controls, we also expected its margins to expand further.

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PORTFOLIO RESULTS

Magnit, the largest Russian retailer as measured by number of stores, benefited during the Reporting Period from rapid expansion and increased market share, resulting, in turn, in improved profitability. At the end of the Reporting Period, the company remained one of our highest conviction names in the consumer sector, as we believe its strong margins are sustainable going forward. We also expected Magnit to continue enjoying healthy revenue growth, coupled with increased investment, in the months ahead. Magnit’s management was guiding for more than 20% revenue growth over the next five years.

Tencent Holdings is an Internet service company in China engaged in social networks, web portals, e-commerce and multiplayer online games. Tencent Holdings’ stock performed well during the Reporting Period, as the company delivered better than expected earnings results on the strong progress of its e-commerce business and well-developed mobile platform. Also, after its introduction of its new version of WeChat — its proprietary social messaging platform, we started to see monetization activities in its mobile platform. Subscriber growth for WeChat was strong in both its domestic and overseas markets.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A Relative to the Index, weak stock selection in consumer discretionary and financials detracted most from the Fund’s performance during the Reporting Period. To a more modest degree, stock selection in energy detracted as well. Underperformance in the consumer discretionary sector was mainly driven by positions in Magazine Luiza, a Brazilian retail company focused on consumer durable goods, and Titan Industries, an Indian jewelry company. In financials, holdings in Credit Analysis & Research, a credit rating agency in India, and Bajaj Finance, a non-banking finance company in India, were the largest individual detractors within the sector. In energy, positions in Petrobras, already mentioned, and PetroChina, an oil and gas producer, were the biggest disappointments.

Conversely, strong stock selection within the industrials, information technology and consumer staples sectors contributed most positively to the Fund’s relative performance. The Fund’s holding in Airports of Thailand, already mentioned, was the greatest positive contributor within the industrials sector. In information technology, an overweighted allocation relative to the Index to the strongly performing sector and positions in Tencent Holdings, mentioned earlier, and Just Dial, a market leader in local business search through voice, Internet and mobile platforms in India, boosted Fund results. In consumer staples, effective stock selection more than offset the detracting impact of having an underweight relative to the Index in the strongly performing sector. The Fund’s holding in Magnit, already mentioned, was an outstanding performer.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Fund used equity-linked notes and participatory notes to gain exposure to select stocks. We used index futures on an opportunistic basis to ensure the Fund remained almost fully exposed to equities following cash inflows or stock sales.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A We elected to change the Fund’s positioning within the energy sector in China during the Reporting Period. We initiated a Fund position in PetroChina, the largest oil and gas producer in China, and sold out of the Fund’s position in CNOOC, the third largest national oil company. We initiated the position in PetroChina, as we expect its losses from imported gas may have peaked in 2012 as import volume growth appears to have slowed and more gas is being supplied to Southern China, including Hong Kong, where prices are comparatively more market driven. We saw more opportunities for market-based pricing of natural gas to be introduced, at least in certain regions, as inflationary pressures have been relatively benign and China’s import requirement for natural gas has increased. We also expect the refining segment of the company’s business to show improvement. We decided to sell out of the Fund’s position in CNOOC, as we believe its lack of production growth, combined with relatively stable oil prices and escalating costs, is likely to increase operating margin pressures for the company.

In the financials sector, we sold out of Indian bank ICICI Bank, as we have less conviction in this name, and initiated a position in Agricultural Bank of China, one of four state-owned banks with the largest number of branches domestically. We believe Agricultural Bank of China provides exposure to the development of rural China through its expanding business in the central and western regions of China. We also believe its net interest margin is more defensible given its lower loan-to-deposit ratio. Further, the

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PORTFOLIO RESULTS

bank showed a strong non-performing loans coverage ratio, which provides us with an additional comfort factor. (The non-performing loans coverage ratio is the amount outstanding of non-performing loans (loans for which principal repayments or interest payments are more than ninety days in arrears or overdrawn) divided by the total outstanding loan portfolio. A higher coverage ratio means the banking system has higher ability to weather the financial impact resulting from their non-performing loans.)

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A Most sector weights are usually established within a narrow range from the Index, as our team prefers to make decisions at the individual stock level, where we believe we can generate more added value. That said, during the Reporting Period, the Fund’s exposure relative to the Index to consumer staples, utilities and information technology increased, and its allocations relative to the Index to materials, telecommunication services, energy, consumer discretionary and financials decreased.

Similarly, allocations to countries are the direct result of various stock selection decisions. As such, the Fund’s exposure relative to the Index in Indonesia, Malaysia, Peru, Thailand, the Philippines, South Korea and India increased, and its allocations relative to the Index to Mexico, Brazil, Chile and China decreased.

Q How was the Fund positioned relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund had overweighted exposures to Russia, India, Turkey and Peru and underweighted exposures to Malaysia, Taiwan and South Africa relative to the Index. On the same date, the Fund was relatively neutrally weighted to the Index in the remaining components of the Index, with the exceptions of Chile, Colombia, the Czech Republic, Hungary, Morocco and Poland, where the Fund had no exposure at all at the end of the Reporting Period.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in information technology, consumer staples and health care at the end of the Reporting Period. The Fund had underweighted positions compared to the Index in the energy, financials, telecommunication services, materials and utilities sectors and rather neutral positions relative to the Index in the industrials and consumer discretionary sectors at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

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FUND BASICS

Emerging Markets Equity Fund

as of October 31, 2013

PERFORMANCE REVIEW
November 1, 2012–October 31, 2013	Fund Total Return (based on NAV)1			MSCI Emerging Markets Index2
Class A		4.04	%		6.53	%
Class B		3.23			6.53
Class C		3.35			6.53
Institutional		4.49			6.53
Service		4.02			6.53
Class IR		4.37			6.53

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI Emerging Markets Index (net, unhedged, USD) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of December 31, 2012 the MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. This Index offers an exhaustive representation of the emerging markets by targeting all companies with a market capitalization within the top 85% of their investable equity universe, subject to a global minimum size requirement. It is based on the Global Investable Market Indices methodology. This series approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 9/30/13	One Year			Five Years	Ten Years			Since Inception			Inception Date
Class A		-6.66	%	3.38%		9.54	%		5.93	%	12/15/97
Class B		-6.84		3.35		9.52			6.04		12/15/97
Class C		-2.90		3.77		9.36			5.64		12/15/97
Institutional		-0.78		4.98		10.61			6.86		12/15/97
Service		-1.33		4.46		10.06			6.19		12/15/97
Class IR		-0.92		N/A		N/A			0.98		8/31/10

³  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Because Institutional, Service and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds).

The returns set forth in the tables above 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.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

32

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.76	%		1.94	%
Class B		2.51			2.69
Class C		2.51			2.69
Institutional		1.36			1.54
Service		1.85			2.03
Class IR		1.50			1.68

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 10/31/135
Holding	% of Net Assets			Line of Business	Country
iShares MSCI South Korea Capped Fund		5.8	%	Exchange Traded Fund	United States
Taiwan Semiconductor		3.6		Semiconductors &	Taiwan
Manufacturing Co. Ltd.				Semiconductor Equipment
Vale SA ADR		2.2		Materials	Brazil
OAO Lukoil ADR		2.1		Energy	Russia
Tencent Holdings Ltd.		2.0		Software & Services	China
Companhia de Bebidas das Americas		1.9		Food, Beverage & Tobacco	Brazil
Samsung Electronics Co. Ltd.		1.9		Semiconductors & Semiconductor Equipment	South Korea
Kia Motors Corp.		1.8		Automobiles & Components	South Korea
iShares MSCI Taiwan Fund		1.8		Exchange Traded Fund	United States
NAVER Corp.		1.7		Software & Services	South Korea

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

33

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of October 31, 2013

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of exchange traded funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

34

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Performance Summary

October 31, 2013

The following graph shows the value, as of October 31, 2013, of a $10,000 investment made on November 1, 2003 in Institutional Shares (at NAV). For comparative purposes, the performance of the Fund’s benchmark, the MSCI Emerging Markets Index (net, unhedged, USD), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class B, Class C, Service and Class IR Shares will vary from that of Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Emerging Markets Equity Fund’s 10 Year Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2003 through October 31, 2013.

Average Annual Total Return through October 31, 2013	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced December 15, 1997)
Excluding sales charges	4.04%	12.59%	9.90%	6.58%
Including sales charges	-1.65%	11.32%	9.29%	6.20%
Class B (Commenced December 15, 1997)
Excluding contingent deferred sales charges	3.23%	11.74%	9.26%	6.31%
Including contingent deferred sales charges	-1.77%	11.37%	9.26%	6.31%
Class C (Commenced December 15, 1997)
Excluding contingent deferred sales charges	3.35%	11.77%	9.09%	5.91%
Including contingent deferred sales charges	2.35%	11.77%	9.09%	5.91%
Institutional (Commenced December 15, 1997)	4.49%	13.04%	10.36%	7.13%
Service (Commenced December 15, 1997)	4.02%	12.49%	9.81%	6.47%
Class IR (Commenced August 31, 2010)	4.37%	N/A	N/A	2.42%

35

PORTFOLIO RESULTS

Goldman Sachs N-11 Equity Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman Sachs N-11 Equity Fund’s (the “Fund”) performance and positioning for the 12-month period ended October 31, 2013 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated average annual total returns, without sales charges, of 6.31%, 5.46%, 6.73% and 6.48%, respectively. These returns compare to the 5.33% cumulative total return of the Fund’s benchmark, the MSCI GDP Weighted Next 11 ex-Iran Index (net, unhedged, USD) (the “Index”), during the same period.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A The Fund outperformed the Index during the Reporting Period. The Fund benefited most from effective positioning in Indonesia, Mexico and Egypt, which more than offset the detracting effect of its positioning in Bangladesh.

Q What were some of the Fund’s best-performing individual stocks?

A The strongest contributors to the Fund’s performance during the Reporting Period were Orascom Construction Industries, Alliance Global and Promotora y Operadora de Infraestructura (“Pinfra”).

Orascom Construction Industries, an Egyptian company with fertilizer and construction businesses listed in the Netherlands, performed well during the Reporting Period and was the largest individual contributor to the Fund’s relative results. The company’s stock rose after a successful completion of a tender offer, which resulted in the stock’s inclusion in the Euro Stoxx benchmark. Additionally, the stock was boosted by the fact that Orascom Construction Industries reached a preliminary agreement on gas supply with GASCO, the Egyptian natural gas company. Furthermore, its fertilizer plant in Algeria started commercial operations.

Alliance Global, a conglomerate based in the Philippines with businesses in real estate development, food and beverage, and gaming and tourism, was another strong contributor to the Fund’s results during the Reporting Period. We believe the company’s exposure to growing domestic and Association of Southeast Asian Nations (“ASEAN”) consumption, driven by rising affluence of the middle class, resulted in the strong performance of the company’s stock. At the end of the Reporting Period, we remained positive about the company’s ability to gain market share in its domestic liquor business and based on increased contribution from its gaming division as the ASEAN population becomes more mobile, thus driving regional demand for tourism.

Pinfra, a Mexican infrastructure construction and operation company, also performed well during the Reporting Period. Pinfra is, in our opinion, a direct investment in Mexican Gross Domestic Product (“GDP”) growth, on which we remain constructive. We particularly view prospects for Mexico’s GDP growth favorably given potential improvements in the U.S. economy and as a beneficiary of a supportive reform agenda under new President Nieto. Finally, we have seen clear improvements, in our view, in the quality of Pinfra’s management team and believe it can continue to drive the business forward in the months ahead.

Q Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

A Detracting most from the Fund’s results relative to the Index were positions in Haci Omer Sabanci, Media Nusantara and Commercial International Bank.

Haci Omer Sabanci, a Turkish bank, performed poorly during the Reporting Period, as the entire sector came under pressure at the end of May 2013 when what started as a small protest to contest an urban development plan escalated to country-wide riots. Despite these events and this position’s performance, the Fund’s holdings in Turkey overall contributed positively to its overall relative returns.

Media Nusantara, a leading free-to-air television network with the largest audience share in Indonesia, detracted. The company derives most of its revenues from advertising, and its performance, therefore, is closely correlated with the macroeconomic environment. Indeed, the market turned more cautious on near-term advertising spending as consumption and consumer confidence weakened on the back of higher inflation and slower GDP growth in Indonesia. Further, when

36

PORTFOLIO RESULTS

the U.S. Federal Reserve (the “Fed”) announced in May 2013 its intention to taper its quantitative easing program, the Indonesian rupiah depreciated and interest rates rose, both of which negatively impacted advertising spending.

Commercial International Bank is an Egyptian bank. It detracted from the Fund’s relative results because the Fund held an underweight position in its stock, and the stock rallied as the political situation in Egypt appeared to stabilize.

Q Which equity market sectors most significantly affected Fund performance during the Reporting Period?

A Strong stock selection within industrials, consumer staples and materials contributed most positively to the Fund’s performance. In industrials, holdings within the capital goods industry performed particularly well, with Egyptian construction company Orascom Construction Industries and Filipino conglomerate Alliance Global, each already mentioned, the largest individual contributors to relative returns. In consumer staples, holdings within the food, beverage and tobacco industry helped most, with Pakistani food and dairy producer Engro Foods and Turkish food manufacturer Ulker boosting results. In materials, the Fund’s holding in Mexican company Industrias Penoles was an especially outstanding performer.

Conversely, relative to the Index, weak stock selection within the financials and consumer discretionary sectors detracted most from the Fund’s performance during the Reporting Period, more than offsetting effective allocation positioning within each sector. Notable individual drivers of underperformance in the financials sector were holdings in the banks industry. The Fund’s holdings in Turkish bank Haci Omer Sabanci and Egyptian bank Commercial International Bank, each already mentioned, were the largest detractors from performance. In consumer discretionary, holdings in the media industry hurt most, with a position in Indonesian company Media Nusantara, already mentioned, especially disappointing.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Fund gained exposure to select stocks through equity-linked notes and participatory notes. We used index futures on an opportunistic basis to ensure the Fund remained almost fully exposed to equities following cash inflows or stock sales.

Q Did the Fund make any significant purchases or sales during the Reporting Period?

A During the Reporting Period, we elected to change the Fund’s positioning within the consumer staples sector in Mexico. We initiated a Fund position in Arca Continental, a Coca-Cola bottler and snack producer in Mexico. We believe Arca Continental may benefit from stronger profit growth driven by its improving margins, higher volume and pricing — as well as from delivery of synergies following acquisitions made prior to the Reporting Period. In addition, we expect the company’s earnings to benefit from a stronger domestic currency. We reduced the Fund’s position in Grupo Bimbo, a Mexican baking company, as we saw other consumer names that we believe to have better valuations and earnings growth prospects.

Similarly, we changed the Fund’s positioning in Indonesia during the Reporting Period. We sold the Fund’s position in Gudang Garam, a cigarette manufacturer, after strong performance by the stock, as we believe the company has a structurally disadvantaged product mix. We added to the Fund’s position in Kalbe Farma, an Indonesian pharmaceutical company, as we believe it should benefit from increasing health care expenditure domestically. At the end of the Reporting Period, Indonesia’s drug expenditure per capita was quite low relative to its regional peers. We believe a new law proposing a doubling of the government’s health care expenditure to approximately 5% of GDP should result in higher earnings for pharmaceutical companies. We also believe Kalbe Farma has an attractive product portfolio, exposure to high-growth categories and a superior distribution network.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A Most sector weights are usually established within a narrow range from the Index, as our team prefers to make decisions at the individual stock level, where we believe we can generate more added value. That said, during the Reporting Period, the Fund’s exposure relative to the Index to consumer discretionary and industrials increased, and its allocations relative to the Index to financials and energy decreased.

Similarly, allocations to countries are the direct result of various stock selection decisions. As such, the Fund’s allocations relative to the Index to Mexico and Turkey increased, and its exposure relative to the Index in Bangladesh and Vietnam decreased.

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PORTFOLIO RESULTS

Q How was the Fund positioned relative to the Index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was relatively neutrally weighted to the Index in all of the country components of the Index.

From a sector allocation perspective, the Fund had an overweighted position relative to the Index in consumer discretionary at the end of the Reporting Period. The Fund had an underweighted position compared to the Index in the financials sector and rather neutral positions relative to the Index in the information technology, utilities, energy, materials, telecommunication services, industrials, consumer staples and health care sectors at the end the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

38

FUND BASICS

N-11 Equity Fund

as of October 31, 2013

PERFORMANCE REVIEW
November 1, 2012–October 31, 2013	Fund Total Return (based on NAV)1			MSCI GDP Weighted Next 11 ex Iran Index2
Class A		6.31	%		5.33	%
Class C		5.46			5.33
Institutional		6.73			5.33
Class IR		6.48			5.33

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Fund’s benchmark index is the MSCI GDP Weighted Next 11 ex Iran Index (net, unhedged, USD). The MSCI GDP Weighted Next-11 ex Iran Index comprises the following 10 emerging and frontier market indices: Bangladesh, Egypt, Indonesia, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam. The index is designed to reflect the performance of the N-11 ex Iran countries based on the size of each country’s economy rather than the size of its equity market, by using country weights based on a country’s gross domestic product (GDP). Each country is divided into large- and mid-cap segments and provides exhaustive coverage of these size segments by targeting a coverage range around 85% of free float-adjusted market capitalization in that market. It is not possible to invest directly in an index.

STANDARDIZED TOTAL RETURNS3
For the period ended 9/30/13	One Year			Since Inception			Inception Date
Class A		-3.18	%		-0.24	%	2/28/11
Class C		0.68			1.18		2/28/11
Institutional		2.93			2.36		2/28/11
Class IR		2.76			2.21		2/28/11

³ The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the tables above 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.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

39

FUND BASICS

EXPENSE RATIOS4
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.73	%		2.35	%
Class C		2.48			3.12
Institutional		1.33			1.94
Class IR		1.48			2.05

⁴  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

TOP TEN HOLDINGS AS OF 10/31/135
Holding	% of Net Assets			Line of Business	Country
Samsung Electronics Co. Ltd		6.1	%	Semiconductors & Semiconductor Equipment	South Korea
America Movil SAB de CV Series L ADR		4.5		Telecommunication Services	Mexico
Grupo Financiero Banorte SAB de CV Class O		2.1		Banks	Mexico
Wal-Mart de Mexico SAB de CV Series V		2.0		Food & Staples Retailing	Mexico
Turkiye Garanti Bankasi AS		1.9		Banks	Turkey
PT Bank Central Asia Tbk		1.9		Banks	Indonesia
Fomento Economico Mexicano SAB de CV ADR		1.9		Food, Beverage & Tobacco	Mexico
Hyundai Motor Co.		1.8		Automobiles & Components	South Korea
Oil & Gas Development Co. Ltd.		1.7		Energy	Pakistan
Commercial International Bank Egypt SAE		1.7		Banks	Egypt

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

40

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of October 31, 2013

⁶  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

41

GOLDMAN SACHS N-11 EQUITY FUND

Performance Summary

October 31, 2013

The following graph shows the value, as of October 31, 2013, of a $10,000 investment made on February 28, 2011 (commencement of operations) in Institutional Shares (at NAV). For comparative purposes, the performance of the Fund’s benchmark, the MSCI GDP Weighted Next 11 ex-Iran Index (net, unhedged, USD), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C and Class IR Shares will vary from that of Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

N-11 Equity Fund’s Lifetime Performance

Performance of a $10,000 Investment from February 28, 2011 through October 31, 2013.

Average Annual Total Return through October 31, 2013	One Year	Since Inception
Class A (Commenced February 28, 2011)
Excluding sales charges	6.31%	3.75%
Including sales charges	0.51%	1.59%
Class C (Commenced February 28, 2011)
Excluding contingent deferred sales charges	5.46%	2.95%
Including contingent deferred sales charges	4.46%	2.95%
Institutional (Commenced February 28, 2011)	6.73%	4.16%
Class IR (Commenced February 28, 2011)	6.48%	3.99%

42

GOLDMAN SACHS ASIA EQUITY FUND

Schedule of Investments

October 31, 2013

Shares		Description	Value
	Common Stocks – 98.5%
	Canada – 1.5%
	39,052	Canadian Solar, Inc. (Semiconductors & Semiconductor Equipment)*	$	898,196
	China – 18.1%
	751	58.Com, Inc. ADR (Software & Services)*		18,114
	192,000	Anhui Conch Cement Co. Ltd. Class H (Materials)		670,036
	527,500	Bloomage Biotechnology Corp. Ltd. (Materials)		1,109,027
	1,483,110	China Construction Bank Corp. Class H (Banks)		1,153,900
	858,000	China Huishan Dairy Holdings Co. Ltd. (Food, Beverage & Tobacco)*		340,854
	284,000	China Oilfield Services Ltd. Class H (Energy)		793,691
	1,030,000	China Petroleum & Chemical Corp. Class H (Energy)		833,793
	242,000	ENN Energy Holdings Ltd. (Utilities)		1,434,793
	58,000	Hengan International Group Co. Ltd. (Household & Personal Products)		710,184
	31,541	Hollysys Automation Technologies Ltd. (Technology Hardware & Equipment)*		528,943
	2,274,635	Industrial & Commercial Bank of China Ltd. Class H (Banks)		1,594,578
	174,000	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		599,952
	20,300	Tencent Holdings Ltd. (Software & Services)		1,106,968
				10,894,833
	Hong Kong – 10.5%
	169,436	AIA Group Ltd. (Insurance)		860,368
	36,000	Cheung Kong Holdings Ltd. (Real Estate)		562,213
	34,000	Cheung Kong Infrastructure Holdings Ltd. (Utilities)		236,597
	115,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)		505,875
	140,000	China Overseas Land & Investment Ltd. (Real Estate)		433,863
	270,000	China Unicom Hong Kong Ltd. (Telecommunication Services)		422,419
	151,000	Galaxy Entertainment Group Ltd. (Consumer Services)*		1,127,197
	67,000	Hutchison Whampoa Ltd. (Capital Goods)		834,865
	1,960,000	Peace Mark Holdings Ltd. (Consumer Durables & Apparel)*		—
	255,000	Shimao Property Holdings Ltd. (Real Estate)		640,881
	424,000	Sino Biopharmaceutical (Pharmaceuticals, Biotechnology & Life Sciences)		299,675
	Common Stocks – (continued)
	Hong Kong – (continued)
	33,555	Sun Hung Kai Properties Ltd. (Real Estate)	$	439,528
				6,363,481
	India – 8.6%
	15,123	Bajaj Finance Ltd. (Diversified Financials)		333,647
	2,624	Bosch Ltd. (Automobiles & Components)		374,802
	22,161	HCL Technologies Ltd. (Software & Services)		395,088
	61,531	HDFC Bank Ltd. (Banks)		685,198
	30,951	IndusInd Bank Ltd. (Banks)		223,971
	10,762	Infosys Ltd. (Software & Services)		575,116
	87,018	Just Dial Ltd. (Software & Services)*		1,764,836
	3,657	Oracle Financial Services Software Ltd. (Software & Services)*		190,756
	80,518	Prestige Estates Projects Ltd. (Real Estate)		186,975
	10,857	United Spirits Ltd. (Food, Beverage & Tobacco)		454,536
				5,184,925
	Indonesia – 4.4%
	554,000	PT Bank Central Asia Tbk (Banks)		513,286
	4,106,000	PT Erajaya Swasembada Tbk (Technology Hardware & Equipment)		495,008
	2,575,000	PT Media Nusantara Citra Tbk (Media)		570,277
	685,000	PT MNC Sky Vision Tbk (Media)*		141,208
	9,077,000	PT Sumber Alfaria Trijaya Tbk (Food & Staples Retailing)		434,826
	1,612,000	PT Telekomunikasi Indonesia (Persero) Tbk (Telecommunication Services)		335,313
	54,500	PT Unilever Indonesia Tbk (Household & Personal Products)		144,914
				2,634,832
	Malaysia – 3.0%
	193,620	Genting Berhad (Consumer Services)		642,823
	66,400	Public Bank Bhd (Banks)		385,378
	144,800	Tenaga Nasional Berhad (Utilities)		432,708
	476,500	UEM Sunrise Bhd (Real Estate)		353,067
				1,813,976
	Philippines – 2.5%
	1,957,700	Emperador, Inc. (Software & Services)*		532,806
	1,919,900	Lafarge Republic, Inc. (Materials)		413,455
	191,270	Universal Robina Corp. (Food, Beverage & Tobacco)		564,559
				1,510,820
	Singapore – 5.3%
	114,230	DBS Group Holdings Ltd. (Banks)		1,539,988
	599,000	Hutchison Port Holdings Trust Class U (Transportation)		452,245

The accompanying notes are an integral part of these financial statements. 43

GOLDMAN SACHS ASIA EQUITY FUND

Schedule of Investments (continued)

October 31, 2013

Shares		Description	Value
	Common Stocks – (continued)
	Singapore – (continued)
	388,000	Singapore Telecommunications Ltd. (Telecommunication Services)	$	1,178,272
				3,170,505
	South Korea – 28.3%
	53,180	Hana Financial Group, Inc. (Banks)		2,044,893
	4,900	Hankook Tire Co. Ltd. (Automobiles & Components)		287,456
	8,620	Hanssem Co. Ltd. (Consumer Durables & Apparel)		349,254
	3,213	Hyundai Department Store Co. Ltd. (Retailing)		511,616
	44,000	Hyundai Development Co. - Engineering & Construction (Capital Goods)		978,046
	8,270	Hyundai Mipo Dockyard (Capital Goods)		1,316,259
	25,863	Kia Motors Corp. (Automobiles & Components)		1,502,672
	26,680	KT Skylife Co. Ltd. (Media)		706,333
	2,866	Kumho Petro Chemical Co. Ltd. (Materials)		280,560
	1,071	LG Chem Ltd. (Materials)		302,110
	16,190	LMS Co. Ltd. (Semiconductors & Semiconductor Equipment)		259,003
	1,135	NAVER Corp. (Software & Services)		636,925
	4,495	NCSoft Corp. (Software & Services)		871,289
	9,891	OCI Co. Ltd. (Materials)		1,789,967
	6,954	Samsung C&T Corp. (Capital Goods)		412,636
	1,565	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,158,228
	31,271	Seoul Semiconductor Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,301,181
	1,908	SK Holdings Co. Ltd. (Capital Goods)		345,806
	33,300	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)*		1,002,027
				17,056,261
	Taiwan – 12.0%
	364,000	Epistar Corp. (Semiconductors & Semiconductor Equipment)*		631,209
	423,000	Fubon Financial Holding Co. Ltd. (Diversified Financials)		619,932
	52,000	Ginko International Co. Ltd. (Health Care Equipment & Services)		986,520
	319,600	Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment)		812,518
	80,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		1,093,755
	636,195	Mega Financial Holding Co. Ltd. (Banks)		550,874
	57,899	PChome Online, Inc. (Software & Services)		336,432
	Common Stocks – (continued)
	Taiwan – (continued)
	67,286	Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)	$	251,784
	530,338	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,954,595
				7,237,619
	Thailand – 3.5%
	199,200	Airports of Thailand PCL (Transportation)		1,355,680
	45,600	Bangkok Bank PCL NVDR (Banks)		302,623
	79,753	PTT Exploration & Production PCL (Energy)		431,536
				2,089,839
	United States – 0.8%
	5,393	Cognizant Technology Solutions Corp. Class A (Software & Services)*		468,813
	TOTAL COMMON STOCKS
	(Cost $52,857,473)		$	59,324,100
	Investment Company – 0.8%
	Thailand – 0.8%
	1,593,800	BTS Rail Mass Transit Growth Infrastructure Fund, Class F	$	493,560
	(Cost $563,859)

Units	Description	Expiration Month		Value
Right – 0.0%
Taiwan – 0.0%
50,648	Mega Financial Holding Co. Ltd. (Banks)*		12/13	$	6,791
(Cost $0)
TOTAL INVESTMENTS – 99.3%
(Cost $53,421,332)				$	59,824,451
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%					439,301
NET ASSETS – 100.0%				$	60,263,752

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

Investment Abbreviations:
ADR	—American Depositary Receipt
NVDR	—Non-Voting Depositary Receipt

44 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS BRIC FUND

Schedule of Investments

October 31, 2013

Shares		Description	Value
	Common Stocks – 87.4%
	Brazil – 16.7%
	654,471	BB Seguridade Participacoes SA (Insurance)	$	7,148,873
	876,429	BM&FBovespa SA (Diversified Financials)		4,924,060
	214,574	BRF SA (Food, Beverage & Tobacco)		5,038,207
	238,199	CETIP SA - Mercados Organizados (Diversified Financials)		2,632,416
	98,056	Cia Hering (Retailing)		1,424,749
	787,309	Odontoprev SA (Health Care Equipment & Services)		3,254,389
	462,880	Petroleo Brasileiro SA ADR (Energy)		8,067,998
	248,006	Vale SA (Materials)		3,943,410
	439,717	Vale SA ADR (Materials)		7,039,869
				43,473,971
	China – 32.8%
	3,238	58.Com, Inc. ADR (Software & Services)*		78,100
	15,483,800	Agricultural Bank of China Ltd. Class H (Banks)		7,461,566
	593,500	Anhui Conch Cement Co. Ltd. Class H (Materials)		2,071,179
	11,377,360	China Construction Bank Corp. Class H (Banks)		8,851,896
	1,143,000	China Oilfield Services Ltd. Class H (Energy)		3,194,327
	1,728,400	China Pacific Insurance Group Co. Ltd. Class H (Insurance)		6,245,795
	2,676,400	China Petroleum & Chemical Corp. Class H (Energy)		2,166,566
	828,000	ENN Energy Holdings Ltd. (Utilities)		4,909,128
	860,000	Great Wall Motor Co. Ltd. Class H (Automobiles & Components)		5,054,841
	342,000	Haitian International Holdings Ltd. (Capital Goods)		824,381
	414,500	Hengan International Group Co. Ltd. (Household & Personal Products)		5,075,367
	252,010	Hollysys Automation Technologies Ltd. (Technology Hardware & Equipment)*		4,226,208
	15,769,050	Industrial & Commercial Bank of China Ltd. Class H (Banks)		11,054,515
	552,700	New China Life Insurance Co. Ltd. Class H (Insurance)*		1,561,624
	5,178,000	PetroChina Co. Ltd. Class H (Energy)		5,896,610
	59,352	TAL Education Group ADR (Consumer Services)		1,138,965
	242,800	Tencent Holdings Ltd. (Software & Services)		13,239,989
	659,000	Zhuzhou CSR Times Electric Co. Ltd. Class H (Capital Goods)		2,365,436
				85,416,493
	Common Stocks – (continued)
	Cyprus – 0.6%
	99,284	Globaltrans Investment PLC GDR (Transportation)	$	1,509,117
	Hong Kong – 6.8%
	562,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)		2,472,189
	726,000	China Overseas Land & Investment Ltd. (Real Estate)		2,249,890
	3,230,000	China Unicom Hong Kong Ltd. (Telecommunication Services)		5,053,381
	431,000	Galaxy Entertainment Group Ltd. (Consumer Services)*		3,217,364
	1,250,000	Shimao Property Holdings Ltd. (Real Estate)		3,141,574
	2,364,000	Sino Biopharmaceutical (Pharmaceuticals, Biotechnology & Life Sciences)		1,670,829
				17,805,227
	India – 13.9%
	208,137	Bajaj Corp. Ltd. (Household & Personal Products)		828,970
	82,760	Bajaj Finance Ltd. (Diversified Financials)		1,825,869
	14,396	Bosch Ltd. (Automobiles & Components)		2,056,271
	117,490	Credit Analysis & Research Ltd. (Diversified Financials)		1,272,211
	80,570	CRISIL Ltd. (Diversified Financials)		1,467,579
	35,166	Grasim Industries Ltd. GDR (Materials)		1,611,600
	191,111	HCL Technologies Ltd. (Software & Services)		3,407,138
	347,281	HDFC Bank Ltd. (Banks)		3,867,260
	50,323	Hero MotoCorp Ltd. (Automobiles & Components)		1,700,549
	232,126	IndusInd Bank Ltd. (Banks)		1,679,737
	53,811	Infosys Ltd. ADR (Software & Services)		2,855,212
	144,312	Just Dial Ltd. (Software & Services)*		2,926,831
	39,720	Oracle Financial Services Software Ltd. (Software & Services)*		2,071,864
	575,653	Prestige Estates Projects Ltd. (Real Estate)		1,336,756
	293,415	Thermax Ltd. (Capital Goods)		3,044,201
	389,031	Titan Industries Ltd. (Consumer Durables & Apparel)		1,689,634
	61,286	United Spirits Ltd. (Food, Beverage & Tobacco)		2,565,784
				36,207,466
	Russia – 15.4%
	1,191,707	Alrosa AO (Materials)		1,345,850
	97,570	DIXY Group OJSC (Food & Staples Retailing)*		1,294,220

The accompanying notes are an integral part of these financial statements. 45

GOLDMAN SACHS BRIC FUND

Schedule of Investments (continued)

October 31, 2013

Shares		Description	Value
	Common Stocks – (continued)
	Russia – (continued)
	24,383	Magnit OJSC (Food & Staples Retailing)	$	6,564,945
	688,731	OAO Gazprom ADR (Energy)		6,437,850
	134,491	OAO Lukoil ADR (Energy)		8,808,336
	751,156	OAO Moscow Exchange MICEX-RTS (Diversified Financials)		1,434,119
	411,065	OAO Rosneft GDR (Energy)		3,243,204
	89,199	OJSC Mobile Telesystems ADR (Telecommunication Services)		2,033,737
	2,752,797	Sberbank of Russia (Banks)		8,827,828
				39,990,089
	United States – 1.2%
	35,434	Cognizant Technology Solutions Corp. Class A (Software & Services)*		3,080,277
	TOTAL COMMON STOCKS
	(Cost $214,848,486)		$	227,482,640
	Preferred Stocks – 8.3%
	Brazil – 8.3%
	408,658	Banco Bradesco SA (Banks)	$	5,887,509
	59,182	Cia Brasileira de Distribuicao Grupo Pao de Acucar (Food & Staples Retailing)		2,940,169
	214,605	Companhia de Bebidas das Americas (Food, Beverage & Tobacco)		7,984,133
	310,015	Itau Unibanco Holding SA (Banks)		4,796,815
	TOTAL PREFERRED STOCKS
	(Cost $22,063,959)		$	21,608,626
	Exchange Traded Fund – 3.2%
	United States – 3.2%
	222,987	iShares China Large-Cap Fund	$	8,377,622
	(Cost $8,471,151)
	TOTAL INVESTMENTS – 98.9%
	(Cost $245,383,596)		$	257,468,888
	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%			2,869,342
	NET ASSETS – 100.0%		$	260,338,230

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt

46 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments

October 31, 2013

Shares		Description	Value
	Common Stocks – 98.0%
	Automobiles – 2.8%
	109,500	Great Wall Motor Co. Ltd. Class H	$	643,610
	Beverages – 1.0%
	878,000	Guangdong Land Holdings Ltd.		234,588
	Commercial Banks – 21.1%
	2,009,000	Agricultural Bank of China Ltd. Class H		968,127
	2,666,000	China Construction Bank Corp. Class H		2,074,219
	2,609,000	Industrial and Commercial Bank of China Ltd. Class H		1,828,977
				4,871,323
	Construction & Engineering – 1.0%
	341,000	China Machinery Engineering Corp. Class H		233,028
	Construction Materials – 1.8%
	436,000	China National Building Material Co. Ltd. Class H		426,292
	Diversified Consumer Services – 0.7%
	8,435	TAL Education Group ADR		161,868
	Diversified Telecommunication Services – 2.3%
	342,000	China Unicom Hong Kong Ltd.		535,063
	Electrical Equipment – 2.1%
	134,000	Zhuzhou CSR Times Electric Co. Ltd. Class H		480,984
	Electronic Equipment, Instruments & Components – 4.4%
	468,000	FIH Mobile Ltd.*		263,622
	27,522	Hollysys Automation Technologies Ltd.*		461,544
	386,000	Ju Teng International Holdings Ltd.		280,813
				1,005,979
	Energy Equipment & Services – 3.5%
	266,000	China Oilfield Services Ltd. Class H		743,386
	101,000	Hilong Holding Ltd.		67,179
				810,565
	Food Products – 3.0%
	505,000	China Huishan Dairy Holdings Co. Ltd.*		200,619
	114,000	China Mengniu Dairy Co. Ltd.		501,476
				702,095
	Gas Utilities – 1.8%
	70,000	ENN Energy Holdings Ltd.		415,023
	Independent Power Producers & Energy Traders – 1.8%
	396,000	Huaneng Power International Inc. Class H		413,349
	Common Stocks – (continued)
	Insurance – 4.6%
	171,200	China Pacific Insurance (Group) Co. Ltd. Class H	$	618,653
	161,600	New China Life Insurance Co., Ltd.		456,592
				1,075,245
	Internet Software & Services – 9.5%
	284	58.Com Inc. ADR*		6,850
	40,100	Tencent Holdings Ltd.		2,186,670
				2,193,520
	Machinery – 3.0%
	162,100	China International Marine Containers Co., Ltd.		303,160
	163,000	Haitian International Holdings Ltd.		392,907
				696,067
	Marine – 1.0%
	46,000	Orient Overseas International Ltd.		237,595
	Metals & Mining – 2.1%
	249,000	Jiangxi Copper Co. Ltd. Class H		477,382
	Oil, Gas & Consumable Fuels – 12.1%
	1,476,800	China Petroleum and Chemical Corp. (Sinopec) Class H		1,195,481
	102,000	China Shenhua Energy Co. Ltd. Class H		310,271
	654,000	China Suntien Green Energy Corp. Ltd. Class H		228,645
	926,000	PetroChina Co. Ltd. Class H		1,054,511
				2,788,908
	Personal Products – 2.5%
	47,000	Hengan International Group Co., Ltd.		575,494
	Pharmaceuticals – 2.5%
	192,000	Dawnrays Pharmaceutical Holdings Ltd.		95,096
	93,000	Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		210,580
	396,000	Sino Biopharmaceutical		279,885
				585,561
	Real Estate Management & Development – 5.2%
	216,000	China Overseas Land & Investment Ltd.		669,389
	216,500	Shimao Property Holdings Ltd.		544,120
				1,213,509
	Semiconductors & Semiconductor Equipment* – 1.5%
	199,000	Epistar Corp.		345,084
	Specialty Retail – 1.6%
	254,000	Belle International Holdings Ltd.		358,146

The accompanying notes are an integral part of these financial statements. 47

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments (continued)

October 31, 2013

Shares		Description	Value
	Common Stocks – (continued)
	Wireless Telecommunication Services – 5.1%
	114,000	China Mobile Ltd.	$	1,184,648
	TOTAL COMMON STOCKS – 98.0%
	(Cost $20,540,977)		$	22,664,926

Shares	Rate				Value
Investment Company(a) – 1.9%
SSgA U.S. Government Money Market Fund
$452,274		0.000	%	11/01/13	$	452,274
(Cost $452,274)
TOTAL INVESTMENTS – 99.9%
(Cost $20,993,251)					$	23,117,200
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%						20,896
NET ASSETS – 100.0%					$	23,138,096

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Variable rate security. Interest rate disclosed is that which is in effect at October 31, 2013.

48 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments

October 31, 2013

Shares		Description	Value
	Common Stocks – 86.8%
	Brazil – 8.6%
	653,246	BB Seguridade Participacoes SA (Insurance)	$	7,135,492
	393,300	BM&FBovespa SA (Diversified Financials)		2,209,686
	260,200	BRF SA (Food, Beverage & Tobacco)		6,109,508
	267,881	CETIP SA - Mercados Organizados (Diversified Financials)		2,960,442
	150,635	Cia Hering (Retailing)		2,188,719
	1,364,878	Odontoprev SA (Health Care Equipment & Services)		5,641,805
	164,721	Petroleo Brasileiro SA ADR (Energy)		2,871,087
	632,619	Vale SA ADR (Materials)		10,128,230
				39,244,969
	China – 13.5%
	5,727	58.Com, Inc. ADR (Software & Services)*		138,135
	8,487,000	Agricultural Bank of China Ltd. Class H (Banks)		4,089,843
	817,500	Anhui Conch Cement Co. Ltd. Class H (Materials)		2,852,888
	5,188,420	China Construction Bank Corp. Class H (Banks)		4,036,732
	946,000	China Oilfield Services Ltd. Class H (Energy)		2,643,774
	1,090,800	China Pacific Insurance Group Co. Ltd. Class H (Insurance)		3,941,745
	888,000	ENN Energy Holdings Ltd. (Utilities)		5,264,862
	491,000	Great Wall Motor Co. Ltd. Class H (Automobiles & Components)		2,885,962
	472,000	Haitian International Holdings Ltd. (Capital Goods)		1,137,742
	488,000	Hengan International Group Co. Ltd. (Household & Personal Products)		5,975,342
	226,191	Hollysys Automation Technologies Ltd. (Technology Hardware & Equipment)*		3,793,223
	10,571,505	Industrial & Commercial Bank of China Ltd. Class H (Banks)		7,410,900
	3,354,000	PetroChina Co. Ltd. Class H (Energy)		3,819,473
	103,266	TAL Education Group ADR (Consumer Services)		1,981,675
	166,200	Tencent Holdings Ltd. (Software & Services)		9,062,958
	622,000	Zhuzhou CSR Times Electric Co. Ltd. Class H (Capital Goods)		2,232,627
				61,267,881
	Cyprus – 0.4%
	116,605	Globaltrans Investment PLC GDR (Transportation)		1,772,396
	Common Stocks – (continued)
	Hong Kong – 3.4%
	523,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)	$	2,300,632
	418,000	China Overseas Land & Investment Ltd. (Real Estate)		1,295,391
	1,890,000	China Unicom Hong Kong Ltd. (Telecommunication Services)		2,956,932
	488,000	Galaxy Entertainment Group Ltd. (Consumer Services)*		3,642,862
	1,361,500	Shimao Property Holdings Ltd. (Real Estate)		3,421,802
	2,428,000	Sino Biopharmaceutical (Pharmaceuticals, Biotechnology & Life Sciences)		1,716,063
				15,333,682
	India – 8.0%
	351,494	Bajaj Corp. Ltd. (Household & Personal Products)		1,399,933
	193,861	Bajaj Finance Ltd. (Diversified Financials)		4,277,004
	13,063	Bosch Ltd. (Automobiles & Components)		1,865,871
	169,843	Credit Analysis & Research Ltd. (Diversified Financials)		1,839,102
	27,598	Grasim Industries Ltd. GDR (Materials)		1,264,771
	186,800	HCL Technologies Ltd. (Software & Services)		3,330,281
	266,115	HDFC Bank Ltd. (Banks)		2,963,410
	278,996	IndusInd Bank Ltd. (Banks)		2,018,903
	17,684	Infosys Ltd. (Software & Services)		945,024
	26,833	Infosys Ltd. ADR (Software & Services)		1,423,759
	285,354	Just Dial Ltd. (Software & Services)*		5,787,341
	64,579	Oracle Financial Services Software Ltd. (Software & Services)*		3,368,553
	737,214	Prestige Estates Projects Ltd. (Real Estate)		1,711,926
	220,509	Sobha Developers Ltd. (Real Estate)		1,118,913
	120,372	Thermax Ltd. (Capital Goods)		1,248,868
	485,745	Titan Industries Ltd. (Consumer Durables & Apparel)		2,109,681
				36,673,340
	Indonesia – 3.0%
	6,219,000	PT Bank Central Asia Tbk (Banks)		5,761,954
	7,602,000	PT Media Nusantara Citra Tbk (Media)		1,683,589
	8,970,000	PT Surya Citra Media Tbk (Media)		1,869,514
	9,745,000	PT Telekomunikasi Indonesia (Persero) Tbk (Telecommunication Services)		2,027,063
	960,500	PT Unilever Indonesia Tbk (Household & Personal Products)		2,553,950
				13,896,070

The accompanying notes are an integral part of these financial statements. 49

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

October 31, 2013

Shares		Description	Value
	Common Stocks – (continued)
	Malaysia – 1.7%
	581,300	Genting Berhad (Consumer Services)	$	1,929,930
	717,300	Public Bank Bhd (Banks)		4,163,122
	2,232,500	UEM Sunrise Bhd (Real Estate)		1,654,189
				7,747,241
	Mexico – 5.0%
	2,724,523	Compartamos SAB de CV (Diversified Financials)		5,308,197
	1,901,000	Grupo Sanborns SA de CV (Retailing)		3,941,218
	426,000	Infraestructura Energetica Nova SAB de CV (Utilities)		1,680,851
	1,047,100	Macquarie Mexico Real Estate Management SA de CV (REIT)*		1,924,502
	1,067,568	Mexichem SAB de CV (Materials)		4,458,547
	1,090,700	Organizacion Cultiba SAB de CV (Food, Beverage & Tobacco)		2,257,096
	304,600	Promotora y Operadora de Infraestructura SAB de CV (Capital Goods)*		3,090,532
				22,660,943
	Netherlands – 0.5%
	59,789	OCI (Capital Goods)*		2,298,975
	Peru – 1.5%
	49,800	Credicorp Ltd. (Banks)		6,802,680
	Philippines – 1.2%
	15,298,300	Emperador, Inc. (Software & Services)*		4,163,574
	457,950	Universal Robina Corp. (Food, Beverage & Tobacco)		1,351,701
				5,515,275
	Russia – 8.6%
	2,099,422	Alrosa AO (Materials)		2,370,976
	137,510	DIXY Group OJSC (Food & Staples Retailing)*		1,824,005
	24,578	Magnit OJSC (Food & Staples Retailing)		6,617,447
	287,684	OAO Gazprom ADR (Energy)		2,689,100
	142,443	OAO Lukoil ADR (Energy)		9,329,143
	1,133,871	OAO Moscow Exchange MICEX-RTS (Diversified Financials)		2,164,805
	579,337	OAO Rosneft GDR (Energy)		4,570,829
	98,214	OJSC Mobile Telesystems ADR (Telecommunication Services)		2,239,279
	564,597	Sberbank of Russia ADR (Banks)		7,199,958
				39,005,542
	South Africa – 6.0%
	361,159	JSE Ltd. (Diversified Financials)		3,158,736
	371,400	MTN Group Ltd. (Telecommunication Services)		7,382,377
	Common Stocks – (continued)
	South Africa – (continued)
	1,477,922	Nampak Ltd. (Materials)	$	4,885,923
	1,604,816	Netcare Ltd. (Health Care Equipment & Services)		3,982,257
	1,068,343	PPC Ltd. (Materials)		3,378,896
	609,053	Woolworths Holdings Ltd. (Retailing)		4,580,882
				27,369,071
	South Korea – 10.1%
	103,440	Hana Financial Group, Inc. (Banks)		3,977,505
	57,830	Hanssem Co. Ltd. (Consumer Durables & Apparel)		2,343,082
	142,844	Kia Motors Corp. (Automobiles & Components)		8,299,411
	178,080	KT Skylife Co. Ltd. (Media)		4,714,533
	19,673	Kumho Petro Chemical Co. Ltd. (Materials)		1,925,842
	7,793	LG Chem Ltd. (Materials)		2,198,267
	13,895	NAVER Corp. (Software & Services)		7,797,423
	45,955	Samsung C&T Corp. (Capital Goods)		2,726,877
	6,179	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		8,521,206
	109,580	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)*		3,297,361
				45,801,507
	Taiwan – 8.8%
	745,000	Epistar Corp. (Semiconductors & Semiconductor Equipment)*		1,291,899
	166,000	Ginko International Co. Ltd. (Health Care Equipment & Services)		3,149,274
	2,055,963	Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment)		5,226,865
	567,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		7,751,990
	446,000	PChome Online, Inc. (Software & Services)		2,591,559
	225,000	President Chain Store Corp. (Food & Staples Retailing)		1,641,143
	501,177	Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)		1,875,403
	4,457,883	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		16,429,818
				39,957,951
	Thailand – 2.0%
	1,008,300	Airports of Thailand PCL (Transportation)		6,862,108
	414,400	PTT Exploration & Production PCL (Energy)		2,242,278
				9,104,386

50 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Shares			Description		Value
	Common Stocks – (continued)
	Turkey – 3.2%
	552,620		Aselsan Elektronik Sanayi Ve Ticaret AS (Capital Goods)		$	2,605,491
	86,897		BIM Birlesik Magazalar AS (Food & Staples Retailing)			1,818,051
	288,544		TAV Havalimanlari Holding AS (Transportation)			2,087,821
	557,712		Turkiye Garanti Bankasi AS (Banks)			2,236,332
	298,291		Turkiye Halk Bankasi AS (Banks)			2,396,848
	444,026		Ulker Biskuvi Sanayi AS (Food, Beverage & Tobacco)			3,387,125
						14,531,668
	United Kingdom – 0.7%
	106,737		Bank of Georgia Holdings PLC (Banks)			3,374,620
	United States – 0.6%
	29,603		Cognizant Technology Solutions Corp. Class A (Software & Services)*			2,573,389
	TOTAL COMMON STOCKS
	(Cost $366,925,105)				$	394,931,586
	Preferred Stocks – 3.6%
	Brazil – 3.6%
	253,599		Banco Bradesco SA (Banks)		$	3,653,584
	78,582		Cia Brasileira de Distribuicao Grupo Pao de Acucar (Food & Staples Retailing)			3,903,963
	232,496		Companhia de Bebidas das Americas (Food, Beverage & Tobacco)			8,649,748
	TOTAL PREFERRED STOCKS
	(Cost $15,755,244)				$	16,207,295
	Exchange Traded Funds – 8.4%
	United States – 8.4%
	104,065		iShares China Large-Cap Fund		$	3,909,722
	413,141		iShares MSCI South Korea Capped Fund			26,403,841
	561,507		iShares MSCI Taiwan Fund*			8,147,467
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $38,083,357)				$	38,461,030
	Investment Company – 0.1%
	Thailand – 0.1%
	961,500		BTS Rail Mass Transit Growth Infrastructure Fund, Class F		$	297,753
	(Cost $357,954)
Notional Shares		Description	Maturity Month				Value
Participation Notes*(a) – 0.0%
India – 0.0%
9,763		Credit Analysis & Research Ltd. (Issuer Citigroup) (Diversified Financials)		02/14			$	105,716
7,977		Credit Analysis & Research Ltd. (Issuer Morgan Stanley) (Diversified Financials)		12/17				86,377
TOTAL PARTICIPATION NOTES
(Cost $283,447)							$	192,093
TOTAL INVESTMENTS – 98.9%
(Cost $421,405,107)							$	450,089,757
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%								4,809,128
NET ASSETS – 100.0%							$	454,898,885

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $192,093, which represents approximately 0.0% of net assets as of October 31, 2013.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt
REIT	—Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements. 51

GOLDMAN SACHS N-11 EQUITY FUND

Schedule of Investments

October 31, 2013

Shares		Description	Value
	Common Stocks – 98.0%
	Bangladesh – 2.4%
	965,600	GrameenPhone Ltd. (Telecommunication Services)	$	2,385,885
	6,360,413	Islami Bank Bangladesh Ltd. (Banks)		3,013,869
	498,850	Power Grid Co. of Bangladesh Ltd. (Utilities)		335,755
	3,707,175	Prime Bank Ltd. (Banks)		1,102,062
	1,278,379	Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,959,660
	139,800	Summit Power Ltd. (Utilities)*		58,610
	1,725,275	Titas Gas Transmission & Distribution Co. Ltd. (Energy)		1,745,147
				11,600,988
	Egypt – 5.6%
	1,278,614	Commercial International Bank Egypt SAE (Banks)		7,920,180
	746,526	Commercial International Bank Egypt SAE GDR (Banks)		4,317,608
	52,084	Eastern Tobacco (Food, Beverage & Tobacco)*		777,823
	3,355,623	Global Telecom Holding (Telecommunication Services)*		2,297,856
	959,324	Global Telecom Holding GDR (Telecommunication Services)*		3,246,524
	147,282	Oriental Weavers (Consumer Durables & Apparel)		641,444
	4,303,614	Talaat Moustafa Group (Real Estate)*		3,450,102
	2,053,597	Telecom Egypt Co. (Telecommunication Services)		4,028,767
				26,680,304
	France – 0.0%
	41,356	MPI (Energy)		180,245
	Indonesia – 13.5%
	10,576,500	PT Astra International Tbk (Automobiles & Components)		6,235,788
	9,964,500	PT Bank Central Asia Tbk (Banks)		9,232,191
	8,804,000	PT Bank Mandiri (Persero) Tbk (Banks)		6,722,727
	8,402,000	PT Bank Negara Indonesia (Persero) Tbk (Banks)		3,581,667
	5,609,000	PT Bank Rakyat Indonesia (Persero) Tbk (Banks)		3,936,549
	1,129,000	PT Bumi Serpong Damai (Real Estate)		156,614
	2,655,000	PT Charoen Pokphand Indonesia Tbk (Food, Beverage & Tobacco)		917,605
	5,665,000	PT Erajaya Swasembada Tbk (Technology Hardware & Equipment)		682,956
	8,110,500	PT Global Mediacom Tbk (Media)		1,373,741
	340,000	PT Gudang Garam Tbk (Food, Beverage & Tobacco)		1,111,635
	Common Stocks – (continued)
	Indonesia – (continued)
	662,500	PT Indo Tambangraya Megah Tbk (Energy)	$	1,756,637
	732,500	PT Indocement Tunggal Prakarsa Tbk (Materials)		1,357,473
	3,926,000	PT Indofood Sukses Makmur Tbk (Food, Beverage & Tobacco)		2,312,911
	3,512,935	PT Jasa Marga (Persero) Tbk (Transportation)		1,635,411
	8,130,500	PT Kalbe Farma Tbk (Pharmaceuticals, Biotechnology & Life Sciences)		936,091
	5,006,000	PT Lippo Karawaci Tbk (Real Estate)*		501,262
	10,212,000	PT Media Nusantara Citra Tbk (Media)		2,261,617
	4,242,500	PT MNC Sky Vision Tbk (Media)*		874,564
	9,739,500	PT Perusahaan Gas Negara (Persero) Tbk (Utilities)		4,405,108
	898,500	PT Semen Indonesia (Persero) Tbk (Materials)		1,143,156
	1,255,500	PT Tambang Batubara Bukit Asam (Persero) Tbk (Energy)		1,353,374
	38,047,500	PT Telekomunikasi Indonesia (Persero) Tbk (Telecommunication Services)		7,914,282
	961,000	PT Unilever Indonesia Tbk (Household & Personal Products)		2,555,279
	1,037,500	PT United Tractors Tbk (Capital Goods)		1,610,279
				64,568,917
	Jersey – 0.3%
	91,234	Genel Energy PLC (Energy)*		1,390,676
	Mexico – 23.4%
	1,226,100	Alfa SAB de CV Class A (Capital Goods)		3,362,383
	500,800	Alpek SA de CV (Materials)		1,086,639
	1,012,748	America Movil SAB de CV Series L ADR (Telecommunication Services)		21,682,935
	374,900	Arca Continental SAB de CV (Food, Beverage & Tobacco)		2,225,450
	697,826	Cemex SAB de CV ADR (Materials)*		7,382,999
	102,758	Coca-Cola Femsa SAB de CV Series L (Food, Beverage & Tobacco)		1,252,415
	872,843	Compartamos SAB de CV (Diversified Financials)		1,700,563
	280,600	El Puerto de Liverpool SAB de CV (Retailing)		3,030,474
	98,900	Fomento Economico Mexicano SAB de CV ADR (Food, Beverage & Tobacco)		9,227,370
	182,603	Gruma SAB de CV Class B (Food, Beverage & Tobacco)*		1,251,479

52 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS N-11 EQUITY FUND

Shares		Description	Value
	Common Stocks – (continued)
	Mexico – (continued)
	161,604	Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation)	$	1,931,606
	1,335,400	Grupo Bimbo SAB de CV Series A (Food, Beverage & Tobacco)		4,486,047
	1,558,715	Grupo Financiero Banorte SAB de CV Class O (Banks)		9,949,207
	1,352,700	Grupo Financiero Inbursa SAB de CV Class O (Banks)		3,484,585
	173,380	Grupo Financiero Santander Mexico SAB de CV Class B ADR (Banks)		2,449,859
	2,210,250	Grupo Mexico SAB de CV Series B (Materials)		6,981,119
	829,500	Grupo Sanborns SA de CV (Retailing)		1,719,747
	231,718	Grupo Televisa SAB ADR (Media)		7,053,496
	51,205	Industrias Penoles SAB de CV (Materials)		1,498,209
	472,600	Infraestructura Energetica Nova SAB de CV (Utilities)		1,864,718
	522,300	Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)		1,588,047
	1,067,370	Mexichem SAB de CV (Materials)		4,457,720
	653,389	OHL Mexico SAB de CV (Transportation)*		1,679,138
	575,700	Organizacion Cultiba SAB de CV (Food, Beverage & Tobacco)		1,191,355
	3,696,555	Wal-Mart de Mexico SAB de CV Series V (Food & Staples Retailing)		9,610,236
				112,147,796
	Nigeria – 4.9%
	15,208,681	Access Bank PLC (Banks)		928,036
	1,014,680	Cadbury Nigeria PLC (Food, Beverage & Tobacco)		352,431
	1,719,656	Dangote Cement PLC (Materials)		2,057,523
	3,023,095	Dangote Flour Mills PLC (Food, Beverage & Tobacco)*		184,851
	4,745,996	Dangote Sugar Refinery PLC (Food, Beverage & Tobacco)		327,342
	21,460,029	FBN Holdings PLC (Banks)		2,189,524
	19,354,999	Guaranty Trust Bank PLC (Banks)		3,083,637
	1,035,944	Guinness Nigeria PLC (Food, Beverage & Tobacco)		1,643,941
	3,245,415	Intercontinental Wapic Insurance PLC (Insurance)*		18,393
	1,711,583	Lafarge Cement WAPCO Nigeria PLC (Materials)		1,099,487
	389,664	Nestle Nigeria PLC (Food, Beverage & Tobacco)		2,699,184
	4,222,108	Nigerian Breweries PLC (Food, Beverage & Tobacco)		4,651,935
	634,807	Unilever Nigeria PLC (Household & Personal Products)		243,849
	Common Stocks – (continued)
	Nigeria – (continued)
	14,519,431	United Bank for Africa PLC (Banks)	$	719,388
	22,841,806	Zenith Bank PLC (Banks)		3,089,520
				23,289,041
	Pakistan – 4.6%
	1,461,833	Engro Corp. Ltd. (Materials)*		1,734,045
	3,058,500	Fatima Fertilizer Co. Ltd. (Materials)		737,856
	619,300	Fauji Fertilizer Co. Ltd. (Materials)		628,176
	257,900	Lucky Cement Ltd. (Materials)		608,161
	1,996,170	MCB Bank Ltd. (Banks)		5,260,352
	3,176,700	Oil & Gas Development Co. Ltd. (Energy)		8,026,412
	529,700	Pakistan Oilfields Ltd. (Energy)		2,371,398
	581,520	Pakistan Petroleum Ltd. (Energy)		1,109,908
	1,824,000	The HUB Power Co. Ltd. (Utilities)		1,069,112
	547,000	United Bank Ltd. (Banks)		631,138
				22,176,558
	Philippines – 4.6%
	1,264,980	Aboitiz Equity Ventures, Inc. (Capital Goods)		1,489,996
	949,900	Aboitiz Power Corp. (Utilities)		747,798
	3,750,600	Alliance Global Group, Inc. (Capital Goods)		2,288,515
	105,220	Ayala Corp. (Diversified Financials)		1,469,088
	4,105,200	Ayala Land, Inc. (Real Estate)		2,794,699
	399,216	Bank of the Philippine Islands (Banks)		923,786
	316,760	BDO Unibank, Inc. (Banks)		594,265
	2,950,900	Energy Development Corp. (Utilities)		396,020
	20,270	Globe Telecom, Inc. (Telecommunication Services)		816,595
	319,340	Jollibee Foods Corp. (Consumer Services)		1,311,619
	6,302,100	Metro Pacific Investments Corp. (Diversified Financials)		711,499
	598,988	Metropolitan Bank & Trust (Banks)		1,235,021
	7,340	Philippine Long Distance Telephone Co. (Telecommunication Services)		487,068
	67,657	SM Investments Corp. (Capital Goods)		1,340,293
	4,223,200	SM Prime Holdings, Inc. (Real Estate)		1,870,773
	1,151,490	Universal Robina Corp. (Food, Beverage & Tobacco)		3,398,778
				21,875,813
	South Korea – 24.2%
	650	Amorepacific Corp. (Household & Personal Products)		533,113
	13,710	Cheil Worldwide, Inc. (Media)*		337,797
	1,800	CJ CheilJedang Corp. (Food, Beverage & Tobacco)		436,846

The accompanying notes are an integral part of these financial statements. 53

GOLDMAN SACHS N-11 EQUITY FUND

Schedule of Investments (continued)

October 31, 2013

Shares		Description	Value
	Common Stocks – (continued)
	South Korea – (continued)
	4,256	Daelim Industrial Co. Ltd. (Capital Goods)	$	395,056
	7,170	Doosan Heavy Industries & Construction Co. Ltd. (Capital Goods)		292,633
	3,600	E-Mart Co. Ltd. (Food & Staples Retailing)		861,467
	12,940	GS Holdings (Energy)		712,569
	119,930	Hana Financial Group, Inc. (Banks)		4,611,583
	12,800	Hankook Tire Co. Ltd. (Automobiles & Components)		750,905
	18,270	Hanssem Co. Ltd. (Consumer Durables & Apparel)		740,241
	17,824	Hyundai Department Store Co. Ltd. (Retailing)		2,838,171
	120,210	Hyundai Development Co. - Engineering & Construction (Capital Goods)		2,672,065
	14,609	Hyundai Engineering & Construction Co. Ltd. (Capital Goods)		838,120
	3,376	Hyundai Heavy Industries Co. Ltd. (Capital Goods)		806,179
	17,011	Hyundai Mipo Dockyard (Capital Goods)		2,707,482
	6,699	Hyundai Mobis (Automobiles & Components)		1,889,656
	35,766	Hyundai Motor Co. (Automobiles & Components)		8,521,029
	10,407	Hyundai Wia Corp. (Automobiles & Components)		1,791,722
	96,740	KB Financial Group, Inc. (Banks)		3,809,958
	90,328	Kia Motors Corp. (Automobiles & Components)		5,248,167
	57,380	KT Corp. (Telecommunication Services)		1,896,540
	94,290	KT Skylife Co. Ltd. (Media)		2,496,256
	21,043	Kumho Petro Chemical Co. Ltd. (Materials)		2,059,956
	9,372	LG Chem Ltd. (Materials)		2,643,674
	21,098	LG Electronics, Inc. (Consumer Durables & Apparel)		1,351,453
	10,818	Lotte Chemical Corp. (Materials)		2,216,604
	2,690	Lotte Shopping Co. Ltd. (Retailing)		1,020,716
	9,001	NAVER Corp. (Software & Services)		5,051,069
	12,373	NCSoft Corp. (Software & Services)		2,398,324
	5,635	NHN Entertainment Corp. (Software & Services)*		602,944
	3,311	OCI Co. Ltd. (Materials)		599,189
	12,766	POSCO (Materials)		3,811,176
	49,056	Samsung C&T Corp. (Capital Goods)		2,910,884
	21,031	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		29,002,992
	7,178	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		1,678,531
	11,900	Samsung Life Insurance Co. Ltd. (Insurance)		1,171,730
	Common Stocks – (continued)
	South Korea – (continued)
	84,650	Shinhan Financial Group Co. Ltd. (Banks)	$	3,691,048
	12,764	SK Holdings Co. Ltd. (Capital Goods)		2,313,347
	170,450	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)*		5,128,994
	7,800	SK Telecom Co. Ltd. (Telecommunication Services)		1,699,778
	7,757	S-Oil Corp. (Energy)		566,043
	28,780	Sung Kwang Bend Co. Ltd. (Capital Goods)		787,887
				115,893,894
	Turkey – 12.2%
	1,089,958	Akbank TAS (Banks)		4,260,232
	55,705	Anadolu Efes Biracilik Ve Malt Sanayii AS (Food, Beverage & Tobacco)		709,391
	213,078	Arcelik AS (Consumer Durables & Apparel)		1,356,893
	244,814	Aselsan Elektronik Sanayi Ve Ticaret AS (Capital Goods)		1,154,248
	239,613	Aygaz AS (Utilities)		1,090,738
	246,387	BIM Birlesik Magazalar AS (Food & Staples Retailing)		5,154,885
	16,159	Coca-Cola Icecek AS (Food, Beverage & Tobacco)		462,116
	1,990,806	Dogan Sirketler Grubu Holding AS (Capital Goods)*		895,805
	768,206	Enka Insaat ve Sanayi AS (Capital Goods)		2,246,145
	1,158,288	Haci Omer Sabanci Holding AS (Diversified Financials)		5,479,663
	574,791	KOC Holding AS (Capital Goods)		2,815,192
	95,277	Koza Altin Isletmeleri AS (Materials)		1,685,377
	311,714	TAV Havalimanlari Holding AS (Transportation)		2,255,472
	880,976	Turkcell Iletisim Hizmetleri AS (Telecommunication Services)*		5,467,016
	2,318,589	Turkiye Garanti Bankasi AS (Banks)		9,297,156
	738,985	Turkiye Halk Bankasi AS (Banks)		5,937,941
	987,416	Turkiye Is Bankasi Class C (Banks)		2,697,506
	1,224,000	Turkiye Vakiflar Bankasi T.A.O. Class D (Banks)		2,928,720
	309,367	Ulker Biskuvi Sanayi AS (Food, Beverage & Tobacco)		2,359,918
				58,254,414
	Vietnam – 2.3%
	713,710	Bank for Foreign Trade of Vietnam JSC (Banks)		998,724
	65,810	Bao Viet Holdings (Insurance)		123,922
	864,002	HAGL JSC (Diversified Financials)*		929,519
	387,640	Masan Group Corp. (Food, Beverage & Tobacco)*		1,499,082

54 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS N-11 EQUITY FUND

Shares		Description	Value
	Common Stocks – (continued)
	Vietnam – (continued)
	178,020	PetroVietnam Drilling and Well Services JSC (Energy)*	$	537,023
	732,150	Petrovietnam Fertilizer & Chemicals JSC (Materials)		1,450,420
	382,170	PetroVietnam Gas JSC (Utilities)		1,160,219
	302,601	Saigon Thuong Tin Commercial JSB (Banks)		240,933
	406,192	Vietnam Joint Stock Commercial Bank for Industry and Trade (Banks)		334,964
	1,099,313	Vingroup JSC (Real Estate)*		3,516,743
				10,791,549
	TOTAL COMMON STOCKS
	(Cost $446,803,727)		$	468,850,195
	Preferred Stock – 0.8%
	South Korea – 0.8%
	4,152	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)	$	4,002,401
	(Cost $3,095,611)

Notional Shares		Description	Maturity Month		Value
	Participation Note*(a) – 0.0%
	Bangladesh – 0.0%
	46,750	Power Grid Co. of Bangladesh Ltd. (Issuer Deutsche Bank AG) (Utilities)		02/21	$	31,465
	(Cost $43,920)
	TOTAL INVESTMENTS – 98.8%
	(Cost $449,943,258)				$	472,884,061
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%					5,723,473
	NET ASSETS – 100.0%				$	478,607,534

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $31,465, which represents approximately 0.0% of net assets as of October 31, 2013.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt

The accompanying notes are an integral part of these financial statements. 55

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Assets and Liabilities

October 31, 2013

	Asia Equity Fund
Assets:
Investments, at value (cost $53,421,332, $245,383,596, $20,993,251, $421,405,107 and $449,943,258)	$	59,824,451
Cash		147,842
Due from custodian		—
Foreign currencies, at value (cost $96,494, $67,270, $2,996, $104,864 and $723,916)		94,493
Receivables:
Investments sold		807,164
Dividends		70,371
Reimbursement from investment adviser		25,564
Fund shares sold		16,238
Foreign tax reclaims		—
Other assets		19,215
Total assets		61,005,338
Liabilities:
Payables:
Investments purchased		318,103
Foreign capital gains taxes		147,777
Fund shares redeemed		87,448
Amounts owed to affiliates		60,566
Accrued expenses		127,692
Total liabilities		741,586
Net Assets:
Paid-in capital		74,101,255
Undistributed (distributions in excess of) net investment income		72,950
Accumulated net realized loss		(20,176,544	)
Net unrealized gain		6,266,091
NET ASSETS	$	60,263,752
Net Assets:
Class A	$	14,097,045
Class B		627,977
Class C		2,330,963
Institutional		43,207,767
Service		—
Class IR		—
Total Net Assets	$	60,263,752
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		733,666
Class B		34,448
Class C		129,382
Institutional		2,146,290
Service		—
Class IR		—
Net asset value, offering and redemption price per share:(a)
Class A		$19.21
Class B		18.23
Class C		18.02
Institutional		20.13
Service		—
Class IR		—

(a) Maximum public offering price per share for Class A shares of the Asia Equity, BRIC, China Equity, Emerging Markets Equity and N-11 Equity Funds is $20.33, $13.86, $9.44, $16.08 and $11.67, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

56 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

BRIC Fund			China Equity Fund			Emerging Markets Equity Fund			N-11 Equity Fund
$	257,468,888		$	23,117,200		$	450,089,757		$	472,884,061
	1,627,148			—			2,765,085			4,082,201
	970,237			—			1,709,262			—
	63,214			2,996			101,863			732,728
	2,739,097			151,988			4,142,981			1,244,904
	482,588			113,246			470,850			527,167
	—			15,041			—			75,248
	35,787			—			305,183			449,198
	—			—			7,906			363
	38,230			2,460			26,547			45,618
	263,425,189			23,402,931			459,619,434			480,041,488
	1,550,354			153,295			2,706,619			—
	—			—			586,365			184,442
	970,253			—			730,255			376,641
	328,475			22,492			442,593			534,709
	237,877			89,048			254,717			338,162
	3,086,959			264,835			4,720,549			1,433,954
	483,340,984			22,111,260			903,035,071			466,504,202
	2,591,051			416,443			2,712,792			1,435,775
	(237,633,679	)		(1,513,578	)		(478,743,638	)		(12,161,193	)
	12,039,874			2,123,971			27,894,660			22,828,750
$	260,338,230		$	23,138,096		$	454,898,885		$	478,607,534
$	90,652,346		$	18,091		$	36,577,848		$	114,658,047
	—			—			3,491,550			—
	57,123,514			8,870			11,869,410			19,018,459
	111,711,770			23,102,039			388,046,420			308,501,596
	—			—			14,584,213			—
	850,600			9,096			329,444			36,429,432
$	260,338,230		$	23,138,096		$	454,898,885		$	478,607,534
	6,917,536			2,028			2,406,156			10,396,139
	—			—			253,637			—
	4,575,104			1,003			855,971			1,758,863
	8,336,634			2,570,215			23,930,182			27,749,146
	—			—			989,486			—
	63,149			1,014			20,411			3,287,234
	$13.10			$8.92			$15.20			$11.03
	—			—			13.77			—
	12.49			8.84			13.87			10.81
	13.40			8.99			16.22			11.12
	—			—			14.74			—
	13.47			8.97			16.14			11.08

The accompanying notes are an integral part of these financial statements. 57

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Operations

For the Fiscal Year Ended October 31, 2013

	Asia Equity Fund
Investment income:
Dividends (net of foreign taxes withheld of $112,297, $413,481, $53,879, $706,964 and $847,980)	$	1,186,533
Expenses:
Management fees		610,893
Custody, accounting and administrative services		257,721
Professional fees		82,711
Registration fees		70,723
Distribution and Service fees(a)		68,787
Transfer Agent fees(a)		50,969
Printing and mailing costs		38,158
Trustee fees		17,051
Service Share fees — Service Plan		—
Service Share fees — Shareholder Administration Plan		—
Other		27,460
Total expenses		1,224,473
Less — expense reductions		(320,647	)
Net expenses		903,826
NET INVESTMENT INCOME		282,707
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		5,947,967
Futures contracts		15,130
Foreign currency transactions		(125,965	)
Net change in unrealized gain (loss) on:
Investments (including the effects of the net change in the foreign capital gains tax liability of $84,028, $0, $0, $426,933 and $74,038)		(858,549	)
Futures contracts		3,939
Foreign currency translation		(26,342	)
Net realized and unrealized gain		4,956,180
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,238,887

(a) Class specific Distribution and Service, and Transfer Agent fees were as follows:

	Distribution and Service Fees						Transfer Agent Fees
Fund	Class A		Class B		Class C		Class A		Class B		Class C		Institutional		Service		Class IR
Asia Equity	$	36,034	$	7,385	$	25,368	$	27,386	$	1,403	$	4,820	$	17,360	$	—	$	—
BRIC		277,329		—		692,285		210,771		—		131,535		59,627		—		3,267
China Equity Fund		146		—		369		111		—		70		6,923		—		16
Emerging Markets Equity		94,266		41,422		137,876		71,643		7,870		26,197		145,809		6,681		515
N-11 Equity Fund		205,814		—		145,292		156,420		—		27,606		93,058		—		46,661

58 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

BRIC Fund			China Equity Fund			Emerging Markets Equity Fund			N-11 Equity Fund
$	8,543,844		$	692,111		$	9,250,988		$	6,341,375
	4,302,292			191,531			5,245,547			4,602,740
	446,494			84,393			759,428			993,325
	103,307			75,142			101,600			109,117
	80,395			68,655			105,035			101,517
	969,614			515			273,564			351,106
	405,200			7,120			258,715			323,745
	71,704			22,915			72,655			94,291
	17,666			16,921			17,952			17,800
	—			—			41,755			—
	—			—			41,755			—
	45,765			14,263			40,326			25,520
	6,442,437			481,455			6,958,332			6,619,161
	(710,674	)		(214,602	)		(713,116	)		(1,317,858	)
	5,731,763			266,853			6,245,216			5,301,303
	2,812,081			425,258			3,005,772			1,040,072
	17,861,074			(338,734	)		17,442,761			(2,022,418	)
	1,580,506			—			2,812,128			(1,490,737	)
	(220,047	)		(3,782	)		83,670			(77,234	)
	(15,936,646	)		1,647,738			(8,428,624	)		8,739,670
	—			—			20,635			(824	)
	(3,729	)		22			(113,402	)		(13,840	)
	3,281,158			1,305,244			11,817,168			5,134,617
$	6,093,239		$	1,730,502		$	14,822,940		$	6,174,689

The accompanying notes are an integral part of these financial statements. 59

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Changes in Net Assets

	Asia Equity Fund						BRIC Fund
	For the Fiscal Year Ended October 31, 2013			For the Fiscal Year Ended October 31, 2012			For the Fiscal Year Ended October 31, 2013			For the Fiscal Year Ended October 31, 2012
From operations:
Net investment income	$	282,707		$	525,888		$	2,812,081		$	3,429,196
Net realized gain (loss)		5,837,132			(2,890,252	)		19,221,533			(44,159,436	)
Net change in unrealized gain (loss)		(880,952	)		4,364,664			(15,940,375	)		17,008,691
Net increase (decrease) in net assets resulting from operations		5,238,887			2,000,300			6,093,239			(23,721,549	)
Distributions to shareholders:
From net investment income
Class A Shares		(95,521	)		(164,466	)		(1,017,354	)		—
Class B Shares		(2,425	)		—			—			—
Class C Shares		(12,432	)		—			—			—
Institutional Shares		(646,294	)		(229,346	)		(2,044,696	)		—
Service Shares		—			—			—			—
Class IR Shares		—			—			(25,542	)		—
Total distributions to shareholders		(756,672	)		(393,812	)		(3,087,592	)		—
From share transactions:
Proceeds from sales of shares		3,564,748			27,771,924			50,945,290			105,848,840
Reinvestment of distributions		747,985			382,672			2,829,897			—
Cost of shares redeemed		(11,525,428	)		(37,909,268	)		(185,568,666	)		(254,972,502	)
Net increase (decrease) in net assets resulting from share transactions		(7,212,695	)		(9,754,672	)		(131,793,479	)		(149,123,662	)
TOTAL INCREASE (DECREASE)		(2,730,480	)		(8,148,184	)		(128,787,832	)		(172,845,211	)
Net assets:
Beginning of year		62,994,232			71,142,416			389,126,062			561,971,273
End of year	$	60,263,752		$	62,994,232		$	260,338,230		$	389,126,062
Undistributed (distributions in excess of) net investment income	$	72,950		$	445,592		$	2,591,051		$	3,086,609

60 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

China Equity Fund						Emerging Markets Equity Fund						N-11 Equity Fund
For the Fiscal Year Ended October 31, 2013			For the Fiscal Year Ended October 31, 2012			For the Fiscal Year Ended October 31, 2013			For the Fiscal Year Ended October 31, 2012			For the Fiscal Year Ended October 31, 2013			For the Fiscal Year Ended October 31, 2012
$	425,258		$	74,482		$	3,005,772		$	2,652,251		$	1,040,072		$	378,752
	(342,516	)		(711,405	)		20,338,559			(8,797,086	)		(3,590,389	)		(5,955,678	)
	1,647,760			1,215,205			(8,521,391	)		4,815,759			8,725,006			16,731,368
	1,730,502			578,282			14,822,940			(1,329,076	)		6,174,689			11,154,442
	(340	)		(45	)		(190,220	)		—			(20,076	)		—
	—			—			—			—			—			—
	(41	)		(7	)		—			—			—			—
	(87,132	)		(43,483	)		(2,931,010	)		(1,112,635	)		(369,180	)		—
	—			—			(77,760	)		—			—			—
	(58	)		(51	)		(1,945	)		(1,097	)		(27,660	)		—
	(87,571	)		(43,586	)		(3,200,935	)		(1,113,732	)		(416,916	)		—
	15,088,891			3,327,137			181,644,756			74,097,897			430,326,569			117,432,028
	87,571			43,586			2,915,644			1,017,714			412,563			—
	(2,107,332	)		(1,132,474	)		(126,231,261	)		(131,118,019	)		(121,352,608	)		(31,173,449	)
	13,069,130			2,238,249			58,329,139			(56,002,408	)		309,386,524			86,258,579
	14,712,061			2,772,945			69,951,144			(58,445,216	)		315,144,297			97,413,021
	8,426,035			5,653,090			384,947,741			443,392,957			163,463,237			66,050,216
$	23,138,096		$	8,426,035		$	454,898,885		$	384,947,741		$	478,607,534		$	163,463,237
$	416,443		$	82,538		$	2,712,792		$	2,227,054		$	1,435,775		$	379,581

The accompanying notes are an integral part of these financial statements. 61

GOLDMAN SACHS ASIA EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions			Increase from regulatory settlements
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2013 - A	$	17.78	$	0.04		$	1.51		$	1.55		$	(0.12	)	$	—		$	(0.12	)	$	—
2013 - B		16.94		(0.10	)		1.44			1.34			(0.05	)		—			(0.05	)		—
2013 - C		16.77		(0.10	)		1.43			1.33			(0.08	)		—			(0.08	)		—
2013 - Institutional		18.71		0.12			1.58			1.70			(0.28	)		—			(0.28	)		—
2012 - A		17.33		0.11			0.41			0.52			(0.07	)		—			(0.07	)		—
2012 - B		16.56		(0.03	)		0.41			0.38			—			—			—			—
2012 - C		16.39		(0.03	)		0.41			0.38			—			—			—			—
2012 - Institutional		18.24		0.19			0.43			0.62			(0.15	)		—			(0.15	)		—
2011 - A		19.14		0.12			(1.69	)		(1.57	)		(0.24	)		—			(0.24	)		—
2011 - B		18.28		(0.03	)		(1.60	)		(1.63	)		(0.09	)		—			(0.09	)		—
2011 - C		18.12		(0.03	)		(1.59	)		(1.62	)		(0.11	)		—			(0.11	)		—
2011 - Institutional		20.12		0.23			(1.80	)		(1.57	)		(0.31	)		—			(0.31	)		—
2010 - A		15.39		0.07	(d)		3.84			3.91			(0.16	)		—			(0.16	)		—
2010 - B		14.75		(0.06	)(d)		3.68			3.62			(0.09	)		—			(0.09	)		—
2010 - C		14.64		(0.05	)(d)		3.64			3.59			(0.11	)		—			(0.11	)		—
2010 - Institutional		16.16		0.14	(d)		4.03			4.17			(0.21	)		—			(0.21	)		—
2009 - A		10.11		0.12			5.32			5.44			(0.22	)		(0.02	)		(0.24	)		0.08
2009 - B		9.58		0.02			5.11			5.13			(0.02	)		(0.02	)		(0.04	)		0.08
2009 - C		9.51		0.02			5.07			5.09			(0.02	)		(0.02	)		(0.04	)		0.08
2009 - Institutional		10.70		0.17			5.59			5.76			(0.36	)		(0.02	)		(0.38	)		0.08

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.10% of average net assets.

(e) Total returns reflects the impact of payments for regulatory settlements entitled to be received during the year and recorded as an increase to capital by the Fund. Excluding such payments, the total return would have been:

	Class A			Class B			Class C			Institutional
For the Fiscal Year Ended October 31, 2009		55.33	%		54.06	%		54.16	%		55.93	%

62 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ASIA EQUITY FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	19.21		8.72	%	$	14,097		1.72	%		2.25	%		0.21	%		102	%
	18.23		7.92			628		2.47			2.99			(0.56	)		102
	18.02		7.87			2,331		2.47			2.99			(0.56	)		102
	20.13		9.16			43,208		1.32			1.85			0.62			102
	17.78		3.05			15,136		1.60			2.24			0.66			83
	16.94		2.29			829		2.35			2.98			(0.20	)		83
	16.77		2.31			2,684		2.35			2.97			(0.18	)		83
	18.71		3.50			44,345		1.20			1.79			1.03			83
	17.33		(8.33	)		39,688		1.60			2.17			0.61			107
	16.56		(8.95	)		1,164		2.35			2.92			(0.18	)		107
	16.39		(9.00	)		3,219		2.35			2.92			(0.18	)		107
	18.24		(7.94	)		27,071		1.20			1.77			1.15			107
	19.14		25.59			47,238		1.60			2.32			0.40	(d)		85
	18.28		24.66			1,622		2.35			3.07			(0.38	)(d)		85
	18.12		24.53			4,986		2.35			3.07			(0.32	)(d)		85
	20.12		26.05			24,864		1.20			1.92			0.82	(d)		85
	15.39		55.89	(e)		43,833		1.60			2.36			0.97			117
	14.75		54.55	(e)		1,807		2.35			3.11			0.19			117
	14.64		54.64	(e)		4,160		2.35			3.11			0.20			117
	16.16		56.48	(e)		20,575		1.20			1.96			1.35			117

The accompanying notes are an integral part of these financial statements. 63

GOLDMAN SACHS BRIC FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2013 - A	$	12.71	$	0.10		$	0.39		$	0.49		$	(0.10	)
2013 - C		12.11		—	(d)		0.38			0.38			—
2013 - Institutional		13.01		0.17			0.38			0.55			(0.16	)
2013 - IR		13.08		0.12			0.41			0.53			(0.14	)
2012 - A		13.13		0.09			(0.51	)		(0.42	)		—
2012 - C		12.60		—	(d)		(0.49	)		(0.49	)		—
2012 - Institutional		13.38		0.15			(0.52	)		(0.37	)		—
2012 - IR		13.47		0.15			(0.54	)		(0.39	)		—
2011 - A		15.78		0.03			(2.68	)		(2.65	)		—
2011 - C		15.26		(0.06	)		(2.60	)		(2.66	)		—
2011 - Institutional		16.04		0.18			(2.81	)		(2.63	)		(0.03	)
2011 - IR		16.19		0.03			(2.72	)		(2.69	)		(0.03	)
2010 - A		13.12		(0.03	)(e)		2.69			2.66			—
2010 - C		12.79		(0.13	)(e)		2.60			2.47			—
2010 - Institutional		13.29		0.05	(e)		2.70			2.75			—
2010 - IR (Commenced August 31, 2010)		14.12		(0.02	)(e)		2.09			2.07			—
2009 - A		7.39		0.02			5.71			5.73			—
2009 - C		7.26		(0.05	)		5.58			5.53			—
2009 - Institutional		7.46		0.05			5.78			5.83			—

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Amount is less than $0.005 per share.

(e) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.12% of average net assets.

(f) Annualized.

64 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS BRIC FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	13.10		3.83	%	$	90,652		1.76	%		1.97	%		0.77	%		94	%
	12.49		3.06			57,124		2.50			2.72			0.04			94
	13.40		4.26			111,712		1.36			1.57			1.29			94
	13.47		4.09			851		1.51			1.72			0.93			94
	12.71		(3.19	)		140,354		1.82			1.96			0.69			82
	12.11		(3.88	)		81,879		2.57			2.71			(0.02	)		82
	13.01		(2.76	)		164,600		1.42			1.56			1.20			82
	13.08		(2.89	)		2,292		1.57			1.71			1.19			82
	13.13		(16.79	)		227,178		1.86			1.92			0.16			91
	12.60		(17.43	)		114,773		2.61			2.67			(0.41	)		91
	13.38		(16.45	)		219,820		1.46			1.52			1.15			91
	13.47		(16.66	)		200		1.60			1.66			0.18			91
	15.78		20.27			474,512		1.89			1.92			(0.22	)(e)		87
	15.26		19.31			178,404		2.64			2.67			(0.96	)(e)		87
	16.04		20.69			158,912		1.49			1.52			0.36	(e)		87
	16.19		14.66			23		1.64	(f)		1.64	(f)		(0.83	)(e)(f)		87
	13.12		77.54			367,897		1.97			2.00			0.19			117
	12.79		76.17			141,614		2.72			2.75			(0.54	)		117
	13.29		78.15			30,269		1.57			1.60			0.46			117

The accompanying notes are an integral part of these financial statements. 65

GOLDMAN SACHS CHINA EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of year		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholder from net investment income
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2013 - A	$	8.24	$	0.16	$	0.58		$	0.74		$	(0.06	)
2013 - C		8.18		0.05		0.62			0.67			(0.01	)
2013 - Institutional		8.27		0.21		0.58			0.79			(0.07	)
2013 - IR		8.26		0.12		0.65			0.77			(0.06	)
2012 - A		7.76		0.11		0.41			0.52			(0.04	)
2012 - C		7.73		0.06		0.40			0.46			(0.01	)
2012 - Institutional		7.78		0.09		0.46			0.55			(0.06	)
2012 - IR		7.77		0.08		0.46			0.54			(0.05	)
FOR THE PERIOD ENDED OCTOBER 31,
2011 - A (Commenced April 29, 2011)		10.00		0.09		(2.33	)		(2.24	)		—
2011 - C (Commenced April 29, 2011)		10.00		0.06		(2.33	)		(2.27	)		—
2011 - Institutional (Commenced April 29, 2011)		10.00		0.07		(2.29	)		(2.22	)		—
2011 - IR (Commenced April 29, 2011)		10.00		0.10		(2.33	)		(2.23	)		—

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

66 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS CHINA EQUITY FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(c)
$	8.92		9.15	%	$	18		1.92	%		3.28	%		1.87	%		55	%
	8.84		8.36			9		2.67			3.97			0.61			55
	8.99		9.61			23,102		1.53			2.76			2.45			55
	8.97		9.34			9		1.71			3.02			1.44			55
	8.24		6.75			21		1.89			6.89			1.36			57
	8.18		5.91			25		2.64			7.04			0.80			57
	8.27		7.12			8,371		1.50			6.72			1.20			57
	8.26		7.03			8		1.65			7.12			1.01			57
	7.76		(22.40	)		9		1.90	(d)		10.09	(d)		2.10	(d)		37
	7.73		(22.70	)		8		2.65	(d)		10.84	(d)		1.36	(d)		37
	7.78		(22.20	)		5,629		1.50	(d)		9.69	(d)		1.69	(d)		37
	7.77		(22.30	)		8		1.65	(d)		9.84	(d)		2.37	(d)		37

The accompanying notes are an integral part of these financial statements. 67

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

				Income (loss) from investment operations									Distributions to shareholders
	Year - Share Class	Net asset value, beginning of year		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE FISCAL YEARS ENDED OCTOBER 31,
	2013 - A	$	14.68	$	0.05		$	0.54		$	0.59		$	(0.07	)	$	—		$	(0.07	)
	2013 - B		13.33		(0.06	)		0.50			0.44			—			—			—
	2013 - C		13.42		(0.06	)		0.51			0.45			—			—			—
	2013 - Institutional		15.65		0.13			0.58			0.71			(0.14	)		—			(0.14	)
	2013 - Service		14.24		0.04			0.53			0.57			(0.07	)		—			(0.07	)
	2013 - IR		15.58		0.10			0.58			0.68			(0.12	)		—			(0.12	)
	2012 - A		14.66		0.06			(0.04	)		0.02			—			—			—
	2012 - B		13.41		(0.05	)		(0.03	)		(0.08	)		—			—			—
	2012 - C		13.51		(0.05	)		(0.04	)		(0.09	)		—			—			—
	2012 - Institutional		15.63		0.12			(0.05	)		0.07			(0.05	)		—			(0.05	)
	2012 - Service		14.24		0.05			(0.05	)		—	(d)		—			—			—
	2012 - IR		15.59		0.12			(0.07	)		0.05			(0.06	)		—			(0.06	)
	2011 - A		16.38		0.04			(1.73	)		(1.69	)		(0.03	)		—			(0.03	)
	2011 - B		15.09		(0.08	)		(1.58	)		(1.66	)		(0.02	)		—			(0.02	)
	2011 - C		15.20		(0.07	)		(1.60	)		(1.67	)		(0.02	)		—			(0.02	)
	2011 - Institutional		17.48		0.11			(1.84	)		(1.73	)		(0.12	)		—			(0.12	)
	2011 - Service		15.95		0.02			(1.68	)		(1.66	)		(0.05	)		—			(0.05	)
	2011 - IR		17.56		0.02			(1.87	)		(1.85	)		(0.12	)		—			(0.12	)
	2010 - A		13.37		(0.02	)(e)		3.03			3.01			—			—			—
	2010 - B		12.41		(0.10	)(e)		2.78			2.68			—			—			—
	2010 - C		12.50		(0.10	)(e)		2.80			2.70			—			—			—
	2010 - Institutional		14.22		0.07	(e)		3.20			3.27			(0.01	)		—			(0.01	)
	2010 - Service		13.03		(0.01	)(e)		2.93			2.92			—			—			—
	2010 - IR (Commenced August 31, 2010)		15.24		(0.01	)(e)		2.33			2.32			—			—			—
	2009 - A		11.97		0.15			4.64			4.79			(0.26	)		(3.13	)		(3.39	)
	2009 - B		11.30		0.07			4.31			4.38			(0.14	)		(3.13	)		(3.27	)
	2009 - C		11.31		0.07			4.34			4.41			(0.09	)		(3.13	)		(3.22	)
	2009 - Institutional		12.60		0.21			4.93			5.14			(0.39	)		(3.13	)		(3.52	)
	2009 - Service		11.80		0.15			4.51			4.66			(0.30	)		(3.13	)		(3.43	)

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Amount is less than $0.005 per share.

(e) Reflects income recognized from non-recurring special dividends which amounted to $0.02 per share and 0.12% of average net assets.

(f) Annualized.

68 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Net asset value, end of year		Total return(b)			Net assets, end of year (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	15.20		4.04	%	$	36,578		1.73	%		1.89	%		0.32	%		159	%
	13.77		3.23			3,492		2.48			2.64			(0.46	)		159
	13.87		3.35			11,869		2.48			2.64			(0.44	)		159
	16.22		4.49			388,046		1.33			1.49			0.80			159
	14.74		4.02			14,584		1.83			1.99			0.25			159
	16.14		4.37			329		1.48			1.64			0.62			159
	14.68		0.14			38,889		1.82			1.94			0.39			119
	13.33		(0.59	)		4,788		2.57			2.69			(0.37	)		119
	13.42		(0.66	)		15,418		2.57			2.69			(0.35	)		119
	15.65		0.49			310,167		1.41			1.54			0.80			119
	14.24		0.00			15,446		1.91			2.03			0.36			119
	15.58		0.35			240		1.55			1.68			0.78			119
	14.66		(10.33	)		51,221		1.90			1.93			0.24			121
	13.41		(11.02	)		6,841		2.65			2.68			(0.53	)		121
	13.51		(11.01	)		18,896		2.65			2.68			(0.49	)		121
	15.63		(9.98	)		351,982		1.50			1.53			0.61			121
	14.24		(10.43	)		14,432		2.00			2.03			0.15			121
	15.59		(10.21	)		21		1.65			1.68			0.16			121
	16.38		22.51			68,118		1.91			1.91			(0.16	)(e)		147
	15.09		21.60			10,335		2.66			2.66			(0.75	)(e)		147
	15.20		21.60			23,226		2.66			2.66			(0.73	)(e)		147
	17.48		23.04			472,994		1.51			1.51			0.43	(e)		147
	15.95		22.41			13,954		2.01			2.01			(0.10	)(e)		147
	17.56		15.22			1		1.66	(f)		1.66	(f)		(0.09	)(e)(f)		147
	13.37		58.12			256,648		1.89			1.89			1.43			179
	12.41		56.96			10,350		2.64			2.64			0.73			179
	12.50		57.03			17,637		2.64			2.64			0.70			179
	14.22		58.76			347,017		1.49			1.49			1.88			179
	13.03		57.99			10,273		1.99			1.99			1.38			179

The accompanying notes are an integral part of these financial statements. 69

GOLDMAN SACHS N-11 EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE FISCAL YEARS ENDED OCTOBER 31,
2013 - A	$	10.38	$	0.01		$	0.65		$	0.66		$	(0.01	)
2013 - C		10.25		(0.07	)		0.63			0.56			—
2013 - Institutional		10.45		0.05			0.65			0.70			(0.03	)
2013 - IR		10.42		0.03			0.65			0.68			(0.02	)
2012 - A		9.57		0.01			0.80			0.81			—
2012 - C		9.52		(0.06	)		0.79			0.73			—
2012 - Institutional		9.60		0.05			0.80			0.85			—
2012 - IR		9.59		0.02			0.81			0.83			—
FOR THE PERIOD ENDED OCTOBER 31,
2011 - A (Commenced February 28, 2011)		10.00		(0.03	)		(0.40	)		(0.43	)		—
2011 - C (Commenced February 28, 2011)		10.00		(0.08	)		(0.40	)		(0.48	)		—
2011 - Institutional (Commenced February 28, 2011)		10.00		0.02			(0.42	)		(0.40	)		—
2011 - IR (Commenced February 28, 2011)		10.00		(0.02	)		(0.39	)		(0.41	)		—

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d) Annualized.

70 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS N-11 EQUITY FUND

Net asset value, end of period		Total return(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(c)
$	11.03		6.31	%	$	114,658		1.74	%		2.12	%		0.07	%		53	%
	10.81		5.46			19,018		2.49			2.87			(0.66	)		53
	11.12		6.73			308,502		1.35			1.72			0.44			53
	11.08		6.48			36,429		1.49			1.87			0.26			53
	10.38		8.33			35,417		1.79			2.35			0.09			90
	10.25		7.53			6,720		2.54			3.12			(0.57	)		90
	10.45		8.83			111,826		1.39			1.94			0.52			90
	10.42		8.73			9,500		1.54			2.05			0.22			90
	9.57		(4.20	)		18,335		1.82	(d)		3.92	(d)		(0.40	)(d)		73
	9.52		(4.70	)		3,528		2.57	(d)		4.67	(d)		(1.29	)(d)		73
	9.60		(4.00	)		42,740		1.42	(d)		3.52	(d)		0.24	(d)		73
	9.59		(4.10	)		1,448		1.57	(d)		3.67	(d)		(0.28	)(d)		73

The accompanying notes are an integral part of these financial statements. 71

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements

October 31, 2013

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered*	Diversified/ Non-diversified
Asia Equity	A, B, C and Institutional	Diversified
BRIC, China Equity and N-11 Equity	A, C, Institutional and IR	Non-diversified
Emerging Markets Equity	A, B, C, Institutional, Service and IR	Diversified

* Class B Shares are generally no longer available for purchase by current or prospective investors.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class B Shares were sold with a contingent deferred sales charge (“CDSC”) that declines from 5.00% to zero, depending upon the period of time the shares are held. Class C Shares are sold with a CDSC of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service and Class IR Shares are not subject to a sales charge.

Goldman Sachs Asset Management International (“GSAMI”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agent and Service and Shareholder Administration fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in United States (“U.S.”) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency transactions. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAMI’s assumptions in determining fair value measurement).

The Trustees have adopted Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAMI day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAMI regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

73

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

October 31, 2013

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities and investment companies traded on a U.S securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions.Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Debt Securities — Debt securities for which market quotations are readily available, are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value. With the exception of treasury securities, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Exchange-traded derivatives, including futures contracts, typically fall within Level 1 of the fair value hierarchy.

i.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

B.  Level 3 Fair Value Investments — To the extent that the aforementioned significant inputs are unobservable, or if quotations are not readily available, or if GSAMI believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAMI, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of October 31, 2013:

ASIA EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	1,367,009	$	—		$	—
Other		999,302		57,458,140	(a)		—
	$	2,366,311	$	57,458,140		$	—
BRIC
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	26,565,767	$	49,974,729	(a)	$	—
Other		10,332,222		170,596,170	(a)		—
Total	$	36,897,989	$	220,570,899		$	—
CHINA EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	925,977	$	21,738,949	(a)	$	—
Investment Companies		452,274		—			—
Total	$	1,378,251	$	21,738,949		$	—

75

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

October 31, 2013

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

EMERGING MARKETS EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	83,497,359	$	42,452,947	(a)	$	—
Other		9,576,071		314,563,380	(a)		—
Total	$	93,073,430	$	357,016,327		$	—
N-11 EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	112,147,796	$	—		$	—
Other		—		360,736,265	(a)		—
Total	$	112,147,796	$	360,736,265		$	—

(a) To adjust for the time difference between local market close and the calculation of net asset value, the Funds utilize fair value model prices for certain international equities provided by an independent fair value service resulting in a Level 2 classification.

For further information regarding security characteristics, see the Schedules of Investments.

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2013. These gains (losses) should be considered in the context that these derivative contracts may have been executed to economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Fund	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Asia Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	15,130		$	3,939			1
BRIC	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		1,580,506			—			29
Emerging Markets Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		2,812,128			20,635			52
N-11 Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(1,490,737	)		(824	)		183

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended October 31, 2013.

76

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAMI manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAMI is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the fiscal year ended October 31, 2013, contractual and effective net management fees with GSAMI were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Asia Equity		1.00	%		0.90	%		0.86	%		0.84	%		0.82	%		1.00	%		1.00	%
BRIC		1.30			1.30			1.17			1.11			1.09			1.30			1.09	*
China Equity		1.10			0.99			0.94			0.92			0.90			1.10			1.10
Emerging Markets Equity		1.20			1.20			1.08			1.03			1.01			1.20			1.04	*
N-11 Equity		1.30			1.30			1.24			1.21			1.19			1.30			1.14	*

* GSAMI has agreed to waive a portion of its management fee in order to achieve net management rates, as defined in the funds’ most recent prospectuses. These waivers will be effective through at least February 28, 2014, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. The Effective Net Management Rates above are calculated based on management rates before and after the waivers had been adjusted, if applicable.

B. Distribution and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:

	Distribution and Service Plan Rates
	Class A*			Class B			Class C
Distribution Plan		0.25	%		0.75	%		0.75	%
Service Plan		—			0.25			0.25

* With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

77

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

October 31, 2013

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class B and Class C Shares’ CDSC. During the fiscal year ended October 31, 2013, Goldman Sachs advised that it retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge*
Fund	Class A		Class C
Asia Equity	$	3,850	$	—
BRIC		14,804		162
China Equity		47		—
Emerging Markets Equity		6,625		2
N-11 Equity		37,471		—

* Goldman Sachs did not retain any contingent deferred sales charges for Class B Shares.

D.  Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations to provide varying levels of personal and account maintenance and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations which is accrued daily and paid monthly at an annual rate of 0.25% (0.50% in aggregate) of the average daily net assets of the Service Shares.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.19% of the average daily net assets of Class A, Class B, Class C, and Class IR Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAMI has agreed to limit certain “Other Expense” of the Funds (excluding transfer agent fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, litigation, indemnification, shareholder meetings and other extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Asia Equity, BRIC, China Equity, Emerging Markets Equity and N-11 Equity Funds are 0.344%, 0.264%, 0.364%, 0.354% and 0.164%, respectively. Prior to February 28, 2013, the Other Expense limitation for the Asia Equity Fund was 0.164%. These Other Expenselimitations will remain in place through at least February 28, 2014 and prior to such date GSAMI may not terminate the arrangements without the approval of the Trustees. The Funds are amortizing their respective share of costs related to proxy and shareholder meetings, and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended October 31, 2013, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Asia Equity	$	—	$	319,405	$	1,242	$	320,647
BRIC		707,223		—		3,451		710,674
China Equity		—		214,582		20		214,602
Emerging Markets Equity		704,634		—		8,482		713,116
N-11 Equity		559,202		751,557		7,099		1,317,858

As of October 31, 2013, the amounts owed to affiliates of the Funds were as follows:

Fund	Management Fees		Distribution and Service Fees		Transfer Agent Fees		Total
Asia Equity	$	50,955	$	5,429	$	4,182	$	60,566
BRIC		231,845		68,618		28,012		328,475
China Equity		21,688		11		793		22,492
Emerging Markets Equity		393,255		27,220		22,118		442,593
N-11 Equity		456,759		40,212		37,738		534,709

G.  Line of Credit Facility — As of October 31, 2013, the Funds participated in a $780,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAMI or its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Funds and Other Borrowers could increase the credit amount by an additional $220,000,000, for a total of up to $1,000,000,000. This facility is to be used solely for temporary or emergency purposes, which may include the funding of redemptions. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2013, the Funds did not have any borrowings under the facility. Prior to May 8, 2013, the committed amount available through the facility was $630,000,000.

H.  Other Transactions with Affiliates — For the fiscal year ended October 31, 2013, Goldman Sachs earned $190 and $138 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Asia Equity and Emerging Markets Equity Funds, respectively.

As of October 31, 2013 the Goldman Sachs Satellite Strategies Portfolio was the beneficial owner of 17% or more of total outstanding shares of the Emerging Markets Equity Fund.

As of October 31, 2013, the Goldman Sachs Group, Inc. was the beneficial owner of approximately 50%, 100% and 100% of the Class A, Class C, and Class IR Shares of the China Equity Fund, respectively.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

October 31, 2013

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2013, were as follows:

Fund	Purchases		Sales and Maturities
Asia Equity	$	60,909,075	$	68,631,295
BRIC		303,508,083		436,824,602
China Equity		22,089,461		9,123,360
Emerging Markets Equity		737,794,685		676,099,444
N-11 Equity		485,518,439		182,564,827

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2013 was as follows:

	Asia Equity		BRIC		China Equity		Emerging Markets Equity		N-11 Equity
Distributions paid from:
Ordinary income	$	756,672	$	3,087,592	$	87,571	$	3,200,935	$	416,916

The tax character of distributions paid during the fiscal year ended October 31, 2012 was as follows:

	Asia Equity		China Equity		Emerging Markets Equity
Distributions paid from:
Ordinary income	$	393,812	$	43,586	$	1,113,732

As of October 31, 2013, the components of accumulated earnings (losses) on a tax-basis were as follows:

	Asia Equity			BRIC			China Equity			Emerging Markets Equity			N-11 Equity
Undistributed ordinary income — net	$	371,326		$	2,591,051		$	416,443		$	2,713,830		$	2,219,540
Capital loss carryforwards:
Expiring 2016(1)	$	—		$	(46,894,391	)	$	—		$	(30,277,067	)	$	—
Expiring 2017(1)		(19,951,704	)		(151,677,917	)		—			(445,745,035	)		—
Perpetual Long-term		—			(13,813,501	)		(514,813	)		—			(1,628,149	)
Perpetual Short-term		—			(23,042,349	)		(688,621	)		(979,173	)		(5,130,977	)
Total capital loss carryforwards	$	(19,951,704	)	$	(235,428,158	)	$	(1,203,434	)	$	(477,001,275	)	$	(6,759,126	)
Unrealized gains — net		5,742,879			9,834,353			1,813,827			26,151,259			16,642,918
Total accumulated gains (losses) — net	$	(13,837,499	)	$	(223,002,754	)	$	1,026,836		$	(448,136,186	)	$	12,103,332

(1) Expiration occurs on October 31 of the year indicated. The Asia Equity, BRIC, China Equity and Emerging Markets Equity Funds utilized $5,005,682, $8,188,652, $44,409 and $12,331,763, respectively, of capital losses in the current fiscal year.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

7. TAX INFORMATION (continued)

As of October 31, 2013, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Asia Equity			BRIC			China Equity			Emerging Markets Equity			N-11 Equity
Tax cost	$	53,944,548		$	247,589,117		$	21,303,395		$	423,148,508		$	456,129,090
Gross unrealized gain		10,468,230			29,414,747			3,137,542			45,443,957			44,708,530
Gross unrealized loss		(4,588,327	)		(19,534,976	)		(1,323,737	)		(18,502,708	)		(27,953,559	)
Net unrealized security gain	$	5,879,903		$	9,879,771		$	1,813,805		$	26,941,249		$	16,754,971
Net unrealized gain (loss) on other investments		(137,024	)		(45,418	)		22			(789,990	)		(112,053	)
Net unrealized gain	$	5,742,879		$	9,834,353		$	1,813,827		$	26,151,259		$	16,642,918

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments.

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds’ and result primarily from differences in the tax treatment of foreign currency transactions and passive foreign investment company investments.

Fund	Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income (Loss)
Asia Equity	$	(101,323	)	$	101,323
BRIC		220,047			(220,047	)
China Equity		3,782			(3,782	)
Emerging Markets Equity		(680,901	)		680,901
N-11 Equity		(433,038	)		433,038

GSAMI has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). In some countries, Foreign Custodians may be subject to little or no regulatory oversight or independent evaluation of their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters into bankruptcy. Investments in emerging markets may be subject to greater custody risks than investments in more developed markets. Custody services in emerging market countries are often undeveloped and may be less regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

October 31, 2013

8. OTHER RISKS (continued)

Shareholder Concentration Risk — Certain funds, accounts, individuals or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Funds’ shares. Redemptions by these entities of their holdings in the Funds may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities.

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange traded fund (“ETF”), a Fund will directly bear its proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Geographic Risk — Concentration of the investments of a Fund in 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 adverse securities markets, exchange rates and social, political, regulatory or economic events which may occur in a given country or region. The Asia Equity Fund invests primarily in equity investments in Asian issuers. The BRIC Fund invests primarily in equity investments in Brazil, Russia, India and China issuers. The China Equity Fund invests primarily in equity investments in China. The N-11 Equity Fund invests primarily in equity investments in the N-11 countries, and may invest up to 50% of its assets in any one N-11 country.

Liquidity Risk — The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, be subject to government ownership controls, have delayed settlements and their prices may be more volatile than those of comparable securities in the U.S.

Non-Diversification Risk — The BRIC, China Equity and N-11 Equity Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a 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.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and State law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAMI believes the risk of loss under these arrangements to be remote.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

10. OTHER MATTERS

New Accounting Pronouncement — In December 2011, the Financial Accounting Standards Board issued an Accounting Standards Update No. 2011-11: Disclosures about offsetting Assets and Liabilities (“ASU”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statements of Assets and Liabilities. This information will enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The ASU is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. At this time, GSAMI is evaluating the implications of these changes on the financial statements.

11. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated through the date the financial statements were issued. GSAMI has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

October 31, 2013

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Asia Equity Fund
	For the Fiscal Year Ended October 31, 2013						For the Fiscal Year Ended October 31, 2012
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		48,908		$	904,805			545,177		$	9,346,039
Shares converted from Class B(a)		805			14,712			1,680			28,015
Reinvestment of distributions		5,101			94,117			9,943			160,777
Shares redeemed		(172,410	)		(3,143,752	)		(1,995,478	)		(33,619,430	)
		(117,596	)		(2,130,118	)		(1,438,678	)		(24,084,599	)
Class B Shares
Shares sold		1,489			26,519			103			1,785
Shares converted to Class A(a)		(845	)		(14,712	)		(1,757	)		(28,015	)
Reinvestment of distributions		93			1,635			—			—
Shares redeemed		(15,235	)		(269,068	)		(19,693	)		(317,227	)
		(14,498	)		(255,626	)		(21,347	)		(343,457	)
Class C Shares
Shares sold		20,039			350,387			17,474			282,677
Reinvestment of distributions		608			10,581			—			—
Shares redeemed		(51,355	)		(887,537	)		(53,771	)		(875,759	)
		(30,708	)		(526,569	)		(36,297	)		(593,082	)
Institutional Shares
Shares sold		117,645			2,283,037			1,041,457			18,141,423
Reinvestment of distributions		33,315			641,652			13,091			221,895
Shares redeemed		(374,927	)		(7,225,071	)		(168,164	)		(3,096,852	)
		(223,967	)		(4,300,382	)		886,384			15,266,466
NET DECREASE		(386,769	)	$	(7,212,695	)		(609,938	)	$	(9,754,672	)

(a) Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	BRIC Fund
	For the Fiscal Year Ended October 31, 2013						For the Fiscal Year Ended October 31, 2012
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,142,685		$	14,903,715			2,556,156		$	32,849,258
Reinvestment of distributions		69,332			906,863			—			—
Shares redeemed		(5,337,106	)		(67,703,737	)		(8,818,548	)		(110,184,382	)
		(4,125,089	)		(51,893,159	)		(6,262,392	)		(77,335,124	)
Class C Shares
Shares sold		352,073			4,270,279			445,293			5,395,270
Shares redeemed		(2,537,381	)		(30,561,235	)		(2,791,028	)		(33,298,416	)
		(2,185,308	)		(26,290,956	)		(2,345,735	)		(27,903,146	)
Institutional Shares
Shares sold		2,359,241			31,462,752			4,895,097			63,765,469
Reinvestment of distributions		142,348			1,897,492			—			—
Shares redeemed		(6,818,804	)		(85,565,784	)		(8,668,487	)		(109,742,620	)
		(4,317,215	)		(52,205,540	)		(3,773,390	)		(45,977,151	)
Class IR Shares
Shares sold		23,044			308,544			298,139			3,838,843
Reinvestment of distributions		1,903			25,542			—			—
Shares redeemed		(137,097	)		(1,737,910	)		(137,719	)		(1,747,084	)
		(112,150	)		(1,403,824	)		160,420			2,091,759
NET DECREASE		(10,739,762	)	$	(131,793,479	)		(12,221,097	)	$	(149,123,662	)

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

October 31, 2013

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	China Equity Fund
	For the Fiscal Year Ended October 31, 2013						For the Fiscal Year Ended October 31, 2012
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		12,362		$	106,367			1,444		$	11,639
Reinvestment of distributions		40			340			6			45
Shares redeemed		(12,928	)		(100,215	)		(1	)		(5	)
		(526	)		6,492			1,449			11,679
Class C Shares
Shares sold		2,344			20,948			2,599			19,978
Reinvestment of distributions		5			41			1			7
Shares redeemed		(4,447	)		(38,455	)		(499	)		(4,117	)
		(2,098	)		(17,466	)		2,101			15,868
Institutional Shares
Shares sold		1,785,452			14,961,576			429,161			3,295,520
Reinvestment of distributions		10,263			87,132			5,916			43,483
Shares redeemed		(237,553	)		(1,968,662	)		(146,363	)		(1,128,352	)
		1,558,162			13,080,046			288,714			2,210,651
Class IR Shares
Reinvestment of distributions		7			58			7			51
NET INCREASE		1,555,545		$	13,069,130			292,271		$	2,238,249

86

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Emerging Markets Equity Fund
	For the Fiscal Year Ended October 31, 2013						For the Fiscal Year Ended October 31, 2012
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		568,041		$	8,500,222			599,634		$	8,627,318
Shares converted from Class B(a)		5,209			78,747			4,257			62,338
Reinvestment of distributions		12,073			184,480			—			—
Shares redeemed		(829,122	)		(12,376,906	)		(1,448,562	)		(20,789,324	)
		(243,799	)		(3,613,457	)		(844,671	)		(12,099,668	)
Class B Shares
Shares sold		2,924			39,354			4,120			56,443
Shares converted to Class A(a)		(5,727	)		(78,747	)		(4,668	)		(62,338	)
Shares redeemed		(102,860	)		(1,392,253	)		(150,344	)		(1,978,371	)
		(105,663	)		(1,431,646	)		(150,892	)		(1,984,266	)
Class C Shares
Shares sold		150,214			2,081,408			184,616			2,478,998
Shares redeemed		(442,875	)		(5,973,906	)		(434,921	)		(5,683,789	)
		(292,661	)		(3,892,498	)		(250,305	)		(3,204,791	)
Institutional Shares
Shares sold		10,131,460			161,225,599			3,740,868			57,119,248
Reinvestment of distributions		163,167			2,651,459			70,112			1,016,617
Shares redeemed		(6,178,223	)		(95,880,633	)		(6,518,534	)		(98,132,129	)
		4,116,404			67,996,425			(2,707,554	)		(39,996,264	)
Service Shares
Shares sold		642,685			9,497,267			391,357			5,503,512
Reinvestment of distributions		5,244			77,760			—			—
Shares redeemed		(742,772	)		(10,391,730	)		(320,412	)		(4,436,383	)
		(94,843	)		(816,703	)		70,945			1,067,129
Class IR Shares
Shares sold		18,949			300,906			20,573			312,378
Reinvestment of distributions		120			1,945			76			1,097
Shares redeemed		(14,041	)		(215,833	)		(6,605	)		(98,023	)
		5,028			87,018			14,044			215,452
NET INCREASE (DECREASE)		3,384,466		$	58,329,139			(3,868,433	)	$	(56,002,408	)

(a) Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

October 31, 2013

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	N-11 Equity Fund
	For the Fiscal Year Ended October 31, 2013						For the Fiscal Year Ended October 31, 2012
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		9,035,603		$	100,619,699			2,613,742		$	25,619,951
Reinvestment of distributions		1,844			19,768			—			—
Shares redeemed		(2,052,943	)		(22,102,004	)		(1,117,207	)		(10,505,870	)
		6,984,504			78,537,463			1,496,535			15,114,081
Class C Shares
Shares sold		1,328,175			14,609,334			400,833			3,890,827
Shares redeemed		(224,863	)		(2,427,812	)		(115,730	)		(1,104,340	)
		1,103,312			12,181,522			285,103			2,786,487
Institutional Shares
Shares sold		25,420,802			283,007,151			8,116,894			79,017,265
Reinvestment of distributions		33,935			365,135			—			—
Shares redeemed		(8,407,405	)		(90,814,397	)		(1,867,572	)		(17,953,814	)
		17,047,332			192,557,889			6,249,322			61,063,451
Class IR Shares
Shares sold		2,925,053			32,090,385			923,792			8,903,985
Reinvestment of distributions		2,575			27,660			—			—
Shares redeemed		(551,695	)		(6,008,395	)		(163,436	)		(1,609,425	)
		2,375,933			26,109,650			760,356			7,294,560
NET INCREASE		27,511,081		$	309,386,524			8,791,316		$	86,258,579

88

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees and Shareholders of

Goldman Sachs Trust — Goldman Sachs Fundamental Emerging Markets Equity Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Goldman Sachs Asia Equity Fund, Goldman Sachs BRIC Fund, Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund and Goldman Sachs N-11 Equity Fund (collectively the “Fundamental Emerging Markets Equity Funds”), Funds of the Goldman Sachs Trust, at October 31, 2013 and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fundamental Emerging Markets Equity Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2013 by correspondence with the custodian, brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 23, 2013

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Fund Expenses — Six Month Period Ended October 31, 2013 (Unaudited)

As a shareholder of Class A, Class B, Class C, Institutional, Service or Class IR Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class B and Class C Shares); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class B and Class C Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class B, Class C, Institutional, Service and Class IR Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2013 through October 31, 2013.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Asia Equity Fund							BRIC Fund							China Equity Fund							Emerging Markets Equity Fund							N-11 Equity Fund
Share Class	Beginning Account Value 05/01/13		Ending Account Value 10/31/13			Expenses Paid for the 6 Months Ended 10/31/13*		Beginning Account Value 05/01/13		Ending Account Value 10/31/13			Expenses Paid for the 6 Months Ended 10/31/13*		Beginning Account Value 05/01/13		Ending Account Value 10/31/13			Expenses Paid for the 6 Months Ended 10/31/13*		Beginning Account Value 05/01/13		Ending Account Value 10/31/13			Expenses Paid for the 6 Months Ended 10/31/13*		Beginning Account Value 05/01/13		Ending Account Value 10/31/13			Expenses Paid for the 6 Months Ended 10/31/13*
Class A
Actual	$	1,000	$	1,014.30		$	9.09	$	1,000	$	1,022.60		$	8.77	$	1,000	$	1,077.20		$	10.26	$	1,000	$	989.60		$	8.48	$	1,000	$	948.40		$	8.55
Hypothetical 5% return		1,000		1,016.18	+		9.10		1,000		1,016.53	+		8.74		1,000		1,015.32	+		9.96		1,000		1,016.69	+		8.59		1,000		1,016.43	+		8.84
Class B
Actual		1,000		1,010.50			12.87		N/A		N/A			N/A		N/A		N/A			N/A		1,000		985.70			12.21		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,012.40	+		12.88		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,012.91	+		12.38		N/A		N/A			N/A
Class C
Actual		1,000		1,010.10			12.87		1,000		1,018.80			12.57		1,000		1,071.40			14.10		1,000		986.50			12.22		1,000		944.10			12.20
Hypothetical 5% return		1,000		1,012.40	+		12.88		1,000		1,012.75	+		12.53		1,000		1,011.59	+		13.69		1,000		1,012.91	+		12.38		1,000		1,012.65	+		12.63
Institutional
Actual		1,000		1,016.20			7.06		1,000		1,024.50			6.74		1,000		1,077.90			8.07		1,000		991.40			6.48		1,000		950.40			6.59
Hypothetical 5% return		1,000		1,018.20	+		7.07		1,000		1,018.55	+		6.72		1,000		1,017.44	+		7.83		1,000		1,018.70	+		6.56		1,000		1,018.45	+		6.82
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		1,000		989.30			8.98		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,016.18	+		9.10		N/A		N/A			N/A
Class IR
Actual		N/A		N/A			N/A		1,000		1,024.30			7.50		1,000		1,076.80			9.06		1,000		990.80			7.23		1,000		949.40			7.32
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,017.80	+		7.48		1,000		1,016.48	+		8.79		1,000		1,017.95	+		7.32		1,000		1,017.69	+		7.58

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended October 31, 2013. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class B			Class C			Institutional			Service			Class IR
Asia Equity		1.79	%		2.54	%		2.54	%		1.39	%		N/A			N/A
BRIC		1.72			N/A			2.47			1.32			N/A			1.47	%
China Equity		1.96			N/A			2.7			1.54			N/A			1.73
Emerging Markets Equity		1.69			2.44			2.44			1.29			1.79	%		1.44
N-11 Equity		1.74			N/A			2.49			1.34			N/A			1.49

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

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Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Asia Equity, Goldman Sachs BRIC, Goldman Sachs China Equity, Goldman Sachs Emerging Markets Equity and Goldman Sachs N-11 Equity Funds (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held during the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management International (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2014 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 12-13, 2013 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings and/or the Annual Meeting, the Board, or the Independent Trustees, as applicable, considered matters relating to the Management Agreement, including:

(a) the nature and quality of the advisory, administrative and other services provided to the Funds by the Investment Adviser and its affiliates, including information about:

(i) the structure, staff and capabilities of the Investment Adviser and its portfolio management teams;

(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services and operations), controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance and strategy and central funding), sales and distribution support groups and others (e.g., information technology and training);

(iii) trends in headcount;

(iv) the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v) the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b) information on the investment performance of the Funds, including comparisons to the performance of similar mutual funds, as provided by a third party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and benchmark performance indices, and general investment outlooks in the markets in which the Funds invest;

(c) the terms of the Management Agreement and agreements with affiliated service providers entered into by the Trust on behalf of the Funds;

(d) expense information for the Funds, including:

(i) the relative management fee and expense levels of the Funds as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii) each Fund’s expense trends over time; and

(iii) to the extent the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(e) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Funds;

(f) the undertakings of the Investment Adviser to waive a portion of the management fees payable by the BRIC, Emerging Markets Equity and N-11 Equity Funds and to limit certain expenses of each of the Funds that exceed specified levels, and a summary of contractual fee reductions made by the Investment Adviser and/or its affiliates over the past several years with respect to the Funds;

(g) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of each of the Funds and the Trust as a whole to the Investment Adviser and its affiliates;

(h) whether each Fund’s existing management fee schedule adequately addressed any economies of scale;

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(i) a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds, including the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency, portfolio trading, distribution and other services;

(j) a summary of potential benefits derived by the Funds as a result of their relationship with the Investment Adviser;

(k) information regarding commissions paid by the Funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

(l) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(m) the nature and quality of the services provided to the Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administration services provided under the Management Agreement; and

(n) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Funds’ compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity and the payment of Rule 12b-1 distribution and service fees by the Funds and the payment of non-Rule 12b-1 shareholder service and/or administration fees by the Emerging Markets Equity Fund’s Service Shares. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser, its affiliates, their services and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

Nature, Extent and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided to the Funds by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings (rankings only for the China Equity and N-11 Equity Funds) compiled by the Outside Data Provider as of December 31, 2012, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2013. The information on each Fund’s investment performance was provided for the one-, three-, five- and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance over time (including on a year-by-year basis) relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel, in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees noted that the Asia Equity Fund’s Class A Shares had placed in the third quartile of the Fund’s peer group for the three- and five-year periods and in the fourth quartile for the one- and ten-year periods, and had underperformed its benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2013. They noted that the BRIC Fund’s Class A Shares had placed in the fourth quartile of the Fund’s peer group for the one-, three-, and five-year periods, and had outperformed the Fund’s benchmark index for the one-year period, and underperformed for the three- and five-year periods ended March 31, 2013. They additionally observed that the BRIC Fund’s peer group provides an imperfect performance comparison because it includes funds invested in diversified emerging market countries, while the Fund invests primarily in four emerging market countries. The Trustees noted that the China Equity Fund’s Class A Shares had placed in the third quartile of the Fund’s peer group for the one-year period, and had underperformed the Fund’s benchmark index for the one-year period ended March 31, 2013. They observed that Emerging Markets Equity Fund’s Class A Shares had placed in the third quartile of the Fund’s peer group for the one-, five-, and ten-year periods, and in the fourth quartile for the three-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2013. The Trustees noted that the N-11 Equity Fund’s Class A Shares had placed in the first quartile of the Fund’s peer group for the one-year period ended March 31, 2013, and had underperformed the Fund’s benchmark index for the one-year period ended March 31, 2013.

The Trustees noted that, in the past several years, the Investment Adviser had augmented its research resources and had been improving its investment process for the Emerging Markets Equity Fund to better leverage local research teams. They also noted the team’s increased emphasis on internal communication among its analysts and Chief Investment Officers. The Trustees observed that these improvements had led to improved performance for certain other international equity funds, but that the processes were still being implemented in certain of the underperforming Funds, including the BRIC and Emerging Markets Equity Funds. The Trustees noted that they had received assurances from the Investment Adviser’s senior management that measures would continue to be taken to address the Funds’ performance.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees and breakpoints to those of relevant peer groups and category universes; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and a five-year history (or, in the case of Funds that commenced investment operations within a shorter period, since the year in which it commenced operations) comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s transfer agency, custody, and distribution fees, other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to waive a portion of the management fees payable by the BRIC, Emerging Markets Equity and N-11 Equity Funds and to limit certain expenses of each of the Funds that exceed specified levels. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Asia Equity and Emerging Markets Equity Funds that would have the effect of lowering total Fund expenses, with such changes taking effect in connection with the Funds’ next annual registration statement update. They also considered, to the extent that the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to institutional accounts, which generally operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, were less time-intensive and paid lower fees.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if they believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service) and the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also reviewed the report of the internal audit group within the Goldman Sachs organization, which included an assessment of the reasonableness and consistency of the Investment Adviser’s expense allocation methodology and an evaluation of the accuracy of the Investment Adviser’s profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2012 and 2011, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

Average Daily Net Assets	Asia Equity Fund			BRIC Fund			China Equity Fund			Emerging Markets Equity Fund			N-11 Equity Fund
First $1 billion		1.00	%		1.30	%		1.10	%		1.20	%		1.30	%
Next $1 billion		0.90			1.30			0.99			1.20			1.30
Next $3 billion		0.86			1.17			0.94			1.08			1.24
Next $3 billion		0.84			1.11			0.92			1.03			1.21
Over $8 billion		0.82			1.09			0.90			1.01			1.19

The Trustees noted that the breakpoints were meant to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of the management fees payable by the BRIC, Emerging Markets Equity and N-11 Equity Funds and to limit certain expenses of each of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationship with the Funds as stated above, including: (a) transfer agency fees received by Goldman, Sachs & Co. (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (i) the possibility that the working relationship between the Investment Adviser and the Funds’ third party service providers may cause those service providers to be open to doing business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) improved servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) improved servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. The Trustees noted the competitive nature of the mutual fund marketplace, and noted further that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2014.

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GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on October 15, 2013 to consider and act upon the proposals below.

At the Meeting, Donald C. Burke, Joseph P. LoRusso, Herbert J. Markley, James A. McNamara, and Roy W. Templin were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:

Proposal 1. Election of Trustees	For		Against		Withheld		Broker Non-Votes
Donald C. Burke		53,388,642,395.715		0		1,150,861,851.7004		0
Joseph P. LoRusso		53,405,131,628.159		0		1,134,372,619.260		0
Herbert J. Markley		53,435,916,168.391		0		1,103,588,079.028		0
James A. McNamara		53,432,564,581.647		0		1,106,939,665.772		0
Roy W. Templin		53,435,142,748.551		0		1,104,361,498.868		0

In addition to the individuals named above, Ashok N. Bakhru, John P. Coblentz, Jr., Diana M. Daniels, Jessica Palmer, Richard P. Strubel and Alan A. Shuch continue to serve on the Trust’s Board of Trustees.

At the Meeting, shareholders of the Goldman Sachs BRIC Fund did not approve a change to the Fund’s concentration policy, and shareholders of the Goldman Sachs N-11 Equity Fund approved a change to the Fund’s concentration policy. Each Fund was seeking to change its concentration policy to permit (but not require) the Fund to invest up to 35% of its total assets in the securities of issuers conducting their principal business activities in the same industry if, at the time of investment, that industry represents 20% or more of the Fund’s benchmark index. The Trust’s shareholders voted as follows:

Proposal 2. To approve a change to each Fund’s concentration policy to permit (but not require) the Fund to invest up to 35% of its total assets in the securities of issuers conducting their principal business activities in the same industry if, at the time of investment, that industry represents 20% or more of the Fund’s benchmark index.	For		Against		Abstained		Broker Non-Votes
BRIC Fund		6,735,590.906		460,592.992		165,372.356		13,767,883.955
N-11 Equity Fund		21,298,547.753		1,272,707.122		193,007.624		6,437,034.981

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Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Ashok N. Bakhru Age: 71	Chairman of the Board of Trustees	Since 1996 (Trustee since 1991)	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs Mutual Fund Complex.	108	None
Donald C. Burke Age: 53	Trustee	Since 2010	Mr. Burke is retired. He is Director, Avista Corp. (2011-Present); and was formerly a Director, BlackRock Luxembourg and Cayman Funds (2006-2010); President and Chief Executive Officer, BlackRock U.S. Funds (2007-2009); Managing Director, BlackRock, Inc. (2006-2009). Trustee — Goldman Sachs Mutual Fund Complex.	106	Avista Corp. (an energy company)
John P. Coblentz, Jr. Age: 72	Trustee	Since 2003	Mr. Coblentz is retired. Formerly, he was Partner, Deloitte & Touche LLP (1975-2003); Director, Emerging Markets Group, Ltd. (2004-2006); and Director, Elderhostel, Inc. (2006-2012). Trustee — Goldman Sachs Mutual Fund Complex.	108	None
Diana M. Daniels Age: 64	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels serves as a Presidential Councilor of Cornell University (2013-Present); Member, Advisory Board, Psychology Without Borders (international humanitarian aid organization) (2007-Present), and former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Mutual Fund Complex.	106	None
Joseph P. LoRusso Age: 56	Trustee	Since 2010	Mr. LoRusso is retired. Formerly, he was President, Fidelity Investments Institutional Services Co. (“FIIS”) (2002-2008); Director, FIIS (2002-2008); Director, Fidelity Investments Institutional Operations Company (2003-2007); Executive Officer, Fidelity Distributors Corporation (2007-2008). Trustee — Goldman Sachs Mutual Fund Complex.	106	None
Herbert J. Markley Age: 63	Trustee	Since 2013	Mr. Markley is retired. Formerly, he was Executive Vice President, Deere & Company (an agricultural and construction equipment manufacturer) (2007-2009), and President, Agricultural Division, Deere & Company (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex.	106	None
Jessica Palmer Age: 64	Trustee	Since 2007	Ms. Palmer is retired. She is Director, Emerson Center for the Arts and Culture (2011-Present); and was formerly a Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Trustee — Goldman Sachs Mutual Fund Complex.	106	None

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Trustees and Officers (Unaudited) (continued)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Richard P. Strubel Age: 74	Trustee	Since 1987	Mr. Strubel is retired. Formerly, he was Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); Trustee Emeritus, The University of Chicago (1987-Present). Trustee — Goldman Sachs Mutual Fund Complex.	108	The Northern Trust Mutual Fund Complex (64 Portfolios) (Chairman of the Board of Trustees); Gildan Activewear Inc. (a clothing marketing and manufacturing company).
Roy W. Templin Age: 53	Trustee	Since 2013	Mr. Templin is retired. He is Director, Con-Way Incorporated (2012-Present); and was formerly Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Trustee — Goldman Sachs Mutual Fund Complex.	106	Con-Way Incorporated (a transportation, supply-chain management and logistics services company)

98

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara* Age: 51	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (since November 2007 and December 2002-May 2004).	108	None
Alan A. Shuch* Age: 63	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999). Trustee — Goldman Sachs Mutual Fund Complex.	106	None

* These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of October 31, 2013.

²  Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the conclusion of the first Board meeting held subsequent to the day the Trustee attains the age of 74 years, subject to a waiver by a majority of the Trustees (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust. By resolution of the Board of Trustees determining that an extension of service would be beneficial to the Trust, the retirement age has been extended for one year with respect to Richard P. Strubel.

³  The Goldman Sachs Mutual Fund Complex consists of the Trust, Goldman Sachs Credit Strategies Fund (“GSCSF”), and Goldman Sachs Variable Insurance Trust (“GSVIT”). As of October 31, 2013, the Trust consisted of 93 portfolios (83 of which offered shares to the public); GSVIT consisted of 12 portfolios and GSCSF consisted of one portfolio. The Goldman Sachs Mutual Fund complex also includes, with respect to Messrs. Bakhru, Coblentz, Strubel and McNamara, Goldman Sachs Trust II and Goldman Sachs BDC, Inc. Goldman Sachs Trust II and Goldman Sachs BDC, Inc. each consisted of one portfolio. Goldman Sachs BDC, Inc. did not offer shares to the public.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-292-4726.

99

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age	Position(s) Held With the Trust	Term of Office and Length of Time Served1	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 51	President and Trustee	Since 2007	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President — Goldman Sachs Mutual Fund Complex (November 2007-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (May 2007-November 2007); and Vice President — Goldman Sachs Mutual Fund Complex (2001-2007). Trustee — Goldman Sachs Mutual Fund Complex (November 2007-Present and December 2002-May 2004).
Caroline Kraus 200 West Street New York, NY 10282 Age: 36	Secretary	Since 2012	Vice President, Goldman Sachs (August 2006-Present); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011) and Associate, Weil, Gotshal & Manges-LLP (2002-2006). Secretary — Goldman Sachs Mutual Fund Complex (August 2012-Present) and Assistant Secretary — Goldman Sachs Mutual Fund Complex (June 2012-August 2012).
Scott M. McHugh 200 West Street New York, NY 10282 Age: 42	Treasurer and Senior Vice President	Since 2009	Vice President, Goldman Sachs (February 2007-Present); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005) and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer — Goldman Sachs Mutual Fund Complex (October 2009-Present); Senior Vice President — Goldman Sachs Mutual Fund Complex (November 2009-Present); and Assistant Treasurer — Goldman Sachs Mutual Fund Complex (May 2007-October 2009).

¹ Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. Information is provided as of October 31, 2013.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

Goldman Sachs Trust — Fundamental Emerging Markets Equity Funds — Tax Information (Unaudited)

From distributions paid during the year ended October 31, 2013, the total amount of income received by the Asia Equity, BRIC, China Equity, and Emerging Markets Equity Funds from sources within foreign countries and possessions of the United States was $0.2085, $0.1300, $0.0718, and $0.1318 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Asia Equity, BRIC, China Equity, and Emerging Markets Equity Funds were 99.95%, 98.86%, 100%, and 98.80%, respectively. The total amount of taxes paid by the Asia Equity, BRIC, China Equity, and Emerging Markets Equity Funds to such countries was $0.0651, $.0159, $0.0123, and $0.0413 per share, respectively.

For the year ended October 31, 2013, 66.52%, 100%, 100%, and 100% of the dividends paid from net investment company taxable income by the Asia Equity, BRIC, China Equity, and Emerging Markets Equity Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

100

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $767.4 billion in assets under management as of September 30, 2013, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. GSAM’s assets under management includes assets managed by Goldman Sachs Asset Management, L.P. and its Investment Advisory Affiliates.

OVERVIEW OF GOLDMAN SACHS FUNDS

Money Market¹

Financial Square Funds^SM

n Financial Square Tax-Exempt Funds

n Financial Square Federal Fund

n Financial Square Government Fund

n Financial Square Money Market Fund

n Financial Square Prime Obligations Fund

n Financial Square Treasury Instruments Fund

n Financial Square Treasury Obligations Fund

Fixed Income

Short Duration and Government

n Enhanced Income Fund

n High Quality Floating Rate Fund

n Short Duration Government Fund

n Short Duration Income Fund

n Government Income Fund

n Inflation Protected Securities Fund

Multi-Sector

n Core Fixed Income Fund

n Core Plus Fixed Income Fund

n Global Income Fund

n Strategic Income Fund

n World Bond Fund

Municipal and Tax-Free

n High Yield Municipal Fund

n Municipal Income Fund

n Short Duration Tax-Free Fund

Single Sector

n Investment Grade Credit Fund

n U.S. Mortgages Fund

n High Yield Fund

n High Yield Floating Rate Fund

n Emerging Markets Debt Fund

n Local Emerging Markets Debt Fund

n Dynamic Emerging Markets Debt Fund

Corporate Credit

n Credit Strategies Fund

Fundamental Equity

n Growth and Income Fund

n Small Cap Value Fund

n Mid Cap Value Fund

n Large Cap Value Fund

n Capital Growth Fund

n Strategic Growth Fund

n Focused Growth Fund

n Small/Mid Cap Growth Fund

n Flexible Cap Growth Fund

n Concentrated Growth Fund

n Technology Tollkeeper Fund

n Growth Opportunities Fund

n Rising Dividend Growth Fund

n U.S. Equity Fund

n Income Builder Fund

Structured Equity

n Structured Tax-Managed Equity Fund

n Structured International Tax-Managed Equity Fund

n U.S. Equity Dividend and Premium Fund

n International Equity Dividend and Premium Fund

Equity Insights²

n Small Cap Equity Insights Fund

n U.S. Equity Insights Fund

n Small Cap Growth Insights Fund

n Large Cap Growth Insights Fund

n Large Cap Value Insights Fund

n Small Cap Value Insights Fund

n International Small Cap Insights Fund

n International Equity Insights Fund

n Emerging Markets Equity Insights Fund

Fundamental Equity International

n Strategic International Equity Fund

n Concentrated International Equity Fund

n International Small Cap Fund

n Asia Equity Fund

n Emerging Markets Equity Fund

n BRIC Fund (Brazil, Russia, India, China)

n N-11 Equity Fund

n China Equity Fund

Select Satellite³

n Real Estate Securities Fund

n International Real Estate Securities Fund

n Commodity Strategy Fund

n Dynamic Allocation Fund

n Absolute Return Tracker Fund

n Managed Futures Strategy Fund

n MLP Energy Infrastructure Fund

n Multi-Manager Alternatives Fund

n Multi-Asset Real Return Fund

n Retirement Portfolio Completion Fund

n Income Strategies Portfolio

Total Portfolio Solutions³

n Balanced Strategy Portfolio

n Growth and Income Strategy Portfolio

n Growth Strategy Portfolio

n Equity Growth Strategy Portfolio

n Satellite Strategies Portfolio

n Enhanced Dividend Global Equity Portfolio

n Tax Advantaged Global Equity Portfolio

¹  An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

²  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 U.S. Equity, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds were renamed the Goldman Sachs Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, U.S. Equity Insights, Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

³  Individual Funds within the Total Portfolio Solutions and Select Satellite categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Total Portfolio Solutions or Select Satellite category.

Financial Square Funds^SM is a registered service mark of Goldman, Sachs & Co.

TRUSTEES	OFFICERS
Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel Roy W. Templin	James A. McNamara, President Scott M. McHugh, Principal Financial Officer* and Treasurer Caroline L. Kraus, Secretary
*Effective as of November 14, 2013, Mr. McHugh was appointed Principal Financial Officer.
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser

Visit our Website at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission web site at http://www.sec.gov. The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of October 31, 2013 and may not be representative of future investments. 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. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

© 2013 Goldman Sachs. All rights reserved. 117476.MF.MED.TMPL/12/2013 EMEAR13/28K

COVER

	1900 K Street, NW Washington, DC 20006-1110 +1 202 261 3300 Main +1 202 261 3333 Fax www.dechert.com
	BRENDEN P. CARROLL brenden.carroll@dechert.com +1 202 261 3458 Direct +1 202 261 3027 Fax

February 21, 2014

VIA EDGAR

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re: Goldman Sachs Trust (File No. 811-05349)

Registration Statement on Form N-14

Ladies and Gentlemen:

Attached for filing via the EDGAR system is a registration statement on Form N-14 under the Securities Act of 1933, as amended (“1933 Act”), for Goldman Sachs Trust (“Registrant”). This Form N-14 is being filed in connection with the reorganization of the Goldman Sachs China Equity Fund (“Acquired Fund”), a series of the Registrant, with and into the Goldman Sachs Asia Equity Fund (“Acquiring Fund”), another series of the Registrant, in exchange for shares of the Acquiring Fund and the assumption by the Acquiring Fund of all liabilities of the Acquired Fund.

No fees are required in connection with this filing. Should you have any questions please feel free to contact the undersigned at 202.261.3458.

Very truly yours,

/s/ Brenden P. Carroll

Brenden P. Carroll

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