Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Small/Mid Cap Value Fund

<b>Goldman Sachs Small/Mid Cap Value Fund—Summary </b>

<b>Investment Objective </b>

The Goldman Sachs Small/Mid Cap Value Fund (the “Fund”) seeks long-term capital appreciation.

<b>Fees and Expenses of the Fund </b>

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The table does not take into account brokerage commissions that you may pay on your purchases and sales of Institutional Shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 53 and in Appendix D—Additional Information About Sales Charge Variations, Waivers and Discounts on page 124 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-108 of the Fund’s Statement of Additional Information (“SAI”).

<b>Shareholder Fees <br/>(fees paid directly from your investment):</b>

Shareholder Fees - Class A, C, Inst, Inv, R, R6 Shares - Goldman Sachs Small/Mid Cap Value Fund		Class A	Class C	Institutional	Investor	Class R	Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		5.50%	none	none	none	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds)	[1]	none	1.00%	none	none	none	none

<b>Annual Fund Operating Expenses <br/>(expenses that you pay each year as a percentage of the value of your investment)</b>

Annual Fund Operating Expenses - Class A, C, Inst, Inv, R, R6 Shares - Goldman Sachs Small/Mid Cap Value Fund		Class A	Class C	Institutional	Investor	Class R	Class R6
Management Fees		0.80%	0.80%	0.80%	0.80%	0.80%	0.80%
Distribution and/or Service (12b-1) Fees		0.25%	0.75%	none	none	0.50%	none
Other Expenses	[1]	0.41%	0.66%	0.27%	0.41%	0.41%	0.26%
Service Fees		none	0.25%	none	none	none	none
All Other Expenses		0.41%	0.41%	0.27%	0.41%	0.41%	0.26%
Total Annual Fund Operating Expenses		1.46%	2.21%	1.07%	1.21%	1.71%	1.06%
Expense Limitation	[2]	(0.23%)	(0.23%)	(0.23%)	(0.23%)	(0.23%)	(0.23%)
Total Annual Fund Operating Expenses	[3]	1.23%	1.98%	0.84%	0.98%	1.48%	0.83%

<b>Expense Example </b>

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

This Example assumes that you invest $10,000 in Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional, Investor, Class R and/or Class R6 Shares at the end of those periods, unless otherwise stated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Institutional Shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Assuming complete redemption at end of period

Expense Example - Class A, C, Inst, Inv, R, R6 Shares - Goldman Sachs Small/Mid Cap Value Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A Shares	668	965	1,283	2,182
Class C Shares	301	669	1,164	2,526
Institutional Shares	86	317	568	1,285
Investor Shares	100	361	643	1,446
Class R Shares	151	516	907	2,000
Class R6 Shares	85	314	562	1,273

Assuming no redemption

Expense Example, No Redemption	1 Year	3 Years	5 Years	10 Years
Class A, C, Inst, Inv, R, R6 Shares | Goldman Sachs Small/Mid Cap Value Fund | Class C Shares | USD ($)	201	669	1,164	2,526

<b>Portfolio Turnover </b>

The Fund pays transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in the annual fund operating expenses or in the expense example above, but are reflected in the Fund’s performance. The Fund’s portfolio turnover rate for the fiscal year ended August 31, 2018 was 105% of the average value of its portfolio.

<b>Principal Strategy </b>

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in small- and mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000^® Value Index and the Russell Midcap^® Value Index, respectively, at the time of investment. As of September 30, 2018, the capitalization range of the companies in these indices was between $75 million and $37.1 billion. Under normal circumstances, the Fund’s investment horizon for ownership of stocks will be two to three years. Although the Fund will invest primarily in publicly traded U.S. securities, including real estate investment trusts (“REITs”), it may also invest in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies.

The Fund’s equity investment process involves: (1) using multiple industry-specific valuation metrics to identify real economic value and company potential in stocks, screened by valuation, profitability and business characteristics; (2) conducting in-depth company research and assessing overall business quality; and (3) buying those securities that a sector portfolio manager recommends, taking into account feedback from the rest of the portfolio management team. The Investment Adviser may decide to sell a position for various reasons, including valuation and price considerations, readjustment of the Investment Adviser’s outlook based on subsequent events, the Investment Adviser’s ongoing assessment of the quality and effectiveness of management, if new investment ideas offer the potential for better risk/reward profiles than existing holdings, or for risk management purposes. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions.

The Fund may invest in companies with public stock market capitalizations outside the range of companies constituting the Russell 2000^® Value Index and the Russell Midcap^® Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.

The Fund’s benchmark index is the Russell 2500^® Value Index.

<b>Principal Risks of the Fund </b>

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

Investment Style Risk.  Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Value stocks are those believed to be undervalued in comparison to their peers, due to market, company-specific or other factors.

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

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

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.

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

REIT Risk.  Risks associated with investments such as REITs in the real estate industry include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.

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.

<b>Performance </b>

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

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

<b>TOTAL RETURN CALENDAR YEAR (INSTITUTIONAL)</b>

The total return for Institutional Shares for the nine-month period ended September 30, 2018 was 2.03%.

Best Quarter
Q4 ‘16            +8.05%

Worst Quarter
Q3 ‘15            –9.29%

AVERAGE ANNUAL TOTAL RETURN<br/><br/><b>For the period ended December 31, 2017</b>

Average Annual Total Returns - Class A, C, Inst, Inv, R, R6 Shares - Goldman Sachs Small/Mid Cap Value Fund		1 Year	Since Inception	Inception Date
Class A Shares		8.55%	7.72%	Jan. 31, 2014
Class A Shares | Returns After Taxes on Distributions		7.48%	7.19%	Jan. 31, 2014
Class A Shares | Returns After Taxes on Distributions and Sale of Fund Shares		5.68%	5.92%	Jan. 31, 2014
Class A Shares | Russell 2500® Value Index (reflects no deduction for fees or expenses)		10.36%	9.69%	Jan. 31, 2014
Class C Shares		13.04%	8.52%	Jan. 31, 2014
Class C Shares | Russell 2500® Value Index (reflects no deduction for fees or expenses)		10.36%	9.69%	Jan. 31, 2014
Institutional Shares		15.30%	9.77%	Jan. 31, 2014
Institutional Shares | Russell 2500® Value Index (reflects no deduction for fees or expenses)		10.36%	9.69%	Jan. 31, 2014
Investor Shares		15.26%	9.58%	Jan. 31, 2014
Investor Shares | Russell 2500® Value Index (reflects no deduction for fees or expenses)		10.36%	9.69%	Jan. 31, 2014
Class R Shares		14.61%	9.04%	Jan. 31, 2014
Class R Shares | Russell 2500® Value Index (reflects no deduction for fees or expenses)		10.36%	9.69%	Jan. 31, 2014
Class R6 Shares	[1]	15.40%	9.81%	Jul. 31, 2015
Class R6 Shares | Russell 2500® Value Index (reflects no deduction for fees or expenses)	[1]	10.36%	9.69%	Jul. 31, 2015

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

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

[1] The “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.

[2] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund’s average daily net assets. This arrangement will remain in effect through at least December 28, 2019, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

[3] After Expense Limitation

[1] Previously, the bar chart above showed the Fund’s annual returns for Class A Shares. Institutional Shares were selected because Institutional Shares have more assets than Class A Shares.

[1] Class R6 Shares commenced operations on July 31, 2015. Prior to that date, the performance of Class R6 Shares shown in the table above is that of Institutional Shares, including since inception performance as of Institutional Shares' inception date. Performance has not been adjusted to reflect the lower expenses of Class R6 Shares. Class R6 Shares would have had higher returns because: (i) Institutional Shares and Class R6 Shares represent interests in the same portfolio of securities; and (ii) Class R6 Shares have lower expenses.