Date of First Use: July 18, 2013

Goldman SachsU.S. Equity Insights Fund

A Strong Foundation

SEEKS LONG-TERM GROWTH OF CAPITAL AND DIVIDEND INCOME

Fundamentally Based

We forecast expected returns on

over 4,000 stocks within the U.S.

on a daily basis. Stock return

forecasts are based on six

investment themes - Valuation,

Momentum, Sentiment,

Profitability, Quality and

Management.

Quantitatively Constructed

Our proprietary risk model helps

construct a well-diversified U.S.

equity portfolio that seeks to

fluctuate in price at the same rate

as the market, has similar sector,

style and capitalization

characteristics to the S&P 500

Index, and maximizes return

potential from our six fundamental

themes.

Efficiently Traded

Transaction costs are considered at

every step of the process, from the

weighting of investment themes, to

portfolio optimization, to trading.

We seek to trade with maximum

efficiency using integrated trading

systems and sophisticated

transaction cost-management

techniques.

Total Fund Net Assets (MM) $337.0 Weighted Average Market Cap $89.58B

NAV - Class I $31.55 Weighted Median Market Cap $42.64B

Total Number of Holdings 130

3 Year Beta 1.01 Net Expense Ratio - Class I (Current) 0.55%

3 Year R-Squared 0.98 Gross Expense Ratio - Class I (Before Waiver) 0.80%

3 Year Standard Deviation 13.69%

TOTAL RETURNS AT NAV (%)

2.44

15.10

21.77

18.96

6.08 6.757.72

2.91

13.82

20.60

18.43

7.01 7.298.25

2.57

13.34

21.87

16.25

5.797.39

N/A

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

6.15.95

0

5

10

15

20

25

Class IS&P 500 Index

Lipper Multi-Cap Core Funds

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

1 Yr: +21.77% 5 Yrs: +6.08% 10 Yrs: +6.75%

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

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

The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above. Each Fund’s waivers and/or expense limitations will remain in place through at least 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.

The Weighted Average Market Cap represents the average value of the companies in the index or portfolio. The Weighted Median Market Cap provides the middle market capitalization level in the index or portfolio. Companies with a larger market capitalization have a greater impact on both calculations.

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

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

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

As of 6.30.13

Class A: GSSQX Class S: GSESX

Class C: GSUSX Class IR: GSUTX

Class I: GSELX Class R: GSURX

VALUE

LARGE-CAP

MID-CAP

SMALL-CAP

BLEND GROWTH

LIPPER RANKINGS -CLASS I

Multi-Cap Core Funds

1 Year 369 out of 770 funds

5 Year 284 out of 580 funds

10 Year 211 out of 334 funds

Goldman Sachs Asset

Management, the asset

management arm of The

Goldman Sachs Group, Inc.,

is among the world’s largest

asset managers, with $748.1

billion in assets under

management as of 3.31.13.

Founded in 1869, Goldman Sachs

is a leading global investment

banking, securities and

investment management firm.

Date of First Use: July 18, 2013

Goldman Sachs U.S. Equity Insights Fund

Access an experienced

investment team

The Quantitative Investment Strategies team has a thorough understanding of our model’s intricacies and participates in the ongoing research that keeps our quantitative process compelling.

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

Our team based approach to portfolio construction ensures a high degree of continuity.

Ron Hua, CFA

Chief Investment Officer,

Equity Alpha Strategies

19 Years of Investment

Experience

Len Ioffe, CFA

Senior Portfolio Manager

23 Years of Investment

Experience

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

6/95 6/97 6/99 6/01 6/03 6/05 6/07 6/09 6/11 6/13

2013 YTD: $38,277

$10,000

Inception Date 6.15.95

$0

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

Goldman Sachs U.S. Equity

Insights Fund30.54 14.76 6.98 13.51 -0.89 -37.35 21.36 13.42 4.61 14.29

S&P 500 Index 28.69 10.85 4.91 15.79 5.49 -36.92 26.46 15.06 2.11 15.96

TOP TEN HOLDINGS (%)

Exxon Mobil Corp. 3.0

General Electric Co. 2.8

Google Inc. 2.7

Apple Inc. 2.4

International Business Machines Corp. 2.4

AT&T Inc. 2.4

Pfizer Inc. 2.4

Merck & Co. Inc. 2.0

Philip Morris International Inc. 2.0

Wells Fargo & Co. 1.8

DIVIDENDS

Class Inst

6.30.13 $0.000

TOP TEN SECTOR WEIGHTS (%)

Fund Index

Information Technology 17.3 17.8

Financials 17.1 16.5

Health Care 15.4 12.7

Consumer Discretionary 13.8 12.2

Industrials 12.7 10.2

Energy 9.2 10.5

Consumer Staples 7.7 10.5

Materials 4.1 3.4

Telecommunication Services 2.4 2.8

Utilities 0.3 3.3

Effective May 3, 2013, the Goldman Sachs Structured U.S. Equity Fund was renamed the Goldman Sachs U.S. Equity Insights. The Goldman Sachs U.S. Equity Insights Fund invests primarily in a diversified portfolio of equity investments in U.S. issuers, including foreign issuers traded in the United States. The Fund’s equity investments will be 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. The Investment Adviser’s use of quantitative models to execute the Fund’s investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders.

The S&P 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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.

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

Valuation: attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Profitability: assesses whether the company is earning more than its cost of capital. Quality: evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Management: assesses the characteristics, policies and strategic decisions of company management. Momentum: predicts drift in stock prices caused by under-reaction to company-specific information. Sentiment: reflects selected investment views and decisions of individuals and financial intermediaries.

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

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

Percentages may not sum to 100% due to rounding.

Correlation Measure - R-squared: Measures how closely the historical movement of a portfolio’s returns relates to a particular market index over a specified time period. Risk Measures - Standard Deviation: Measures the historical total risk of a portfolio by assessing the probable range within which a portfolio’s return could deviate from its average return over a defined historical period of time. Beta: Measures the historical market risk of a portfolio or the volatility of a portfolio relative to an underlying index over a defined historical period of time.

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

NOT FDIC-INSURED May Lose Value No Bank Guarantee